Early Movers: ZIP, WYNN, MT & More
Check out which companies are making headlines before the bell on Wednesday:
Zipcar - The instant car rental firm is being bought by Avis Budget Group for $12.25 per share in cash, or $500 million. That's a nearly 50 percent premium over Monday's close for Zipcar shareholders.
Google - Oppenheimer has lowered its price target and earnings estimates for Google because of higher traffic acquisition costs and the dominance of Apple's iOS devices in tablets and mobile commerce.
ArcelorMittal - The company will sell its $1.1 billion stake in Canadian iron ore miner Labrador Trough to South Korea's POSCO for $1.1 billion. The world's biggest steelmaker is seeking to cut debt.
Bank of America - Bank of America shares have been added to the "Conviction Buy" list at Evercore Partners, citing strong upside to its earnings power. Separately, the bank is the subject of a Wall Street Journal article this morning, which suggests it may want to consider repurchasing Warren Buffett's investment in the bank. In 2011, Buffett bought $5 billion in preferred stock with a 6 percent dividend, along with 700 million warrants. Bank of America was 2012's best-performing Dow Jones Industrial Average stock. The Journal story said this would be a show of strength.
Intel - The chipmaker's push into Internet-based TV is being hit by delays, according to another Journal article. Some analysts now say the service may not be introduced until late in 2013. Speculation about Intel's foray into this area comes ahead of next week's Consumer Electronics Show in Las Vegas.
Apple - Apple has been testing hardware for the iPhone 6, according to tech blog The Next Web. The blog also said Apple is working on iOS 7, the next version of its operating system for the iPhone and iPad.
Target - Target has been downgraded to "hold" from "buy" at Jefferies, with the firm saying it expects December same-store sales to rise less than analysts are generally predicting.
Skullcandy - The headphone maker's shares have been downgraded to "underperform" from "buy" by Jefferies, citing a lack of pricing power and increasing competition. The firm has also cut its price target for the stock to $6 from $17.
LinkedIn - Barclays has downgraded the business social network's shares to "equal weight" from "overweight."
Qualcomm - The stock has been added to Citi's "Top Picks Live" list because of the chipmaker's expanding opportunities in China.
(Read More: See CNBC's Market Insider Blog)
—By CNBC's Peter Schacknow
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