Check out the companies making headlines before the bell. Qualcomm — The semiconductor stock shed 2% following a downgrade from Citi to neutral from buy . While Qualcomm beat both earnings and revenue estimates for the fourth quarter , Citi analyst Christopher Danely was disappointed by the company’s lower-than-expected guidance for the current quarter. General Motors — Shares added about 1% after Morgan Stanley maintained its overweight rating and raised its price target on the stock, noting General Motors’ focus shift back to internal combustion engine vehicles as fully electric models fail to gain enough popularity among consumers. The stock is trading at a low multiple compared to spending, the firm highlighted as a key catalyst for investors. Nextracker — Shares of the solar technology company jumped 17% on bullish analyst notes following its strong quarterly results and guidance increase. Barclays maintained its overweight rating on the stock, saying the company’s positioning with its U.S. suppliers will lead to market share gains and/or “superior gross margins compared to peers.” Bank of America also pointed to Nexttracker’s margin expansion strength, maintaining a buy on the stock. Wolfspeed — The semiconductor stock dropped 5% after the company gave weak revenue guidance postmarket Wednesday. Wolfspeed guided for fiscal third-quarter revenue of $185 million to $215 million, below the $224 million, LSEG estimate. However, Wolfspeed reported a narrower-than-expected loss and beat on revenue for its second quarter. ChargePoint — Shares of the electric vehicle charging company gained 3.7% after TD Cowen raised its price target and said ChargePoint could be a “potential long-term winner,” even as the firm anticipates 2024 to be another tough year. C.H. Robinson — The logistics company dropped more than 6% after missing earnings and revenue expectations due to a challenging demand and pricing environment. C.H. Robinson reported 50 cents per share in adjusted earnings, while analysts expected 81 cents per share, per LSEG. Revenue came out at $4.22 billion, also falling short of analysts’ forecast of $4.34 billion for the quarterly period. Peloton — The digital fitness company posted mixed results and dismal quarterly guidance for its fiscal second quarter. Peloton reported a slightly wider than expected loss of 54 cents per share, 1 cent per share more than analysts expected, according to LSEG. It topped revenue expectations, however, bringing in $743.6 million versus $733.5 million expected. Shares were down more than 6% in the premarket. Merck — The pharmaceutical giant gained 1.8% after posting fourth-quarter revenue and earnings that surpassed consensus estimates, fueled by strong demand for its blockbuster cancer drug Keytruda and HPV vaccine Gardasil. Merck earned 3 cents a share after excluding items that included charges tied to a deal with Japanese drugmaker Daiichi Sankyo to co-develop three highly sought-after cancer treatments . Honeywell International — The industrial stock dipped nearly 3% after Honeywell’s fourth-quarter revenue came in lower than expected. The company reported $9.44 billion in revenue, while analysts surveyed by LSEG were looking for $9.70 billion. Sales were up just 2% on an organic basis year over year. Align Technology — Shares jumped 16% after the medical device stock beat Wall Street expectations for the fourth quarter and offered strong guidance. Align earned of $2.42 per share, excluding items, on $957 million in revenue, topping the consensus forecasts of $2.18 per share and $934 million in revenue from analysts polled by LSEG. The company also said to expect between $960 million and $980 million in first-quarter revenue, higher than the $947 million figure anticipated by analysts. Norfolk Southern — Shares of the railroad gained 7.1% as an investor group led by Ancora Holdings took a big stake in Norfolk Southern. The group is planning to run a proxy fight in an effort to take control of the board and oust company’s chief executive, the Wall Street Journal reported . — CNBC’s Alex Harring, Lisa Kailai Han, Tanaya Macheel, Jesse Pound and Michelle Fox Theobald contributed reporting.