Check out which companies are making headlines after the bell Wednesday:
Nokia - The Wall Street Journal reported that Microsoft held talks with the Finnish cellphone maker this month about buying the phone company's devices business, citing sources familiar with the matter. Nokia shares soared in extended-hours trading, while MIcrosoft slipped.
(Read More: Dow Skids 200, Stocks End Down 1% After Fed)
Separately, Microsoft confirmed that its Xbox One videogame console will not require Internet connection to play games and players can play any disc-based game after a one-time system set-up without ever connecting online again. In addition, the company said there will be no limitations to using and sharing games. Videogame software retailer Gamestop spiked higher in extended-hours trading following the announcement.