General Motors ( GM - Get Report) will be in focus Friday following news that Kirk Kerkorian's Tracinda Corp., the automaker's largest single shareholder, cut its stake in the company to 7.4% from 9.9%. The news came the same day Kerkorian said he plans to boost his stake in MGM Mirage ( MGM). The move follows disagreements with General Motors' management over the direction of the company. Shares fell nearly 5% Wednesday.

Discovery Laboratories ( DSCO) fell in after-hours trading Wednesday on news that it closed a private placement to an institutional investor at a discount to Wednesday's $2.38-a-share closing price. The Warrington, Pa.-based biotech company said it sold about 4.6 million newly minted Discovery shares at $2.16 apiece and also issued to the investor a five-year warrant to exercise about 2.3 million of its shares for $3.18 each. Shares were down 2 cents, or 0.8%, to $2.36.

Computer maker Dell ( DELL) was still riding high on the upside surprise from its preliminary earnings report filed late Tuesday. The earnings release, more than a week late, was called preliminary and didn't contain much of the detailed information that investors generally expect. Shares were up 7 cents, or 0.3%, to $27.20, in late trading Wednesday.

Oracle ( ORCL - Get Report) rose Wednesday on news that due to a delay in its proposed offer to increase its majority stake in i-flex solutions, it would now compensate shareholders of the India-based company at a rate of 25 cents a share in the deal. The offer, which was originally supposed to run in November, will now run from Dec. 4 to Dec. 23, with the total offer size upped by about 2,000 shares. Shares continued to rise in late trading Wednesday, gaining 8 cents, or 0.4%, to $19.74.