Lincoln National Corp (LNC)

LNC (NYSE:Insurance) EQUITY
$43.16
pos +0.00
+0.00%
Today's Range: 0.00 - 0.00 | LNC Avg Daily Volume: 2,603,100
Last Update: 05/03/16 - 4:02 PM EDT
Volume: 0
YTD Performance: -14.13%
Open: $0.00
Previous Close: $43.16
52 Week Range: $30.39 - $62.08
Oustanding Shares: 240,956,843
Market Cap: 10,633,425,482
6-Month Chart
TheStreet Ratings Grade for LNC
Buy Hold Sell
A+ A A- B+ B B- C+ C C- D+ D D- E+ E E- F
TheStreet Ratings is the source for accurate ratings that you can rely upon to make sound, informed financial decisions. Click here to find out about our methodology.
Analysts Ratings
Historical Rec Current 1 Mo. Ago 2 Mo. Ago 3 Mo. Ago
Strong Buy 5 5 5 5
Moderate Buy 1 1 1 1
Hold 7 6 6 6
Moderate Sell 0 0 0 0
Strong Sell 0 0 0 0
Mean Rec. 2.12 2.04 2.04 2.04
Latest Dividend: 0.25
Latest Dividend Yield: 2.27%
Dividend Ex-Date: 04/07/16
Price Earnings Ratio: 9.78
Price Earnings Comparisons:
LNC Sector Avg. S&P 500
9.78 9.80 12.90
Price Performance History (%Change):
3 Mo 1 Yr 3 Y
15.06% -24.93% 30.95%
GROWTH 12 Mo 3 Yr CAGR
Revenue 0.10 0.20 0.06
Net Income -23.80 -0.10 -0.04
EPS -20.50 0.00 -0.01
Earnings for LNC:
EBITDA 1.70B
Revenue 13.57B
Average Earnings Estimates
Qtr (03/16) Qtr (06/16) FY (12/16) FY (12/17)
Average Estimate $1.48 $1.59 $6.41 $7.03
Number of Analysts 9 7 9 9
High Estimate $1.53 $1.65 $6.60 $7.35
Low Estimate $1.40 $1.52 $6.25 $6.75
Prior Year $1.35 $1.46 $5.46 $6.41
Growth Rate (Year over Year) 9.96% 8.71% 17.46% 9.58%
Chart Benchmark
Average Frequency Timeframe
Indicator Chart Scale  
Symbol Comparison Bollinger Bands
By

Doug Kass

 | May 3, 2016 | 6:09 PM EDT
The U.S. dollar strengthened. Crude oil dropped by nearly a dollar to close at $43.83. Nat gas rose by four cents. Gold fell by $7.20 to $1,288. $1,300 seems to be something of a hurdle.  Agricultural commodities registered big declines. Wheat -17.00, corn -12.50, soybean -15.25 and oats –5.75. Lumber -4.40. Bonds rallied smartly and yields dove. The 10-year yield declined by seven basis points to 1.79% and the long bond by six basis points to 2.66%. Municipals were well-bid and closed-end municipal bond funds rallied strongly. The high-yield bond market got hit. Blackstone/GSO Strategic Credit Fund (BGB) shed seven cents to close a bit under $14 resistance ($13.96). Banks were clipped in light of lower bond yields, with losses of 2% to 4% for Citigroup (C), Bank of America (BAC) and JPMorgan Chase (JPM). I remain short Financial Select Sector SPDR (XLF), which shed 1.3%. A good think. Life insurance was hit by the specter of reinvestment challenges in a low-rate world. Lincoln  National (LNC) and MetLife (MET) were 3% lower. Hartford Financial Services Group (HIG) held up in a relative sense. Brokers declined with concerns about reduced capital markets activity. Goldman Sachs (GS) was down $3 and Morgan Stanley (MS) off 40 cents. Retail was broadly lower; my short Nordstrom (JWN) was down 80 cents and is my only position in the space. Energy stocks suffered mightily. Schlumberger (SLB) was down $2.17 and Exxon Mobil (XOM) was off $1.02. I remain short bought. Old tech declined broadly. Staples were flattish. Autos suffered as more signs of Peak Autos reign.  Biotech was weak, with iShares Nasdaq Biotechnology ETF (IBB) down $5. I continue to see further weakness in biotech, despite some technical advice to buy here and there. Valeant (VRX) rallied by $3 after Ackman's defense on CNBC's "Fast Money Halftime." My speculative biotech basket got hammered -- thankfully, I am out. Media got hit. Comcast (CMCSA) was down 30 cents and Disney (DIS) off 60 cents. Ag equipment, which I disfavor and am short, was lower. Deere (DE) was down 90 cents and Caterpillar (CAT) down $1.50. (T)FANG's leadership now seems wobbly. Tesla (TSLA) was a standout to the downside, off $6. Amazon (AMZN) fell $13 and Netflix (NFLX) was down 2%. NOSH was mixed. O'Reilly Automotive (ORLY) was up $4 but my short Starbucks (SBUX) dropped by nearly a beaner. CRABBY was lower, led by C and Alleghany (Y), down $7. In miscellaneous stocks, Twitter (TWTR) is in the dumps and hit a new all-time low, Potash (POT) smelled funky, DuPont (DD), my fav large cap, which is extended, slipped $1.24, and Oaktree Capital Group (OAK) was down $1.14. Apple bounced $1.50 after a week of near-consecutive declines. Here is some great material on Real Money Pro today: Jim "El Capitan" Cramer on why not to sell in May and go away.  Ben "Goldfinger" Cross on why gold is struggling.   RevShark thinks the market has halitosis!  Roger Arnold on more volatility ahead.  I enjoyed reading "
By

Doug Kass

 | May 3, 2016 | 9:53 AM EDT
Bond prices are moving much higher this morning, while yields are dropping -- something that's weighing on banks and life insurers.
By

Doug Kass

 | May 2, 2016 | 2:59 PM EDT
The U.S. dollar continues to weaken. Crude oil fell by $1.05, trading at $44.87. Nat gas was a dime lower. Gold rose by another $5 and is approaching $1,300. The precious metal did trade over $1,300 earlier in the day. Agricultural commodities: wheat -4.50, soybean +8.00, corn -3.75 and oats flat. Lumber -2.60. Bonds got taken to the woodshed. iShares 20+ Year Treasury Bond ETF (TLT) was down about a beaner. The yield on the 10-year U.S. note added three basis points to 1.85% and the long bond climbed four basis points in yield to 2.70%. Municipals sold off, but closed-end municipal bond funds were mixed to higher. High yield sold off. However, Blackstone/GSO Strategic Credit Fund (BGB) traded up a nickel and is approaching $14. Banks prospered, led by JPMorgan Chase (JPM). Brokerages were strong -- Morgan Stanley (MS) up 20 cents and Goldman Sachs (GS) $2.50. Life insurance responded well to higher rates and lower bond prices, with smart gains in Lincoln  National (LNC), MetLife (MET) and HIG. Energy stocks were mixed. Schlumberger (SLB) was a standout loser, though Exxon Mobil (XOM) was up 50 cents. Old media was mixed. IBM (IBM), despite Warren's endorsement, was slightly lower, while Microsoft (MSFT) was up 50 cents. Retail stocks rebounded, with short Nordstrom (JWN) recovering a portion of Friday's big loss. Media thrived. Disney (DIS) was up $1.10 and Comcast (CMCSA) 55 cents. Consumer staples did well, led by former long Procter & Gamble (PG). Biotech, the object of affection to value players this year, continued to be pressured. iShares Nasdaq Biotechnology (IBB) was down a couple. VRX recovered two-thirds of its nearly $4 loss today. My biotech basket continues to roll over. Autos were up small -- General Motors (GM) and Ford (F) a dime higher, each. Ag equipment was flat. (T)FANG recovering well, led by Amazon (AMZN), which seemingly got an endorsement from Warren Buffett over the weekend and was up $23. By contrast, Tesla (TSLA) was down by $2, though it was lower. NOSH had all four components to the good, including Starbucks (SBUX), a short. CRABBY's six components also were all higher. In terms of miscellaneous stocks, Apple (AAPL) continues to be rotten to the core, down 50 cents. Twitter (TWTR) was awful and Potash (POT) was not much better, though rival Monsanto (MON) was up. Radian Group (RDN) and Oaktree Capital Group (OAK) were flat, as was DuPont (DD) after a big upside move. Warren's fav (but my short!) Coca-Cola (KO) was up 30 cents. iShares China Large-Cap ETF (FXI), last week's Trade of the Week, was off a dime after a very weak Friday. Here is some good stuff on Real Money Pro today: Jim "El Capitan" Cramer on the U.S. dollar.   Robert "Not Rita" Moreno on the dreaded Coppock Curve!  Bret "Meet George" Jensen on four possible biotech targets.  The Count's take on the Berkshire Hathaway meeting.  RevShark on ... what is the market theme and on the lack of clear market leadership (a theme others like Jimmy and myself are concerned about)? 
By

Doug Kass

 | Apr 29, 2016 | 5:37 PM EDT
The U.S. dollar rose modestly. It's back to nearly 1.15 against the Euro. Crude oil dropped a dime and closed at $45.93 Nat gas rose by seven cents. Gold rallied by almost $30 to $1,296. Silver was 29 cents higher. Agricultural commodities quieted down. Wheat +2.75, corn +0.75, soybean +2.25 and oats -1.75. Lumber dropped by 4.50. Bonds flat-lined. The yield on the 10- and 30-year note and bonds were unchanged. Non-taxable bonds were unchanged. Another day in which closed-end municipal bond funds fared well. Damn, am I ticked that I sold out months ago. Terrific concept, bad execution! High-yield bonds improved in a small way. But, Blackstone/GSO Strategic Credit Fund (BGB) rose 10 cents higher to $13.92, near its recent highs. I am out of the name. Banks sold off for the third day in a row. I remain short Financial Select Sector SPDR ETF (XLF). I expect more profit taking. Life insurance stocks -- I remain short Lincoln National (LNC) and MetLife (MET) -- were also weak, though HIG was conspicuous in its strength. Brokerage stocks outperformed in a relative sense, with Goldman Sachs (GS) and Morgan Stanley (MS) flat on the day. Retail stocks, save Home Depot (HD) -- up $1.30, reversing yesterday's slide -- were underperformers. My only position in the space was the world's fair -- short Nordstrom (JWN), which was down by $1.50. Old tech weakened. Autos got wrecked. Ford (F) was down 53 cents and General Motors (GM) down 64 cents. Media was weaker, with Comcast (CMCSA) down 39 cents and Disney (DIS) down 77 cents. Biotech, which appears to be the object of the affection of some on Real Money Pro and elsewhere, was down substantially, with iShares Nasdaq Biotechnology ETF (IBB) down more than $7. I see most of the large-cap biotech stocks as value traps. Speaking of biotech, Pershing's Bill Ackman will be on CNBC's "Half Time" report extolling the virtue of Valeant (VRX). I will be doing the opposite in my opening missive! My speculation biotech basket got hammered. (T)FANG was toothless, excluding the large (delayed) gain in Amazon (AMZN). Apple (AAPL), a short, followed through to the downside by a beaner. NOSH was not particularly tasty. CRABBY fared well, with Alleghany (Y) up $6. In individual stocks: Potash (POT) and Twitter (TWTR) were flat. Radian Group (RDN) gave up some of its recent gains, but Oaktree Capital Group (OAK) stayed mighty -- up 60 cents and on my Best Ideas List. Here are some good columns posted today on Real Money Pro: Jim "El Capitan" Cramer on the need for better market leadership. (I agree!)   Jeremy LaKosh sees Xerox (XRX) as a value play.   Suz "Double S" Smith on trading for income.  Tim Melvin rocks it with a little Axel Rose.  Carleton English on what's best for Carl Icahn may not be best for you. 
By

Doug Kass

 | Apr 28, 2016 | 4:28 PM EDT
Stocks slid sharply in the final hour to finish at the day's lows after a real roller coaster of a day! Booyah! The U.S. dollar weakened. The price of crude oil rose by 63 cents to $45.96. Gold climbed by $17 to $1,267. Silver rose by 30 cents. Agricultural commodities: wheat +1.50, corn +7.00, soybean flat and oats -2.25. Bonds rose in price, declined in yield. The yield on the 10-year U.S. note dropped by three basis points to 1.83% and the long bond by only one basis points to yield 2.68%. Municipals were well-bid. Closed-end municipal bond funds were mixed. The high-yield market showed little price movement. Blackstone/GSO Strategic Credit Fund (BGB), up earlier in the day, closed down a dime. Banks are at the lows of the day. I double my XLF short today. JPMorgan Chase (JPM) and Citigroup (C) were down by about a half a beaner, while Bank of America (BAC) slid by 25 cents. Brokerages were lower. Morgan Stanley (MS) was down 30 cents and Goldman Sachs (GS) was off about $2.50. Life insurance, the object of my disaffection, got schmeissed with dollar-plus losses for MetLife (MET), Lincoln National (LNC) and Berkshire Hathaway (BRK.B). My long Hartford Financial Services Group (HIG) also was lower by a similar amount. Retail stocks were broadly lower, led by Bed, Bath & Beyond (BBBY), Home Depot (HD) and Lowe's (LOW). Short Nordstrom (JWN) was off 65 cents. Old media sank, led by IBM (IBM), down $3.35, and Microsoft (MSFT), down $1.30. Auto stocks held well, with a good gain for Ford (F), up 45 cents. Energy stocks fell despite a higher commodity price. Schlumberger (SLB) was down $1.15 and Exxon Mobil (XOM) off 80 cents. Biotech was only slightly lower. Allergan (AGN) was down a beaner. Ag equipment was under pressure, with Deere (DE) and Caterpillar (CAT) down about 1% each. Media was mixed, though Disney (DIS) was down $1.20 after a rich premium deal for Comcast (CMCSA) to acquire DreamWorks (DWA) was announced. (T)FANG was lower, save Facebook (FB), which was up nearly $8. NOSH saw all components lower. CRABBY components all were lower as well. Apple (AAPL) was a leader on the downside, off $3. Short/sell, don't hold.  Oaktree Capital Group (OAK) was lower after earnings (I'll review tomorrow). Some good stuff on Real Money Pro today: Jim "El Capitan" Cramer on the worst over for pharma.  RevShark is running with the bulls.  Tim Melvin on Carlyle Group (CG) and its tons of cash.  Tim "Not Judy or Phil" Collins on playing earnings-related volatility of Amazon (AMZN), LinkedIn (LNKD) and Expedia (EXPE).  Daniel "Oil Vey" Dicker on Hess (HES) over Pioneer Natural Resources (PXD). 
By

Doug Kass

 | Apr 25, 2016 | 4:37 PM EDT
The Russell Index looks like machines/algos have targeted it -- in either direction! Weird action. The U.S. dollar declined. Crude fell by $1.03 to $42.70. Nat gas declined by seven cents. Gold rallied by $9.10 to $1,239. Agricultural commodities continued their price rise: wheat +3.50, corn +8.25, soybeans +13.50. Lumber +4.50. Bonds were relatively quiet, with little change in the 10- and 30-year bond yields. Municipals were unchanged. Closed-end municipal bond funds were down on the day -- I would be out of the space as rates might now be moving higher ... finally. I am considering going long ProShares Short 20+ Year Treasury (TBF), non-levered iShares 20+ Year Treasury Bond ETF (TLT) short. High-yield bonds were lower. Blackstone/GSO Strategic Credit Fund (BGB) was flat. Banks sold off, but not materially so. I think this trend could continue. Gun to my head, Financial Select Sector SPDR ETF (XLF) short will work for a trade now. Life insurance got schmeissed -- the object of my disaffection. Lincoln National (LNC) and MetLife (MET) down large fractions. Brokerages were weak. Morgan Stanley (MS) down 20 cents and Goldman Sachs (GS) down $1.95. Autos sold off.  Oil stocks suffered from the commodity's weakness. Schlumberger (SLB) was off $1.75 and Exxon Mobil (XOM) down 80 cents. (Good for me). Retail stocks were mixed. Media mixed. Comcast (CMCSA) was down a dime and Disney (DIS) was up 75 cents. Biotech down. iShares Nasdaq Biotechnology ETF (IBB) was down $2.40. Allergan (AGN) turned lower and Valeant (VRX) was off more than 2%. My biotech basket seems like it is rolling over. A lot of people buying this group on the basis of it being oversold; I wouldn't, but that's just me. Consumer staples were lower, led by a downgrade of Kimberly-Clark (KMB). Cyclicals are showing some tired action -- General Electric (GE), as an example. In miscellaneous stocks:  Potash (POT) reversed lower from early strength, Twitter (TWTR) is still for twits and Radian Group (RDN) was stable. Oaktree Capital Group (OAK), a fixture on my Best Ideas List, is holding well.  Caterpillar (CAT) was down $1.50 on a dumb upgrade (my view!) from Goldman Sachs. My fav large cap, DuPont (DD), is holding well after outsize gains this year. (T)FANG was mixed, with Netflix (NFLX) and Tesla (TSLA) -- my two shorts -- down $2.35 and $1.90, respectively. Apple (AAPL) continues weak -- down 60 cents -- after multiple lower lows. I plan to stay short this "value trap" into tomorrow afternoon's earnings report. NOSH nothing. CRABBY nothing, either. Here is some good stuff on RealMoneyPro today: Jim "El Capitan" Cramer (fresh off his Seder) on the Four Plagues. And Jim on the market's rotation.  Ed Ponsi "Scheme" on higher rates.   Tim Melvin, PE manager.  Daniel Dicker goes Mr. T on us.  Carolyn Boroden sees some resistance.
By

Doug Kass

 | Apr 18, 2016 | 5:08 PM EDT
The U.S. Dollar was weaker, but modestly so. Crude oil rallied magnificently from the lows and only dropped by 60 cents to $39.77 on the day. Natural gas is four cents higher. Gold was flat Large upside move in several agricultural commodities: wheat +14.50 and corn +2.75, but soybean down slightly Lumber down $2.40. Bonds rose in price, moved lower in yield. iShares 20+ Year Treasury Bond ETF (TLT) was down 57 cents. The 10-year U.S. note yields 1.77%, up two basis points, and the long bond is up the same amount in yield to 2.58%. Municipals were up slightly in price, but those closed-end municipal bond funds continue to rip higher. It's become unrelenting. High yield was better. Blackstone/GSO Strategic Credit Fund (BGB) rebounded by about a dime in price. I am no longer long. Banks managed small gains. Life insurers had marginal gains. I'm still long Hartford Financial Services Group (HIG) and short MetLife (MET) and Lincoln National (LNC). Brokerages were mixed. I shorted both Goldman Sachs (GS) and Morgan Stanley (MS) today. The market is enamored with a 50% drop in MS earnings -- makes little sense to me. Autos were up -- GM up 75 cents and Ford (F) up 31 cents on a better market and a cover story in Barron's. Why I disagree with Barron's.  Retail was higher, led by Wal-Mart (WMT), Home Depot (HD), Coach (COH) and Under Armour (UA). I eliminated my Macy's (M) long and took the name off of my Best Ideas List this afternoon. Short Nordstrom (JWN) up by a half-dollar.  Consumer staples were stronger, led by long Procter & Gamble (PG). Oils rallied despite the commodity being pressured. Schlumberger (SLB) was up $1.19 and Exxon Mobil (XOM) was up 81 cents. Biotech was up 1.5%, led by Allergan (AGN), rebounding from recent losses, and Valeant (VRX), up $1.15. My biotech basket was unexciting. Old tech prospered, led by Intel (INTC), Microsoft (MSFT) and Cisco (CSCO). Media was a standout. Comcast (CMCSA) was up 40 cents and Disney (DIS) up $3.00. (T)FANG was mixed, with shorts Tesla (TSLA) and Netflix (NFLX) lower. Amazon (AMZN) and Alphabet (GOOGL) were up five dollars each. NOSH was up across the board, led by HD and O'Reilly Automotive (ORLY). CRABBY's six components were all up. In individual stock land: Potash (POT) was up 30 cents, Twitter (TWTR) down a like amount and Radian Group (RDN) up a few pennies. Apple's (AAPL) $2.70 decline was conspicuous. Here are some great articles on RealMoneyPro today: Jim Cramer on "Don't Let Oil Do Your Investing"  Ed Ponsi "Scheme" on "At What Price Should you Buy AMZN and FB?"  Mark Sebastian's "Doha's Big Deal Turns Out to be a Dud"   Tim "Not Phil or Judy" Collins offers an option strategy ahead of IBM's earnings  and opines on IBM and NFLX.  Bobby Lang on ignoring talking Fed heads.
By

Doug Kass

 | Apr 12, 2016 | 3:47 PM EDT
I added to the following individual shorts today: Caterpillar (CAT), Lincoln National (LNC), MetLife (MET), Starbucks (SBUX), Fastenal (FAST), Disney (DIS) and Comcast (CMCSA)
By

Doug Kass

 | Apr 12, 2016 | 3:29 PM EDT
High of the days with about seventy minutes to go. What's bad is new and good again -- cyclicals and energy -- in a crude-inspired rally today. Crude rises by $1.87 to $42.23 -- a 2016 high based on rumors of a Saudi-Russia output deal. Nat gas up by seven cents. The U.S. dollar strengthened a bit. Gold up $1.20. In the agricultural commodities world: wheat +4.00, corn +6.00, soybeans +10.00. A big recovery from yesterday's weakness. Lumber up $5.10. Bonds get hit -- iShares 20+ Year Treasury Bond ETF (TLT) off by more than a beaner. The 10-year U.S. note yields 1.78% -- a gain of five basis points -- while the long bond rose by four basis points to 2.60%. Municipals were flat, but closed-end muni bond funds continue their amazingly strong run. High yield bonds were strong despite the weakness in taxable. Blackstone/GSO Strategic Credit Fund (BGB) continued its nice run, up a nickel to a recent high of $13.90. Banks ignored the coming poor earnings prospects. Bank of America (BAC), Citigroup (C) and JPMorgan Chase (JPM) all were strong, but European banks -- e.g., Deutsche Bank (DB) -- languished. Life insurance stocks responded well to lower bond prices. My long Hartford Financial Services Group (HIG) underperformed my shorts Lincoln National (LNC) and MetLife (MET). Berkshire Hathaway (BRK.B) was strong, up by nearly $1.25. Brokerages moved higher, with Morgan Stanley (MS) up 65 cents and Goldman Sachs (GS) up $2.65. Retail space was strong, led by Home Depot (HD) and Wal-Mart (WMT). Old tech disappointed with fractional gains, if any. Consumer nondurables were indifferent to the rally. My long Procter & Gamble (PG) was up modestly, my short Coca-Cola (KO) the same. Biotech underperformed as investors preferred cyclicals. IBB up less than one percent with AGN showing no life (down by another -$5+). Autos weren't cruising, with only marginal gains in Ford (F) and General Motors (GM). (T)FANG action was mild relative to the broader market's strength as high growth was shunned. Tesla (TSLA) continued lower after yesterday's SUV recall, but Amazon (AMZN), Netflix (NFLX) and Alphabet (GOOG) traded better. Media moved higher, with Comcast (CMCSA) up 30 cents and Disney (DIS) up $1.06; both are candidates for more shorting. NOSH was tasty excluding Starbucks (SBUX), which got a DB downgrade; I remain short. CRABBY was strong, with all six components higher. In individual stocks, Fastenal (FAST) fell off an in-line number and some cautionary commentary. Twitter (TWTR) still foundering. Potash (POT) and, in particular, Radian Group (RDN), showed some life. Caterpillar (CAT) continues higher. And my large-cap "stock of the year," DuPont (DD), is up by over $1. Here are some great columns on RealMoneyPro today: El Capitan on Facebook.  Ben Cross on oil and shorts.  Sham Gad "And the Pharoahs" on value investing
By

Doug Kass

 | Apr 11, 2016 | 3:32 PM EDT
The U.S. dollar was essentially flat today. Crude oil rose by 54 cents to $40.26. It's amusing how the $20 crude forecasts have disappeared, and so has the self-confidence that was expressed back then! Nat gas down by seven cents. Gold ripped by another $13.70, to $1,257. Agricultural prices got schmeissed (see my POT comments in my Diary): wheat -13.75 and corn -5.5, but soybeans +10.75. Lumber was flat. Bonds were down, flat and now back down. iShares 20+ Year Treasury Bond (TLT) down 25 cents. The yields on the 10-year (1.72%) and 30-year (2.56%) were flat. Municipals were unchanged, though closed-end municipal bond funds continue to soar, relatively speaking. And I am getting very upset for selling out a few months ago, because it was a theme consistent with my slower growth thesis. I suppose "lower for longer" is now becoming consensus and is fueling the space. High yield was well-bid. But BGB had an outsize move of 16 cents following my mention in Barron's.  Banks prospered, but I think it's likely just noise. Brokerages prospered -- Morgan Stanley (MS) up 50 cents and Goldman Sachs (GS) up $3.50 -- for the same reason that banks are higher? GS had a large ($5 billion) mortgage settlement announced today. Life insurance stocks surged, led by Lincoln National (LNC) and Prudential (PRU). I added to Hartford Financial Services Group (HIG) today. Berkshire (BRK.B) better; I remain short. Retail stocks were mixed. Check out the Market Vectors Retail ETF (RTH) chart -- it is either breaking out or about to fail and at a critical juncture. I will have more on the sector tomorrow morning. Old tech was mixed, with little substantive price movement. Energy stock rose but by lesser amounts than one would think relative to the price in crude oil.  That said, they rose greater than the commodity on Thursday and Friday. Consumer nondurables were mixed. My fav Procter & Gamble (PG) was down a quarter and Coca-Cola (KO), my short, was down by like amount. Biotech disappointed -- down 1% -- as Allergan (AGN) and Valeant (VRX) were downside leaders. My former biotech basket weakened. While Gilead Sciences (GILD) was 50 cents, Celgene (CELG), Sage Therapeutics (SAGE) and Intrexon (XON) got hit. Autos were better bid, with Ford (F) up 15 cents and General Motors (GM) up 30 cents. Too bad I am short both. Media was mildly higher, with Disney (DIS) up 60 cents and Comcast (CMCSA) up 35 cents. (T)FANG was mixed. Tesla (TSLA) was a feature -- up $9 in the early going, now down on the day on the SUV recall. Amazon (AMZN) and Alphabet (GOOGL) up about $5 each. NOSH was weak -- downside leaders were Nike (NKE) and O'Reilly Automotive (ORLY). CRABBY shined, with all components save Radian Group (RDN) higher . In individual stocks, watch Sears (SLHD) -- the drop is getting worrisome and a failure would have important real estate and employment consequences. Caterpillar (CAT), a short, continues to rally -- up by nearly a beaner. Apple (AAPL) was up $1.20 and close to $110 -- I will be adding to my short on any further strength. I wanted to close Takeaways by acknowledging the loss of an old friend, Jack O'Neill. Today was Jack's funeral.  Many of my friends were at Campbell's Funeral Home to pay tribute to this great and unique man. He owned JG Melon, an iconic hamburger joint in New York City on Third Avenue in the Seventies.  Jack was an occasional golf opponent and partner of mine; he often shot his age -- in the low 80s. He was something of a Damon Runyon character -- the type of personality that no longer exists. He was a pal of Toots Shor and the rest of the fascinating personalities who inhabited the saloon scene in Manhattan decades ago. The loss of Jack is a big loss to his families and friends. He will be sorely missed. They don't make them like Jack anymore. R.I.P
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