NEW YORK ( TheStreet) -- Facebook ( FB) was a big loser in premarket trading on Wednesday, slipping 1.91% to $19.84. Early on Wednesday, Bloomberg reported that the social networking phenomenon fought the Securities and Exchange Commission to keep risks related to its mobile business hidden prior to its IPO earlier this year. Facebook has not yet responded to TheStreet's request for comment on this story. Shares of Netflix ( NFLX), which closed down 10.87% on Tuesday, rose 0.92% to $66.13 early Wednesday. In a statement released after market close on Tuesday, Microsoft ( MSFT) announced that Netflix CEO Reed Hastings is stepping down from the software giant's board. "I've decided to reduce the number of boards I serve on, so that I can focus on Netflix and on my education work," noted Hastings in the statement. Microsoft shares dipped 0.14% to$29.24 in premarket trading on Wednesday. Shares of Apple ( AAPL), which is rumored to be planning an iPad Mini launch for later this month, crept up 0.37% to $638.01. --Written by James Rogers in New York. Follow @jamesjrogers >To submit a news tip, send an email to: firstname.lastname@example.org.