Stocks making biggest premarket moves: PTON, CVNA, CI, QCOM and more

Shares of Peloton Interactive surged 15% as the company announced a CEO change and a plan to cut 15% of its workforce. Qualcomm's shares also rose by over 5% after reporting earnings that surpassed analyst expectations. On the other hand, Carvana saw a significant 36% jump after exceeding first-quarter revenue expectations, with an additional boost from an upgrade by Morgan Stanley.

Meanwhile, Wayfair and Cigna both reported better-than-expected results, leading to gains in their stock prices. However, several companies like DoorDash, Etsy, and eBay faced declines after reporting disappointing earnings and guidance. Notably, Freshworks and Qorvo also saw substantial drops due to weak future revenue and earnings guidance.