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Early Movers: FedEx, Verizon, Volcano & more

Wall Street subway station NYSE
Scott Mlyn | CNBC

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.

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