How many Sonos (SONO) speakers can you really have in your house? asks Jim Cramer from the floor of the NYSE.
Sonos, the smart speaker company, had its initial public offering on Nasdaq Thursday. The company closed the day up around 32%, to $19.91 a share, after opening at $15 a share.
But while Roku (ROKU) has been able to carve a profitable niche in the streaming media space, Sonos reminds Cramer more of Fitbit (FIT) , which has been a disaster of a stock.
Despite the president's promise of no stimulus until after Nov. 3, there are no signs yet that this is the sort of correlated selling that leads to a deep correction.
Breaking down an approach to the long side of this biotech stock.
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