“After Apple (AAPL)’s stock hit its lowest level in more than a year on Tuesday, trading as low as $420 per share/40% below its record close of $705.07 last September, investment manager, and media personality Doug Kass admitted during a CNBC interview that he might have had the tech giant’s stock all wrong,” Wall Street Pit reports.
“‘Frankly, I’m thinking I probably made a mistake,’ said Kass on CNBC’s ‘Futures Now,'” WSP reports. “The investment guru, who after Apple’s disappointing earnings results in January called its stock ‘dead money,’ bought AAPL just before the closing bell on Friday, when the ticker was pinning on expiration, and continued to add to his position. Yet, when the stock popped Tuesday morning, he immediately sold his shares.”
WSP reports, “‘At $425 or $430 or so, there seems to be substantial value in the company from a trading standpoint,’ Kass said, adding that the ‘problem facing fundamental investors and Apple, is that we still have a lot of earnings reductions from Wall Street coming ahead.'”
Full article here.
Related articles:
Doug Kass shows how easy it is to manipulate shares of Apple – February 27, 2013
Can the U.S. SEC prosecute Doug Kass over Apple stock split rumor? – February 27, 2013
Rotten rumors of impossible Apple stock split helps fund manager Kass clear profits – February 26, 2013
Apple stock split rumor pushes shares higher – February 26, 2013
Doug Kass: Apple to announce stock split on Wednesday – February 26, 2013
You don’t say Mr. Ass! kass as long as you can make a quick buck off the forbidden fruit what you say is easily admissible as wrong or right eh?
@Kass: A lame excuse to explain short time gain.
@WallStreetPit: yet another opportunity to call one of Apple’s most profitable quarters “disappointing”.
Not only Kass belongs in jail, but whoever wrote the WSP article as well.
Another paraphrasing:
Kass: I’m shocked, shocked to find that gambling is going on in here!
[ a croupier hands Kass a pile of money]
Emile: Your winnings, sir.
This is NOT the beginning of a beautiful friendship.
Stock. Manipulation.
Absolutely! Wish there was a way to make this “sport” illegal but it’s part of freedom of speech. All it takes is for high visibility asshats to shoot their mouth off and the rest of us suffer while they laugh their way to the bank.
like kass?
How do CNBC folk sleep at night knowing they give airplay to Kass dudes knowing that they are ripping off and misleading small investors and also ruining the long term investments of people ? They must know that kass is not a legit source of investment info? (He bad mouths apple than buys in, he spreads dividend split ‘knowledge’ that he has then sells when the stock pops, later lamely saying he made a mistake on the dividends etc) By continuously giving airplay to crooks like Kass it legitmizes them. There’s making money and being tough etc and there’s like complete lack of morality and being sleeze balls.
Lots of small investors listen to CNBC (big hedge funds and people like Buffett and Einhorn have their own sources of info)
Kass reminds me of the con airtist in my area (now sentenced to jail) who preyed on elderly folks to ‘invest’ their live savings. CNBC is like someone who gives the con artist a platform. Shame.
(I know a lot of people will say “don’t invest” if you can’t take the risks of Kass etc. But lots of simple decent folks have to invest today because companies don’t give pensions anymore. Even Government encourages people to invest in stocks through their retirement accounts.)
Because vapid self-important blowhards can only make up for extremely low self esteem by having throngs of easily led people hang on your every word. Appearing on CNBC as an on air personality or expert is the only way to deaden that pain. I think we’d all be better of if they simply went and got some therapy instead.
It is quite obvious. The fund mangers/Analysts, Bloggers, CNBC, WSTJ and NYT all work together as a “Tag Team” of sorts.
The CNBC orchestrates the proceedings and they have a whole assortment of Analysts and Bloggers they can call on to disseminate whatever message they want going out at any given time. Most guests on CNBC are put on the air only because CNBC vets their message beforehand and they know “generally” what they will say. Anyone that veers from this general script is abruptly shut down and does not get on the show again for a long time.
You cannot accuse CNBC of orchestrating this manipulation because, even though it happens in front of your face each and everyday it’s kind of hard to prove. But, we all know it happens…its a wink, wink, say no more kind of situation.
I get your point and you’re probably right in many ways.
but like I said how do these people sleep at night?
most of them are already reasonably wealthy do they need to do this?
drug addicts broke into my home and stole cash and food (took the steaks and left the hamburger!), I sort of understand that: they’re broke and suffering from mental problems from their broken homes , addiction etc.
but these Kass, CNBC guys are well dressed, educated, well paid and they sit there deliberately stealing money.
a teenager stealing a can of coke and a bag of chips from a 711 gets into shat load more trouble than people who screw around with stocks (Kass is not the only dude to be blamed but aapl lost like 250 BILLION bucks — thats real money from real people …. )
Like I said many people don’t really want to invest but are sort of ‘forced’ to. My wife has to invest through her companies retirement account: she’s got zero interest in stocks etc but she has to pick funds etc to put the money in. Kass, CNBC and those others you mentioned are stealing those monies from tens of millions of workers and small investors .
To assume that there’s a whole lot of volition or honesty about this (even to themselves) assumes that they are capable of a level of self-reflection that they don’t seem to be able to demonstrate. You may think that I’m just trying to take cheap shots at these guys when I make cracks about low self-esteem but I’m serious. They probably get a rush from the power they wield at a conscious or subconscious level but they don’t really appreciate why they do what they do. All they really are aware of is the rush they get from the kill they make in the market. Nothing else really matters to these guys. But the rush never fills up the gaping hole in their self-esteem so they need to take a stronger hit to get the same rush. And everybody pays for it. Seriously, therapy would be a better option.
why does…
I disagree with you and others that say one has to invest in stocks because pensions are no longer available and even the govt “forces”…
All 401K and similar plans I have seen have other funds besides stock funds. Also, you dont have to invest in 401K plans. That’s optional. There are other vehicles available and other investments such as REITs (ie real estate) where I have been earning 6+% for several years now (better than CD’s and bonds). Besides, where do you think pensions invested in the first place? So people still have choices even with our lousy federal money policies.
1) althought pensions are invested in stocks and other vehicles like real estate etc. your pension is sort of ‘guaranteed’ whether the stock market goes up or down.
2) you are lucky your REITS are doing OK but people similar to Kass manipulate the real estate market to. Maybe your REITS should be making 8-9% ? (ever think of that?)
(tech funds with aapl in the mix can also be making 5-10% over the last few years but that doesn’t mean Kass and ilk aren’t stealing from them… )
Minus inflation (i.e reduction in the value of the dollar over time) and 6% isn’t too great. Lots of funds etc are making 5-10% over the last few years BUT a 2007 type recession can knock 50% off that all of a sudden from funds. This happened in the dot com 2001 and in 2007.
I was invested in aapl, before recession 2007 aapl was around 70. In a few years after that it was 300. So those that put money into an individual stock aapl vs a fund actually came out of the recession in better condition.
(NO I’m NOT saying individual stock is ALWAYS better. I’m just pointing out under certain conditions certain vehicles perform better. Your REITS did well the last few years but is it guaranteed over a person’s working life to put into his retirement account? Even CDs worked better than funds during a recssion)
3) in the old days (my dads time) many companies gave pensions. Today you ARE ‘forced’ to do some sort of investing whether it’s in stocks , your REITS or something . . Someone I know has three quarters pay pension, retired around 55 (part time work after that) — he’s 90 now, the pensions calculated out gave huge amounts of money — calculate it out if your REITS can give you that kind of money.
If you put your money into CDs (the ‘other’ options) you mentioned a retiring person will most probably never have enough cash especially with inflation (unless he’s currently in high level exec position with lots of spare money every month to put aside).
to follow up my post above:
for a healthy portfolio (diversified) stocks is part of it.
CDs etc are safe but alone they simply for most people do not make enough for retirement.
Krooked
Ass
Street
Shyster
Dissappointed earnings? Can they get any farther from the truth? Disappointing analysis.
Kass is a student of Crammer. We have all seen the video where Crammer is instructing (him) on how to start bogus rumours and sway the stock back and forth. Thats what he is doing, just merely following his mentors advice.
SEC won’t do anything because in some way or another they are probably part of the food chain that benefits from these kind of manipulations.
I wish my earnings were relatively as disappointing.
Translation: Since Wall Street was not successful in manipulating Apple to divest themselves of their cash resources or unseating Tim Cook (same end game), Wall Street now moves to plan B, lest they look like the turds that they are, and allow the retail investor to benefit from their AAPL manipulation. It seems that Wall Street wants it both ways.
Everyone knows there is only X dollars in the country (unless the Fed prints more)
Either they have it, or we have it. They will use every tool they have at their disposal to take it from you. And, there’s no on but us to say “you shouldn’t do that.”
I followed the ANALysts and, yes, I am now walking funny. But, my bad for listening to ‘them’.
This guy belongs in jail. Period.
The list of Wall Street types that belong in jail is a very long one.
Isn’t Wall Street some kind of jail, I mean aren’t their bars around there?
Long term note, DANG, the stock is back up to ~430$. It might not reach that magic $400. Close though, you got me sweating.
It will hit $400 soon enough. Not so much because of Apple, but because of stuff happening in the economy here and worldwide.
No, I think with time the sheeple DayTraderTards, big and small, will notice what fools they’ve been and figure out that Apple the company hasn’t declined an iota, while most of the rest of the market is floating on a BUBBLE of noxious gas.
Cover your nose when the bubble pops.
I am willing to join a lawsuit against Crammer/Kass and their employer, “TheStreet”.
There is substantial evidence against them (I think). Especially with that YouTube video of Crammer. F the SEC, lets just do it ourselves. Any Lawyers in the house?
In the interview he simply said it would be in a trading range. He said nothing about Apple regaining any previous glory. He was simply sorry that he sold it that morning. The headline is misleading. As usual.
Yea that’s it, sell low. Always good advice.
I’m shocked. Shocked I tell you, to learn a CNBC analyst “probably made a mistake.”
this sob belongs in jail
The LIE that points back at the LIAR:
The investment guru, who after Apple’s disappointing earnings results in January
NEVER HAPPENED. Apple had yet-another RECORD SETTING QUARTER. The only ‘disappointing results’ were the DumTard ‘Apple Bears’ who bullshitted AAPL into the toilet.
Just sit back and wait kids. The stupid ‘Apple Bears’ will be burned at the stake, for the blatant manipulators and fools they are, before the year 2013 is out. Bring torches, pitchforks, rotten cabbages, poking sticks and marshmallows. I’ll supply the beer. 😉