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Check out which companies are making headlines before the bell:

Wal-Mart — The retail giant earned an adjusted $1.07 per share for the second quarter, 5 cents a share above estimates. Revenue also topped forecasts. Wal-Mart raised its full-year earnings forecast, as well, and posted a 1.6 percent increase in U.S. comparable sales, the strongest in eight quarters.

Hormel Foods — The food producer reported quarterly profit of 36 cents per share, beating consensus forecasts by 1 cent a share. Revenue also beat estimates. Hormel's results were driven by strong sales for brands such as Skippy, Spam, and Muscle Milk, and the company also raised its full-year forecast.

Twitter — Evercore downgraded Twitter to "sell" from "hold," saying it sees more risk than reward because of competitive concerns. Evercore specifically cites Snapchat's move toward monetizing its own popular service.

Priceline Group — Evercore upgraded the stock to "buy" from "hold," noting the travel website operator's advantage of scale among other factors.

Cisco Systems — The Dow Jones industrial average component reported adjusted quarterly profit of 63 cents per share, 3 cents a share above estimates. Revenue was slightly...