Check out which companies are making headlines before the bell:
Apple — Bank of America upgraded Apple to "buy" from "neutral" with a price target of $130, saying concerns over reduced iPhone production are already reflected in the stock's price and that Apple could be primed for a bullish cycle involving an upgraded Apple watch and a possible new iPhone.
Darden Restaurants — Activist investor Starboard Value cut its stake in the Olive Garden parent to 8.1 percent from 9.1 percent, citing appreciation in the stock's price.
CarMax — Oppenheimer upgraded the car seller's shares to "outperform" from "perform," saying the share price now reflects near-term challenges following a recent drop and that it is still confident about CarMax's long-term prospects.
Alcoa — The aluminum producer reported adjusted quarterly profit of 4 cents per share, 2 cents above estimates, though revenue was very slightly below forecasts on sliding aluminum prices. Alcoa did project record aluminum demand for 2016.
Lululemon — Lululemon raised its guidance for its most recent quarter following stronger-than-expected holiday season sales. The maker of yoga wear had been cautious about the quarter's outlook a month ago, pointing to slower store traffic in October and November.
Intel — Intel was upgraded to "buy" from "neutral" at Mizuho, noting that declines in the personal computer market are moderating and that the chip maker is a dominant force in cloud and other new markets.
Coca-Cola — Stifel upgraded the beverage maker to "buy" from "hold," noting valuation, as well as improving growth trends.
Wells Fargo — KBW upgraded the bank's stock to "outperform" from "market perform," saying a recent sell-off gives investors a rare opportunity to improve their portfolios with a stock that rarely falls to "cheap enough" levels.
Boeing — Boeing fell behind competitor Airbus in new business for 2015, with 768 jet orders compared to 1,036 for Airbus. However, Airbus was behind Boeing in jet deliveries, with 635, while Boeing delivered an industry record 762 jets.
SAP — SAP released better-than-expected results for 2015, as it saw strong levels of license renewals and adoption of cloud-based software. However, the business software provider did give a cautious outlook for the current year.
Starbucks — The coffee chain is planning to open 500 new stores in China this year, despite the economic slowdown in that country.
Time Warner — Time Warner shares have been rising this month on continued takeover speculation, but investor Carl Icahn told CNBC that he is not building an equity stake in the media company, contrary to a Reuters report. Icahn told CNBC: "I don't own one share of Time Warner and it annoys me that certain speculators use my name to make profits at the expense of other shareholders".
United Continental — The airline said its fourth-quarter passenger revenue may fall more than expected, following the November attacks in Paris and sharply lower oil prices. Those lower oil prices hurt ticket sales to United's Houston-based energy clients.
McDonald's — McDonald's is the target of a European antitrust complaint, with Italian consumer groups claiming the restaurant chain imposes illegal terms on its franchisees.
Amazon.com — Amazon plans to release a new, smaller version of its voice-controlled "Echo" digital assistant within a few weeks.
JPMorgan Chase — The bank is considering replacing its Bloomberg terminals with Reuters software unless the bank can get a better deal on the terminals, according to the New York Post.