Stock futures were pointing to a lower opening following a worse than expected Empire State manufacturing index number of 4.14%.

Here are some early-market movers for Wednesday.

Savient Pharmaceuticals (NASDAQ: SVNT)

Shares jumped 26.7% in pre-market trading following the company’s announcement  the FDA has approved its Krystexxa drug as an alternative treatment of gout.

Cypress Bioscience Inc (NASDAQ: CYPB)

Shares were up 12.5% in pre-market trading after Value and Opportunity Advisors initiated a tender offer to acquire all outstanding shares for $4.24 per share.

UTStarcom, Inc. (NASDAQ: UTSI)

The company announced it won the bid to become the exclusive broadband solution provider to Jinan Radio & TV Network Center for that company’s network upgrade initiative. Shares gained 7.2% in pre-market trading.

Arena Pharmaceuticals (NASDAQ: ARNA)

Shares continued to slip Wednesday, losing another 5.3% in pre-market trading, following safety and effectiveness concerns over the company’s weight loss drug, Lorcaserin following an FDA review.

Sonic Corp. (NASDAQ: SONC)

The fast-food restaurant reported a 6.4% drop in fourth-quarter same store sales. Shares slipped 5.2% in pre-market trading.

El Paso Pipeline Partners (NYSE: EPB)

The natural gas pipeline and storage company announced it will sell 10 million common unit shares.Existing shares fell 4% in pre-market trading.