Doug Kass is the president of Seabreeze Partners Management Inc. Until 1996, he was senior portfolio manager at Omega Advisors, a $6 billion investment partnership. Before that he was executive senior vice president and director of institutional equities of First Albany Corporation and JW Charles/CSG. He also was a General Partner of Glickenhaus & Co., and held various positions with Putnam Management and Kidder, Peabody.Expand

Kass received his bachelor's from Alfred University, and received a master's of business administration in finance from the University of Pennsylvania's Wharton School in 1972. He co-authored "Citibank: The Ralph Nader Report" with Nader and the Center for the Study of Responsive Law and currently serves as a guest host on CNBC's "Squawk Box."Collapse

The U.S. dollar strengthened (as shareholders of Kimberly Clark (KMB) rudely found out today). The price of crude oil suffered but off of the day's lows. Gold fell by $3.40. No oomph for now in precious metals. Ag commodities weakened. Wheat down $0.011, corn down $0.375, soybeans up $0.775 and oats down $0.06. Lumber was flat. For the first day in the last four or five days, bonds were lower in price and higher in yield. Intermediate and long yields rose by two to three basis points. The 2s/10s spread rose by one basis point to nearly 92 basis points. Municipals got hit but closed end muni bond funds were slightly higher in price. Junk was flat. Blackstone/GSO Strategic Credit Fund (BGB) diverged, up $0.08. Banks continued to wander higher and now sit at multi month highs. Insurance advanced. Long fav Hartford Financial (HIG) , +1%. But so were my shorts, Metlife (MET) and Lincoln National (LNC) , up a similar amount. Brokerages mixed. Diversified financial doing better -- led by long fav Oaktree Capital (OAK) . Old tech behaved like new tech -- iShares S&P NA Tech. Sec. Idx. Fd. ETF (IGM)  , Comcast (CSCO) , Microsoft (MSFT) markedly higher. As mentioned above, autos were in second gear today. Biotech continues to disappoint. Allergan (AGN) weaker and value traps Gilead Sciences (GILD) and Celgene (CELG) flat to down. Spec biotech got hit. Energy stocks flat-lined. Retail was on sale, again JC Penney (JCP) conspicuously weak (down $0.25). (T)FANG the world's fair Only Netflix (NFLX) flat. Here are some value added contributions on the site today: 1. Jim "El Capitan" Cramer says yuck to AT&T (T) - Time Warner (TWX) proposal. 2. Jeremy LaKosh chimes in on the merger. 3. Bret
Here's a fascinating blog. A shorter version of this article (blog) appeared in The Harvard Business Review.
There finally appears to be a growing recognition that the seasonally adjusted annual rate of car sales has peaked. Indeed, I believe my negative view of a peak in auto sales has now become consensus. The stocks (General Motors (GM) and Action Alerts PLUS holding Ford

Recommended Reading Real Money Pro($)

More on Peak Sports Viewership -- "Is there too much football?" Hat tip to sub CrashDavis4President.
Back from an excursion to buy some sod and plants (for a project this afternoon) to see Mr. Market at the day's lows, though perhaps my purchase …

CAT Is Still Doggin' It Real Money Pro($)

Based on the September dealer statistics, Caterpillar CAT is still a dog. 
As a confirmation of my overall market negativity, which is intensifying with the U.S. dollar's strength , I am again making ProShares UltraShort S&P 500 ETF (SDS) (I just added at $16.58) my Trade of the Week.
The NCAA semifinal College Bowl Series saw nearly a one-third slippage in ratings. Viewership for the NHL's Winter Classic dropped by 20% from 2015 levels and 40% from 2014. Ratings for college football's national championship declined 15%. Peak Sports Viewership apparently arrived a few years ago, but few investors have realized that it's occurred. There are a number of possible explanations for sports TV's declining popularity, including: Oversaturation of product. The quality of play, which has has arguably eroded. Poor refereeing and a lack of league discipline. Unsavory player behavior on and off of the field. Asinine commentators who all want to mimic ESPN's Chris Berman. (There's only one Chris Berman!) Numerous viewing alternatives and market segmentation. In a social-media-driven world, there's just so much time each day for sports TV. "Cord-cutting" among cable TV customers. Other important reasons that I'll discuss in greater depth later this week. All of this spells trouble for Disney and its heavy reliance on ESPN for revenues and profits. As I've previously noted, I expect Disney's secular growth rate to fall far short of consensus forecasts. So, I recommend not going long on Disney given the stock's still-elevated valuation, which I believe incorporates faster profit growth than the firm might ultimately see. I would continue to endorse this thesis and recommend that you consider the weakening value of the delivery of sports products (read: headwinds to ESPN) et al before you bottom fish in what appears to represent relatively inexpensive valuations at Disney and other sports content providers. We l
While the premium on the AT&T (T) //Time Warner (TWX) proposed transaction is large, the deal has likely less than a 50% probability of being completed as I note in an earlier post. Both AT&T and Time Warner are lower in premarket trading. The planned Genworth Financial (GNW) takeover was done at less than a 5% premium, as GNW coincidentally announced a large LTC reserve add and a write-off of deferred taxes -- ergo, it was a deal done out of desperation. Genworth is also lower in premarket trading.
Regular readers of my diary know that I sometimes post things that replicate the theme of the "Tell Me Something I Don't Know" segment on MSNBC's "Hardball With Chris Matthews."


News Breaks

Powered by


Except as otherwise indicated, quotes are delayed. Quotes delayed at least 20 minutes for all exchanges. Market Data provided by Interactive Data. Company fundamental data provided by Morningstar. Earnings and ratings provided by Zacks. Mutual fund data provided by Valueline. ETF data provided by Lipper. Powered and implemented by Interactive Data Managed Solutions.

TheStreet Ratings updates stock ratings daily. However, if no rating change occurs, the data on this page does not update. The data does update after 90 days if no rating change occurs within that time period.

IDC calculates the Market Cap for the basic symbol to include common shares only. Year-to-date mutual fund returns are calculated on a monthly basis by Value Line and posted mid-month.