Check out which companies are making headlines before the bell on Wednesday:
FedEx – The shipping giant reported fiscal first quarter profit of $1.53 per share, beating estimates, with revenue also slightly above consensus. The company also remains confident in its full-year outlook despite what it calls "tepid" global economic growth.
Caterpillar - Baird Equity Research downgraded Caterpillar to "neutral" form "outperform", pointing to 2014 growth prospects that are likely "subdued".
General Mills–The food company matched estimates with quarterly profit of 70 cents per share, with revenue slightly above consensus on the strength of recent acquisitions.
Cracker Barrel Old Country - The restaurant operator earned $1.43 per share for its latest quarter, eight cents above estimates, with revenue also beating consensus. Cracker Barrel continues to see an expansion in sales, customer traffic, and profit margins.
Procter & Gamble- Barclays cut the consumer products giant's rating to "equal weight" from "overweight", saying shares will likely remain range bound until P&G demonstrates the ability to deliver faster growth. Barclays also upgraded Colgate-Palmolive to "overweight" while cutting Clorox to "underweight".
Adobe Systems – Adobe reported third quarter profit of 32 cents per share, excluding certain items, two cents below estimates, with revenues also falling short, as does its current quarter earnings and revenue projections. However, the software maker's stock is getting a boost from the company's statement that it's seeing strong corporate demand that is expected to boost subscriber growth for its Creative Cloud service.
Apple- Apple is seeing "not overwhelming" pre-orders for its new iPhone 5C, according to Reuters quoting sources. Apple's other new model, the 5S, was not made available for pre-order. Both phones are set to go on sale in stores on Friday.
Electronic Arts–EA named Andrew Wilson, the head of its EA Sports division, as its new chief executive officer. Wilson is a 13-year veteran of the company, and his appointment follows a six month search that followed the ouster of John Riccitiello.
Intuit-Morgan Stanley downgraded the financial software maker's shares to "underweight" from "equalweight".
Five Below-The retailer said various shareholders are selling 7.1 million shares, including 100 thousand by the company's executive chairman. Five Below will not be selling any shares and will receive no proceeds from the offering.
Dollar Tree–The discount retailer announced a $2 billion stock buyback program, replacing a prior repurchase program that had begun in October 2011.
Starbucks–The company has inserted itself into the midst of the country's debate over gun control laws, having asked U.S. customers to leave their guns at home in the wake of the latest mass shootings. Starbucks currently has a policy of defaulting to local gun laws, unlike many restaurant chains and retailers who specifically prohibit firearms on their properties.
Walgreen–The drug retailer will announce today that 120,000 employees will be moved to a private health insurance exchange from direct carrier coverage.
AT&T–AT&T will announce an expansion of its push into Latin America, through a collaboration with America Movil, the Mexican telecommunications giant controlled by billionaire Carlos Slim.
Pandora–Pandora won a significant court decision regarding music licensing, successfully pushing back an effort by music publishers to narrow the music that the internet radio service can play.
Tesla –The automaker is working on a self-driving car, with CEO Elon Musk saying the company hopes to produce such a car within the next three years.
—By CNBC's Peter Schacknow
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