Tesla, PayPal Holdings, AMC Entertainment, and More from Investing

By Liz Moyer

Stocks opened lower on the first trading day of the year as investors looked forward to the release of the Federal Reserve’s meeting minutes and December’s job data. Here are the noteworthy market movements from January 3rd.

• Tesla Inc shares dropped 14.4% after the electric vehicle manufacturer reported deliveries that fell short of expectations for both the most recent quarter and the entire year of 2022. The company faced production hurdles in China.

• PayPal Holdings Inc saw its stock rise 4.2% following an upgrade from analysts at Truist, who moved their recommendation from hold to buy. PayPal’s stock had experienced a significant decline of 60% last year, attributed in part to adjustments post-COVID and increased competition from emerging payment companies.

• AMC Entertainment Holdings Inc shares fell 3.4% after B. Riley Securities revised their forecast for box office revenues, projecting $8.9 billion for this year and $10.1 billion for next year, down from previous estimates of $9.5 billion and $10.7 billion, respectively.

• Apple Inc stock decreased by 4.4%, nearing a close below a $2 trillion market valuation for the first time since 2021. This decline was influenced by reports indicating that the company has reduced product orders from China.

• Exxon Mobil Corp shares also fell 3.4% as the oil market faced a sluggish start to the year. West Texas Intermediate crude prices dipped 2.8% to below $80 a barrel, while shares of Chevron Corp fell 2.9%.