Upside, Downside Movers in the Morning

Avatar photo Doug Kass on July 1, 2026

Upside:

-KLAR +8.4% (Swedish court orders Google to pay SEK14.3B to one of Klarna-owned PriceRunner)

-FMC +8.3% (announces pact for $13.30/share with Tessenderlo Group worth $400M)

-BE +7.9% (expands Brookfield AI infrastructure power project financing framework to $25B from $5B)

-LUNR +6.6% (awarded NASA contract valued up to $148M)

-GRND +6.3% (Morgan Stanley Raised GRND to Overweight from Equal Weight, price target: $18)

-NOW +4.5% (Guggenheim Securities Raised NOW to Buy from Neutral, price target: $125)

-GIS +4.3% (earnings, guidance)

-OKLO +4.1% (receives DOE approval for Groves Isotope Test Reactor Documented Safety Analysis)

-CRM +3.8% (Guggenheim Securities Raised CRM to Buy from Neutral, price target: $228)

-XPEV +3.7% (June deliveries)

-MSM +2.7% (earnings, guidance)

-PLTR +2.5% (momentum)

Downside:

-SSTK -32% (Getty Images plans to terminate Shutterstock merger after CMA condition requiring sale of Shutterstock editorial business)

-AA -5.4% (South 32 Ltd. divests aluminum value chain assets to Alcoa for up to $5.6B)

-SNDK -4.2% (memory weakness)

-MU -3.3% (memory weakness)

-KR -2.9% (acquires food and pharmacy retailer Giant Eagle for $1.65B)

-NIO -2.4% (June deliveries)

-CAT -2.3% (Burry short mention)

-NKE -2.1% (earnings, guidance)

Positions: None.

Chronicling Dr. Michael Burry’s Portfolio

Avatar photo Doug Kass on July 1, 2026

But I caution you all that the roads on Wall Street are paved with geniuses who were right one time in a row:

Positions: None.

Why I Won’t Reveal the Components in My High-Beta Tech Short Basket

Avatar photo Doug Kass on July 1, 2026

I received a number of emails from subscribers who don’t understand why I refuse to discuss the constituents of my high-beta tech short basket:

* I am not making investment recommendations — I am simply showing what, in principle I am doing.  

* I show my weightings (S, M, L) as an indication of my confidence level, among other factors. It also reflects the risk appetite/discipline I have incorporated in the conservative way I manage Seabreeze Partners.

* If I was to mention the names in the basket — particularly since many of the stocks move plus or minus 10% a day — it would likely be interpreted as a recommendation.  

* I don’t feel most retail traders/investors should short stocks for the reasons I have discussed over the last 28 years. This is especially true of these high-beta and volatile stocks.

* When I put on an aggressive short (like this) it should indicate how bearish I am and how unfavorable I view reward vs. risk. That’s the message that I am communicating. 

* Frankly it is not hard to figure out several of the constituents in my tech short basket, but I’ll leave it to your imagination. 

Position: Short High-Beta Tech Basket