NFLX, TSLA, COIN, GME and more
Netflix gift cards are seen in 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 car maker added more than 3% in premarket trading 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 from the Inflation Reduction Act.
Netflix — The streaming giant climbed 3.1% after JPMorgan raised its price target on the stock, citing the company’s efforts to limit password sharing on its platform. They said the move could provide revenue growth, JPMorgan said.
Stitch Fix — Shares jumped more than 7% after the company’s third-quarter revenue and adjusted EBITDA came in above expectations. The company mentioned that it focused on “improving efficiency, maintaining profitability and cash flow” during the third quarter.
GameStop — Meme stock added 2.4% premarket ahead of quarterly results on Wednesday. Analysts polled by FactSet forecast a quarterly loss of an adjusted 15 cents per share.
Petrobras — The Brazilian oil giant rose 2% in premarket trading after Morgan Stanley upgraded the stock to overweight from equal weight. The bank said Petrobras could deliver a bigger dividend to investors this year than it has historically.
Coinbase — The crypto exchange climbed about 2% in premarket after a 12% selloff the previous day. The SEC sued Coinbase on Tuesday, alleging that the company operated as an unregistered exchange and broker. Ark Invest’s Cathie Wood bought the dip in Coinbase.
NovoCure — The oncology company added 3.2% before the open. The company just finished presenting key data from a study related to a treatment for lung cancer at the 2023 American Society of Clinical Oncology Annual Meeting that met its “primary endpoint.”
Yext — The online marketing firm rose more than 17% in premarket trading with better-than-expected quarterly results. Yext earned an adjusted 8 cents per share in the first quarter on revenue of $99.5 million. Analysts expected a profit of 5 cents per share on revenue of $98.5 million, according to StreetAccount.
— CNBC’s Hakyung Kim, Jesse Pound and Yun Li contributed reporting.
