FedEx, General Motors Rise Premarket; Nikola Falls

Nikola (NASDAQ:NKLA) stock fell 6.4% after reports that the U.S. Department of Justice is joining the SEC in making inquiries into fraud claims made against the electric truck maker after a report by the short-selling investment firm Hindenburg Research.

General Motors (NYSE:GM) stock rose 4.4% following reports that the car manufacturer is set to announce plans to put into production an interchangeable “family” of electric vehicle drive systems and motors.

Facebook (NASDAQ:FB) stock fell 1.5% after the Wall Street Journal reported that the Federal Trade Commission is preparing a possible antitrust suit against the social media giant. A number of celebrities, including the likes of Kim Kardashian, have boycotted its Instagram platform.

FedEx (NYSE:FDX) stock rose 8.8% after the delivery giant reported the highest quarterly revenue in its history late Tuesday, prompting a bigger-than-expected quarterly profit on Tuesday amid a pandemic-fueled surge in e-commerce shipments.

Microsoft (NASDAQ:MSFT) stock rose 0.9% after the tech giant raised its quarterly dividend by 10%.

Adobe (NASDAQ:ADBE) stock rose 2.1% after the software company posted better-than-expected results for its fiscal third quarter, helped by robust demand for its cloud-based creative tools during the coronavirus pandemic.

Boeing (NYSE:BA) stock fell 0.9% after a report by the House Democrats criticized the aircraft manufacturer over design errors and a lack of transparency in the wake of the two fatal 737 MAX crashes.

Oracle (NYSE:ORCL) stock climbed 1.4% after President Donald Trump said Tuesday that the tech giant was “very close” to a deal over the popular video app TikTok.

Kohls (NYSE:KSS) stock rose 0.2% after the retailer said it has cut about 15% of its corporate jobs, in an attempt to save about $65 million in annual expenses.

Snowflake (NYSE:SNOW) stock set for its debut after being priced at $120, for a valuation of $33 billion. Jfrog (NASDAQ:FROG) stock also starts trading later Wednesday, after pricing its IPO at $44, above its $39 to $41 price range.