After-Hours % Advancers

After-Hours % Decliners

Position: None

Closing Volume

– NYSE volume 12% below its one-month average

–  NASDAQ volume 42% above its one-month average  

– VIX index:  up 12.73% to 19.48

Breadth

S&P 500 Sectors

% Movers

Nasdaq 100 Heat Map

Closing S&P 500 Heat Map

Position: None

The weed potency myth journalists keep getting wrong | Cultivated

Position: None

Here are today’s things:

* Covered 1/2 of my SPCX short at $153.85.

* Covered brokerage shorts in MS at $222.51 and GS at $1,080.90.

* Covered tech shorts: DRAM at $70.26, SNDK at $2,051 and MU at $1,099. 

* Covered IWM short at $293.33.

* Added to cannabis longs: MSOS at $4.50, GTBIF at $7.28, TRLV at $8.55 and VRNOD at $5.29.

Position: Long MSOS (L), GTBIF (S), TRLV (S), VRNOD (S); Short SPCX (VS) 

Sorted by Market Cap:

Earnings After the Close Tuesday, June 23

Earnings Before the Open and After the Close Wednesday June 24

Position: None

I have substantially increased by exposure to cannabis in the last five trading sessions.

Should prices remain depressed, I expect to continue to add.

I am repeating this column from May that summarizes my constructive investment outlook for the sector (updates are bold-faced):

—–

8 Reasons I’m Getting More Positive on Cannabis

I am growing much more optimistic on the cannabis complex.

I plan to super-size (VL) my MSOS holdings and I plan to expand individual equity positions (with emphasis on GTBIF and VRNO).

I am doing so because:

* I am extremely confident that rescheduling of both medical and adult use (recreational) will pass in the next few months. (The rescheduling of medical use has already been passed.  Adult recreational use will likely follow in the next few months.) 

* I am confident that uplistings will soon follow. (Trulieve has become the first cannabis company to list – TerrAscend, Curaleaf and Verano have announced their intentions to uplist on either the NYSE or Nasdaq. After Trulieve, which cannabis MSO will be the next to uplist?)

* More relaxed custodian rules allowing for institutional purchases of the group. (Uplistings and rescheduling will hasten relaxation of the custody.)

* The recent debt refinancings have eliminated the frightening debt maturity cliff that some feared. (Every single cannabis company has followed up the refinancings with recently announced company share repurchases.)

* Industry fundamentals (volumes and pricing) have stabilized. (This has been confirmed by recent company reports.)

* Expectations are very low. (And getting lower with a decline in share prices!)

* 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. (With the decline in the space, the uplistings, buybacks and better business conditions, I would make that 6x.)

Position: Long MSOS common (L) and calls (S), VRNO (S), GTBIF (VS)    

BY DOUG KASS · May 27, 2026, 4:33 PM EDT

—–

The next catalyst will likely be a rescheduling of cannabis for recreational use.

Position: Long MSOS (L), VRNO (S), GTBIF (S), TRLV (S), TSNDF (VS)

Volume

– NYSE volume 12% below its one-month average

– NASDAQ volume 15% above its one-month average

– VIX index: up 10.65% to 19.12

Breadth

Sector ETFs

% Movers

Position: None

From Peter Boockvar:

Manufacturing rebound continues but what now?

The S&P Global manufacturing PMI rose again to 55.7 from 55.1 and continues to be boosted by restocking of inventories. S&P Global said, “While there is better news from the manufacturing sector, we remain concerned as factory growth continues to be temporarily buoyed by inventory building amid supply fears. Supply delays grew more widespread in June.”

Also of note, “Most worrying was the further fall in employment, notably in the manufacturing sector. Factory job cuts are running at the highest since 2009 if the pandemic is excluded, reflecting concerns over the sustainability of the recent upturn in demand alongside worries over the escalating cost of raw materials.”

With pricing, “Although manufacturing input cost inflation moderated from May’s recent peak, it was the second highest for almost four years.” Prices charged were little changed m/o/m but at one year highs.

The service component does not include retail and wholesale trade nor construction which are key missing pieces of the US economy so we’ll rely on the ISM report next week instead.

This was the commentary on the outlook, and includes what they are seeing in the service categories they cover:

“Companies’ expectations for output in the year ahead improved in June to the brightest since February, lifting in both manufacturing and services. Improved outlooks were partly linked to hopes of an easing of war-related disruptions and price pressures. In both cases sentiment nonetheless remained well below long-run averages to point to historically subdued business confidence overall, often blamed on uncertainty over the economic outlook amid concerns relating to the ongoing impact of the war in the Middle East and government policies such as tariffs.”

Bottom line, the mixed and uneven economy continues on with the pockets of strength highly concentrated, as we know, in the AI data center construction and upper income spend, which is very dependent on the GenAI stock trade in turn lifting the indices. Also, as said here for months, the improvement in manufacturing is in part due to the front loading of orders and we’ll now see how it performs post Strait reopening.

US Manufacturing

Winnebago price target lowered to $32 from $38 at Roth Capital  Roth Capital lowered the firm’s price target on Winnebago to $32 from $38 and keeps a Neutral rating on the shares. The firm notes that the the industry struggles to find a bottom with the latest headwinds from the war in Iran, resulting in higher prices at the pump and an uptick in consumer borrowing costs while further pressuring consumer confidence and the desire to purchase a new RV, the analyst tells investors in a research note. Roth adds it is also monitoring the ongoing share erosion in towables, net of fresh gains at the legacy Winnebago brand.

Winnebago price target lowered to $40 from $48 at Benchmark Benchmark analyst Michael Albanese lowered the firm’s price target on Winnebago to $40 from $48 and keeps a Buy rating on the shares. The firm is updating estimates for the RV industry after having a check-in with multiple names during peak season, stating that affordability and sentiment are weighing on volumes.

Position: Short WGO (S)

I’m agressively buying cannabis stocks.

Position: Long cannabis 

Short covers:

* MS $222.51

* GS $1080.90

Position: None

Upside:

-BLZE +16% (signs $335M multi-exabyte agreement with CoreWeave)

-ZETA +8.5% (partners with Palantir to rearchitect Zeta Data Cloud on Foundry)

-IBM +5.6% (President Trump signs the National Quantum Initiative Act executive order; JPMorgan Chase and Co Raised IBM to Overweight from Neutral, price target: $291 from $270)

-INFQ +5.5% (President Trump signs the National Quantum Initiative Act executive order)

-CAR +4.2% (entered a $650M settlement with Pentwater Capital (subject to court approval) for recovery of short-swing profits)

-CDW +3.5% (Morgan Stanley Raised CDW to Overweight from Equal Weight, price target: $170 from $142)

-QBTS +2.7% (President Trump signs the National Quantum Initiative Act executive order)

Downside:

-PRIM -34% (slashes guidance; COO to depart)

-AMC -25% (priced 95.3M share offering)

-MU -8.1% (chip stock/tech broad weakness)

-CRWV -7.5% (chip stock/tech broad weakness)

-AMD -6.8% (chip stock/tech broad weakness)

-INSP -4.7% (Evercore ISI Institutional Equities Cuts INSP to In Line from Outperform, price target: $40 from $55)

-NVDA -2.7% (chip stock/tech broad weakness)

-UUUU -2.5% (acquires VAC in $1.9B deal to build mine-to-magnet rare earth platform)

-NKE -1.9% (Evercore ISI Institutional Equities Cuts NKE to In Line from Outperform, price target: $46 from $57)

Position: None

As of 8:14 AM:

Position: None

At 8:05 AM:

Position: None

TREASURY ACTIONS:

11:00AM: Treasury Announces a 4, 8 and 17 Week Bill Auction;

11:00AM: Treasury buyback announcement (liq support); 

11:00AM: Treasury hosts a $65B 6-Week Bill Auction; 

1:00PM: Treasury hosts a $69B 2-Year Note Auction; 

3:00PM: Treasury inv. class auction data

ECONOMIC CALENDAR FOR THE WEEK:

Position: None

At 505 AM I covered my IWM short at $293.30.

From yesterday:

Things I Did Today

Here are today’s things:

 * Shorted more IWM at $297.07.

Position: None

* Covered the high-tech short basket put on Monday and covered half of my SpaceX short in the early hours with S&P futures -118 handles and Nasdaq futures -86

Dougie Kass

Covering part of my high tech short basket at 420am – including but not restricted to:

DRAM $70.26 (-$11)

SNDK  $2051 (-$223)

MU $1099 (-$111)

Dougie Kass

At 439 AM , with S and P futures -118 handles and Nasdaq futures -860 handles I am out of my high tech basket short (including SNDK, MU and DRAM (ABOVE)

Dougie Kass

At 1045PM covered half of my SPCX short  at $153.85 (shorted last week at $213)

Dougie Kass

At 1040PM covered a portion of my DRAM short rental at $75.97 for a quick profit.  

From earlier: 

DRAM Short

I have taken a small trading short rental in DRAM at $80.27.

Position: Short DRAM (S)

BY Doug Kass · Jun 22, 2026, 3:18 PM EDT

Position: Short SPCX VS

The S&P Short Range Oscillator remains in overbought territory at 2.34% vs. 1.77%.

Position: None