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Check out which companies are making headlines before the bell:

Time Warner–CNBC's reports that Time Warner rejected an $80 billion dollar takeover bid from 21st Century Fox, worth $85 per share. Sorkin added that Rupert Murdoch is determined to buy the company, and is unlikely to walk away despite the rejection.

Bank of America–The bank reported second quarter profit of 41 cents per share, excluding certain items, beating estimates by 12 cents. The exclusion involved $4 billion in legal expenses, some of which includes a settlement with AIG over residential mortgages. AIG will receive $650 million in cash to settle outstanding claims.

BlackRock–The world's largest money manager reported second quarter profit of $4.89 per share, excluding certain items, beating estimates of $4.46. Revenue was also above consensus, with BlackRock helped by strong markets and strength across all its offerings.

Textron–The aircraft maker earned 51 cents per share for the second quarter, beating estimates by five cents, with revenue improving across all its business units. Cessna is the maker of Bell helicopters and Cessna planes.

PNC Financial–PNC reported second quarter profit of $1.85 per share, seven cents above estimates. PNC was helped by cost-cutting efforts, as well as moves to overcome the impact of lower interest rates on its profits.

Apple, IBM–Apple and IBM announced a partnership to collaborate on business apps for iOS devices.

Intel– The chip maker reported second quarter profit of 55 cents per share, three cents above estimates. Revenue also beat consensus, and increased its share buyback program by $20 billion.

International Game Technology–The company will be bought by Italy's GTECH for $4.7 billion in cash and stock. GTECH is the world's biggest operator of lotteries while IGT is a prominent maker of slot machines.

Hershey–The company has increased prices for chocolate for the first time in three years, on the heels of a rally in coca prices. Prices will rise eight percent, with the candy maker also saying 2014 sales growth will be at the lower end of its five to seven percent target.

Google–The tech giant appointed former Ford chief executive Alan Mulally to serve on its board of directors.

Yahoo–The search giant fell short of estimates by one cent with second quarter profit of 37 cents per share, excluding certain items, with revenue also falling short. The company also issued a light third quarter revenue forecast, and also said Alibaba has approved its request to reduce the number of shares it will have to sell in the Chinese company's initial public offering.

CSX–The rail giant beat estimates by one cent as it reported second quarter profit of 53 cents per share. The railroad operator's results were helped by increased shipping volumes.

By CNBC's Peter Schacknow

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