Midday Market Movers: Tesla, Wynn, Traeger, Amazon and More

Tesla's shares fell 13% after the company announced fourth-quarter vehicle deliveries that fell short of Wall Street's expectations. The electric vehicle maker delivered 405,278 cars in the fourth quarter, where the median analyst estimate was around 427,000, according to FactSet.

Wynn Resorts shares rose by more than 2% after Wells Fargo upgraded the company, citing China's moves toward a full reopening. This positive news also boosted Las Vegas Sands shares by 3%. MGM Resorts rose by 1%.

Traeger stock dropped 8.3% after RBC downgraded it to sector perform from outperform. The firm said it believes in Traeger’s long-term positioning within the outdoor cooking space, but said it would likely have a delayed recovery.

Molina Healthcare's stock slid nearly 5% despite the company saying it expects revenue from California Medicaid to double under revised contracts. The health care company's shares have been under pressure recently amid concerns about its financial stability.

Linde's shares fell by 3% following a Reuters report which stated that Russia had frozen almost $500 million of the German gas company's assets. Linde suspended work on a contract with Russian companies after the European Union imposed sanctions in response to the invasion of Ukraine.

T-Mobile's stock slid 1.7% following a downgrade to peer perform from perform by Wolfe. The firm cited slowing growth within telecommunications, while noting that T-Mobile "remains a great story."

Truist upgraded PayPal to buy from hold, saying that estimates now look reasonable. This caused PayPal's shares to increase by 4.1%.

Block shares rose sharply after Baird upgraded the stock to outperform from neutral. The firm said that Block is due for a comeback and should benefit from macro trends like rising rates. However, the stock later gave up those gains and was last trading flat.

Amazon shares rose 1% after Loop Capital Markets named the e-commerce giant one of its top ideas for 2023. The firm said Amazon is "well positioned to outperform" in the coming year.

Coty's shares rose 1.4% after being upgraded to overweight from neutral by Piper Sandler. The firm cited the company's increasing exposure to China as a key catalyst for future growth.

Citigroup's stock rose by 1.4% after Bank of America restated its "buy" rating for the company. The firm said that Citigroup's stock has an "interesting" risk-to-reward ratio for investors who are looking for a "restructuring story."

Molson Coors Beverage's shares declined by more than 3% after Wells Fargo downgraded the company to "underweight" from "equal weight." According to the investment bank, there is significant downside to Street estimates for Molson Coors in 2023.

CVS shares dipped 1% after Evercore downgraded the stock to "in line" from "outperform." The firm cited valuation as the primary reason for the downgrade.