3 Stocks to Sell Immediately

It is anyone’s guess what will happen to the stock market. However, rising inflation and deepening economic trouble mean a decline is more likely than a rally.
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Several companies are likely to be in increasing trouble in the next few months. Investors should move out of these as soon as possible.
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Troubled electric vehicle maker Lucid Group Inc. (NASDAQ: LCID | LCID Price Prediction) may not even be in business by the middle of next year. It took one more step toward oblivion. It only sold 679 vehicles in the second quarter, which drove a tiny $97.3 million in revenue. The company lost $559 million. It has only $4.6 billion in cash, cash equivalents and securities. Lucid said that will fund it into next year. What happens then is speculation, but based on the losses, the cash balance is low.
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Meta Platforms Inc. (NASDAQ: META), the oddly named parent of Facebook, posted its worst earnings in memory. Its shares now trade at $162, down from a 52-week high of $384.33. Its current market cap is $450 billion, which means more than $500 billion of value has been wiped out in less than a year.

Investors need to live with the fact that Meta’s results will not get better for several quarters or longer. Recessions almost always hammer the advertising industry. And Facebook has formidable competition from Google and Amazon. In the most recent quarter, revenue dropped 1% to $28.8 billion. Net income fell 36% to $6.7 billion.
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Robinhood Markets Inc. (NASDAQ: HOOD) has laid off 23% of its staff, after firing 9% of its workers earlier in the year. Robinhood management gambled that people would continue to trade via its easy-to-use smartphone app. However, in the most recently reported quarter, Robinhood revenue fell 44% to $317 million, a remarkably small sum for a company that was once worth tens of billions of dollars. The net loss was $295 million.