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 (NYSE: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.