Adding to VRNO
Adding to ($VRNO).
Positions: Long VRNO S
From The Street of Dreams
* Wells Fargo lowered the firm’s price target on PepsiCo to $150 from $160 and keeps an Equal Weight rating on the shares. There is much noise in the macro, likely impacting the consumer and thereby PepsiCo’s categories, the firm says. The company’s execution, namely in Food, has been good in spots, Wells acknowledges, adding that the reality is nevertheless that accelerating sales through 2026, a goal for PEP, feels tough and debate on long-term North America growth likely sustains.
* Citi lowered the firm’s price target on Winnebago to $29 from $30 and keeps a Neutral rating
Positions: Short WGO VS
Hot May Job Creation Puts Fed’s Focus Firmly on Inflation
Friday’s job report for May crushed expectations, with big March and April revisions as well.
Upside, Downside Movers in the Morning
Upside:
-MRLN +32% (completes Critical Design Review for C-130J Autonomy Program with USSOCOMCDR approval)
-BCDA +21% (receives FDA minutes saying CardiAMP Heart Failure II Trial may support PMA for ischemic HFrEF)
-TTAN +14% (earnings, guidance)
-GIII +7.6% (earnings, guidance)
-COO +7.1% (earnings, guidance)
-AGX +6.0% (earnings, color)
-U +4.5% (hearing boutique firm raises rating)
-AXTA +3.9% (hearing RBC Capital raises price target)
-APP +2.7% (hearing boutique firm raises rating)
Downside:
-GWRE -12% (earnings, guidance)
-KEEL -11% (announces pricing of upsized $400M convertible senior note offering)
-LULU -11% (earnings, guidance)
-BMNR -5.6% (prices upsized Series A perpetual preferred stock offering of 3.5M shares at $80/shr)
-DOCU -4.5% (earnings, guidance)
-INIO -4.1% (lower following IPO yesterday)
-INTC -3.8% (profit taking in chips)
-MRVL -3.6% (profit taking in chips)
-IOT -3.2% (earnings, guidance)
Positions: None.
ETF Action in the A.M.
Positions: None.
Trimming This Financial Holding After Price Target Boost
We will maintain a sizable holding given our outlook for these two company drivers.
Charting the Percent Movers in the Morning
Positions: None.
Economics Calendar for Fridays: Jobs, Jobs, Jobs (and Credit)
Positions: None.
Cannabis Reaffirmation
This was from late May, and I’m repeating for emphasis:
8 Reasons I’m Getting More Positive on Cannabis
I am growing much more optimistic on the cannabis complex.
I plan to super-size my MSOS holdings and I plan to expand individual equity positions (with emphasis on GTBIF, GLASF, TSNDF and VRNO).
Verano Holdings (VRNO) remains my favorite stock in the sector with the best risk/reward proposition.
I am optimistic on the cannabis space because:
* I am extremely confident that rescheduling of both medical and adult use (recreational) will pass in the next few months.
* I am confident that uplistings will soon follow.
* More relaxed custodian rules allowing for institutional purchases of the group.
* The recent debt refinancings have eliminated the frightening debt maturity cliff that some feared.
* Industry fundamentals (volumes and pricing) have stabilized.
* Expectations are very low.
* Massive absolute and relative underperformance over the last five years has created a long runway for appreciation.
* Upside reward is probably more than 5x downside risk.
Position: Long MSOS M VRNO S TSNDF S GLASF S GTBIF S
BY Doug Kass · May 27, 2026, 4:33 PM EDT
BY Doug Kass · May 28, 2026, 6:40 AM EDT
The Big Short Boys Love Cannabis Stocks
“Welcome to “What Are We Doing” (WAWD), the Substack newsletter where Wall Street outsiders—Danny Moses, Vincent Daniel, and Porter Collins, famously portrayed in “The Big Short” pull back the curtain on markets and investing.”
– Danny, Vinnie and Porter
There are few smarter and contrarian investors than Danny Moses, Vincent Daniel and Porter Collins.
Read on:
They Look at Me Like It’s Christmas and I’m Santa Claus
Position: Long MSOS M GLASF S
BY Doug Kass · May 28, 2026, 7:15 AM EDT
First Cannabis Co., Trulieve, OK’d For NYSE Listing
* This is an epic and very positive industry development
In what could be the second most important development for the cannabis sector EVER (the first one being rescheduling)… Trulieve has just announced that its shares have been approved for listing on the New York Stock Exchange. Trulieve Announces Uplist to NYSE – Jun 5, 2026
This approval will likely accelerate resolution of long standing custodian issues that have plagued the sector as well as providing the foundation for institutional ownership.
I can’t overstate the importance of this development.
Not up in smoke.
Positions: Long MSOS M TCNNF S