Apple ( AAPL) shares fell nearly 6% Wednesday after a legal news Web site reported that the computer company may have falsified stock options documents. Law.com ran a report from The Recorder that stated federal prosecutors are looking at stock options documents at Apple "that were apparently falsified by company officials to maximize the profitability of option grants to executives."

The report also stated that Apple CEO Steve Jobs recently hired his own legal counsel to deal with the Justice Department and the Securities and Exchange Commission. Shares of Apple were down $3.25, or 4%, at $78.26 in recent trading Wednesday.

Savvis ( SVVS) was trading 5.5% lower Wednesday, giving back its previous day's gains when it announced it would sell its content delivery services unit to Level 3 Communications ( LVLT) for roughly $135 million. Savvis was lower in recent trading Wednesday by $1.91, or 5.2%, at $35.11. Level 3, meanwhile, was trading up 16 cents, or 2.9%, at $5.75.

IBM ( IBM) climbed about 1.5% on an analyst upgrade Wednesday. ThinkEquity Partners upgraded the stock to buy from sell; shares were recently trading higher by $1.29, or 1.4%, at $96.95.

Shares of small-cap wireless company InfoSonics ( IFON) surged more than 75% on news of a handset deal with LG Electronics. Under the partnership, InfoSonics will distribute handsets for LG in the Caribbean and select countries in Latin America. InfoSonics shares were up $2.34, or 60.5%, at $6.21 in recent trading.

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