I’d be the first one to say that it does – the cold temperatures I’ve played in certainly changed the tone of my Telecaster pickups. I was playing along the New Jersey shore during the winter months and I’ll never forget how cold it used to get. My guitar and amp were in the trunk of my drummers car and by the time I got to the club, the guitar felt like it was frozen. When the guitar was taken directly out of the trunk and onto the stage, the half frozen pickup sounded brighter until the stage lights warmed the equipment up. It was cold to the touch and the tone sounded harsh. I learned later that as a coil becomes warmer the DC resistance can increase making the pickup sound warmer. I remember after playing and loading the equipment in the extreme cold, I could hear my tubes breaking in the trunk after being so hot.