Top thoughts on stocks and the markets from TheStreet's Doug Kass.

Foot Locker Loses Its Footing
 
Originally published Aug. 18 at 9:32 a.m. EST
 
I listened to the downbeat Foot Locker ( FL) call.
 
Here are some observations:
 
* Jordan -- produced by Nike ( NKE) -- slowed considerably in North America.
* The company says it is still well-positioned in premium footwear as a market share gainer.
* FL doesnt believe vendors selling lower-priced, undifferentiated shoes on Amazon ( AMZN) are a big threat because FL is at the high end of the market.
* The company will close more stores than originally planned this year and is considering further restructuring.
* May comps down low single digits.
* June/July comps down high end of mid single digits
 
I wouldn't bottom fish here.
 
Position: None.

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