Check out which companies are making headlines before the bell on Monday:
Apple – The stock was upgraded to "buy" from "hold" at Jefferies, with the firm saying Apple's gross margins are likely to be better than expected. Separately, All Things D reports the SEC has ended an investigation into Apple's overseas cash and tax practices without taking any action. And Apple's iPhone 5C is seeing more discounting, with Wal-Mart and RadioShack the latest to cut prices on the less expensive of Apple's two new iPhone offerings.
Toll Brothers – Goldman Sachs downgraded the home builder to "neutral" from "buy", saying with a housing recovery spreading, it's no longer necessary to be concentrated at the high end of the home builder spectrum. In the same report, Goldman upgraded the stock of real estate brokerage operator Realogy to "buy" from "neutral", saying concerns that resulted in the stock's under-performance have largely diminished.
Alcoa – Morgan Stanley cut its rating on Alcoa to "equal weight" from "overweight", based on lower aluminum price forecasts.