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Arena Pharmaceuticals, Inc. (NASDAQ: ARNA) stock gained more than 2 percent Wednesday, likely due to the U.S. Food and Drug Administration's refusing to review a competing product. The FDA said it will not review ozanimod, Celgene Corporation (NASDAQ: CELG)'s pipeline product for the treatment of multiple sclerosis. Sares of Celgene were trading lower by more than 5 percent.

AlarmCom Hldg Inc (NASDAQ: ALRM) lost nearly 6 percent after one of its closes competitors,, agreed to sell itself to e-commerce giant, Inc. (NASDAQ: AMZN).

Etsy Inc (NASDAQ: ETSY) gained more than 16 percent after the online marketplace reported its fourth quarter results. The company said it earned 36 cents per share in the fourth quarter on revenue of $136.268 million. Wall Street analysts expected the company to earn 9 cents per share on revenue of $132.6 million.

Booking Holdings Inc. (NASDAQ: BKNG) gained more than 7 percent after reporting its fourth quarter results. The company formerly known as Priceline earned $16.86 per share in the quarter on revenue of $2.803 billion. Wall Street analysts were expecting the company to earn $14.12 per share on revenue of $2.7 billion.

Frontier Communications Corp (NASDAQ: FTR) tumbled more than 25 percent after the provider of communications services reported its fourth quarter results. The company lost 59 cents per share in the fourth quarter, which was 45 cents better than expected and revenue of $2.21 billion was in-line with estimates. The company's board said it will be suspending its quarterly dividend, which is expected to free up $250 million in cash to accelerate its debt repayment.

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