Walmart wows, Cisco job cuts, Twitter downgraded

Here are some of the stocks the Yahoo Finance team will be tracking for you today.

Walmart (WMT) shares flirted with a fresh 52-week high in early trading. The world’s biggest retailer lifted its profit forecast for the year after it delivered a beat on both its top and bottom lines for the second quarter. Revenue rose 0.5% to $120.9 billion thanks to stronger than expected sales in existing stores. Meanwhile, the company’s closely monitored e-commerce sales grew by 11.8%.

Related: Wal-Mart sales up, guidance up, shares up

Cisco Systems (CSCO) plans to cut 5,500 jobs. That translates to about 7% of its global workforce as it shifts its business from hardware to software. This comes as the company reported better than expected earnings and revenue for its fiscal fourth quarter.

Hormel (HRL) raised its profit outlook for the year after it posted earnings and revenue that topped analysts’ estimates for its fiscal third quarter. Sales rose 5% from a year ago driven by strength in its Spam and Skippy products.

Tronc, formerly Tribune Publishing, (TRNC) shares were in the spotlight. It seems that rival Gannett (GCI) is still pursuing the owner of the Chicago Tribune and the LA Times. The Wall Street Journal is reporting that Gannett, the publisher of USA Today, has privately sweetened its bid for Tronc. This comes after Tronc rejected a prior bid of $15 a share in May.

Twitter (TWTR) shares fell in early trading after Evercore downgraded the stock to sell from hold and cut its price target by a buck to $17 dollars a share. The investment firm cites more risk than reward because of competition, specifically from Snapchat.