Slowing growth and surging inflation may not spark a 70s-style bout of global stagflation, but dimming prospects for the U.S. economy weighed on stocks Wednesday.

"We are actively engaging in a broad range of strategic and financial alternatives ... including Elliott’s offer to invest incremental equity capital in our Flash Business," said CEO David Goeckeler.

Stock futures lower as stagflation worries mount; Novavax surges as FDA panel recommends Covid vaccine; Western Digital leaps after board agrees to consider flash memory sale; Credit Suisse slumps after third straight profit warning and Denver Broncos sold to Walmart heir for record $4.65 billion

"We believe a full separation of the Flash business can allow both HDD and Flash to be more successful and unlock significant value," said Elliott Associates.

“As the Covid pandemic continues to evolve and be highly unpredictable, we must remain vigilant in protecting those who are at greatest risk of getting very sick from Covid," said CEO Albert Bourla.

"WBA delivered strong execution across operating segments and against very robust growth last year," said CEO Rosalind Brewer.

Micron is set to report earnings on Thursday after the close, but the stock sits on critical support. Will it hold or will it fold?