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Check out which companies are making headlines before the bell on Wednesday:
Kraft Foods Group - The food and beverage producer raised its quarterly dividend by 5 percent to 52-1/2 cents per share. The dividend hike comes on the one year anniversary of its split from the old Kraft Foods, now known as Mondelez International.
Alcoa – Deutsche Bank downgraded Alcoa to "sell" from "hold" because a deteriorating aluminum price outlook.
Tesla – Baird cut its rating on the automaker's shares to "neutral" from "outperform", primarily on a valuation basis.
Microsoft – The software giant is seeing some unrest from large shareholders, with Reuters reporting that three of the top 20 investors are pushing for chairman Bill Gates to step down. Microsoft declined comment on the report.
Global Payments – Global Payments reported fiscal first quarter profit of $1.00 per share, five cents above estimates. The credit card processor's revenue also beat consensus, and the company raised its full year forecast as well. Additionally, company president Jeffrey Sloan has been named chief executive, effective immediately.
Wells Fargo – Wells Fargo is being sued by New York State, with attorney general Eric Schneiderman accusing the bank of not complying with the terms of last year's national mortgage settlement.
AstraZeneca – The drug maker will face competition in the U.S. for its best-selling reflux drug Nexium, after a court lifted a temporary block on a similar drug produced by South Korea's Hanmi Pharmaceutical.
Apple –Apple is reportedly facing delays in production of a new version of its iPad mini, according to Reuters. The report said Apple won't be able to roll out a retina display version this month because of delays in the supply chain.
Archer Daniels Midland — ADM is in the final stages of talks to sell its cocoa unit to privately held Cargill, according to Reuters. Financial terms of the potential deal have not been revealed, although some analysts have put the unit's value at as much as $2 billion.
J.C. Penney– J.C. Penney has been sued by shareholder Alan Marcus over its decision to issue more than $810 million in stock via a secondary offering. Marcus accused the retailer of knowing it needed more money even while saying that it saw no need to raise new capital.
Manpower – Bank of America/Merrill Lynch upgraded its rating on the temporary employment agency to "buy" from "neutral".
—By CNBC's Peter Schacknow
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