Doug Kass

|RSS

Doug Kass is the president of Seabreeze Partners Management Inc.Expand

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. 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

By

Doug Kass

 | Jun 23, 2016 | 5:22 PM EDT
The U.S. dollar weakened. Oil rose by 97 cents to more than $50 a barrel. Gold fell by $10 and closed at $1,260. Again, the $1,300 level has proven to be a formidable resistance point. Agricultural commodities continued for the second day in a row to be under pressure: wheat -4, corn -5.5, soybean -14 and oats unchanged. Lumber +2.50. Bonds fell in price and rose in yield, with the iShares 20+ Year Treasury Bond ETF (TLT) down $1.50. The 10-year U.S. note yield increased by nearly six basis points to 1.745%.The long bond's yield also climbed by nearly six basis points to 2.55%. The 2s/10s spread expanded by two basis points to 96 basis points. Municipals got hit and closed-end muni bond funds were lower in price. However, the high-yield bond market was strong, with iShares iBoxx High Yield Corporate Bond ETF (HYG) up 62 cents and SPDR Barclays High Yield Bond ETF (JNK) up 26 cents. Blackstone/GSO Strategic Credit Fund (BGB) rose by nine cents to $14.46 a share. Banks gapped higher, as rates rose. Stress test results shortly. Brokerages were strong. Insurance stocks rose, with large gains in Lincoln National (LNC), MetLife (MET) and Berkshire Hathaway (BRK.B). My long Hartford Financial Services Group (HIG) was up $1. Retail was broadly higher but marginally so. My two shorts underperformed; Foot Locker (FL) was lower and Nordstrom (JWN) was up only slightly. Old tech was stronger, with IBM (IBM) up $2.50. Auto stocks rose after being weak for several trading day. Energy stocks followed the commodity higher. Ag equipment was strong, led by a $1.80 gain for Caterpillar (CAT). Media underperformed with small (pennies) gains at Comcast (CMCSA) and Disney (DIS). (T)FANG rallied from morning weakness. Amazon (AMZN) led the parade, but Tesla (TSLA) remains under pressure. In individual stocks, Potash (POT) gained a beaner and Oaktree Capital Group (OAK) and HIG almost did as wellTwitter (TWTR), a recent buy, closed over $17 a share and now is up more than 15% from my buy about a week ago. My fav large-cap, DuPont (DD), was up $1.20 and looks like it has a mission to reach $70 a share. Here are some value-added contributions on our site: Jim "El Capitan" goes beyond Brexit.  Mark Sebastian also chimes in on Brexit.  Carley Garner on gold.  Rev Shark on Friday's "action." 
By

Doug Kass

 | Jun 23, 2016 | 4:08 PM EDT
Apropos to my previous post, this just in from Byron Wien: Dougie, I think the vote will be to remain, but I think populism has done…
By

Doug Kass

 | Jun 23, 2016 | 3:00 PM EDT
As we approach the Brexit referendum vote I wanted to remind everyone of one of one of my 15 Surprises for 2016 (written back in…
By

Doug Kass

 | Jun 23, 2016 | 2:31 PM EDT
Lower sales revisions back three months make clear something is awry with the Census Bureau's Syllabus of Errors. In fact, based on May's NSA results today's SAAR headline should have been in the low 530k's, which it will probably be revised to next month; YTD New Home Sales gains now stand at only 6%, paltry considering the massive tailwinds this year vs last year's headwinds; The leftover 2015, weather, and rate-plunge pulled-forward demand effect was in play but peaked last month, which gives me some clarity into Existing Sales as well; Median and Avg prices chunked lower – May mm median decline the largest on record -- erasing most all this year's gains in one fell swoop.  Last month people were cheering historical highs. In fact, if May prices hold it means they have been mostly flat for nearly 2-years now.  The peak in average prices in Oct 2014 remains in place; Coming up with even greater upside catalysts than the sector has gotten over the past month to carry stocks higher in the summer and fall doldrums seems unlikely. Detail May New Home "Sales" (actually contracts to close on a house within the next week to year) came in at 551k, down 11% mm and up 8.5% yy. Further, April was revised lower from 619k to 586k, or by 5.3%. This came on top of Feb and March being revised lower by 22k units. The three months of lower revisions reduced the May New Home Sales YTD gain to 6%, a far cry from what paid forecasters thought gains were and paltry considering the massive tailwinds in Q1 2016 vs the headwinds of the year before. However, based on the past 8 years of recession-level 500k or less New Home Sales, 551k is "strong" I suppose (not absolutely or historically, however). But, I argue the front-loading and sharp downward revisions bode well for my "pulled-forward season" thesis rather than some sudden, durable step-up in macro housing demand.  And the term "pulled-forward" implies a give-back at some point, which I believe will occur beginning in the summer season and lasting through next year. The Real, NSA Data Because it's clear in the past several months of Census Bureau's SAAR results that something has gone awry with their Excel formulae, let's look at the real numbers. On a real basis, May New Home Sales were 51k sales nationally vs 47k last year. But, this May had one extra day than a y
By

Doug Kass

 | Jun 23, 2016 | 1:35 PM EDT
Business TV's endless conversations about the Brexit vote are beginning to look like the Federal Reserve's Zero Interest Rate Policy -- powerless,…
By

Doug Kass

 | Jun 23, 2016 | 1:29 PM EDT
I've been aggressively adding to my longs of Twitter (TWTR) and Hartford Financial (HIG)
By

Doug Kass

 | Jun 23, 2016 | 12:05 PM EDT
Fertilizer stocks are gaining ground today on word of a possible…
By

Doug Kass

 | Jun 23, 2016 | 10:42 AM EDT
It's always a warning sign when the market's leadership falters, but that's precisely what's happening to the
By

Doug Kass

 | Jun 23, 2016 | 10:14 AM EDT
Click
By

Doug Kass

 | Jun 23, 2016 | 10:08 AM EDT
The key Cass Truckload Linehall Index is in a

BEST IDEAS

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.