Check out which companies are making headlines before the bell on Wednesday:

Target —The retailer reported first quarter profit of 77 cents per share on a GAAP basis, $1.05 excluding certain items, compared to estimates of 85 cents. It also lowered its earnings per share (EPS) forecast for the year, saying colder than normal weather got its spring season off to a slow start.

Lowe's —The home improvement retailer reported first quarter profit of 49 cents per share, two cents short of Street estimates. Revenues also came up short of analyst projections, with Lowe's citing cooler-than-normal temperatures, and more rain impacting the spring selling season.

Staples — Staples earned 26 cents per share for the first quarter, excluding certain items, one cent short of estimates. Revenue was also short of Street estimates, with factors such as store closures and foreign exchange weighing on sales.

Toll Brothers — The home builder reported quarterly profit of 14 cents per share, seven cents above estimates, as it saw an increase in orders and higher average selling prices.

Saks — The stock is getting a boost from a New York Post report saying the retailer has hired Goldman Sachs to assist with a possible sale of the company.

Intuit — The software producer reported fiscal third quarter profits of $2.97 per share, excluding certain items, four cents above estimates. However, Intuit's current quarter EPS guidance of 3 - 7 cents per share fell below Street estimates of 11 cents. The company behind the popular Quicken and TurboTax software called the latest tax season "lackluster".

Analog Devices — The company earned 52 cents per share for its second quarter, in line with estimates, but its current quarter outlook of 51 – 56 cents range fell short of the 57 cents per share consensus estimate. The designer of signal-processing technology has been hit by global economic concerns and weak customer demand through the industry.

NetApp — The company reported fiscal fourth quarter profit of 69 cents per share, beating estimates by a penny, with revenues in line. The data storage company does see current quarter earnings short of the 53 cent consensus estimates, citing a range of 45 - 50 cents as it deals with higher expenses and slower sales. NetApp has also initiated a quarterly dividend of 15 cents per share, and started a restructuring which will include cutting 900 jobs.

Merck — Merck announced a $5 billion accelerated share repurchase program. The drug maker will buy back nearly 100 million shares from Goldman Sachs at current market prices.

Sony —Sony has cut sales targets for digital cameras, smartphones, and tablet computers, although it does see "encouraging signs" for its electronics business. The company also plans to assess a proposal from investor Daniel Loeb, its biggest shareholder, that it spin off its entertainment business.

Ford —The automaker will shut down 21 of its North American factories for one week this summer, a shorter time than usual, to meet growing demand.

Dick's Sporting Goods — The stock has been removed from the "Top Picks Live" list at Citi, although the firm is maintaining a "buy" rating on the sporting goods retailer's stock.

SodaStream — JPMorgan Chase has downgraded the stock to "neutral" from "overweight".

Advanced Micro Devices — Jefferies repeated its "buy" rating on the chipmaker, saying Microsoft's newly announced XBox One, as well as Sony's PS4, will add $9 billion in new revenues. AMD's chips are used in both video game consoles.

Corn futures Tuesday skidded to multi-week lows on reports that U.S. farmers are catching up with crop plantings at a record-setting pace.

The U.S. Department of Agriculture Monday reported that 71 percent of the corn crop was in the ground, versus 28 percent last week. In the last five years, an average 79 percent has been planted by this time of year.

The increase of 43 percentage points amounts to 41.8 million acres, a record, according to Reuters.

Shares of Sony moved sharply higher Tuesday on heavy volume as reports circulated that the electronics giant is considering a proposal from billionaire investor and major shareholder Dan Loeb.

Japan's Nikkei reports that Sony will have third-party financial advisors estimate how much its value would increase from Loeb's proposal to spin off its movie and music business. Loeb has disclosed about a 6 percent stake in Sony.

Check out which companies are making headlines after the bell Tuesday:

Shares of Saks soared in late trading on a New York Post report the company has hired Goldman Sachs to explore a possible sale.

Merck shares are higher after the pharma giant announced an accelerated $5 billion share repurchase.

Tax software firm Intuit reported fiscal third-quarter earnings excluding items of $2.97 per share on revenue of $2.18 billion. For the current quarter, Intuit sees adjusted earnings of 3 cents to 7 cents per share, below Street forecasts. The stock was modestly higher in extended hours trading.

Federal Reserve Chairman Ben Bernanke is expected to maintain his dovish tone when he speaks to Congress Wednesday, and he is likely to dispel any notion that the Fed is ready to cut back on its easing policy.

The markets have been speculating the Fed could start to gradually cut back on its $85 billion monthly bond buying program, and that view has been furthered by some hawkish Fed officials who would like to see quantitative easing wind down sooner, rather than later.

Bernanke appears before the Joint Economic Committee at 10 a.m. EDT, and at 2 p.m., the minutes of the last Fed meeting will be released.

"The doves are taking back the reins. The hawks had their day in the sun," said George Goncalves, Treasury strategist at Nomura Americas.

"I think the bond market is going to be happy because Bernanke's going to reiterate his dovishness, and he's still cautious, but he's constructive on the economy," said Goncalves. "I think all markets are going to be pleasantly surprised tomorrow. I think the minutes might introduce some volatility because there's definitely tension at the Fed about when to stop and when to do more."

It's no secret most of the Street has been trying to anticipate--and trade ahead of--the anticipated Fed "tapering" of bond purchases.

Separate speeches today from the New York Fed's William Dudley and the St. Louis Fed's James Bullard have thrown some hot water on that thesis.

Mr. Dudley came right out and said that the Fed might adjust the pace of bond purchases up OR down; that the outlook was uncertain, and that he wasn't sure what way the Fed would be leaning.

Take a look at some of Tuesday's midday movers:

Apple shares were lower as CEO Tim Cook testified before a Senate Subcommittee hearing on U.S. tax policy on overseas profits for corporations.

JPMorgan Chase moved up after a shareholder proposal to split the roles of Chairman and CEO was narrowly defeated.

Check out which companies are making headlines before the bell on Tuesday:

Home Depot —The home improvement retailer reported first quarter profit of 83 cents per share, six cents above estimates. Revenue also exceeded estimates, and the company raised its earnings and sales guidance for the year as it benefits from the improving housing market.

Best Buy —The electronics chain reported quarterly profit of 32 cents per share, excluding certain items, above estimates of 25 cents per share. However, revenue of $9.38 billion was well short of estimates, as comparable store sales fell 1.3 percent.

Earnings from several retailers are a highlight Tuesday, but traders will keep their focus on anything to do with the Fed.

The CEOs of Apple and JPMorgan Chase are both in the hot seat for different reasons Tuesday morning. JPMorgan holds its shareholder meeting in Tampa at 10 a.m. ET, and the big focus will be on whether investors vote to allow Chairman and CEO Jamie Dimon to retain both roles.

(Read More: Splitting Dimon's Roles 'Misguided': Ex-Director)

Apple CEO Tim Cook, meanwhile, appears before a Senate panel at 9:30 a.m. on corporate tax avoidance. The Senate Permanent Subcommittee on Investigations said Apple is using tax havens in Ireland to avoid taxes, but Apple says the tax law should be changed and it is doing nothing wrong.

Check out which companies are making headlines after the bell Monday:

Urban Outfitters - The apparel retailer posted earnings of 32 cents a share on revenue of $648 million. Analysts expected the company to post earnings of 29 cents a share on sales of $656 million. Shares dipped in extended-hours trading.

(Read More: Stocks End Lower Amid Fed Taper Talk)

TiVo - The DVR company posted a loss of 9 cents a share, topping expectations for a loss of 14 cents a share, on revenue of $62 million, matching expectations. In addition, the company handed in a current-quarter sales guidance that edged past expectations. Shares edged higher in extended-hours in after-hours trading.