Wall Street is mainly focused on Apple's iPhone sales in China and any guidance related to its March quarter, which could include iPhone SE4 sales.

In a rare move, analysts at Jefferies downgraded one of the largest companies in the world, Apple ( AAPL -0.39%), to underperform. Wall Street analysts are known for being bullish, so underperform and sell ratings tend to make up only a small percentage of overall analyst ratings.

Apple beat Wall Street's quarterly profit estimates on Thursday, but iPhone sales and China revenue for the holiday quarter were weak due to stiff Chinese competition and a slow rollout of artificial intelligence features.