Global Courant
Netflix gift cards are on display 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 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 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. According to JPMorgan, the move could boost revenue growth.
stitch fix — Shares rose more than 7% after the company’s third-quarter fiscal revenue and adjusted EBITDA earnings beat expectations. The company said it focused on “improving efficiency, maintaining profitability and cash flow” during the third quarter.
GameStop — The meme stock added 2.4% premarket to quarterly results on Wednesday. Analysts polled by FactSet forecast an adjusted quarterly loss of 15 cents per share.
Petrobras — The Brazilian oil giant was up 2% in premarket trading after Morgan Stanley upgraded the stock from an equal weight to overweight. The bank said Petrobras could pay investors a larger dividend this year than in the past.
Coin base — The crypto exchange climbed about 2% in premarket after a 12% sell-off the day before. The SEC sued Coinbase on Tuesday, alleging that the company was operating as an unregistered exchange and broker. Cathie Wood of Ark Invest bought the dip in Coinbase.
NovoCure — The oncology company added 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 at the 2023 annual meeting of the American Society of Clinical Oncology, which reached the “primary endpoint.”
Yext — The online marketing company was 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. Analysts had expected earnings 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.
