After the defeat at Walsall manager Keith Alexander said he had a number of targets identified and given the oppourtunity he would go out and secure them.
Defender Turner, 18, has made just one substitute appearance for the Sky Blues' first team. Attacking midfielder Davis, 19, had two substitute outings early last season, but has not yet featured for Micky Adams' side this season.
"Liam is a quick lad and will give us extra options in attack, while Ben is a good defender," Posh boss Keith Alexander told his club's website.