Wild Rides and Short Squeezes, Bed Bath & Beyond CEO on the Soaring Stock, Fed Watch and the Earnings Parade: T-Mobile Jumps, Activision Tumbles.
Carl Quintanilla, Jim Cramer and David Faber led off the show with big moves in two of the most shorted stocks on Wall Street: Bed Bath and Beyond shares soaring after the company announced a digital marketplace and e-commerce partnership with Kroger, while Avis Budget tumbles on a series of downgrades one day after the stock doubled. Zillow also in the mix, falling double digits after announcing plans to close its homebuying business. The anchors explored the action in the three stocks and how they compare with meme stocks GameStop and AMC Entertainment. Bed Bath & Beyond CEO Mark Tritton appeared on the program to discuss its Kroger partnership, the stock market's reaction to it and the retailer's share buyback news. Also in focus: A fresh record high for the Nasdaq, countdown to the Fed decision and statement, eco-friendly footwear maker Allbirds goes public, Activision tumbles on a game release delay and a weaker holiday quarter outlook, T-Mobile jumps on better-than-expected profits and subscriber growth, a rough year for shares of the major wireless carriers, plus what New York City Mayor-elect Eric Adams told CNBC about how he will reach out to the business community as he gets ready to takes office.