5 Things You Must Know Before the Markets Open Wednesday - TheStreet

Updated from 5:57 a.m. EDT

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Here are five things you must know for Wednesday, Sept. 28:

1. -- Wells Fargo (WFC) - Get Report  shares were rising slightly in premarket trading Wednesday after the bank canceled a total of $60 million in stock awards to CEO John Stumpf and retiring consumer banking chief Carrie Tolstedt and said it would conduct an independent review into sales practices including the targets that spurred workers to create up to 2 million unauthorized customer accounts. 

The investigation, prompted by a $185 million settlement with federal and state governments over the bogus accounts, follows heightened political and regulatory scrutiny as well as lawsuits from consumers, employees and investors. It will be led by a special committee of independent directors, working with the board's human resources committee and independent counsel Shearman & Sterling, Wells Fargo said in a statement.

Stumpf will forfeit $41 million in unvested stock awards as well as any bonus for this year and forego his salary for the duration of the investigation, Wells Fargo said. Tolstedt, who has left the company, will forefeit $19 million in unpaid equity awards. She won't be paid a bonus this year, and she won't receive severance pay or any pay enhancements related to retiring.

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2. -- The German government and financial authorities are preparing a rescue plan for Deutsche Bank (DB) - Get Report  in case the bank would be unable to raise the capital itself to pay for costly litigation, Reuters reported, citing a story in German weekly Die Zeit.

According to the draft plan, Deutsche Bank would be able to sell assets to other lenders at prices that would ease the strain on the lender and not put an additional burden on the bank, Die Zeit said.

In an extreme emergency, the German government would even offer to take a direct stake of 25% in the bank, the paper added without saying where it got the information, Reuters reported.

A Deutsche Bank spokesman denied the report.

Shares of Deutsche Bank were rising 1.8% in premarket trading following the announcement Wednesday that it would sell its Abbey Life insurance businesses in the U.K. to Phoenix Group for £935 million ($1.2 billion).

The agreement comes less than two weeks after Deutsche Bank was hit by an unexpectedly high fine of $14 billion from the Department of Justice for mis-selling residential mortgage-backed securities. 

3. -- U.S. stock futures turned slightly Wednesday ahead of a number of speeches from Federal Reserve officials and as oil inched higher despite dim prospects for a freeze in production from OPEC countries at an energy conference in Algiers.

Federal Reserve Chair Janet Yellen will present semi-annual testimony to the House Financial Services Committee on the central bank's "Supervision and Regulation of the Financial System" at 10 a.m. EDT.

Minnesota Fed President Neel Kashkari is scheduled to participate Wednesday in a Q&A in Minneapolis at 8:45 a.m., and St. Louis Federal Reserve Bank President James Bullard will give welcoming remarks at a community banking conference in St. Louis at 10:15 a.m.

On Tuesday, Iranian Petroleum Minister Bijan Namdar Zanganeh played down the OPEC gathering, calling it "just a consultation meeting ... If there is a decision, it should be taken at the next (OPEC) meeting in Vienna in November."

Saudi Arabia, the world's biggest oil producer, appears to be more amenable to some sort of production limit.

Oil prices in the U.S. early Wednesday rose 1.6% to to $45.40 a barrel. 

The economic calendar in the U.S. Wednesday includes Durable-Goods Orders for August at 8:30 a.m. EDT.

4. -- Nike (NKE) - Get Report  shares declined 3% in premarket trading over concerns about future orders. 

The sneaker giant reported fiscal first-quarter earnings of 73 cents a share, beating analysts' estimates of 56 cents. Net sales rose 8.1% from the prior year to $9.1 billion, surpassing analysts' projections for $8.87 billion. Nike credited the sales beat to momentum behind the Olympics that globally spurred demand for footwear and apparel.

Future orders numbers, a key metric at Nike watched by Wall Street to help gauge sales in coming quarters, disappointed. Worldwide futures orders rose 7% to $12.3 billion excluding the effect of currency translation. Analysts estimated an 8% increase. Futures orders for the U.S. were the most disappointing, rising a meager 1% compared to analysts' forecasts for a 5% gain.

BlackBerry (BBRY)  rose almost 4% in premarket trading after reporting it broke even in its fiscal second quarter and raised its full-year outlook.   

5. -- AB InBev (BUD) - Get Reportshareholders approved the Budweiser maker's £79 billion ($102.74 billion) acquisition of SABMiller (SBMRY) , as the British brewer's shareholders gathered in London to cast their votes on the deal. 

"We are pleased that our shareholders' vote brings us one step closer to combining our companies, teams, strong heritage and passion for brewing," said AB InBev CEO Carlos Brito in a statement from Brussels. "We are committed to driving long-term growth and creating value for all of our stakeholders. "

In London, SABMiller is holding two shareholder votes on the deal after securing court approval in August to treat its two biggest owners as a separate class.