Check out the companies making headlines after the bell:
Nio shares jumped more than 9 percent in after-hours trading, continuing the electric vehicle company's 22 percent gain during the trading day. On Tuesday, investment management firm Baillie Gifford & Co. disclosed that it owns 85.3 million shares of Nio, an 11 percent stake in the company. Baillie Gifford & Co. is the also largest investor in Tesla after Elon Musk.
PPG Industries shares rose more than 5 percent in the extended session following a report that Nelson Peltz's Trian Fund Management has taken a 2.9 percent stake in the company worth $690 million. Shares closed down 10 percent after the company warned investors that its upcoming quarterly earnings numbers will take a hit due to softening demand and rising materials costs.
International Paper stock rose 1 percent in the extended session after the company announced it was increasing its quarterly stock dividend by 5.3 percent. The increase brings the dividend to $2 annually.