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Ringing the Zale Register

by: Kevin Stecyk January 04, 2008 | about stocks: ZLC    
Kevin Stecyk

Kevin Stecyk

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Doug Kass, general partner of Seabreeze Partners Management, Inc. and commentator for The Edge Column on RealMoney Silver (subscription required—part of TheStreet.com family), covered his short position in Zale Corporation (ZLC). I followed suit.

In an earlier article, I provided my rationale as to why I was considering covering my short position in Zale early in the New Year. Now that the stock has fallen even more and because Doug Kass mentioned that he is getting out of the short position, I am ringing the register and closing my short position as well.

I shorted Zale in March of 2007 and I covered Thursday. You can see the Yahoo chart on Zale's stock price movement since March 2007.

Disclosure: No position in Zale.

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This article has 3 comments:

  •  
    Jan 07 11:40 AM
    Good timing:

    NEW YORK (AP) -- Activist investor Breeden Capital Management LLC has increased its stake in jewelry store operator Zale Corp. to 15.9 percent, according to a filing with the Securities and Exchange Commission Monday.
    Reply
  •  
    Jan 07 12:26 PM
    The Kass article is free now. Excerpt:

    Former SEC commissioner and now hedge fund activist Richard Breeden has raised his stake in Zale to almost 6 million shares -- he first filed with about 4 million shares in September 2007 -- or over 13% of outstanding common stock. SAC's Steve Cohen, the very best hedgie extant, also made a 13D filing back in September 2007. Back then, Zale shares traded in the mid-$20s; they closed at $13 on Friday.
    Reply
  •  
    Jan 07 12:27 PM
    BTW, not sure I'd exactly describe Zale's as a luxury retailer, as this article is tagged.
    Reply
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