Tesla and Ally Financial Decline in Premarket; Coty and Wynn Resorts Show Gains

By Peter Nurse

Investing.com — Stocks to watch in premarket trading on Tuesday, January 3rd. Please check back for updates.

• Tesla shares dropped 3.9% after the electric vehicle manufacturer reported its fourth-quarter results, which fell short of Wall Street expectations.

• Apple stock increased by 0.5% following reports from Chinese media that its supplier Foxconn has resumed operations at its large factory in Zhengzhou—previously affected by significant COVID-related disruptions—now running at 90% capacity.

• Coty saw its stock rise 2.5% after Piper Sandler upgraded its rating on the beauty company to "overweight" from "neutral," as the firm expresses optimism about Coty’s expanding exposure to China and travel retail in 2023.

• Wynn Resorts shares climbed 3.4% after Wells Fargo revised its rating for the casino operator to "overweight" from "equal weight," highlighting a positive outlook related to the reopening of Macau.

• PayPal stock was up 2.4% after Truist upgraded the payments company to "buy" from "hold," stating that its forecasts appear more reasonable now.

• Ally Financial saw a decline of 0.7% after Barclays downgraded its outlook on the financial services firm to "equal weight" from "overweight," citing vulnerabilities for the company in 2023.