Category: Daily Diary

Upside:

-EOSE +22% (earnings, guidance; forms Frontier Power USA with Cerberus and files mixed shelf of indeterminate amount)

-VNET +17% (signs share purchase agreement with PJ Millennium)

-TSEM +15% (earnings, guidance)

-WOLF +15% (hearing Citrini Research makes constructive comments)

-NBIS +14% (earnings, guidance; announces new second owned gigawatt-scale site in the US)

-ELAB +9.7% (acquires A&B Aerospace for $4.5M cash and debt-free basis)

-MU +5.4% (momentum)

-CMPS +5.1% (earnings, color)

-BOBS +4.1% (CEO buys shares)

-SATS +4.1% (FCC approves Echostar $40B sale of Wireless spectrum to SpaceX and AT&T)

-CRWV +3.8% (price targets raised at Citi; higher in sympathy with Nebius)

-INTC +3.0% (momentum)

-SNDK +2.7% (S&P raises rating one notch to BB+ from BB; Outlook Positive)

-UMAC +2.7% (ROTH Initiates UMAC with Buy, price target: $25)

-ST +2.6% (Truist Raised ST to Buy from Hold, price target: $58)

-NVDA +2.0% (momentum)

Downside:

-WIX -22% (earnings, guidance)

-RCAT -14% (prices upsized ~23.9M shares at $9.40/share for gross proceeds worth ~$225.0M)

-DT -13% (earnings, guidance)

-KRMN -9.6% (earnings, guidance)

-WRD -7.3% (earnings, color)

-BIRK -5.7% (earnings, guidance)

-GTM -2.2% (Mizuho Securities Cuts GTM to Underperform from Neutral, price target: $3)

-BABA -2.1% (earnings, color)

Position: None

Enough is enough.

Read this tweet from @InTheAssembly on $ARKK performance and Cathie Wood… it is not ad hominem, its factual-

"Cathie Wood might be the most expensive lesson retail investors have ever paid for. Her flagship ARK Innovation ETF is down 23% in the last 5… https://t.co/OaD0UceE0R

— Dougie Kass (@DougKass) May 13, 2026

Position: None

Cathie Wood might be the most expensive lesson retail investors have ever paid for.

Her flagship ARK Innovation ETF is down 23% in the last 5 years.

The S&P 500 is up 77% over the same period.

She has underperformed the index by 100 percentage points.

And she has done it… pic.twitter.com/oMLZbMOD9A

— The Assembly (@InTheAssembly) May 13, 2026

Repeating for emphasis: The investment world and the business media (that provides Cathie Wood with a frequent platform) are both offsides. 

Position: None

Most Active Premarket ETFs as of 7:54 AM:

Position: None

Dougie Kass

Back shorting in the premarket 739AM

SPY $739.75 QQQ $711.85

Position: Short SPY (VS), QQQ (VS) 

% Movers at 8:19 AM:

Position: None

TREASURY AUCTIONS:

11:30AM: Treasury hosts a $69B 17-Week Bill Auction

1:00PM: Treasury hosts a $25B 30-Year Bond Auction

2:00PM: Treasury buyback (liq support)

FED SPEAKERS:

11:30AM: Fed Bank of Boston President Collins (Non-Voter) delivers remarks and participates in fireside chat before the Boston Economic Club, Boston, MA (No media Q&A. Livestream at bostonfed.org)

1:15PM: Fed Bank of Minneapolis President Kashkari (Voter) participates in moderated discussion hosted by the St. Paul Area Chamber, St. Paul, MN. (Audience Q&A expected. No media Q&A. No prepared/embargoed text. Livestream at minneapolisfed.org/live);

7:00PM: Fed Bank of Dallas President Logan (Voter) participates in moderated conversation on the energy sector before a “Global Perspectives” event hosted by the Federal Reserve Bank of Dallas and the Dallas Citizens Council, Dallas, TX (Livestream available)

ECONOMIC CALENDAR

Position: None

* In which the irrational is being rationalized (or ignored) by the bullish cabal

Amid deteriorating market breadth, 

rising interest rates,

The U.S. 30-Year Yield is now 5.03%.

It has only been higher for a handful of days in the last 19 years. And it is now just 8 basis points from a new 19-year high. pic.twitter.com/bLBL4NzjQe

— Jim Bianco (@biancoresearch) May 13, 2026

and inflation, improvisational foreign policy, the proliferation of 0DTE options and two-to five-time inverse ETFs, Cathie Wood’s proud admission of large investment losses (which is not viewed as an “asset” to her strategy),

It’s a very under-appreciated asset associated with her strategies pic.twitter.com/Oym6IHsVKz

— Dr. Rajiv Doodad (@DoodadDoctor) May 13, 2026

and a +$5 overnight rise in Nvidia’s ($NVDA) share price (because Jensen Huang is accompanying President Trump to China) 

BREAKING: President Trump says "the great" Jensen Huang of Nvidia, $NVDA, is currently on the Air Force One with him on the way to China.

Trump says Elon Musk, Tim Cook, Larry Fink, Stephen Schwarzman, David Solomon, and many other CEOs are joining him on the trip. pic.twitter.com/RSqvlZYbN8

— The Kobeissi Letter (@KobeissiLetter) May 13, 2026

— equity futures are rebounding mightily this morning (after yesterday’s short-lived swoon).

Like Stanley Kramer’s 1963 movie It’s a Mad, Mad, Mad, Mad World, a legendary, star-studded comedic epic about a group of strangers racing across California to find a hidden treasure. It is famous for its massive slapstick scenes, numerous cameos, and an ensemble cast including Spencer Tracy, Milton Berle, and Ethel Merman.

But our markets have their own cast of contributing perennial bulls (and comediennes) that worship at the altar of price — that we watch daily in the business media. We no longer mention these actors (and nameless machines/algos) that are looking for investment treasures as we prefer to criticize by category and praise by individual. 

It’s truly A Mad, Mad, Mad, Mad World.

Read on about the markets which, to paraphrase Warren Buffett, are now feeling less like a church and more like a casino…

Position: None

Only in Cathie Wood’s world would anyone have the nerve to tweet this out:

It’s a very under-appreciated asset associated with her strategies pic.twitter.com/Oym6IHsVKz

— Dr. Rajiv Doodad (@DoodadDoctor) May 13, 2026

Position: None

After-Hours % Advancers

After-Hours % Decliners

Position: None