U.S. indices were down across the board midday Wednesday as the world awaits the results of the Brexit referendum on Thursday. Markets could rise or fall depending on whether British voters decide to stay in the European Union or leave.
Tesla Motors (TSLA) shares took a tumble Wednesday after the electric vehicle maker's offer to purchase struggling solar energy company SolarCity (SCTY) for $2.9 billion. Tesla CEO Elon Musk, who is also the controlling shareholder of SolarCity, said Tesla would purchase the San Mateo, Calif.-based energy services provider for up to $28.50 per share. Oppenheimer downgraded the company on the news, saying that it does not see the value of the merger.
Shares of FedEx (FDX) were falling following the release of the company's latest earnings report after the closing bell Tuesday. The shipping company posted better-than-expected top- and bottom line results for its fiscal fourth quarter, but investors remain concerned about how its $4.8 billion acquisition of Dutch rival TNT Express will affect earnings.
Shares of Adobe Systems (ADBE) are also declining following its latest earnings release. The company posted a downside fiscal third-quarter revenue forecast, expecting revenue between $1.42 billion and $1.47 billion vs. Wall Street's $1.47 billion expectations.
Finally, Action Alerts PLUS holding Facebook (FB) was showing volatility along with the rest of the market following Tuesday's report that the social media company shelled out $50 million to 140 news organizations and celebrities to entice them to make content for its new live streaming project Facebook Live.
-- Written by Tony Owusu