Programming Note
Our computer tech is doing a changeover to our system.
I will be on radio silence for about 30 minutes.
Position: None
Tech vs. Financials and Mag 7
At 9:34 AM:
Tech ($XLK) vs. Financials ($XLF)
Mag 7
Position: None
Select Premarket Movers
Upside
– $BKYI +76% (no clear fresh catalyst identified; unusually large, high-volume premarket move)
– $SSTI +51% (agrees to be acquired for $8.00 cash plus a contingent-value right worth up to another $3.00 per share)
– $SANG +39% (agrees to a $204M cash-and-stock takeover at an indicated 47% premium)
– $SMMT +18% ($2B strategic equity investment at an $18.36-equivalent share price plus an expanded oncology collaboration)
– $MSGY +15% (rebounds after the financing-driven selloff; $1M placement proceeds will fund a further acquisition)
– $FFAI +13% (no clear fresh catalyst identified; unusually large, high-volume premarket move)
– $MX +8.7% (rises on read-through from its strategic partner’s U.S. government silicon-carbide development award)
– $NVTS +8.7% (awarded a U.S. government program to develop next-generation 10-kV silicon-carbide power semiconductors)
– $IOVA +8.3% (no clear fresh catalyst identified after a clinical and regulatory-news check; unusually large, liquid biotech move)
– $KMX +5.6% (Q2 beat across the board as sales and profit topped expectations)
Downside
– $QURE -52%, CLPT -24% (FDA said the AMT-130 data package was inadequate to support accelerated approval in Huntington’s disease; CLPT falls on delivery-platform read-through)
– $JLHL -31% ($898K private placement includes shares and pre-funded warrants priced at $0.30, implying substantial dilution)
– $FICO -21%, EFX -4.0% (credit-data names fall as FHFA pushes broader VantageScore use and moves to weaken FICO’s mortgage-scoring monopoly)
Position: None
Premarket ETF Movers
Position: None
Playing the ‘Pass Line’ on Weed
As mentioned in my “things” column yesterday, I have aggressively purchased $MSOS calls (for October and November) in the last two days.
This reflects my growing conviction that we are close to a rescheduling of adult, recreational use of cannabis.
Market participants, given the schmeissing of weed equities over the last five years, remain justifiably skeptical of the inevitability and likely short-term enactment of rescheduling.
I am known for playing the “don’t pass line” on equities (craps reference), but in this case my money is on the “pass line.”
Come on, seven!
Position: Long MSOS common (VL) and calls (M)
Premarket % Movers
Position: None
Fed Speakers and Economic Calendar
FED SPEAKERS
11:00AM: (VIA PRE-RECORDED VIDEO) Fed Vice Chair for Supervision Bowman (Voter) gives opening remarks before the Federal Reserve System Community Bank Cyber Workshop co-hosted by the Federal Reserve Bank of Kansas City (Text available. No Q&A. Video available at www.federalreserve.gov);
1:00PM: Fed Bank of Chicago President Goolsbee (Non-Voter) participates in moderated question-and-answer session before “The Economy Ahead” luncheon hosted by the Federal Reserve Bank of Chicago, Chicago, IL (No embargoed text. Livestream/event information at https://www.chicagofed.org/publications/speeches/2026/sept-29-illinois-manufacturers-association);
1:30PM: Fed Bank of St. Louis President Musalem (Non-Voter) speaks before the London School of Economics and Political Science, London (Moderated Q&A expected. Text anticipated. Virtual access available);
12:40PM: Fed Board Governor Barr (Voter) speaks on the economic outlook before the Detroit Economic Club, Detroit. MI (Text available. Q&A from moderator and audience. Livestream at https://youtube.com/live/ZcKwcEHku7w);
2:00PM: Fed Bank of New York President Williams (Voter) gives keynote and participates in conversation at the University of Buffalo, Buffalo, NY (Text and moderated Q&A expected. Media availability follows for reporters in attendance);
3:00PM: Fed Board Governor Waller (Voter) speaks on “Payments” before the Sibos 2026 Conference, Miami Beach, FL (Text available. No Q&A. Livestream at https://vimeo.com/event/6186977/6099e85d01).
ECONOMIC CALENDAR
Position: None
Meta Targets Small Business With Muse: 8 Key Items Shaping the Stock Market Tuesday
OpenAI’s DevDay, Oura postpones IPO, Boeing’s 737 MAX 10 delay, and other headlines moving the market this morning.
On the Foul Odor of Market Breadth
Position: None
Tweet of the Day
Position: None