7 Stocks you need to know for Wednesday

Sony Corporation (SNE | Quote | Chart | News | PowerRating) announced that it would cut 16,000 jobs as part of an overall cost-cutting strategy.

Lowered profit forecasts for 2009 from FedEx Corporation (FDX | Quote | Chart | News | PowerRating), contributed to selling throughout the transportation industry, including truckers and other shippers.

Mixed in with the more traditional industrially-oriented stocks expected to benefit from President elect Obama's public infrastructure plan is networking king, Cisco Systems (CSCO | Quote | Chart | News | PowerRating) as more communities are wired for high-speed Internet access.

A final deal between the White House, Congress and the Big Three automakers of General Motors (GM | Quote | Chart | News | PowerRating), Ford Motor Company (F | Quote | Chart | News | PowerRating) and Chrysler may involve the government taking equity stakes in the companies.

Citing a weakness in steel demand due to the credit crisis, Nucor Corporation (NUE | Quote | Chart | News | PowerRating) announced that its quarterly profits were likely to be worse than expected.

The CFO of Netflix (NFLX | Quote | Chart | News | PowerRating) reported on Tuesday that the current quarter was "remarkably strong".