Stocks making the biggest moves premarket: Netflix, Tesla, Coinbase, GameStop and more

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 the Inflation Reduction Act.

Netflix — The streaming giant climbed 3.1% after JPMorgan increased its price target on the stock, citing the company’s effort to limit password sharing on its platform. The said the move could fuel revenue growth, JPMorgan said.

Stitch Fix — Shares jumped more than 7% after the company’s fiscal third-quarter revenue and adjusted EBITDA earnings came above expectations. The company mentioned it focused on “improving efficiencies, maintaining profitability and cash flow” during the third quarter.

GameStop — The meme stock added 2.4% premarket ahead of quarterly results on Wednesday. Analysts polled by FactSet are forecasting 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 larger dividend to investors this year than it has historically.

Coinbase — The crypto exchange climbed about 2% in premarket following a 12% selloff the day before. The SEC sued Coinbase on Tuesday, alleging the company was operating 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 opening bell. The company just wrapped up a presentation of key data from a study linked to a treatment for lung cancer at the 2023 American Society of Clinical Oncology Annual Meeting which reached its “primary endpoint.”

Yext — The online marketing firm soared more than 17% in premarket trading on 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.