Check out which companies are making headlines ahead of the opening bell Wednesday:
Cliffs Natural Resources - The iron-ore producer dropped in premarket trading after Credit Suisse Group cut its share-price target to $1 from $10.
FedEx - The shipper's shares fell in early New York trading after it posted disappointing second-quarter earnings. Competitor United Parcel Service also fell.
General Mills - The food company gained after it posted quarterly results that topped expectations.
Penn West Petroleum - The developer of petroleum and natural gas fell after reducing its first-quarter dividend to 3 cents from 14 cents.
Spirit Airlines - The carrier rose after saying it would start a $100 million buyback of its shares.
Verizon Communications - The telecommunications company fell in premarket trading after Goldman Sachs Group downgraded its shares to neutral from buy.
Volcano - The maker of diagnostic equipment surged after Royal Philips said it would acquire the company for $1 billion.
Questions? Comments? Email us at marketinsider@cnbc.com