NEW YORK ( TheStreet) -- Doug Kass of Seabreeze Partners is known for his accurate stock market calls and keen insights into the economy, which he shares with RealMoney Pro readers in his daily trading diary.
Among the posts this past week were entries about unemployment claims, Apple's market share and the reconfigured Dow Jones Industrial Average.
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Originally published on Thursday, Sept. 12 at 8:54 a.m. EDT. Initial Jobless Claims totaled 292,000, well below expectations of 330,000 and down from 323,000 last week. But Dow Jones News Service is reporting that the main reason was "because two states failed to report all of their claims as they transitioned to a new computer system and the applications either weren't received or didn't get processed," according to the Labor Department.
More Deep Thoughts on Apple
Originally published on Wednesday, Sept. 11 at 11:48 a.m. EDT. I am getting a lot of emails from subscribers as to whether Apple (AAPL - Get Report) should be purchased into today's schmeissing. My answer is no. The stock market is not always right. In the case of Apple, it might even be underreacting! Today investors are disappointed that the new iPhone is not different, the price point is too high and that the China event was a dud. The stock market may have not figured out how bad the loss of share is -- the bullish Wall Street analysts are still talking about margins holding up -- and how much of a strategic blunder yesterday's release was. What is being ignored is that not only are Apple's profit margins substantially above any of its peers but the company's price-to-sales ratio is astronomical relative to its competition and absolutely high (given that it still is a hardware business). While Apple's competition grows much stronger, the company is getting to the point where the franchise is being jeopardized by slipping so much in market share.