7 Stocks you need to know for Wednesday

American Express (AXP | Quote | Chart | News | PowerRating) successfully petitioned the Federal Reserve to become a bank, following the lead of investment banks Goldman Sachs and Morgan Stanley.

Macy's (M | Quote | Chart | News | PowerRating) is expected to announce a quarterly EPS loss of 0.19 Wednesday morning before the markets open.

Citigroup (C | Quote | Chart | News | PowerRating) announced that it would suspend foreclosures and modify mortgages to make it easier for many homeowners to keep their homes.

Applied Materials (AMAT | Quote | Chart | News | PowerRating) will report quarterly earnings Wednesday after the market closes. Analysts are expecting EPS of 0.14.

Additional quarterly losses for American International Group (AIG | Quote | Chart | News | PowerRating) mean that insurance giant's taxpayer bailout will nearly double to $150 billion.

The cash crunch at General Motors (GM | Quote | Chart | News | PowerRating) has increasingly drawn the attention of lawmakers as the automaker slides closer to bankruptcy.

Fears of weaker PC demand led to selling in shares of Intel (INTC | Quote | Chart | News | PowerRating) on Tuesday. The lowered earnings and share price projections come at a time of traditionally strong seasonality for technology stocks.