Cold air is more dense and will produce more lift at a given speed than warmer air. More importantly, it will allow an air-breathing engine to produce more power because a greater mass of air can be drawn into the engine which is essentially a fixed-volume device. (This is why performance cars use intercoolers between the turbocharger and the intake manifold.) Thus, airplanes perform better in cold air than in warm air. Unfortunately, rockets carry their own oxidizer and need no lift, so the only thing they get from the cold, dense, air is more drag. More drag translates to less altitude, so rockets will not perform as well in cold air.
Larry Hard> Well, not really the most appropriate/perfect subject name but I wanted to