Jim Cramer Discussed 5 Stocks Like NVIDIA and FedEx and the Threat of Oversupply in the Market

1. Rivian Automotive, Inc. (NASDAQ:RIVN)

Rivian Automotive, Inc. (NASDAQ:RIVN) was among the stocks Jim Cramer discussed during Mad Money, as he called the growing wave of stock offerings and debt issuance a threat to the bull market. Cramer called out worrisome deal pricing trends in the wake of the Rivian stock drop, as he remarked:

What matters, though, is where they price the deals, which brings me to two very worrisome signposts that show a yellow light on supply, one that could easily give way to a red light if we’re not careful, especially when you consider some of these recent debt deals like the… one we just got from Amazon. The first came from the loss-making Rivian. That’s the electric car company. The stock was motoring of late. It’s gone from $13 in May all the way to $20 on Monday. Wow, what a hot one.

But in what can only be considered a game of chutes and ladders, Rivian raised $1.2 billion by selling 75 million shares, but they had to sell it at $15.50, down from $20. Oh sure, the deal worked, meaning it didn’t break the print price, which is encouraging. You are up more than a dollar if you got in on the secondary. But that’s because the print was so very, very, very, very, very low, down four and a half bucks from where Rivian was previously trading. That’s not encouraging at all. That’s one deep in the hole deal. I don’t like to see deep-in-the-hole deals.

Rivian Automotive, Inc. (NASDAQ:RIVN) manufactures electric vehicles and provides related software, charging, and maintenance services.

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