Stocks making the biggest moves premarket: Qualcomm, Moderna, PayPal and more
Check out the companies making headlines before the market opens.

Qualcomm — The chipmaker slipped 8.5% after it posted $1.87 in adjusted earnings per share on $8.44 billion in revenue for the second quarter, while analysts polled by Refinitiv respectively anticipated $1.81 and $8.5 billion. Qualcomm also gave soft guidance and noted weak smartphone chip sales. Deutsche Bank downgraded shares to hold from buy following the report, while JPMorgan and UBS maintained their respective overweight and neutral ratings.

Moderna — Shares added 1.6% after the biotech company released its second-quarter results. Despite posting a quarterly loss and drop in revenue, Moderna raised its full-year outlook for its Covid vaccine, its only marketable product.

Southwest Airlines — Shares of Southwest slid more than 3% after Jefferies downgraded the airline stock to underperform from hold. Jefferies said low-cost airlines appear to be struggling relative to premium peers, citing a key revenue margin for Southwest that shrunk during the second quarter.

Albemarle — The energy stock added 5.4% following a mixed second-quarter report. Albemarle notably beat Wall Street expectations for earnings, reporting $7.33 per share excluding items against a consensus estimate of $4.44 compiled by Refinitiv. But revenue fell short at $2.37 billion on a $2.43 billion forecast.

PayPal — Shares declined more than 8% after the company posted earnings that were in line with analysts' predictions Wednesday post-market. The payments company reported adjusted earnings of $1.16 per share, the same estimated by analysts polled by Refinitiv. Revenue came in higher than anticipated, with PayPal posting $7.29 billion, versus analysts' estimates of $7.27 billion.

DoorDash — Shares jumped 3.5% after the company's second-quarter results came above analyst estimates. The company reported its best-ever quarter for revenue and total orders. Management also cited improvements in expense management.

Roku — The streaming platform's stock shed 2% following a downgrade from Citi to neutral from buy. Citi said it would be moving to the sidelines, citing limited upside for shares.

Clorox — The household goods manufacturer's shares jumped nearly 7% after posting an earnings and revenue beat in the second quarter. Clorox reported $1.67 in earnings per share on $2.02 billion in revenue. Analysts had estimated $1.18 in earnings per share on revenue of $1.88 billion, according to Refinitiv. The company also offered a strong full-year outlook.

Etsy — Shares tumbled 9% after the company released its quarterly earnings report Wednesday after the bell. Although its earnings and revenue topped analysts' expectations, the company's guidance for the third quarter was lighter than expected.

Qorvo — The stock rallied 6.8% after the company beat analysts' expectations on top and bottom lines in the second quarter. Management said it expects September quarterly revenue to increase sequentially more than 50%, "driven primarily by content gains" from Apple.

Traeger — Shares jumped more than 24% following Traeger's second-quarter earnings announcement Wednesday post-market. The company posted 4 cents in earnings per share on $171.5 million in revenue. Analysts polled by FactSet had estimated a loss of 2 cents per share and $154.9 million in revenue. The company also raised its full-year revenue and earnings guidance.

Unity Software — The software company surged about 5% after Unity exceeded analysts' estimates for revenue in the second quarter. The company posted $533 million in revenue, while analysts polled by Refinitiv estimated $518 million.

DXC Technology — DXC Technology tumbled 24% after reporting earnings and revenue that missed estimates. The information technology firm reported adjusted earnings of 63 cents per share on revenue of $3.45 billion. Analysts polled by FactSet expected earnings of 82 cents per share on revenue of $3.56 billion. Separately, BMO Capital Markets downgraded the company to market perform from outperform following the results.

— CNBC's Alex Harring, Sarah Min and Jesse Pound contributed reporting.