Several companies made significant moves in premarket trading, with Peloton Interactive’s shares climbing 15% after announcing that CEO Barry McCarthy will step down while the company searches for a permanent replacement. Peloton also revealed a restructuring plan that will see 15% of its staff, or about 400 employees, being laid off. Despite being a pandemic darling, Peloton’s shares have fallen 47% year to date. Qualcomm saw its shares rise more than 5% after posting adjusted earnings of $2.44 per share in its latest quarter, surpassing analysts’ estimates of $2.32 per share.
Wayfair’s shares added 5.5% after the home furniture retailer reported sales that topped analyst estimates and reduced its losses following a workforce reduction of 13% earlier in the year. Carvana, a used car seller, saw its stock spike 36% after reporting first-quarter revenue of $3.06 billion, which exceeded analysts’ consensus estimate. Cigna, an insurer, saw its shares move 1% higher after its first-quarter adjusted earnings of $6.47 per share beat analysts’ expectations, as did revenues of $57.25 billion. Moderna’s shares rose 2% after the drugmaker posted a narrower-than-expected loss in the first quarter, along with revenue that surpassed analysts’ consensus estimate.
Cardinal Health experienced a 2% drop in its stock price after reporting third-quarter revenue that fell short of analysts’ expectations. However, the company topped adjusted earnings expectations. Nio, a Chinese electric vehicle maker, saw its U.S.-listed shares rise 5% after delivering 15,620 vehicles in April, more than double the number in the same period the previous year. DoorDash’s shares fell 7% following the food delivery service reporting a wider-than-expected loss in the first quarter. Etsy’s stock lost 13.5% after its first-quarter adjusted earnings missed analysts’ expectations, while Zillow’s stock tumbled 6% following weak guidance for the current quarter.
eBay’s shares slipped nearly 4% after issuing disappointing guidance for the second quarter, anticipating lower revenue than expected by analysts. Shake Shack, the hamburger chain, added 4% after reporting first-quarter adjusted earnings that exceeded analysts’ projections. Freshworks, a software development company, experienced a 27% drop in its stock price after projecting lower second-quarter and full-year revenue than anticipated by analysts. Qorvo, a semiconductor company, saw its stock sink nearly 10% after issuing weak guidance for its fiscal first quarter, with earnings lower than what analysts had predicted.
In summary, a variety of companies saw significant movements in premarket trading, with some experiencing stock price increases due to strong financial results, while others faced declines following weaker than expected earnings and guidance. The market continues to react to new information and company announcements, highlighting the importance of staying informed and understanding the factors that drive stock price movements.
