Upside, Downside Movers in the Morning

Avatar photo Doug Kass on October 16, 2026

Upside

– $TCRT +25.0% (extends its surge after closing a PAH-focused biotech acquisition and securing about $350M of financing)

– $NCPL +19.0% (regains Nasdaq minimum-bid compliance)

– $SITC +18.0% (declares a $3.00 special cash distribution after an asset sale and plans to delist from the NYSE)

– $FFR +9.0% (launches the $2,490 FF Nova humanoid robot and outlines a proposed roughly $200M robotics combination)

– $ASM +6.5% (Roth/MKM upgrades to Buy from Neutral and raises its target to $8)

– $SMTC +4.0% (raises Q3 sales, operating-margin and EPS outlooks at its data-center analyst day)

– $TSLA +3.0% (unveils a redesigned Roadster featuring rocket-style thrusters)

– $STLA +3.0% (better-than-feared Q3 shipment update showed consolidated volumes down just 1% year over year)

– $FRO +3.0% (tanker shares rebound as geopolitical disruption continues to support shipping rates)

– $RBRK +3.0%, $VRNS +2.5% (cybersecurity names rise after VRNS agreed to a $6.3B all-cash acquisition)

– $NOK +2.5%, $AAOI +2.0% (networking and optical names gain after SMTC raised its data-center outlook)

Downside

– GUTS -53.0% (REMAIN-1 met its six-month co-primary endpoint, but 5.1% weight regain versus 8.2% for sham and a still-pending one-year co-primary fell short of elevated expectations)

– $JAGX -29.0% (special preferred-stock dividend was paid, with each preferred share set to convert into five common shares on November 2, intensifying dilution concerns)

– $MDXH -17.0% (suspends FY revenue guidance after preliminary Q3 revenue of about $22.7M)

– $TLK -15.0% (Indonesia ADR slumps after a warning that the country could face an emerging-market index downgrade)

– $CRWV -5.0%, $IREN -3.5%, $NBIS -2.5% (AI-infrastructure names extend their selloff on debt-funded buildout and profitability concerns)

– $TRV -4.0% (Q3 beat with lower-than-expected catastrophe losses, but shares sell the news after elevated expectations)

– $SKHY -3.5%, $SNDK -2.5%, $MU -2.5%, $ALAB -2.5%, $WDC -2.0%, $AMD -2.0% (chip and storage names weaken as the AI trade de-risks amid higher-rate concerns)

– $IONQ -2.5%, $ASTS -2.5% (speculative long-duration growth names weaken as rate-hike expectations rise)

– $MSTR -2.5%, $HUT -2.0%, $CRCL -1.5% (crypto-linked shares trade lower amid broad risk-off positioning)

Upside, Downside Movers in the Morning

Avatar photo Doug Kass on October 13, 2026

Upside

– $VFC +4.0% (Piper Sandler and Truist upgrade as signs of Vans stabilization improve turnaround confidence)

– $GS +3.0% (Q3 beat, led by surging equities revenue and stronger investment-banking fees)

– $UNH +2.5% (Q3 beat and 2026 adjusted EPS outlook raised to at least $20.50)

Downside

– $SNDX -17.0% (MAXPIRe Phase 2 axatilimab trial in idiopathic pulmonary fibrosis missed its primary endpoint)

– $S -7.0% ($1.25B convertible senior-notes offering raises dilution and stock-supply concerns)

– $WDC -6.0% (UBS cuts its target on hard-drive capacity and pricing uncertainty, compounding the storage-sector selloff)

– $SNDK -6.0%, $STX -5.5%, $MU -3.5%, $MRVL -2.5%, $AMD -2.0% (memory, storage and chip names slide as reported CXMT advances intensify China-competition fears)

– $JPM -3.5% (Q3 EPS and revenue missed as fixed-income trading weakened despite stronger investment-banking fees)

– $DPZ -3.0% (Q3 beat, but US same-store sales growth slowed sharply, raising demand-recovery concerns)

– $JNJ -3.0% (Q3 beat, but medtech growth was soft and international device sales faced geopolitical disruption)

– $ADBE -1.5% (HSBC downgrades to Hold, citing open-source competition risks)

– $WFC -1.0% (Q3 EPS beat, but revenue and net-interest income missed expectations) 

Upside, Downside Moves in the Morning

Avatar photo Doug Kass on October 6, 2026

Upside

– $JAGX +35% (announces a special stock dividend)

– $OPCH +21% (reported takeover talks value the transaction at more than $5B including debt)

– $APOG +20% (Q2 beat sharply and the FY adjusted EPS and sales outlooks were raised above expectations)

– CEG +9.3% (reports of a potential $1B-plus hyperscaler nuclear-power agreement)

– $PENN +6.0%, BYD +2.7% (Deutsche Bank upgrades both to Buy, arguing recent regional-gaming weakness largely reflected calendar effects)

– $FRSH +5.2% (set to join the S&P SmallCap 600 before the October 8 open)

– $CLF +4.8% (Wells Fargo upgrades to Overweight on underappreciated 2027 earnings upside)

– $VST +4.8% (nuclear and data-center power sympathy following reports of another major hyperscaler supply agreement)

– $ZS +2.5% (reaffirms FY27 and Q1 revenue and adjusted EPS guidance)

– $AMD +1.9% (Citi raises its price target to $800)

Downside

– $SAIQ -15%, AMOD -15%, VEEA -13% (give back portions of Monday’s outsized speculative rallies)

– $WDC -2.9%, STX -2.6% (storage leaders retreat after sharp recent gains; no clear fresh company-specific catalyst identified)

– $PCVX -2.0% ($1B financing combines a $500M equity and pre-funded-warrant offering with $500M of convertible notes following the Phase 3 rally)

That’s a Wrap

Avatar photo Stephen Guilfoyle on August 13, 2026

Another day, another record? Sort of.

The S&P 500 managed to set a new all-time intraday record high as well as an all-time record closing high. Why? Inflation, or the lack thereof.

For the month of July, headline PPI printed at +0.0% month over month versus the +0.2% consensus and at +4.7% year over year versus expectations for a +4.9% print. At the core (ex. food and energy), PPI hit the tape at +0.2% month over month versus +0.3% consensus and at +4.2% year over year, even with consensus about down from +4.7% in June.

As it now becomes all but impossible for the Fed to raise short-term rates any time soon, at least not backed by logic, the yield paid by the U.S. two-year Treasury note contracted by 5 BPS to 4.15%, and the yield on the U.S. 10-year note dropped 4 BPS to 4.65%. This pushed equities higher.

The benchmark S&P 500 closed +0.6%, as the Nasdaq Composite gained +0.8%. Eight of the 11 S&P sector SPDR ETFs closed in the green, led by Communication Services ($XLC). Materials ($XLB) led the losers.

Workday ($WDAY) led the S&P 500 higher on takeover rumors. It was the memory trade that ruled the day, though, as SanDisk ($SNDK), Micron ($MU) and Western Digital ($WDC) all had nice days. Cisco Systems ($CSCO) took a beating after posting disappointing guidance along with what looked, otherwise, to be a pretty decent earnings report. 

Have a great evening, gang. Dougie will be out again tomorrow and, God willing, I will be back to work through the day with you all. Now, go get some grub and maybe work out a little. Sarge out. 

Positions: Long SNDK, MU equity.