Check out which companies are making headlines before the bell on Wednesday:
Time Warner - The media corporation posted earnings of 83 cents a share, excluding one-time items, on revenue of $7.4 billion, exceeding Wall Street expectations for 76 cents a share on sales of $7.11 billion.
Devon Energy - The natural gas and oil producer reported earnings of $1.21 a share, excluding one-time items, on sales of $3.09 billion, easily beating expectations for 95 cents a share on revenue of $2.65 billion.
AOL - The media company posted earnings of 35 cents a share on revenue of $541 million, edging past estimates for 32 cents a share on sales of $540 million.
(Read more: AOL profit tops estimates; buys video platform firm)
Ralph Lauren - The clothing retailer posted earnings of $1.94 a share, matching estimates. Meanwhile, the company reported sales of $1.7 billion, topping expectations for $1.65 billion. In addition, the firm reaffirmed its revenue forecast and said it still sees a gain of between 4 percent and 7 percent this fiscal year.
Marsh & McLennan - The world's largest insurance brokerage firm posted earnings of 72 cents a share, beating Street estimates by a nickel a share. But the company reported sales of $3.09 billion, falling short of expectations for $3.14 billion.
Facebook - Morgan Stanley raised its target price on the social-networking giant to $45 a share from $37 a share.
Cisco -BMO and MKM Partners raised their price targets on the networking equipment maker to $29 and $28 a share, from $27 and $24 a share, respectively.
MasterCard - KBW lifted its price target on the credit card provider to $749 a share from $691 a share.
Wal-Mart Stores - The world's largest retailer is considering making a bid for Hong Kong's ParknShop, according to Reuters. The supermarket business, valued at as much as $4 billion, is currently controlled by Asia's richest man Li Ka-shing. Wal-Mart declined to comment.
BHP Billiton - The Australian mining company's CEO Andrew Mackenzie said he is largely unfazed by Russian potash producer Uralkali's exit from one of the world's two big potash cartels. Mackenzie told reporters that BHP was taking a long-term view on its planned entry into the industry.