NFLX, TSLA, COIN, GME and more

Netflix gift cards are seen at a store in Krakow, Poland on June 13, 2022.

Jakub Borzicki | NoorPhoto | Good pictures

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 said new Model 3 and Model Y cars are eligible for a $7,500 tax credit from the Inflation Reduction Act.

Netflix — The streaming giant rose 3.1% after JPMorgan raised its price target on shares, citing the company’s efforts to curb password sharing on its platform. JPMorgan said the move would spur earnings growth.

Stitch Fix – Shares rose more than 7% after the company’s fiscal third-quarter earnings and adjusted EBITDA earnings topped expectations. The company said it will focus on “improving efficiency, maintaining profitability and liquidity” in the third quarter.

GameStop – Meme stock added 2.4% premarket ahead of Wednesday’s quarterly results. Analysts polled by FactSet had forecast an adjusted quarterly loss of 15 cents per share.

Petrobras – The Brazilian oil giant rose 2% in premarket trade after Morgan Stanley upgraded the stock to overweight from equal weight. The bank said Petrobras could pay investors a bigger dividend this year than historically.

Coinbase – The crypto exchange rose about 2% in the premarket following a 12% sell-off the previous day. The SEC sued Coinbase on Tuesday, saying the company operates as an unregistered exchange and broker. Cathy Wood of ArcInvest bought a dip in Coinbase.

NovoCure – The oncology company added 3.2% before the opening hour. The company met its “primary endpoint” in a presentation of key data from the study linked to lung cancer treatment at the 2023 American Society of Clinical Oncology Annual Meeting.

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Yext – The online marketing company rose more than 17% in premarket trading on better-than-expected quarterly results. Yext adjusted for first-quarter revenue of $99.5 million to 8 cents a share. Analysts had expected a profit of 5 cents per share on revenue of $98.5 million, according to the Street Account.

— CNBC’s Hakyung Kim, Jesse Pound and Yun Li contributed reporting.

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