Tesla saw an increase of more than 3% in premarket trading after a regulation on their website unveiled that Model 3 and Model Y cars are qualified for the $7,500 tax credit from the Inflation Reduction Act. The streaming giant, Netflix, rose 3.1% after JPMorgan Chase enhanced the price target of the stock in light of their attempts to restrict password sharing. Stitch Fix saw shares jump 7% as their fiscal third-quarter revenue and adjusted EBITDA earnings surpassed expectations. GameStop, the meme stock, jumped 2.4% before the release of their quarterly results on Wednesday. Morgan Stanley upgraded Petrobras to overweight from equal weight and this caused the Brazilian oil giant's premarket trading to rise by 2%. Coinbase saw a 2% gain in premarket trading following the 12% decrease the day before due to the US Securities and Exchange Commission's suit against them. Cathie Wood bought the dip in Coinbase. Novocure saw an increase of 3.2% in premarket trading as they concluded a presentation that had as its "primary endpoint" the study associated with a therapy for lung cancer. Yext soared 17% before the market opened as their first-quarter results were more positive than expected, with an adjusted profit of 8 cents per share on revenue of $99.5 million against the anticipated 5 cents per share on revenue of $98.5 million. — CNBC's reporters Hakyung Kim, Jesse Pound and Yun Li contributed to this report.
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