Midday movers: Carvana and Qualcomm rise; DoorDash, Fastly, Zillow fall

(Updated - May 2, 2024 11:09 AM EDT)

Investing.com -- Main U.S. indexes rose Thursday, as Fed Chair Jerome Powell largely dismissed the chances of additional rate hikes, boosting sentiment ahead of more key corporate earnings.

Here are some of the biggest U.S. stock movers today:

Moderna (NASDAQ:MRNA) (MRNA) stock rose 7% after the drugmaker posted a narrower-than-expected loss for the first quarter as the company’s cost-cutting efforts took hold and sales of its Covid vaccine topped estimates.

DoorDash (NASDAQ:DASH) stock slumped more than 13% after the food delivery service flagged a disappointing outlook for annual profit, signaling that higher costs were offsetting some gains from rising groceries and food orders.

Carvana (CVNA) stock surged 40% after the used car dealer forecast a surprise rise in current-quarter retail sales and core profit, as high interest rates force consumers to turn to second-hand cars.

Qualcomm (NASDAQ:QCOM) stock rose 9% after the chipmaker forecast quarterly sales and adjusted profit above expectations, driven by selling more and pricier chips into smartphones with artificial-intelligence features.

Peloton (NASDAQ:PTON) stock fell 12% after the connected-fitness company announced the departure of chief executive Barry McCarthy after a continued slide in its stock.

Regeneron (NASDAQ:REGN) stock rose 1% after the drugmaker missed first-quarter profit expectations, due to softer sales of its blockbuster eye drug Eylea and its eczema treatment Dupixent. Analysts expected a challenging quarter and results weren't as bad as feared.

Shell (LON:SHEL) ADRs rose 2.3% after the oil major reported first-quarter profit of $7.7 billion, sharply beating expectations, adding that it will repurchase a further $3.5 billion of its shares over the next three months.

Fastly (NYSE:FSLY) stock slumped 34% after the cloud computing services processor provided lower-than-expected guidance for the second quarter and the full year 2024, citing reduced revenue from some of their largest customers.

Zillow (NASDAQ:ZG) stock fell 5.9% after the online real-estate marketplace disappointed with its second-quarter revenue forecast, seeing a range of $525 million to $540 million, below the around $560 million widely expected.

Wayfair (NYSE:W) stock rose 11% after the furniture retailer revealed that its losses had narrowed by over $100 million after cutting 13% of its staff.

eBay (NASDAQ:EBAY) stock fell 3.4% after the e-commerce firm forecast second-quarter revenue below estimates on cooling demand.

Etsy (NASDAQ:ETSY) fell 17% after the e-commerce company reported lackluster results for the first quarter of the year. It sees similar results in the second quarter.

Freshworks (FRSH) fell 26% after lowering its annual revenue forecast and announcing a CEO transition. Analysts said Freshworks has become a "transition story."

Qorvo (NASDAQ:QRVO) fell 13% after issuing disappointing guidance for the fourth quarter. Weakness was the result of soft smartphone demand and iPhone market-share loss in China.

Parker-Hannifin (NYSE:PH) fell 4% despite beating consensus EPS and matching revenue in the first quarter. It also raised guidance. However, expectations were high heading into the print.

Additional reporting by Louis Juricic