Premarket Movers | Carvana Soars 16%; eBay Pops 13%; Western Digital Jumps 9%; Qualcomm Drops 5%; Arm Sinks 7%

Shares of used-car dealer Carvana jumped 16% in premarket trading after it handily beat expectations for both revenue and earnings per share, while just narrowly beating forecasts for the number.

Western Digital beat expectations for fourth-quarter revenue on Wednesday, benefiting from strong orders for its data storage products as enterprises adopt cloud computing, sending its shares up 9% in premarket trading.

E-commerce firm eBay forecast third-quarter revenue above Wall Street expectations and beat revenue estimates on Wednesday, helped by robust demand for collectibles and renewed interest in Pokemon cards, sending its shares up 12.8% in premarket trading.

Qualcomm, the biggest maker of chips that run smartphones, fell in late trading after reporting lackluster growth in that market, fueling concerns that tariffs will take a toll on the industry. The shares dropped over 5% in premarket trading.

Arm, which provides the most widely used technology in computing chips, gave a lower-than-expected profit forecast for the current period after ramping up spending on new products. The shares sank 6.7% in premarket trading.