Doug Kass

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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

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Doug Kass

 | Jul 22, 2016 | 7:45 AM EDT
BTIG downgraded Facebook (FB) to "Neutral" this morning from a previous "Buy," writing: …
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Doug Kass

 | Jul 21, 2016 | 5:38 PM EDT
The U.S. dollar weakened. The price of crude oil declined by $1.20 to $44.55, but it had little impact on the markets. Gold recovered $12.40 to $1,331. Agricultural commodities: wheat +5, corn -5, soybeans +4 and oats +3. Bonds were down relatively big early in the day, but recovered at the day's end. The yield on the 10-year note dropped two basis points . The long bond yield was flattish. The 2s/10s spread rose by one basis point to 87 basis points. Municipals were flat. High yield was better to sell. Banks sold off small after bonds dipped in the morning and didn't reverse with the recovery in bonds during the afternoon. Brokerages were hit with profit taking. Insurance was mixed. I added to Hartford Financial Services Group (HIG) . Auto stocks disappointed (up modestly) despite the General Motors (GM) blowout. I added to my short in premarket trading. Old tech cooled off after Intel's (INTC) disappointment after the close on Wednesday. Energy stocks were lower on weaker crude prices. Retail was mixed. Ag equipment was up big in the early going after the Joy Global (JOY) takeover, but faded all afternoon. Deere (DE) was lower on the day. Defensive, staples were lower on the day, led by Campbell Soup (CPB) on weak earnings. All components of (T)FANG were lower. Tesla (TSLA) , off $8, led on the downside. Here are some value-added contributions from our columnists: I liked two of them very much by Jim "El Capitan" Cramer. One, on staying with stocks, and the other, on GM's blowout of earnings per share.  Tim "Not Judy or Phil" Collins on "insect positioning."  Robert "Not Rita" Moreno on a contrary view on PepsiCo (PEP) (short).  The market has stretch marks, according to Rev Shark.  Tim Melvin on some interesting regional bank buys
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Doug Kass

 | Jul 21, 2016 | 4:59 PM EDT
Slowing U.S. sales and comps. Comps in SBUX's Americas segment slowed quarter over quarter to 50 basis points below their two-year average. Looking ahead, large comps (+4%) will also challenge forward sales. Moderating food sales. The contribution that food makes to comps is moderating, down to 16% in the latest period from a previous 20%. Food's contribution to aggregate comps also fell to 2% from an earlier 3%. Earnings quality. The quality of Starbucks' earnings is less than meets the eye. The company repurchased about $1.6 billion of shares in its latest quarter, or more than triple the amount from a year ago. Without the buyback, SBUX would have earned just $0.38 per share, falling below Wall Street consensus. A weakening global economy. SBUX investors' greatest fear should be the possibility of moderating global economic growth (or even a recession). If either of those happen, demand elasticity for the coffee chain's premium-priced products will face pressure. The bottom line: Slowing growth at a peak multiple seems to like a bitter combination for investors to swallow.
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Doug Kass

 | Jul 21, 2016 | 4:00 PM EDT
Late in the afternoon the market bent but did not break. Here were
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Doug Kass

 | Jul 21, 2016 | 2:44 PM EDT
Here is this week's Subscriber Comment of the Week from my pal sub Alan "Spillover" Burge: Alan burge • 4 hours ago I own a bit of (
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Doug Kass

 | Jul 21, 2016 | 2:17 PM EDT
Facebook (FB) at $121.70 General Motors (
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Doug Kass

 | Jul 21, 2016 | 1:34 PM EDT
I plan to get more aggressive on the short side if the SPDR S&P 500 ETF (SPY) breaks to…
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Doug Kass

 | Jul 21, 2016 | 1:31 PM EDT
I'm getting a lot of e-mails asking me to explain the "FRA-OIS spread" that I mentioned in my
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Doug Kass

 | Jul 21, 2016 | 12:14 PM EDT
Money-Market Reforms. A substantial movement of cash from prime money-market funds to government-only ones is shifting money away from credit instruments like commercial paper and certificates of deposit. This is causing an increase in bank-funding rates, which in turn is boosting LIBOR, as well as widening the LIBOR-OIS spread and boosting swap rates. Fewer Technical Factors. The technical forces that recently narrowed swap spreads sharply has abated. Chiefly, the urge to engage in receivers has lessened following a surge that lasted many months. Investors have shifted to cash, partly for its relative value. China Is More Stable. Recall that spreads began to narrow when capital outflows accelerated out of China on th

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