Check out the companies making headlines in midday trading: Apple — Shares ticked up 2.2% ahead of the iPhone maker’s second-quarter results due after the closing bell. Peloton — Shares dropped 2.48% after the exercise equipment company announced Thursday that CEO Barry McCarthy will be stepping down and that the company will lay off 15% of its staff, or about 400 employees, to “bring its spending in line with its revenue.” Peloton’s fiscal third-quarter results also missed Wall Street’s earnings and revenue expectations. Qualcomm — Shares rose 9.74% after the chipmaker on Wednesday posted $2.44 per share in adjusted earnings for its latest quarter, topping analysts’ estimates of $2.32 per share, according to LSEG. The top end of Qualcomm’s revenue forecast for the current quarter was higher than the Street’s expectations, with the company citing demand for smartphones that require the most advanced chips. Wayfair — The home furniture retailer jumped nearly 17% after beating expectations on both lines. Wayfair said it lost 32 cents per share on an adjusted basis, narrower than the estimate of a loss of 44 cents from analysts polled by LSEG. Revenue came in at $2.73 billion, above the consensus forecast of $2.64 billion. Carvana — Shares surged more than 33% after the used car retailer notched its best-ever quarterly earnings report. Cigna — Stock in the insurance provider fell nearly 4% despite surpassing Wall Street estimates on the top and bottom lines in the first quarter. Cigna also reaffirmed its prior guidance for the full year. Moderna — The vaccine maker popped more than 12% after posting a smaller-than-expected loss for the first quarter as it trims costs. Moderna also reiterated its full-year guidance. DoorDash — The food delivery service fell 10% after DoorDash posted a loss of 6 cents per share in its first quarter, wider than the loss of 4 cents per share anticipated by analysts polled by LSEG. However, the company’s revenue came in at $2.51 billion, above the $2.45 billion consensus. Etsy — Shares plummeted 15% after posting an earnings miss in the first quarter. Etsy reported adjusted earnings of 48 cents per share, while analysts polled by LSEG called for 49 cents a share. Revenue of $646 million came in line with expectations. Zillow — The real estate marketplace operator saw its stock slide 5% after it issued weak guidance for the current quarter. Zillow estimated second-quarter revenue of $525 million to $540 million, while analysts were expecting $559.2 million, according to FactSet. eBay — Shares pulled back more than 3% after the e-commerce company issued lower-than-expected second-quarter guidance. EBay said it expects revenue in the range of $2.49 billion to $2.54 billion, while analysts polled by LSEG forecast $2.56 billion. Shake Shack — The restaurant chain climbed 1.5% in midday trading after first-quarter adjusted earnings of 13 cents per share beat a Wall Street forecast that called for 10 cents, according to analysts polled by LSEG. Revenue was largely in line with expectations. Qorvo — The semiconductor stock pulled back more than 14% on the heels of weaker-than-expected first-quarter earnings guidance. Qorvo now expects earnings of 60 cents to 80 cents per share, while analysts polled by FactSet expected $1.27. — CNBC’s Pia Singh, Tanaya Macheel, Samantha Subin, Hakyung Kim, Lisa Kailai Han and Alex Harring contributed reporting.
https://www.cnbc.com/2024/05/02/stocks-making-the-biggest-moves-midday-aapl-pton-w-cvna-and-more.html
