By Liz Moyer
Investing.com -- Stocks were lower to start a new trading year on Tuesday as investors awaited the Federal Reserve's meeting minutes and data on jobs for December. Here are the midday movers for Jan. 3.
- Tesla Inc (NASDAQ:TSLA) shares fell 14.4% after the electric vehicle maker reported lower than expected deliveries for the most recent quarter and for the year ending 2022, as Elon Musk's company worked through production challenges in China.
- PayPal Holdings Inc (NASDAQ:PYPL) shares rose 4.2% after analysts from Truist upgraded the payments giant's stock to buy from hold. PayPal notched a 60% drop in value last year in part because of a post-COVID adjustment as well as competition from upstart payments firms.
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AMC Entertainment Holdings Inc (NYSE:AMC) shares fell 3.4% after analysts at B. Riley Securities cut their outlook on box office sales for this year and next year, to $8.9 billion and $10.1B, respectively, from an earlier estimate of $9.5B and $10.7B.
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Apple Inc (NASDAQ:AAPL) stock fell 4.4% as the iPhone maker was on its way to closing below a $2 trillion market value for the first time since 2021, weighed by reports it has cut product orders from China.
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Exxon Mobil Corp (NYSE:XOM) stock fell 3.4% as crude oil prices started the year out on a down note. WTI was down 2.8% as of midday, below $80 a barrel, and Brent crude was down 2.9%. Chevron Corp (NYSE:CVX), another oil major, shares fell 2.9%.