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Early movers: TWTR, CSCO, PG, CELG, ANF, X, BBY & more

Take a look at some of Wednesday's early movers:

Cisco Systems — Goldman Sachs removed the network equipment maker from its "buy" list with a downgrade to "neutral" based on slowing earnings growth and limited upside for previous growth drivers such as operating margin expansion.

Twitter — The social media company has invested around $70 million in SoundCloud as part of a round that is expected to value the music service at about $700 million, Recode reported late Tuesday, citing sources familiar with the deal. Twitter CEO Jack Dorsey confirmed in the report his firm now owns a stake in SoundCloud.

Celgene — The biopharmaceutical company announced a $3 billion share buyback program, effective immediately.

Procter & Gamble — Jefferies initiated coverage of the stock with a "buy" rating, based on a slimmer portfolio and better focus on product and geographical areas where the firm can do well. The price target of $95 represents nearly 14 percent upside from Tuesday's close.

Abercrombie & Fitch — Deutsche Bank upgraded the stock to "hold" from "sell," citing the 35 percent decline since launching coverage on April 26 that "fully reflects" challenges both abroad and in the United States. Deutsche did lower its earnings per share estimates for fiscal year 2017 to $1.02 versus the consensus $1.14 a share.

Salesforce — BMO initiated coverage of the stock with an "outperform" rating and a $98 per share price target, nearly 21 percent above Tuesday's closing price. BMO said Salesforce.com benefits from its scale and integrated suite of cloud offerings in automation, services, and marketing.

Best Buy — Credit Suisse downgraded the stock to "neutral" from "outperform" given concerns about earnings growth in the second half of the year due to softness in mobile and fading benefits from Best Buy's edge over other retailers such as Sears. Credit Suisse also lowered its target price to $31 a share from $36.50.

U.S. Steel — Bank of America/Merrill Lynch upgraded the stock to "neutral" from "underperform" given higher forecasts for U.S. sheet steel prices on expectations of more limited supply over the next several quarters. BofAML raised its expectations for average 2016 U.S. benchmark hot-rolled coil prices to $530 per short ton from $485.

CNBC's parent NBCUniversal is an investor in Recode's parent Vox, and the companies have a content-sharing arrangement.