NEW YORK (TheStreet) -- Tesla Motors (TSLA - Get Report) reports earnings on Wednesday after the close. The stock hit a new 52-week closing high on Tuesday of $203.70 but has since fallen over 4% ahead of the report. 

The company already pre-announced that it delivered 6,900 Model S units in the fourth quarter, which is 20% more than analysts had expected, TheStreet's Brittany Umar said. 

But perhaps most interesting are the rumors of a takeover or partnership with Apple (AAPL - Get Report). Reports have surfaced of Tesla CEO Elon Musk met with a banker from Apple's M&A team last year, Umar said. Investors will be listening intently for any hints of this news during the conference call.

They'll also be looking at gross margins, which came in at 21% last quarter. Musk has stated his goal is to get gross margins to 25%. 

Wedbush Securities' analyst Craig Irwin, who has an outperform rating and $205 price target on Tesla, said investors should listen to the company's conference call for three things: Chinese orders, a new battery factory and the possible expansion of Model S production capacity.

The company is expected to earn 21 cents per share on revenue of $677 million.

-- Written by Bret Kenwell in Petoskey, Mich.

Bret Kenwell currently writes, blogs and also contributes to Robert Weinstein's Weekly Options Newsletter. Focuses on short-to-intermediate-term trading opportunities that can be exposed via options. He prefers to use debit trades on momentum setups and credit trades on support/resistance setups. He also focuses on building long-term wealth by searching for consistent, quality dividend paying companies and long-term growth companies. He considers himself the surfer, not the wave, in relation to the market and himself. He has no allegiance to either the bull side or the bear side.