Upside, Downside Movers in the Morning

Avatar photo Doug Kass on July 13, 2026

Upside:

-QTTB +71% (reports Phase 2a SIGNAL-AA Part B results for severe alopecia areata)

-AGEN +47% (prices $85M private placement at $3.69 effective purchase price; discontinues financial support for the ongoing BATTMAN Phase 3 study in late-line metastatic MSS colorectal cancer)

-TCBK +7.1% (acquired by First Hawaiian in all-stock deal; 2.095 shares per TriCo share, representing $63.12/shr)

-BW +4.0% (authorizes $50M share repurchase)

-SHOP +3.3% (Jefferies Raised SHOP to Buy from Hold, price target: $160 from $140)

-CNMD +3.2% (reportedly considers sale following takeover interest)

-MGM +2.4% (reportedly in talks to be acquired by People Inc at $48.30/shr)

-KEYS +2.3% (Morgan Stanley Raised KEYS to Overweight from Equal Weight, price target: $400)

Downside:

-BNZI -23% (prices 327.3K share public offering at $2.75/shr for $0.9M)

-MTNB -21% (enters business combination with GH Power to create publicly traded clean energy company)

-VEEE -11% (enters merger with USFM; Spins off Marine Business to private CVR Trust)

-SKHY -8.0% (profit taking off IPO last week)

-FHB -6.6% (reports prelim earnings)

-SNDK -5.9% (Evercore ISI Institutional Equities Reiterates SNDK with Outperform, price target: $3,100 from $1,400)

-WDC -5.4% (US memory chipmaker weakness)

-MU -5.3% (US memory chipmaker weakness)

-INTC -3.7% (invests €5B to expand manufacturing in Ireland)

-MSTR -3.4% (sells 4.8M MSTR shares for $466.7M net proceeds)

Positions: None.

Treasury Auctions, Fed Speakers, Economic Calendar

Avatar photo Doug Kass on July 13, 2026

Treasury Auctions

11:30 a.m. Treasury hosts a $92B 3 and a $79B 6-Month Bill Auction

Fed Speakers

5:25 a.m.: Fed Vice Chair for Supervision Bowman (Voter) speaks on “Modernizing Financial Regulation” before a virtual Bank Policy Institute Roundtable, London (Text available. Q&A from moderator. 

Livestream at https://allenovery.zoom.us/j/86366907911?pwd=MqCuoEmfHQaTZCuYJBt4M2DEE62hWi.1) (Meeting ID: 863 6690 7911, Passcode: 005832); 

12:30 a.m.: Fed Board Governor Waller (Voter) speaks on the economic outlook in conversation before the New York Association for Business Economics, NYC (Livestream at https://onemetlife.webex.com/)

Economic Calendar

Positions: None.

My View on Disney

Avatar photo Doug Kass on July 13, 2026

Disney’s ($DIS) shares have sat out the multi-year bull market and we have sat out Disney.

Our analytical criticism is multi faceted:

* Admission prices at the company’s theme parks are absurdly high — a weakening consumer in the K-shaped economy will almost certainly experience demand elasticity (and a reluctance to attend the parks).

* Disney’s movie lineup is dated and continues to demonstrate disappointing box office sales. ‘Moana’ joins ‘Snow White’ as the latest live-action Disney film to bomb at box office | OutKick

* The company’s balance sheet is debt heavy from a slate of poorly conceived acquisitions. At worst, it could inhibit needed capital spending/expansion at parks, et al.

* AI remains a threat to a number of Disney’s businesses.

All this said, there is a price (and favorable reward vs. risk) for everything. I live under $90 for Disney.  

Position: None