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The Best of Kass

Stocks in this article: YHOO

This is a pace of growth that also will insure continued Fed support.

At the time of publication, Kass had no positions in stocks mentioned.

Yay for Yahoo!
Originally published on Thursday, Sept. 27 at 8:45 a.m. EDT.

  • Goldman reestablishes its buy rating on the name.
  • Yahoo! (YHOO) is trading higher in premarket trading after Goldman Sachs reestablishes its buy rating.

    Goldman cites that Yahoo!'s parts are worth more than the sum.

    A longtime bear on Yahoo!, Goldman believes that the uncertainty of Alibaba's stake value has been lowered, the firm also feels that Mayer (the new CEO) will add value and that the Yahoo! Japan stake has risen by nearly a third since late May.

    The brokerage sets a price target of $22.

    I have been steadily adding to this name in the last week.

    Separately, my buddy/friend/pal, Gamco's lynx-eyed Larry Haverty, had a positive spin on Yahoo! this week on Bloomberg TV in a lengthy defense of the name.

    At the time of publication, Kass was long YHOO common stock and calls and was short GS.

    Put It This Way
    Originally published on Monday, Sept. 25 at 11:41 a.m. EDT.

  • It is the global monetary put, not the performance chase, that is buoying stocks.
  • I continue to have value-added email exchanges with Jim "El Capitan" Cramer and my friend/buddy/pal "Fast Money's" Pete Najarian -- both of whom are supportive of the view that its the performance chase that is supporting stock prices over the last month.

    Many subscribers agree with Jimmy and Pete, as judged by their observations in the comment section.

    Let me make it clearer what I think is now supporting equity prices.

    From my perch, it's the anticipated liquidity of the global monetary (easing) put, not the performance chase, that continues to buoy the markets -- even as several European governments drag their feet in the face of the still-apparent sovereign debt crisis in the eurozone.

    Despite more reluctance overnight on the part of Spain's Deputy Prime Minister to commit to an ESM aid package (until he finds out how much the ECB will commit to the purchase of Spanish bonds, a truly ridiculous request!), the news that Greece's deficit shortfall will require more debt forgiveness (opposed by Germany), the likelihood that the bank sector union will take much more time and the ECB/Bundesbank's examination of whether Draghi's bond buying proposal is legal, the euro and U.S. stocks are higher, and Spanish and Italian bond yields are virtually unchanged.

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