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Shire PLC (ADR) (NASDAQ: SHPG) stock soared higher by more than 18 percent after the Ireland-based pharmaceutical giant was named as an acquisition target by The Wall Street Journal. According to a report, Japan-based Takeda Pharmaceutical is in "preliminary and exploratory" talks to acquire Shire but no financial details of a transaction are known.

Twitter Inc (NYSE: TWTR) see-sawed early Wednesday and was last seen higher by 1.6 percent. Shares of the social media company plummeted 12 percent on Tuesday after Citron Research's Andrew Left said in a report that Twitter's revenue model is dependent on selling user data, which could be at stake if regulatory changes are introduced.

Technology Select Sector SPDR Fund (NYSE: XLK) ETF was trading lower by 0.4 percent after falling 3.2 percent on Tuesday. The ETF which tracks the performance of technology stocks could see volatility throughout Wednesday's session, similar to what has been seen over the past few weeks.

Apple Inc. (NASDAQ: AAPL) was trading nearly flat early Wednesday morning despite Goldman Sachs reducing its iPhone sales estimates for Apple's second and third quarter.

Tesla Inc (NASDAQ: TSLA) was trading lower by 1.4 percent after falling 8.2 percent on Tuesday. Multiple factors impacted Tesla's stock, including cautious comments from Citi, reports of an NTSB field investigation of a fatal crash involving a Tesla car, a downgrade of its credit rating from Moody's and overall weakness in the Nasdaq index.

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