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

Buying More HIG and OAK Real Money Pro($)

I added to my longs of Hartford Financial (HIG) and Oaktree Capital (OAK) at the opening.

The Book of Boockvar Real Money Pro($)

Peter Boockvar writes about the Federal Reserve, the yield curve and the U.S. dollar this morning

Recommended Reading Real Money Pro($)

Bloomberg has a good article today on Goldman Sachs (GS) and Morgan Stanley (MS) raising price targets and/or ratings on Tesla (TSLA) right around the time that the firms got underwriting business from the automaker.
-- Fewer Multiple Purchases. My discussions with customers have indicated that purchases of multiple pairs of sneakers seem to be a thing of the past. Sneakers have simple become too costly, while alternative purchases like videogames and smart phones are gaining popularity. -- Kids Who Want 'Experiences,' Not Apparel. Kids and young adults seem to want "experiences" (video games, iTunes songs, etc.) more than they want apparel or footwear these days. Just ask Macy's (M) or Target (TGT). -- Peak Sports Viewership. Also consider the "Peak Sports Viewership" that I wrote about a few months back. We're seeing declining ratings for sports championships, which could have a negative impact on sneaker sales. -- LeBron James' Huge Deal with Nike (NKE). Finally, consider reports that Nike might wind up paying basketball superstar LeBron James more than $1 billion for a lifetime endorsement deal on the firm's sneakers and other merchandise. Enough said! So ... I'm Shorting Foot Locker Given all of the above, it's little surprise that Foot Locker

My Takeaways and Observations Real Money Pro($)

The U.S. dollar weakened modestly after two days of strengthening following the Fed's remarks. Crude oil fell by 40 cents to $48. Nat gas was flat. Gold was down $1.60, recovering from the day's lows. Agricultural commodities: wheat -4.75, corn +2.50, soybeans -14.25 and oats flat. Lumber -9.20. Bonds rallied in price. The yield on the 10-year U.S. note down by one basis point to  1.83% and the long bond down two basis points to 2.62%. Municipals were up small but closed-end muni bond funds rallied nicely from the recent carnage. High yield was flat. Banks flat-lined and I remain cautious. Deutsche Bank (DB) is under $17, again. A concern. Insurers were down large fractions. Brokerages were mixed. Retail was up and down, but nothing major. My three shorts are Starbucks (SBUX), up a dime, Nordstrom (JWN), up 20 cents, and Foot Locker (FL), down 55 cents. Old media and old tech did little. Energy was unchanged, though Schlumberger (SLB) caught a recommendation from the Buy Side. SLB was down 20 cents and Exxon Mobil (XOM) was up 20 cents. Autos continue to roll over. Ag equipment was strong, with Deere (DE) up 60 cents and Caterpillar (CAT) up 75 cents. Consumer nondurables were slightly better, despite my protestations! Biotech couldn't hold its morning gains, though iShares Nasdaq Biotechnology ETF (IBB) nonetheless was up $2.60. Allergan (AGN) and Valeant (VRX) -- the object of my recent disaffection -- were lower, off $4.10 and $1.10, respectively. My former speculative biotech package was up marginally.  (T)FANG was mixed, with Tesla (TSLA) down $3, Facebook (FB) down $1.10, Amazon (AMZN) down $3 and Netflix (NFLX) up $1.75. NOSH was weighed down by O'Reilly Automotive (ORLY), down $2. CRABBY was settled, with little price change on the day. In terms of individual stocks, Apple (AAPL) was up $1.60 (continuing its Berkshire-inspired rally from last week -- yawn!), POT was up 60 cents on the Monsanto (MON) takeover news, and Oaktree Capital Group (OAK) was down 50 cents. Here is some good stuff from Real Money Pro today: Jim "El Capitan" Cramer on McDonald's (MCD) and PepsiCo (PEP).  Tim "Not Judy or Phil" Collins chimes in on gold.  Bob Lang on "The Bear Market."  Rev Shark on something strange in the neighborhood (and it isn't ghosts).  Bret Jensen on two promising biopharmas.

Looking to Short More XLF Real Money Pro($)

The two-year vs. 10-year U.S. Treasury curve has continued to flatten to a multiyear low. That's not good news for banks' net interest margins. The latest economic figures are ambiguous at best. And at worst, they show that growth is slowing. I continue to focus on recent weakness in

Recommended Reading Real Money Pro($)

Barron's paid homage to my pal Byron Wien in this weekend's cover story.

The Book of Boockvar Real Money Pro($)

Peter Boockvar rounds up the latest market and economic news:
DuPont (DD) is my favorite large-cap long. DD is making a new 2016 high today. Coca-Cola (K

Some Reasons to Avoid Gold Real Money Pro($)

I've repeatedly expressed concern in my afternoon Takeaways columns about gold's inability to breach $1,300 an ounce on the upside.

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