Stocks Making the Biggest Premarket Moves: Qualcomm, Moderna, Paypal and More

Check out the companies making headlines before the market open.

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Qualcomm's stock slipped 8.5% after reporting adjusted earnings per share of $1.87 on $8.44 billion in revenue for the second quarter, slightly surpassing analysts' expectations. However, the company provided soft guidance and noted weak smartphone chip sales, prompting Deutsche Bank to downgrade its shares, while JPMorgan and UBS maintained their respective ratings.

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Moderna's shares increased by 1.6% after releasing its second-quarter results. Despite reporting a quarterly loss and a drop in revenue, Moderna raised its full-year outlook for its Covid vaccine, its primary marketable product.

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Southwest Airlines saw its shares decline over 3% as Jefferies downgraded the airline stock to underperform from hold. Jefferies cited struggles in low-cost airlines compared to premium peers, with Southwest's key revenue margin shrinking during the second quarter.

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Albemarle's energy stock rose by 5.4% following a mixed second-quarter report. The company surpassed Wall Street expectations for earnings but fell short on revenue.

PayPal's shares declined by more than 8% despite reporting earnings in line with analysts' predictions. The company's revenue came in higher than anticipated, but the stock experienced a dip post-market.

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DoorDash's shares jumped 3.5% after the company's second-quarter results surpassed analyst estimates. The company reported its best-ever quarter for revenue and total orders, with improvements in expense management.

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Roku's streaming platform stock shed 2% following a downgrade from Citi to neutral from buy, as Citi cited limited upside for shares.

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Clorox's shares rose nearly 7% after the company posted an earnings and revenue beat in the second quarter. Clorox's earnings per share and revenue exceeded analyst estimates, and the company provided a strong full-year outlook.

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Etsy's shares tumbled 9% despite beating analyst expectations for earnings and revenue. The company's guidance for the third quarter fell short of expectations.

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Qorvo's stock rallied 6.8% after beating analyst expectations on top and bottom lines in the second quarter. The company expects significant revenue growth in the next quarter, primarily driven by content gains from Apple.

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Traeger's shares jumped over 24% following the company's second-quarter earnings announcement. Traeger posted positive earnings per share on $171.5 million in revenue, exceeding FactSet analysts' estimates, and raised its full-year revenue and earnings guidance.

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Unity Software surged approximately 5% after exceeding analysts' revenue estimates in the second quarter. The company reported $533 million in revenue, higher than Refinitiv's estimated $518 million.

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DXC Technology tumbled 24% after reporting earnings and revenue that missed estimates. The company reported adjusted earnings of 63 cents per share on revenue of $3.45 billion, lower than FactSet analysts' expected earnings of 82 cents per share on revenue of $3.56 billion. BMO Capital Markets downgraded the company to market perform from outperform following the results.

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