Author: Doug Kass

Positions: None.

Positions: None.

Futures to a new high on reports that Qatar has sent a negotiating team to Tehran in coordination with the U.S. to secure a deal to end the Iranian conflict.

I am using the strength to move from VS to S in my Index shorts:

* ($SPY) $747.14

* ($QQQ)  $718.37

Short SPY S QQQ S

Upside:

-CNDT +16% (agrees to sell public transit business to global tech organization Modaxo for $164M)

-IMAX +13% (reportedly considering a sale; Company approached entertainment companies to seek potential buyers)

-EL +12% (terminates Puig deal talks; reiterates confidence in Beauty Reimagined strategy)

-ZM +8.0% (earnings, guidance)

-WDAY +6.7% (earnings, guidance)

-WYFI +6.3% (signs AI Compute Agreement with Total Contract Value in Excess of $160M with Investment-Grade Technology Customer)

-LION +5.7% (earnings, color)

-TTWO +5.3% (earnings, guidance)

-BAH +4.8% (earnings, guidance)

-ROST +4.8% (earnings, guidance)

-DELL +4.4% (hearing Wells Fargo raises target price to $270 from $180)

-PTON +4.3% (to replace NVRI in the S&P SmallCap 600 Index, effective May 27th)

-FLO +3.9% (earnings, guidance)

-RKLB +3.8% (awarded $90M U.S. Space Force contract)

-MRK +3.3% (receives positive EU CHMP opinion for Keytruda)

-SPOT +2.1% (investor meeting comments)

Downside:

-FUTU -37% (China authorities said to fine Tiger Brokers and Futu)

-BABA -3.4% (hearing rating lowered by European shop)

-DNLI -2.9% (Biogen and Denali Therapeutics to discontinue BIIB122 (DNL151) for in idiopathic Parkinson’s Disease after Phase 2b LUMA Study data)

-BJ -2.7% (earnings, guidance)

-CPRT -2.5% (earnings, color)

Positions: none.

Al Arabiya reports that Pakistani Army Chief is reportedly now on this way to Iran.

This helps to explain the jump in futures (which I am shorting).

Positions: None.

Positions: None.

Fed Speaker

10:00 a.m.: Fed Board Governor Waller (Voter) gives lecture on the economic outlook before the Centre for Central Banking Guest Lecture event, Frankfurt, Germany ( Q&A from moderator. Livestream at us02web.zoom.us/j/88243574292)

Economics Calendar

Earnings Calendar

Positions: None.

Private credit managers “trading in and out of loans”?

“I’ll swap my six dollar bill for your two threes”.

I dunno. Maybe. Seen it before.

— Jeffrey Gundlach (@TruthGundlach) May 22, 2026

Position: None

Virginia Governor Explains Marijuana Veto, Saying She Worried About ‘Rushed Timeline’ And Too Many Dispensaries – Marijuana Moment

I’m shorting indices again.

* SPY $746.14

* QQQ $717.84

Position: Short SPY (VS), QQQ (VS)