Check out the companies making headlines before the bell:
Apple — Nikkei reported that Apple is cutting iPhone production by 10 percent between January and March. This would be the second time in two months that Apple trims iPhone production plans, according to the report.
Facebook — CEO Mark Zuckerberg said he will host a series of discussions about tech’s role in society in the future. “Every few weeks I’ll talk with leaders, experts, and people in our community from different fields and I’ll try different formats to keep it interesting,” Zuckerberg said.
Foot Locker, Nike — An analyst at Baird upgraded Foot Locker to “outperform,” noting the near-term fundamentals for the company “can continue to inflect positively” amid strong Nike same-store sales. Separately, Baird downgraded Nike to “neutral” from “outperform” amid concern its high valuation may not be sustainable.
Skyworks Solutions — Canaccord Genuity slashed its price target on Skyworks to $84 from $96 a share, citing weak smartphone demand around the world. “We anticipate Apple has higher-than-anticipated channel inventory levels to work through in 1HC2019, driving weaker near-term demand for suppliers,” Canaccord said in a note.
Bank of America —The banking giant was upgraded to “buy” from “neutral” at UBS, with analysts noting Bank of America “should continue improving efficiency metrics and, importantly, appears comparatively well positioned to withstand a turn in credit.” UBS, however, also trimmed its price target on Bank of America to $32 from $33 a share.
Morgan Stanley — Citigroup upgraded Morgan Stanley to “buy” from “neutral,” noting higher market volatility can lead to higher trading revenue throughout the year.
Tilray — The Canadian pot company was initiated with an overweight rating and a $90 price target at Piper Jaffray. “The timing of a regulatory change is hard to predict, but we expect continued global momentum for medical and recreational marijuana legalization,” Piper said.
Lowe’s — Barclays downgraded the home-improvement retailer to “equal weight” from “overweight,” noting “it is unproven that the company can accelerate comps into a decelerating macro⁄industry across the board in 2019.” Barclays also cut its price target on Lowe’s to $105 from $120.
Tesla — The electric car maker is being sued after a passenger died last year due to a defective battery. The suit alleges Tesla “failed to warn purchasers of its vehicles of the battery’s dangerous condition.”