Check out the companies making headlines before the bell. Toyota – Shares added 1.3% before the bell on news that the automaker planned to reduce its holdings in car maker Denso to 20% from more than 24%. Toyota plans to redirect this capital to improve its efforts in electric vehicles. AstraZeneca – The pharmaceutical company gained nearly 2% in premarket trading after TD Cowen listed the stock as a top pick for 2024. Analyst Steve Scala’s price target implies a potential upside of 35.9% from Tuesday’s close. “AZN’s outlook is one of the strongest in pharmaceuticals, yet the valuation is equal to the average of the pharmaceutical sector,” he wrote. Hormel Foods – Shares lost nearly 2% after the food processing company posted fiscal fourth-quarter earnings that came in below analysts’ expectations. Hormel reported adjusted earnings of 42 cents per share on $3.2 billion in revenue, lower than the 44 cents per share on revenue of $3.26 billion expected by analysts polled by LSEG. Foot Locker – Shares jumped 12% after the shoe retailer posted third-quarter earnings and sales Wednesday that beat Wall Street expectations and said it expects better same-store sales this year than previously. Adjusted earnings came in at 30 cents per share on revenue of $1.99 billion. Analysts had expected 21 cents per share on revenue of $1.96 billion, according to LSEG. Petco – Shares of the pet retailer fell 17% after reporting a third-quarter loss of 5 cents per share. Analysts had expected the company to earn 2 cents per share on revenue of $1.51 billion, according to a survey by LSEG. The company’s revenue of $1.49 billion also disappointed. Dollar Tree – Shares of the discount retail chain shed as much as 2% in early morning trading. Despite reporting earnings of $1.02 per share, excluding items – which was more than the $1.01 analysts polled by LSEG expected it to earn – the company’s revenue of $7.31 billion fell below expectations of $7.4 billion. Workday – Shares of Workday, an enterprise cloud provider, rallied nearly 10% after the company posted strong third-quarter results. Workday’s adjusted earnings of $1.53 per share on $1.87 billion in revenue were above the $1.41 per share on $1.85 billion in revenue analysts were expecting, according to LSEG. NetApp — The data infrastructure stock rose more than 11% after reporting fiscal second-quarter adjusted earnings of $1.58 per share on $1.56 billion in revenue, up from $1.39 per share on $1.53 billion USD revenue analysts surveyed by LSEG expected. The company also raised its guidance for its third-quarter and full-year earnings. CrowdStrike – Shares of the cybersecurity company gained 2.7% after it reported positive third-quarter earnings and raised its fourth-quarter forecast. CrowdStrike earned 82 cents per share after adjustments on revenue of $786 million. The results topped estimates of 74 cents per share on revenue of $777 million expected by analysts, according to LSEG. The company also expects higher revenue and earnings for its fourth quarter. General Motors – Shares of the automaker jumped 9% in premarket trading after GM announced a $10 billion share buyback plan and raised its quarterly dividend by 33%. The company also reinstated its leadership after the auto workers’ strike. Okta — After selling off the October cybersecurity breach and subsequent decline by JMP Securities, shares of the software company pared losses Wednesday morning. The stock was off about 2% before the bell. The company, which was scheduled to report its third-quarter earnings after the bell on Wednesday, posted its results early. Its adjusted earnings of 44 cents per share on $584 million in revenue were higher than the 30 cents per share on $563 million in revenue analysts polled by LSEG had expected. Phillips 66 – Shares of the oil company added about 6% before the opening bell on Wednesday after Elliott Management announced that it had taken a $1 billion stake in the company. The U.S. hedge fund also plans to seek as many as two board seats, sources told CNBC’s David Faber. – CNBC’s Tanaya Macheel and Jesse Pound contributed reporting.