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Jim Cramer gives his take on the worst performers of the Russell 1000 - YouTube
Channel: CNBC Television
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my mission is simple to make you money
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i'm here to level the playing field for
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all investors there's always a bull
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market somewhere and i promise to help
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you find it mad money starts now
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hey i'm creamer welcome to mad money
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welcome to crane america other people
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want to make friends i'm just trying to
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help you save some money my job is not
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just to entertain but to educate put
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days like this in context because
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they're difficult so call me at
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1-800-743 cmc or tweeting it from kramer
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i looked the feds at war with inflation
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and they didn't exactly win the battle
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with today's consumer price index report
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at 8 30 this morning yep we got another
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overheated cpi not what they wanted not
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as bad as last month but way too elegant
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when i talk about the fed winning or
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losing the fight against inflation i
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mean the fight to tamp down expensive
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spending allowing over set stretch
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supply chains to play catch up easing
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some of the strain of the labor market
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and of course making it so it doesn't
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cost so much for dinner so there's at
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least one front in this board where jay
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pal does keep winning though and it's
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one that you and i don't want to hear
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it's one that is absolutely driving us
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crazy he's winning the fight against the
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stock market
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or
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because remember the stock market is an
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amazing source of funds to buy things
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raise kids retire with them take
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vacations and it's all being obliterated
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right before our eyes
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once again the dow lost another 327
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points hasn't beat up with 1.65 but the
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nasdaq plunged 3.18
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and that's one of the more quiet but
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devastating bear sessions in recent
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history it just kept dripping and
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dripping and dripping plus we had more
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large cap disappointments just this
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evening it's not letting up and it is as
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the late jackie gleason would say a
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revolting development and these are just
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the big averages it's even more obvious
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when you look at the collapse of the ipo
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market and see the stocks in the russell
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1000 which contains the largest thousand
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largest publicly traded companies in
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america within that index we're
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witnessing the most extreme wealth
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destruction that we've seen since the
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dot-com bust in 2000 or maybe in
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2008-2009
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i want to put this moment in perspective
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so i asked cnbc's amazing statistician
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gina francola to come up with a list of
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the worst performers in the russell 1000
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since the fed took away the punch bowl
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and that was done last november now some
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of these have gotten so small that i i'd
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normally hesitate to mention them on air
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but i think it's important to highlight
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them because i want you to get the
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complete picture so let's start out with
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the biggest loser and that's a company
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called carvana the digital used car
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retailer for years i love carvana's
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business model don't got too expensive i
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told him you had to sell it last summer
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good call carvana had already come down
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to 284 last november now it's at 30
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after doing a giant secondary offering
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at 80 not long ago just enough to raise
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money to stay in business this 89
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decline is now accompanied by the
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layoffs as we learned today of 2500
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people get used to hearing these kinds
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of numbers people i think they'll loom
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much larger after the fed's next rate
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hike or two
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number two is upstart that was at 205
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last november it's now 28 down 86. we
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had this ai powered loan originator on
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last night it was somewhat contentious
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they talked about how well they've been
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growing but because of their business
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model they've been hurt by soaring
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interest rates i was hoping upstart
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would be more of a loan facilitator a
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platform rather than an actual lender i
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thought they have what i call an asset
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light model not anymore i beg them to
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get the loans off their books but they
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seem sanguine about this part of the
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business i am not sanguine
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like many i had high hopes for one time
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for skills s-k-i-l-z is you know well
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you can see it s-k-i-l-l-z
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that's a mobile gaming company that
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hosts casual esports contests i thought
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that was a great business i was wrong or
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in the parlance of kathy wood early
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skills has lost 85 percent of its value
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since november as businesses dried up
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that's because the company tried to give
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us what we've been asking for profitable
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growth but it's nowhere near break even
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so it can't do it skills is hemorrhaging
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money the beauty of skills was you could
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wager on other people's video games
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while playing at home the ugly of skills
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is that we're not stuck at home anymore
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it was a total pandemic play after all
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number four is unity software we've got
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them on the show tonight it's a very
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well-run company it makes tools for both
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game developers and the metaverse or the
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omniverse the stock was doing fabulously
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but then apple puts through some privacy
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rules clobbered their mobile business
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and when you stay they also had a
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self-inflicted er and engineers or when
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your stock goes from 177 to 30 that's an
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83 decline that is serious wealth
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destruction for many people in other
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words if you have a sizable position in
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unity you're a lot less likely to buy a
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new car or take a vacation to italy
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unity is a real company that can turn a
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profit in the not too distant future but
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anything connected to game is now in the
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doghouse as the world goes back to
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normal fifth ribbian was supposed to be
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the best manufacturer tens of thousands
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of electric delivery trucks the kind of
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trucks amazon desperately needs even
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ford had a stake in it too but they
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watched the stock go from 118 last
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november to just under 30 last week then
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ford sold 8 million shares over the
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weekend putting even more pressure on
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the stock now rivien's at 21. turns out
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ford was right to get out can you
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believe it they still have tons left
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though the ban got worse that's the
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story of this of this market their
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numbers this very evening were terrible
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six too simple t-u-s-i-m-p-l it's
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another one that was too simple with
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very cool-looking self-driving truck
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technology the stock's going from 37 in
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november to seven dollars today that's a
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pathetic 81 decline and what do we have
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to show for it beats me
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now how can you not like an energy
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storage solutions play that optimizes
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the grid like fluence energy well you
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probably don't like it if you bought the
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stock at 36 in november because you now
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got stuck with a seven dollar piece of
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paper eighth go health had already been
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annihilated going into november when it
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was only three dollars and sixty cents
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announced it's 76 cents i usually don't
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talk about stocks it's low but this is a
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health insurance marketplace and i think
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it's a victim of volume the broker's
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firms pumped out too many healthcare
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ipos that fit the covert theme and help
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you navigate the thicket of healthcare
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laws can't say too much though because
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it's too small ninth wayfarer online
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furniture retailer consummate pandemic
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play struggling as the world goes back
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to normal the most recent quarter was
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terrible the stock has plunged from 258
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to 52. hideous i honestly don't know
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what to do with this company other than
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sell it because i can't figure out what
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could help them be turned around before
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the pandemic wayfarer looked broken i
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think it looks broken again number ten i
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never liked novavex this has
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historically not been a successful
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vaccine developer and i figured they'd
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haven't also ran against covet even as
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they repeatedly told us they were at the
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head of the
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of the pack lots of people believe them
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that's how the stock got bit up to 258
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in november but now the believers
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advance which is why it's come down to
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42. i think it's got more downside given
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that it was in the single digits for
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ages for the pandemic number 11 is
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fastly had such promise because it had
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the best internet technology to host
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some terrific clients but the business
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load had a bad outage and now it's
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falling from 41 to 10 down 75
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again i don't know maybe it could be
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taking over i have nothing i don't i
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don't have a reason finally let's not
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forget about netflix which has fallen
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from 659 in november to 166 today you
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could argue it's now gotten cheaper
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versus subscriber count but we don't
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know if the business will keep
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deteriorating too much competition these
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beaten down stocks can all be bolstered
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by m a but it sure hasn't happened yet
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they can potentially innovate their way
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out of this dilemma but what i care
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about is all this wealth destruction
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makes those stocks the trump cards in
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jpal's war against inflation the losses
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in these names represent the extra
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vacation the new roof the fancy dinner
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the staircase the kitchen remodeling the
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bathroom model the nice clothes now
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they're all going to be stopped the
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losses slow the economy this is a rose
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gallery of losers that's expanding every
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day like tonight one of my favorites
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dutch bros took my breath away with a
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terrible number when they've been
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growing like bad miserable same with
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almost all the ipos and the spax their
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declines are part of the right of the
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fight against inflation and for who
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knows you know i haven't talked about
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systemic risk in a long time but when
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you look at what's going on with
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stablecoin you start thinking all right
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i see why a lot of people want to get
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out sadly for our portfolios including
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my travel trust things aren't working i
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get that it's ugly it's painful but the
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bottom line is it's exactly what the fed
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needs and still one more day where a
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government inflation figure is just too
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darn hot one day this will end and we
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will look back and find even on this
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list some great bargains
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but right now you can picket losers and
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be patient
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for the most part though patience is
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decidedly in this business
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not a virtue let's go to betsy in
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california please betsy
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well jim there's one way that patience
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is a virtue and that is if you're red
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kramer's books and you figured out that
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there's always the bull market somewhere
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well i thank you so much it's the
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opposite jim what's the opposite side of
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apple you know what it is it's her it's
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hershey
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because
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because apple's lost 17 whatever and
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hershey's up
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well you know what hershey's up betsy
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because
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there's a person by the name michelle
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buck who runs it and i had the privilege
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of pulling up with her she is so smart
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she totally understood what this company
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needed to do and we should be grateful
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that she's there running that company
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and thank you for the kind words i'm
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doing my best these are very trying days
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my 18th year of trying to do this trying
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to keep things together it's not easy
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but we will figure it out together we
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always have and we always will michael
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in delaware michael
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hey jim how's it going all right how are
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you
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oh i've had better starts to the year
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let me tell you all right but
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i'm calling about bosch health uh i've
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seen companies get cut in half just this
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week i can give you two dozen of them
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this one is another one what should i do
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with this i think this is a 10 mark i
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don't usually like to make these charges
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i think it's being manipulated down
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i do not i almost you never hear me make
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that kind of charge but there's no
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reason for this stock to be where it is
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i have told joe papa that it is kind of
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insane there is no way that the parents
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should be this much more in the sub
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there's no way that this company which
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was doing that maybe there was like a
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two to four percent difference in what
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people thought should lose fifty percent
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of its value my travel trust is sticking
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by it you could say well so what jim
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your child trusts owns things like apple
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isn't that horrible i don't know i've
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owned apple for 15 years what am i going
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to say blow it all out because a couple
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of bad days that's not how i play it
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it's ugly it's painful and it's exactly
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what the fed needs so still one more day
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where a government inflation number is
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just too hot and that's what's going to
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happen because good news is bad right
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now
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well man money tonight unity plummeted
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today on weak revenue guidance even
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though it's a very good company so are
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investors getting a buying opportunity
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in the stock or is it just too late
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already i'm checking with the ceo then
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i'm talking chips with recent dip with
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global foundatio that is the most
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successful foundry in our country and as
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roblox hit a new roadblock in this
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market or could after this dramatic
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decline it time has come let's sit down
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with a very level-headed ceo and figure
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out what to do with the company is three
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billion dollars in cash and a heck a lot
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of cash flows so stay with kramer
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don't miss a second of mad money follow
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at jim kramer on twitter have a question
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tweet cramer hashtag mad tweets send jim
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an email to madmoney at cnbc.com
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or give us a call at 1-800-743-cnbc
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miss something
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head to madmoney.cnbc.com
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