Before the market opens, check out the companies making headlines. Qualcomm dipped 8.5% after its second quarter report showed $1.87 in adjusted earnings per share on $8.44 billion in revenue. Refinitiv had anticipated respective earnings of $1.81 and revenue of $8.5 billion, and the chipmaker's guidance of weak smartphone chip sales caused Deutsche Bank to downgrade shares from buy to hold. JPMorgan and UBS maintained their respective ratings of overweight and neutral. AMD dropped despite topping estimates in its latest quarter, while Moderna shares rose 1.6% after releasing second-quarter results. Despite posting a loss and lower revenue, the biotech company raised its full-year outlook for its Covid vaccine. Southwest Airlines' stock decreased 3% after Jefferies downgraded it to underperform from hold, and Albemarle added 5.4% after its second-quarter report beat Wall Street expectations for earnings. PayPal's shares dropped 8% after the company reported earnings that were in line with analyst predictions and higher-than-expected revenue. DoorDash rose 3.5%, reporting its best-ever quarter for revenue and total orders, and Roku lost 2% following a downgrade from Citi to neutral from buy. Clorox jumped nearly 7% after exceeding analyst expectations for earnings and revenue, while Etsy's shares tumbled 9% in response to its guidance for the third quarter. Qorvo saw its stock surge 6.8% with the company expecting September quarterly revenue to increase more than 50%, and Traeger jumped more than 24% on reporting a beat in second-quarter earnings. Unity Software rose about 5% after exceeding analysts' estimates for revenue, but DXC Technology tumbled 24% on its missed earnings and revenue expectations. BMO Capital Markets downgraded DXC Technology to market perform from outperform following the results.— CNBC's Alex Harring, Sarah Min and Jesse Pound contributed reporting.
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