Check out the companies making headlines before the bell. Apple — Shares declined 1.4% after Jefferies downgraded the megacap tech company to hold from buy, saying near-term expectations for the iPhone 16 and 17 are too high after weaker-than-expected initial demand. Apple’s AI capabilities leading to an accelerated smartphone replacement cycle is a “premature” catalyst, the firm added. NXP Semiconductor — Shares added 0.8% after UBS upgraded the chipmaker to buy from neutral. The firm cited healthy inventory levels and “best-in-class margin resilience.” Amazon — Shares slumped nearly 2% after Wells Fargo downgraded the e-commerce company to equal weight from overweight, citing slowing growth and competition from Walmart. Pfizer — Activist investor Starboard Value took a roughly $1 billion stake , seeking a turnaround at the struggling company, sources told CNBC. Shares rose nearly 3% on the news. KB Home — The homebuilder stock slipped 2% after being downgraded at Wells Fargo to underperform from equal weight. The bank said KB Home could lag peers in the next phase of the cycle. Coty — The beauty company jumped 2.5% following an upgrade to buy from hold by Jefferies. Analyst Ashley Helgans highlighted ongoing growth in the fragrance segment and an attractive valuation Hershey — The chocolate maker dipped 1% after receiving downgrades to neutral and market perform from UBS and Bernstein, respectively. UBS cited a challenging 2025 outlook on cocoa inflation, while Bernstein underscored headwinds from GLP-1 drugs. American Express — The financial services stock fell more than 1% after JPMorgan downgraded shares to neutral from overweight. JPMorgan believes the stock is trading at an expensive valuation but has limited upside potential. Wynn Resorts — The casino and resort company gained 2.5% following its announcement on Friday that it received the first commercial gaming operator license in the United Arab Emirates. Ally Financial — The financial services stock added 1.4% on the back of a JPMorgan upgrade to overweight from neutral. JPMorgan said Ally has an appealing risk-to-reward ratio. — CNBC’s Yun Li, Samantha Subin, Alex Harring, Pia Singh and Michelle Fox contributed reporting