I have a Board meeting from 11:30 a.m. to 1 p.m. today — outside of the office.

Positions: None.

Breadth

SOURCE: Barchart

S&P500  Sectors

SOURCE: Barchart

% Gainers, Decliners

SOURCE: TheStreet Pro

Nasdaq 100 Heat Map

SOURCE TheFly

Good sales on gold recently.

Looking to buy under $345

Positions: None.

The following was written by Peter Boockvar:

Who was it that said ‘Truth is stranger than fiction’?/A few other things of note

A hugely successful company doesn’t have to stop being one just because its founder CEO is no longer there if the right people are in place and the best products that customers want are made. That said, it never really is the same. We watch from here the extent competitors take market share (AMD and Broadcom are trading up premarket) and wonder what comes of future investments and financing that Nvidia makes with so many of its partners. As of Q2 (and we’ll get updated figure next week), the company had $99 billion of equity investments in other companies which does not include all the vendor financing and lease guarantees they’ve made on the part of others.

From a contrarian standpoint, the more sour mood heading into this week was the perfect setup for a rally. Yesterday, Investors Intelligence survey said the number of Bulls fell to just 37 from 42.6 while Bears jumped to 24.1 from 18.5. Both are back to early April levels when markets at the time responded to the spike in oil prices and stock market selloff in March. The balance expecting a Correction remained the same at 38.9. Assume those figures capture sentiment as of last Friday. Today, AAII said Bulls fell by 3.3 pts to 30.8, the lowest since July and around the levels seen in March. Those Bulls went to Neutral as Bears declined too, by 4.4 pts to 41.4. The CNN Fear/Greed index is at 37 (Fear) vs 19 (Extreme Fear) one week ago.

With almost nothing else of big importance going on today and certainly difficult to compare anywhere close in relevance to what is going on with Jensen Huang, I’ll go over one earnings calls and a snippet from a release today.

From Brightview Holdings, a stock we own and one that you’ve likely never heard of. They are the largest commercial landscaping company in the country with about 75% of their business land maintenance and the balance new development and whose latter division was subject to a slowdown in residential community construction and which hit the stock by almost 14% yesterday:

“The slowdown in development was driven by three key factors. A sharpening decline in the residential construction end market, delays on several large jobs and delayed bid awards as customers navigate a volatile macro environment underpinned by higher interest rates and inflation. Since 2024, our development revenue related to residential projects has softened in line with the broader slowdown in residential construction.”

Yeti is down premarket after reporting earnings as revenues missed and mentioned this in their release, “Looking ahead, we anticipate the consumer environment will remain cautious and put pressure on demand in Q4.”

Japan said its October PPI jumped by 7.1% y/o/y, above the estimate of 6.5% and up from 6.8% in September. This is another example of a country seeing PPI running well ahead of CPI. Higher energy prices were certainly a key factor and have since pulled back this month as we know but the breadth of price increases were widespread.

As of now, the JGB market is pricing in an 82% chance of a December rate increase from the BoJ to 1.50%.

With the yen testing 160 again vs the US dollar, out comes Atsushi Mimura, the currency official at the Ministry of Finance who said “I have a strong impression that the currency moves over the past few days have been too fast. It’s too early to forget what happened this summer.” This was followed by a government spokesperson who said “I believe the yen being undervalued is a problem” and “The Ministry of Finance will continue to closely communicate with the US Treasury to maintain order in the currency markets.”

Yen

The following is from Peter Boockvar:

Claims data

Initial jobless claims rose 9k w/o/w to 200k and that was 6k above expectations. The 4 week average though remains the same at 195k as a print of 200kk dropped out. Continuing claims remained low, falling to 1.697mm from 1.717mm.

Bottom line, notwithstanding the lift, the filing of claims remains very low and the amount still collecting benefits remains well below the 1.9mm ish seen last year.

4 week avg Initial Claims

Continuing Claims

Upside

– LUNR +10% (record Q3 revenue, margin and positive free cash flow, with backlog reaching $1.9 billion)

– TTEK +10% (Q4 beat, backlog rose 13% and the FY27 outlook pointed to continued growth)

– DPU +9.4% (completed deliveries under a $4.8 million robot resale contract)

– FIGR +6.8% (Q3 earnings reaction after marketplace volume reached the high end of prior guidance)

– LLY +1.6% (China approves oral GLP-1 weight-loss drug orforglipron)

Downside

– NBIS -15% (Q3 revenue beat, but the 2026 outlook moved to the low end, the ARR target slipped to February and capex increased)

– EYE -13% (Q3 profit beat and margins expanded, but FY comparable-sales guidance was cut to 2%-3% from 3%-5%)

– CRWV -11%, IREN -7.8%, SMCI -6.9%, APLD -6.6%, DELL -6.2% (AI-infrastructure names sell off as the NVDA leadership crisis hits risk appetite; CRWV also gives back part of its post-earnings surge)

– CTVA -10% (Q3 sales fell 9% and the FY outlook was cut on weaker Brazil conditions and pricing pressure)

– NVDA -8.6% (reports the board is weighing Jensen Huang’s ouster amid widening governance and national-security scrutiny; multiple downgrades add pressure)

– AAOI -7.8%, SNDK -7.2%, AXTI -7.8%, COHR -6.1%, MU -5.3%, LITE -5.4% (AI optical, memory and component suppliers fall as the NVDA crisis ripples through the hardware chain)

– FPS -7.4% (Q1 exceeded preannounced guidance and the FY outlook was raised, but strong results were already priced as AI-power names sold off)

– MSTR -6.7%, MARA -5.9%, CLSK -5.5%, RIOT -5.3%, COIN -4.5% (crypto-linked stocks fall as Bitcoin declines and broader risk appetite weakens)

– BABA -5.0% (report says the US is preparing restrictions on Chinese AI companies remotely accessing advanced chips through overseas data centers)

Source: https://pro.thestreet.com/markets/etfs/premarket

Source: https://pro.thestreet.com/markets/stocks/premarket

Positions: None.

Source: TipRanks

I Still Think There’s More Bad News Coming

Positions: None.

In light of the Jensen Huang revelations yesterday I wanted to repeat a story I have written before.

As most know I was very close to Barron’s Alan Abelson.

Over the course of the last few decades Alan interviewed me over 50 times — I am not aware of anyone (and that includes a far distant second, Barton Biggs) who was interviewed in his “Up and Down Street” column as often.

One year (on Alan’s birthday) I sent him a present of several fictional books which were best sellers on The New York Times list of top books to his home in Croton-on-Hudson.

About two weeks later the books were returned to me by Alan with a note that said:

“Dougie, thanks for the birthday present but what goes on in Wall Street and in the Corporate World is far more interesting than any book of fiction.”

True story!

Position: None 

Good sale of Dell (DELL) yesterday (between $361-$381):

From Diary:

Sold More Dell

I just sold some more DELL at $381.55.

Position: Long DELL (VVS)

BY Doug Kass · Nov 11, 2026, 11:53 AM EST

From Comments Section:

Brucetrader

Good Morning all. Thank you Doug, I followed you on the DELL trade and it paid for my subscription for the rest of my life. Impeccable timing entry and exit. 

Dougie Kass

Love!

Last sale is under $360 in premarket trading.

I am a buyer under $350.

Position: Long DELL (VVS)

The S&P Short Range Oscillator remains in overbought at 1.02% vs. 0.83%.

Position: None