Business

Bed Bath & Beyond reported a 28% drop in quarterly sales and a wider-than-projected loss.
The results came from the three-month period before the struggling retailer unveiled an aggressive turnaround plan.
In late August, the company said it would change its merchandise strategy, close 150 stores and lay off some employees, as it also secured a new loan ahead of the holiday season.

A person enters a Bed Bath & Beyond store on October 01, 2021 in the Tribeca neighborhood in New York City.
Michael M. Santiago | Getty Images

Bed Bath & Beyond on Thursday said sales plunged by 28% in the fiscal second quarter, as the home goods retailer struggled to draw customers.
Its shares bounced around in premarket trading, as investors assessed the report. The company’s stock has been volatile, fueled in part by the meme stock frenzy as well as drastic changes to its business.

Bed Bath reiterated its full-year outlook, saying it anticipates comparable sales to decline by about 20% as its business improves in the back half of the fiscal year.
Here’s how the retailer did in the three-month period ended Aug. 27 compared with what analysts were anticipating, based on Refinitiv data:

Loss per share: $3.22 adjusted vs. $1.85 expected
Revenue: $1.44 billion vs. $1.47 billion expected

The company’s net loss widened significantly to $366 million, or $4.59 per share, from $73 million, or 72 cents per share, a year earlier. Its net sales dropped from $1.99 billion in the year-ago period.
Comparable sales declined 26% in the second quarter. The key retail metric, often called same-store sales, is a year-over-year comparison of online sales and sales at stores that have operated for 12 full months following an opening period of about six to eight weeks.
One of the bright spots of Bed Bath’s business, Buybuy Baby, also posted a sharp drop in the quarter. Its comparable sales decreased in the high teens compared with growth of high teens in the year-ago quarter.

The quarterly report does not reflect the company’s latest turnaround effort. In late August, it shared plans to shake up its merchandising strategy, and strengthen its namesake stores and baby goods chain, Buybuy Baby. It also announced cost-cutting measures, including layoffs and closing about 150 Bed Bath & Beyond stores.
Read more: Here’s a map of Bed Bath & Beyond store closures
Interim CEO Sue Gove said in a news release Thursday that the company is fixing inventory problems by speeding up markdowns of some merchandise. She said Bed Bath is “confident that our current liquidity will enable the necessary changes we are implementing.”
Gove said the company’s loyalty program, Welcome Rewards, has grown by more than 1.3 million since the end of August, bringing it to a total of 6.4 million members since it launched this summer. She said it is lowering costs by about $250 million for the second half of the fiscal year, as it works to ramp up sales.
Bed Bath faces several significant challenges, including mounting debt, vacant leadership roles and tense relationships with vendors. As the company gears up for the crucial holiday season, it is led by Gove, an interim CEO, and interim CFO Laura Crossen. Its board pushed out former CEO Mark Tritton in June, and CFO Gustavo Arnal died by suicide in early September.
In late August, Bed Bath got some relief by securing more than $500 million of new financing, including a $375 million loan.
Bed Bath’s liquidity is $850 million after repayments and borrowing that took place before the second quarter began, the company said Thursday.
The coming months will test whether the retailer can get hot holiday items and popular national brands, which are pivotal to its latest strategy. According to former company executives, Bed Bath has had strained relationships with suppliers — and could face a repeat of two Christmases ago, when it did not have several hot products from well-known national brands.
In a news release, Gove said working with Bed Bath’s suppliers has “been an important focus area” and said its debt and liabilities with them “are considerably healthier than in the prior quarter.”
As of Wednesday’s market close, Bed Bath’s shares are down about 56% so far this year. The company’s market value is $516.5 million.
Read the company’s earnings release here.
If you are having suicidal thoughts, contact the Suicide & Crisis Lifeline at 988 for support and assistance from a trained counselor.
This story is developing. Please check back for updates.

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Dick’s Sporting Goods will begin selling Peloton equipment, the companies announced Thursday morning.
The partnership makes Dick’s the first brick-and-mortar retailer to carry Peloton equipment outside its namesake stores.
Dick’s will carry Peloton Bike, Bike+, Tread and Guide, as well as accessories like mats and bike shoes.

A Peloton Interactive Inc. logo on a stationary bike at the company’s showroom in Dedham, Massachusetts, U.S., on Wednesday, Feb. 3, 2021.
Adam Glanzman | Bloomberg | Getty Images

Peloton will begin selling its bikes, treadmills and other products in Dick’s Sporting Goods stores, marking the struggling fitness equipment maker’s latest push to expand its customer base.
The collaboration will make Dick’s the first brick-and-mortar retailer outside of its namesake stores to carry Peloton equipment. Peloton had long been an exclusively direct-to-consumer business before it began selling its products on Amazon in August. 

The companies do not yet have a launch date, but said they are aiming to have Peloton products in more than 100 Dick’s stores in time for the holiday shopping season. Dick’s has more than 700 stores in the U.S.
Dick’s will carry Peloton’s Bike, Bike+, Tread and Guide, a training system that uses a camera to track a person’s movements, as well as bike shoes and exercise mats, the companies announced Thursday. The products will be in specific Peloton displays and Dick’s employees will be trained to assist customers with them. Dick’s shoppers also will be able to order Peloton products online in stores for either delivery or pickup.
Peloton and Dick’s won’t vary in its product pricing, although Dick’s will not carry the recently announced $3,195 Peloton rowing machine, which is currently only available for preorder.
After enjoying a surge in demand during the pandemic, Peloton has been fighting more recently to expand its customer base and stem its losses. The partnership with Dick’s is the latest move under CEO Barry McCarthy’s turnaround plan. McCarthy, who succeeded co-founder John Foley in the top job in February, joined at a time of mass layoffs and other cost-cutting efforts.
McCarthy has focused on growing the company’s paid subscriber base and to oversee Peloton’s push into nationwide bike rentals, certified preowned equipment and the partnership with Amazon.

“This partnership [with Dick’s] is a natural fit for our brand and our Member acquisition goals,” said Jen Parker, Peloton’s senior vice president of global direct sales.
Fitness apparel maker Lululemon on Tuesday announced its Studio membership, a similar bid for recurring fitness subscribers. Studio subscribers will have access to online fitness studios through Mirror and the Mirror app, which the company acquired in 2020.

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South Korean officials have established a “bilateral engagement channel” with U.S. counterparts to resolve issues stemming from the Inflation Reduction Act (IRA).
South Korean officials claim the Act hurt Korean automakers by excluding them in its extended tax credit scheme for electric vehicles that only apply to cars assembled in America.
Lee Chang-yang, the Industry Minister, said Seoul will review whether to file a formal complaint to the WTO over such concerns, Reuters reported.

South Korean and U.S. officials are working toward a “concrete proposal” to resolve their differences over electric vehicle subsidies, South Korea’s trade minister told CNBC.
“We’ve established a specific dialogue channel to address this particular issue, and we are glad that the U.S. government wholeheartedly engaged with us to rectify the problems,” Ahn Duk-geun told CNBC’s Chery Kang on Wednesday.

He was referring to concerns over EV subsidies that would put South Korean automakers at a disadvantage, with some South Korean officials calling the move a “betrayal” of the bilateral trust between the two countries.
The $430 billion climate and energy bill, or the Inflation Reduction Act (IRA), was signed into law by President Joe Biden in mid-August.
It includes federal tax credits offering consumers up to $7,500 in credit for those purchasing new electric vehicles assembled in the U.S. – and those purchasing cars made by foreign carmakers like Kia and Hyundai will not be eligible.
Hyundai is the second-biggest EV sellers in the U.S. after Tesla.

U.S. Vice President Kamala Harris and South Korean President Yoon Suk Yeol met in Seoul to discuss bilateral relations after officials from two countries engaged in talks regarding the Inflation Reduction Act, which includes a provision that Seoul claims could hurt South Korea’s automakers.
SeongJoon Cho | Bloomberg | Getty Images

“We are disappointed to see in particular this provision [was] included in the IRA without much prior consultations,” Ahn said, adding the South Korean government is preparing for “all possibilities,” including proposing legislative amendments to Washington.

His comment were not as strong as the heated rhetoric from Seoul officials in recent weeks.

Kamala Harris in Seoul

U.S. Vice President Kamala Harris was in Seoul on Thursday where she met South Korea’s President Yoon Seok-yeol, to discuss the concerns faced by South Korean automakers.
A White House readout following the two leaders’ meeting said the U.S. vice president understood the raised concerns and that both pledged to “continue to consult” on the matter.
Yoon’s office cited Harris as saying she would “look into ways to relieve South Korea’s concerns in the process of enforcing the law,” according to a statement on the same meeting.

Breach of WTO rules?

South Korean and European officials have said the tax credit provisions in the IRA are a breach of rules under the World Trade Organization, Reuters reported.

We are disappointed to see in particular this provision [was] included in the IRA without much prior consultations.

Ahn Duk-geun
trade minister, South Korea

South Korea’s industry ministry confirmed with CNBC that Seoul will be reviewing whether to file a formal complaint to the WTO over such concerns.
Last week, the Korean Confederation of Trade Unions, which represents workers from South Korean domestic companies including Kia and Hyundai, slammed the U.S. measures as “unilateral” and “U.S.-centric,” and said they could worsen the uncertainties surrounding the current state of the global economy.

China is ‘important trading partner’

Ahn noted that South Korea’s export-reliant economy is indeed “experiencing the decoupling phenomenon” as a result of heightened U.S.-China trade tensions. He did not elaborate further.
South Korea is facing a continued trade deficit problem due to a rise in energy prices, and that Beijing holds a strategically significant role for the country, he added.
“China is still [a] very important trading partner of Korea,” Ahn said.
“I think the stabilization of this trade relationship will play a very important role to secure the global supply in these turbulent and uncertain economic circumstances.”

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The original range for the non-voting preferred shares was set between 76.50 euros and 82.50 euros in a prospectus released Sept. 19.
Volkswagen initially announced its plans for Porsche to go public on Sept. 5.

Porsche shares rose in their stock market debut Thursday, in one of the biggest public offerings in Europe ever.
Bloomberg | Getty Images

Porsche shares rose in their stock market debut Thursday, in one of the biggest public offerings in Europe ever.
Shares of the iconic sports car brand initially traded at 84 euros ($81) on Thursday morning after they had been priced at the top end of their range late Wednesday, at 82.50 euros. It values the company at roughly 75 billion euros.

By 9:30 a.m. London time Thursday shares had steadied at 84.50 euros. Parent company Volkswagen is offering 911 million shares, a reference to Porsche’s famous 911 model.
“Today is a great day for Porsche and a great day for Volkswagen,” Arno Antlitz, Volkswagen’s chief financial officer told CNBC’s “Squawk Box Europe” Thursday.
The organization knew the IPO would be successful, according to Antlitz, citing “strong financials” and “a very convincing strategy for the future.”
“We were convinced despite the challenging environment this IPO would prove successful, and we were right,” he told CNBC’s Annette Weisbach.

Before trading started reactions were positive, with cornerstone investors having already claimed around 40% of the shares on offer, according to Reuters. Until now the sole owner of Porsche AG, Volkswagen is reducing its stake in the sports car firm, with a 12.5% slice being listed.

Listing shares should give Porsche a financial boost of 19.5 billion euros, giving the company more financial flexibility in terms of electric vehicles, according to Volkswagen.
The landmark listing comes at a time of market choppiness as the auto industry continues to feel the effects of the war in Ukraine, and valuations of other luxury carmakers including Aston Martin, Ferrari, BMW and Mercedes-Benz have all dropped in recent months.
“The Porsche AG has completely decoupled itself from the negative market trends,” one investor told Reuters, translated by CNBC. Companies are thought to be delaying going public because of current market conditions. 

The IPO isn’t set to be a trailblazer for other companies to follow suit however, as Porsche remains a particularly strong brand with a unique market position. Volkswagen initially announced its plans for Porsche to go public on Sept. 5.
Antlitz also addressed the ongoing semiconductor shortages, which will continue to be an issue this year.
“We expect a better supply in 2023, but we expect an easing of the shortage to kick in in 2024,” Antlitz told CNBC.

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Sustainable Energy

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Alongside the onshore sector, offshore turbines have also grown in size over the past few years.
The growing size of wind turbines has led to concerns about whether port infrastructure, highways and the ships used to install turbines at sea can cope.
The last few years have seen a number of major wind energy projects take shape.

A Vestas wind turbine photographed in Denmark. The company said Tuesday it would launch an onshore wind turbine tower with a hub height of 199 meters.
Jonas Walzberg | Picture Alliance | Getty Images

Danish firm Vestas said Tuesday it was launching an onshore wind turbine tower with a hub height measuring 199 meters (just under 653 feet), in the latest example of how the sector is turning to increasingly large structures.
In a statement, the Aarhus-headquartered company described it as “currently the world’s tallest onshore tower for wind turbines.”

Vestas said the launch was being undertaken in cooperation with German business Max Bögl.
Vestas said the tower’s height would make it “possible to harvest stronger and more constant wind” and boost a turbine’s electricity production.
“Especially for projects in Central Europe that are generally constrained in available planning space, this makes an important contribution to maximising the production of green electricity,” it added.

Read more about energy from CNBC Pro

The tower has been designed to be used by Vestas’ V172-7.2MW turbine. The idea is to use it in Germany and Austria. Installations will be offered in 2025.
The tower uses both concrete and steel, combining what Vestas called “proprietary technologies” from itself and Max Bögl.

Towers are important components of a wind turbine, with crucial kit including the nacelle and blades resting on top of them. The U.S. Department of Energy defines a turbine’s hub height as being “the distance from the ground to the middle of the turbine’s rotor.”
The DOE adds that the hub height for onshore, utility-scale turbines “has increased 66% since 1998–1999, to about 94 meters (308 feet) in 2021.” This is around the same height as the Statue of Liberty.
At 199 meters, Vestas’ hub height would be significantly taller.
The growing size of wind turbines has led to concerns about whether port infrastructure, highways and the ships used to install turbines at sea can cope. Despite this, an era of “super-sized” turbines is fast approaching.
Alongside the onshore sector, offshore turbines have also grown in size over the past few years. GE Renewable Energy’s Haliade-X offshore turbine, for instance, boasts a height of up to 260 meters and blades measuring 107 meters.
The last few years have seen a number of major offshore wind energy projects take shape. At the start of September, Danish energy firm Orsted said the “world’s biggest offshore wind farm” was fully operational.
Looking to the future, this month also saw the White House announce it was targeting 15 gigawatts of floating offshore wind capacity by the year 2035.
“The Biden-Harris Administration is launching coordinated actions to develop new floating offshore wind platforms, an emerging clean energy technology that will help the United States lead on offshore wind,” a statement, which was also published by the U.S. Department of the Interior, said.
The announcement said the 15 GW goal would provide sufficient clean energy to power more than 5 million homes. It builds on the administration’s aim of hitting 30 GW of offshore wind capacity by 2030, an existing ambition that will mostly be met by fixed-bottom installations. More

India’s startup market is worth betting on, though it’s still “a few years” behind China’s, Facebook co-founder Eduardo Saverin said. 
During a panel discussion at the Forbes Global CEO Conference in Singapore this week, Saverin said his investment company B Capital is deploying “a lot of dollars” into India and is thinking about the long-term success of new companies there. 
“I think India is a huge market with just tremendous potential,” he said, in response to a question on why India’s startup ecosystem has not generated better returns. 

India’s startup market is worth betting on, though it’s still “a few years” behind China’s, Facebook co-founder Eduardo Saverin said. 
During a panel discussion at the Forbes Global CEO Conference in Singapore this week, Saverin said his investment company B Capital is deploying “a lot of dollars” into India and is thinking about the long-term success of new companies there. 

“I think India is a huge market with just tremendous potential,” Saverin said, in response to a question on why India’s startup ecosystem has not generated better returns. 
“And I think as the market continues to mature, and as you get into a better macroeconomic environment, it is a market to bet on, combined with Southeast Asia.”
Much of the growth in India will come from enterprise tech companies, Saverin said, adding that B Capital has put money into a electronic health records company and contract management companies. Enterprise tech companies are those that create software that serve businesses.

The 2022 Forbes CEO Summit in Singapore
Bloomberg | Bloomberg | Getty Images

Underpinning India’s entrepreneurial success is its large population, and the country, along with Southeast Asia, will soon have more people than China, Saverin said. He added that 25 million children are born each year in India.
Gautam Adani, an Indian billionaire and the second-richest person in the world according to Forbes, said in his keynote speech at the same conference that “India is now on the cusp of creating several thousands of entrepreneurs.” 

Adani claimed that of the 760 districts in India, over 670 have at least one registered startup. 
“A smartphone and inexpensive data, mixed with aspirations, make the most potent mix to transform a nation. And the digitally enabled India’s journey is just beginning,” he said.

And actually, some of the biggest companies out there, I think Microsoft started during a recession

Eduardo Saverin
B Capital co-founder

But Saverin warned that the pace of evolution of India’s startups is behind China’s in areas such as ease of asset exits and the liquidity of the market. 
According to India’s Ministry of Finance report from August, the country’s foreign direct investments in the first quarter of the year still lagged behind China’s. China received more than $100 billion in FDI, while India’s inflows were around $17 billion.

Investing in tougher times

He added that when capital is constrained by a slowing economy, as is the case now, entrepreneurs need to seize the opportunity to “build mission critical products.” The term “mission critical” refers to services and goods that are necessary for the operation of a business.
“And I think environments like this create resilient businesses and it’s actually a time to invest, not to pull back. So entrepreneurs would actually look at this as an opportunity to acquire, to bring in companies while others are looking inward, for them to be aggressive and acquire and consolidate,” Saverin said. 
“And actually, some of the biggest companies out there, I think Microsoft started during a recession.”
Also speaking at the Forbes conference, Venture capital firm GGV Capital’s Jenny Lee, who has backed some of the most well-known companies in China — including Didi Chuxing, XPeng and Kingsoft WPS — said it’s time to look further ahead as the geopolitical contest between the U.S. and China and pandemic-triggered upheaval in global systems put a “huge grind” on public valuation of companies. 

“We’re happy, because I think as a private investor, we’re investing in the next generation of leaders, the next three years, five years, 10 years. And so it’s really back to a more rational market, back to backing true entrepreneurs who want to make a change,” Lee said during the same panel as Saverin.
There are plenty of opportunities in tougher times, Lee said, citing the electric vehicle/autonomous vehicle (EV/AV) and metaverse industries as new areas to invest in.
Saverin, for his part, said “climate tech”  is going to be “huge” and his company will be doubling down on biotech.

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Hurricane Ian made landfall over the west coast of Florida on Wednesday afternoon.
The National Hurricane Center downgraded the storm to a Category 3 hurricane.
Track the hurricane’s progress here.

Hurricane Ian made landfall over the west coast of Florida as a category 4 storm on Wednesday afternoon, according to the National Hurricane Center.
The storm knocked out power to at least 1.8 million people in Florida, according to the Associated Press.

The National Hurricane Center downgraded the storm to a Category 3 hurricane with maximum sustained winds of 115 mph at 8 p.m., with its center located at about 95 miles southwest of Orlando, Orange County.
“We’ve asked all of our residents to start the process of sheltering in place,” Orange County Mayor Jerry Demings said at a news conference. “You should not be out on the roadways at this time moving about the community.”
Orlando was under a hurricane warning and the National Weather Service said conditions were expected to “deteriorate tonight.” The agency said “TS to hurricane force winds are expected. The threat of significant to catastrophic flooding is expected to develop tonight.”
“There’s no question that we’re now feeling the effects of this hurricane, and we haven’t seen the worst of it yet,” Demings said.
“Widespread, life-threatening catastrophic flash and urban flooding, with major to record flooding along rivers, is expected to continue across central Florida,” the National Hurricane Center said in an update.

Technicians monitor Hurricane Ian inside the National Response Coordination Center at the Federal Emergency Management Agency (FEMA) headquarters, on September 28, 2022 in Washington, DC. Hurricane Ian, with sustained winds of 155 mph, is approaching Category 5 status as it heads toward Florida’s southwest coast.
Kevin Dietsch | Getty Images News | Getty Images

The storm initially hit near Cayo Costa, Florida with maximum sustained winds at 150 mph, the center said on Twitter. It hit Punta Gorda, near Pirate Harbor, just a few hours later.
Hurricane Ian greatly intensified as it neared land, reaching winds of 155 mph and nearing the most dangerous Category 5 classification Wednesday morning. Hurricane force winds were 35 miles out from the center and tropical storm force winds were 150 miles from the center, according to the National Weather Service.
“This is going to be a nasty, nasty day, two days” Gov. Ron DeSantis said early Wednesday in a press conference. Officials in Florida and nationally are closely tracking the storm’s movements.

A down tree lays over the road after being toppled by the winds and rain from Hurricane Ian on September 28, 2022 in Sarasota, Florida.
Joe Raedle | Getty Images News | Getty Images

More than 2.5 million people were under mandatory evacuation orders in Florida, but legally, no residents can be forced to leave their homes. DeSantis said the highest-risk areas in the state range from Collier County up to Sarasota County, and it is no longer safe for residents in those counties to evacuate.
“Do what you need to do to stay safe. If you are where that storm is approaching, you’re already in hazardous conditions. It’s going to get a lot worse very quickly. So please hunker down,” he said.
Rainfall near the storm’s landfall site could top more than 18 inches, and storm surges could push as much as 18 feet of water over nearly 100 miles of coastline, according to the National Hurricane Center. The National Weather Service has also issued the highest-possible wind warning for several regions in Florida in anticipation of extreme wind damage from the storm. But meteorologists were most concerned about the flooding.

Hurricane Ian approaches west coast of Florida on Sept. 28th, 2022.

“Water. We have to talk about the water,” warned National Weather Service Director Ken Graham. “90% of fatalities in these tropical systems comes from the water. It’s the storm surge, it’s the rain.”
Much of Florida’s west coast is already experiencing significant storm surges, as whipping winds and feet of water have blanketed the streets of cities like Fort Myers. The city wrote on Twitter that it is experiencing gusts of wind up to 77 mph and asked residents to “PLEASE stay indoors.” It warned that conditions will continue to escalate throughout the day.
For residents who can still evacuate, American Red Cross CEO Gail McGovern encouraged them to follow the evacuation instructions of their elected officials and bring essential medication, documents and other items like glasses with them.
“Check on your neighbors and please don’t wait out the storm if you’re being told to evacuate — it’s dangerous,” she said in a Wednesday press briefing.
Gov. DeSantis said the state has 42,000 linemen, 7,000 National Guard troops from Florida and elsewhere and urban search and rescue teams ready to help when the storm is over.

Utility trucks are staged in a rural lot in The Villages of Sumter County, Fla., Wednesday morning, Sept. 28, 2022, in preparation for Hurricane Ian.
Stephen M. Dowell/Orlando Sentinel via AP

The hurricane left all of Cuba without power after it pummeled the island on Tuesday, according to NBC News. At least two storm-related deaths were reported in Cuba as of Wednesday.
As the storm continues to batter the Florida coast, the National Hurricane Center issued new watches and warnings for parts of North Carolina and South Carolina.
Hurricane Ian is even visible from the International Space Station, with onboard cameras capturing footage of the storm as it looms over Florida.

The view of Hurricane Ian from cameras on the International Space Station, as the orbiting research laboratory passed near the storm around 3 p.m. ET on Sept. 28, 2022.

Even once the storm is over, DeSantis said it may not be completely safe to go outside. He encouraged residents to be careful of fallen powerlines, standing water and fallen trees.
President Joe Biden told Florida residents Wednesday he would support them through the storm “every step of the way.”
“We’ll be there to help you clean up and rebuild, to help Florida get moving again,” he said.
Candy Powell, an east Orlando resident, has lived in Florida since 2016 and watched the state face hurricanes like Irma, Dorian and Matthew. She said she feels like there was less time to prepare for Hurricane Ian, but she is trying to stay calm for the sake of her neighbors. 
“I think a lot of people who just moved into Florida were really, really stressed,” she told CNBC. “I’m kind of trying to be like the calming factor. Even going to the store yesterday, I actually just kind of had to almost get just regular groceries. The shelves were empty. There was hardly any canned stuff left.” 
Powell can tell the storm is picking up, and she said she is already noticing rushing winds and heavy rain.

Palm trees blow in the wind from Hurricane Ian on September 28, 2022 in Sarasota, Florida. Ian is hitting the area as a likely Category 4 hurricane.
Joe Raedle | Getty Images News | Getty Images

Flannery Dziedzic, who lives in Naples, said she has also noticed the winds pick up in her area. She said her power has been going in and out, and a piece of debris hit her window while she was on the phone with CNBC.
The storm seems bigger and more intense than hurricanes she’s dealt with in the past, she said, but since she is six miles from the coast, she feels “pretty safe.”
“I feel like Floridians are really resilient,” she said.
NBC News contributed to this report
This story is developing, please check back for updates.

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Monday – Friday, 6:00 – 7:00 PM ET

It’s that time again! “Mad Money” host Jim Cramer rings the lightning round bell, which means he’s giving his answers to callers’ stock questions at rapid speed.

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Enovix Corp: “I have to say [sell] because It costs too much money.”

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Wolfspeed Inc: “I’m going to tell you not to buy. This stock doesn’t make money.”

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Stem Inc: “A company that does not make a lot of money with a high stock in an era when the Fed wants to crunch inflation is not a stock you can own.”

Jim Cramer’s Guide to Investing

Click here to download Jim Cramer’s Guide to Investing at no cost to help you build long-term wealth and invest smarter.

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