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U.S. stocks opened sharply lower on Wednesday as investors grappled with a precipitous selloff in Chinese shares, lingering nervousness over Greece and the coming Federal Reserve minutes. The S&P 500 opened 16 points, or 0.7% lower at 2,066. The Dow Jones Industrial Average fell 140 points, or 0.8%, to 17,637. The Nasdaq Composite began the day down 40 points, or 0.8% at 4,957.

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The success of the iPhone in China this year and Apple Inc.’s long popularity among the U.S. middle class could pave the way for the company to expand similarly to the middle classes of other emerging countries, specifically India, and to regions in the Middle East and Latin America, according to a Credit Suisse note sent to clients Wednesday morning. “We continue to believe that current estimates underappreciate Apple’s scope for earnings growth,” said analyst Kulbinder Garcha, who reiterated an outperform rating and $145 price target on the stock. The bank raised its calendar-year 2015 iPhone volumes to over 250 million, and said it anticipates June volumes of 56 million, which would represent 60% year-over-year growth. Additionally, Credit Suisse estimates that emerging markets could add an incremental $96 billion in sales and $3.15 in earnings per share over time as Apple expands its retail, brand and online presence. Shares of Apple fell 0.8% to $124.68 in premarket trade. They are flat over the last three months, which is in-line with the broader S&P 500 and slightly better than the Dow Jones Industrial Average, which is down 0.7%.

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Harley-Davidson Inc.’s slid 1.7% in premarket trade Wednesday, after the motorcycle maker was downgraded at RBC Capital Markets, which cited concerns over continued soft retail sales trends. Analyst Joseph Spak cut his rating to sector perform, after being at outperform for the last nine months. He lowered his stock price target to $59, which is 4.1% above Tuesday’s closing price, from $66. Spak is worried that either shipments need to be cut this year, or an overstocking situation could develop. He’s also concerned about increasing competition and the lack of clear potential sales catalysts. He said valuation “isn’t onerous,” but believes “improving retail trends…are necessary for new money” to be invested. The stock has slumped 14% year to date through Tuesday, while the S&P 500 has gained 1.1%.

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Ingredion Inc. said Wednesday it has agreed to buy privately held Kerr Concentrates Inc. in a deal valued at about $100 million. Ingredion, a provider of ingredients to the food, beverage, drug and brewery industries, said the deal is expected to close within 30 business days. “Kerr transforms fruits and vegetables into natural ingredients that resonate with consumers and are increasingly in demand by customers,” Ingredion Chief Executive Ilene Gordon said in a statement. Salem, Oregon-based Kerr’s ingredients are used in a number of foods and beverages, including smoothies, juices, dairy products and baked goods, soups and dressings. The move comes amid a broad shift in consumer tastes that has seen a number of food companies strip out artificial additives, colorings and other ingredients from food, in favor of more natural, healthy ingredients. Ingredion has a market cap of $5.8 billion. Shares were not active in premarket trade, but are down 4% in the year so far, while the S&P 500 has gained 1%.

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Tesla Motors Inc.’s stock slumped 1.8% in premarket trade Wednesday, extending a sharp selloff suffered in the previous session, after Pacific Crest downgraded the electric car maker on concerns over valuation. Analyst Brad Erikson cut his rating to sector weight from overweight. He believes fair value for the stock is $293, which is 9.4% above Tuesday’s closing price. The company is still one of the most innovative stories in the automotive industry, and its “differentiation relative to its peer group is nothing short of total,” Erikson wrote in a note to clients. “We simply believe the stock price now more fully reflects these core attributes.” The shares dropped 4.2% Tuesday, the biggest one-day slide in five months, after Deutsche Bank downgraded it, also on valuation concerns. The stock was still up 20% year to date through Tuesday, compared with the S&P 500’s 1.1% gain.

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Albertsons Companies filed for an initial public offering, about nine years after the grocery chain was taken private by Superalu Inc. . The company plans to use the proceeds of the IPO, which has yet to be determined, to pay down debt. The underwriters of the IPO include Goldman Sachs, BofA Merrill Lynch, Citigroup, Morgan Stanley and Lazard. Albertsons, which completed the acquisition of Safeway earlier this year, operated 2,205 stores and 1,698 pharmacies in 33 states as of June 20, with brands including Albertsons, Safeway, Vons and Acme. In 2014, the company reported revenue of $27.2 billion and same-store sales growth of 7.2%.

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Greece has requested a three-year bailout program from the eurozone’s rescue fund, the European Stability Mechanism, according to a document obtained by The Wall Street Journal. The country’s previous ESM applications had been for two years. The document also showed that Greece promises to implement tax reforms and pension changes as early as next week. Earlier on Wednesday, Greek Prime Minister Alexis Tsipras told the European Parliament his government would present a detailed list of reform proposals in coming days in a bid to unlock further bailout aid. He also said his country is on the “verge of bankruptcy.”

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Greece has formally submitted a request for a eurozone loan through the currency union’s bailout fund, the European Stability Mechanism, an ESM spokesperson said on Wednesday.The request was widely expected after Eurogroup President Jeroen Dijsselbloem said Tuesday that Greek authorities were just a day away from asking for financial help via the ESM. Eurozone finance ministers are due to discuss the ESM application in a conference call later on Wednesday. The bailout mechanism has so far only provided loans to Spain and Cyprus. Greece’s previous bailout program, which expired at the end of June, was partly granted through the temporary crisis mechanism, the European Financial Stability Facility.

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Microsoft Corp. is expected to announce a major round of new layoffs as early as Wednesday, according to a New York Times report, citing unnamed sources. The cuts would be in addition to the roughly 18,000 employees that Microsoft planned to lay off a year ago, the report said. The new layoffs are expected to affect workers in the company’s hardware group, among other units, including the smartphone business Microsoft purchased from Nokia in a $7.2 billion deal last year. Microsoft shares were down 1.2% in low, premarket volume.

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Greece will submit a detailed reform proposal in the next few days, in a bid to unlock further bailout aid, the country’s Prime Minister Alexis Tsipras told the European Parliament on Wednesday. Referring to his country’s resounding “no” in Sunday’s referendum, Tsipras stressed the vote wasn’t a signal for Greece to break with Europe, but to return to the negotiating table with a stronger mandate. “We’ve now been given a mandate to double our efforts to get a socially just and economically viable agreement, without the mistakes of the past that caused a recessionary spiral,” he said. “We want an agreement that will give a final end to crisis, show there is light at the end of the tunnel,” he added. The Greek premier also confirmed that his country is ot the “verge of bankruptcy.” His comments come a day after eurozone leaders gave Greece a final deadline of Sunday, July 12 to reach a deal with lenders.

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