Check out which companies are making headlines before the bell:
21st Century Fox–Fox withdrew its $80 billion bid to acquire Time Warner. Fox said it dropped the bid after Time Warner's board refused to engage its "highly compelling offer."
Time Warner–The stock is primarily being pressured by Fox's withdrawal of its bid, but the company also reported second quarter profit of 98 cents per share, beating estimates by 14 cents. The company credits strong performances from its cable networks such as HBO and TNT, among other factors.
Walgreen–The drug store chain is buying the part of European rival Alliance Boots that it doesn't already own for more than $15 billion in cash and stock, and plans to keep the combined company's headquarters in the U.S. Walgreen considered a so-called "tax inversion" but decided moving the headquarters overseas would not be in the best interest of shareholders.
Viacom–The media company missed estimates by one cent with fiscal third quarter earnings of $1.42 per share, with revenue also short of consensus. Viacom's results were impacted in part by fewer new movies.
Chesapeake Energy–The natural gas producer fell eight cents short of estimates with per share profit of 36 cents, though revenue did beat estimates. Lower natural gas prices were among the factors pressuring Chesapeake's results.
General Electric–Bernstein upgraded the stock to "outperform" from "market perform", citing the company's more industrial-focused mix.
Tesla–Pacific Crest initiated coverage of the automaker's stock with an "outperform" rating, citing an under-appreciated growth trajectory.
Macy's–Morgan Stanley added the retailer's stock to its "Best Ideas" list, citing consistent execution and a clear path to earnings growth.
Walt Disney–Disney reported fiscal third quarter profit of $1.28 per share, excluding certain items, 11 cents above estimates, with revenue above forecasts as well. Disney's results were helped by stronger theme park attendance, as well as strong contributions from its "Captain America" movie and "Frozen" merchandise sales.
Sprint–The wireless big abandoned its bid to buy T-Mobile, according to CNBC's David Faber. Sprint is said to have been concerned that gaining regulatory approval would prove too difficult. At the same time, reports say France's Iliad is considering improving its own bid for T-Mobile.
Apple–The iPhone maker and Samsung have agreed to drop all patent litigation outside the U.S., though they'll still continue to battle in U.S. courts.
Activision Blizzard–Activision beat estimates by four cents with second quarter profit of six cents per share, excluding certain items. Revenue was well above estimates, and the video game maker also forecast strong holiday shares and raised its 2014 earnings forecast.
Groupon–The online coupon site earned one cent per share, excluding certain items, for the second quarter, matching Street estimates. Revenue was shy of analyst forecasts, and the daily deals company also gave a current quarter forecast that disappointed investors.
First Solar–First Solar posted second quarter profit of just four cents per share, falling well short of the consensus 37 cent estimate. Revenue was similarly short, as project delays push more positive results later in the year. The provider of solar panels also cut its full-year production forecast.
Zillow–The real estate site lost five cents per share for the second quarter, one cent wider than estimates, though revenue beat forecasts. Zillow also boosted its revenue outlook for the year.
Take-Two Interactive–Take-Two lost 14 cents per share for its first quarter, better than the 26 cent loss than analysts were anticipating. The video game maker also posted better than expected revenue, thanks to strong sales of its "Grand Theft Auto V" and "NBA 2K14" games.
Monsanto–Monsanto raised its quarterly dividend to 49 cents per share from 43 cents.
—By CNBC's Peter Schacknow
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