7 Stocks you need to know for Wednesday

Qwest (Q | Quote | Chart | News | PowerRating) and Sprint Nextel (S | Quote | Chart | News | PowerRating) are among the top telecommunications companies reporting earnings Wednesday morning before the open. Analysts are expecting EPS of $0.10 and $0.03, respectively.

American International Group (AIG | Quote | Chart | News | PowerRating) was the Dow industrials' big gainer on Tuesday. The stock was upgraded to "buy" by UBS AG.

Procter & Gamble (PG | Quote | Chart | News | PowerRating) beat earnings estimates by two cents Tuesday morning before the bell, crediting increased pricing power in shampoo and soap products.

Molson Coors Brewers (TAP | Quote | Chart | News | PowerRating) was among the day's biggest earnings losers, missing estimates by more than twenty cents.

Freddie Mac (FRE | Quote | Chart | News | PowerRating) reports earnings Wednesday morning before the bell. Analysts are expecting a loss of 53 cents a share.

Cablevision (CVC | Quote | Chart | News | PowerRating) announced plans to consider a quarterly dividend or share buyback as well as possibly spin off assets such as Madison Square Garden in an effort to increase shareholder value.