Netflix gift cards are seen at a store in Krakow, Poland on June 13, 2022.
Jakub Porzycki | Nurphoto | Getty Images
Check out the companies making headlines in premarket trading.
Tesla – Shares of the electric-vehicle maker are up more than 3% in premarket trade after an update on the company’s website showed that new Model 3 and Model Y cars are eligible for a $7,500 tax credit Have Inflation Reduction Act.
Netflix — The streaming giant rose 3.1% after JPMorgan raised its price target on the stock, citing the company’s efforts to limit password sharing on its platform. The move could boost sales growth, JPMorgan said.
Stitch Fix — Shares soared more than 7% after the company’s third-quarter revenue and Adjusted EBITDA came in ahead of expectations. The company mentioned that it focused on “improving efficiencies, maintaining profitability and cash flow” in the third quarter.
GAMESTOP – Meme stock gained 2.4% premarket ahead of its quarterly results on Wednesday. Analysts polled by FactSet are forecasting an adjusted quarterly loss of 15 cents a share.
Petrobras – The Brazilian oil giant is up 2% in premarket trading after Morgan Stanley upgraded the stock from “equal weight” to “overweight”. The bank said Petrobras could pay investors a higher dividend this year than in the past.
Coinbase – The crypto exchange is up about 2% in premarket after seeing a 12% sell-off the previous day. The SEC sued Coinbase on Tuesday, saying the company operates as an unregistered exchange and broker. Ark Invest’s Cathie Wood bought the decline in Coinbase.
NovoCure – The oncology company is up 3.2% before the opening bell. The company just completed a presentation of key data from a study related to a treatment for lung cancer that met its “primary endpoint” at the 2023 American Society of Clinical Oncology Annual Meeting.
Yext – The online marketing company is up more than 17% in premarket trading on better-than-expected quarterly results. Yext earned an adjusted 8 cents per share on revenue of $99.5 million in the first quarter. According to StreetAccount, analysts were expecting earnings of 5 cents a share on sales of $98.5 million.
– CNBC’s Hakyung Kim, Jesse Pound and Yun Li contributed coverage.