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MBIA Inc. Reports Second Quarter 2012 Financial Results

Adjusted Pre-tax Income: Adjusted pre-tax income, a non-GAAP measure, is used by the Company to supplement its analysis of GAAP pre-tax income. The Company uses adjusted pre-tax income as a measure of fundamental periodic financial performance. Adjusted pre-tax income adjusts GAAP pre-tax income to remove the effects of consolidating insured VIEs and gains and losses related to fair valuing insured credit derivatives, which the Company believes will reverse over time, and adds in changes in the present value of insurance claims the Company expects to pay on insured credit derivatives based on its ongoing insurance loss monitoring and loss adjustment expenses. Adjusted pre-tax income is not a substitute for and should not be viewed in isolation from GAAP pre-tax income and the Company’s definition of adjusted pre-tax income may differ from that used by other companies.

Claims-paying Resources (CPR): CPR is a key measure of the resources available to National and MBIA Corp. to pay claims under their respective insurance policies. CPR consists of total financial resources and reserves calculated on a statutory basis. CPR has been a common measure used by financial guarantee insurance companies to report and compare resources and continues to be used by MBIA’s management to evaluate changes in such resources. The Company has provided CPR to allow investors and analysts to evaluate National and MBIA Corp. using the same measure that MBIA’s management uses to evaluate their resources to pay claims under their respective insurance policies. There is no directly comparable GAAP measure.

Credit Impairments on Insured Derivatives: Credit impairments on insured derivatives represent actual payments for the period plus the present value of the Company’s estimate of expected future claim payments for such transactions, using a discount rate required by statutory accounting principles, plus loss adjustment expenses. Since the Company’s insured credit derivatives have similar terms, conditions, risks, and economic profiles to its financial guarantee insurance policies, the Company evaluates them for impairment periodically in the same way that it estimates loss and LAE for its financial guarantee insurance policies. Credit impairments on insured derivatives are equal to the Company’s statutory losses and loss adjustment expenses for such contracts.

Credit impairments on insured derivatives may differ from the fair values recorded in the Company’s financial statements. The Company expects that the majority of its exposure written in derivative form will not be settled at fair value. The fair value of an insured derivative contract will be influenced by a variety of market and transaction-specific factors that may be unrelated to potential future claim payments. In the absence of credit impairments or the termination of derivatives at losses, the cumulative unrealized losses recorded from fair valuing insured derivatives should reverse before or at the maturity of the contracts. Contracts also may be settled prior to maturity at amounts that may be more or less than their recorded fair values. Those settlements can result in realized gains or losses, and the reversal of unrealized losses. For these reasons, the Company believes its disclosure of credit impairments on insured derivatives provides additional meaningful information to investors about potential realized losses on these contracts.

 
MBIA INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS (Unaudited)
(dollars in millions except per share amounts)
           

  June 30, 2012  

December 31, 2011
Assets
Investments:
Fixed-maturity securities held as available-for-sale, at fair value (amortized cost
$4,724 and $6,259) $ 4,912 $ 6,177
Fixed-maturity securities at fair value 227 295
Investments pledged as collateral, at fair value (amortized cost $397 and $642) 308 543
Short-term investments held as available-for-sale, at fair value (amortized
cost $1,591 and $1,577) 1,596 1,571
Other investments (includes investments at fair value of $50 and $96)   61     107  
Total investments 7,104 8,693
 
Cash and cash equivalents 269 473
Premiums receivable 1,262 1,360
Deferred acquisition costs 324 351
Insurance loss recoverable 3,212 3,046
Property and equipment, at cost (less accumulated depreciation of $142 and $139) 70 69
Deferred income taxes, net 1,396 1,745
Other assets 254 243
Assets of consolidated variable interest entities:
Cash 145 160
Investments held-to-maturity, at amortized cost
(fair value $2,896 and $3,489) 3,051 3,843
Fixed-maturity securities held as available-for-sale, at fair value
(amortized cost $567 and $473) 537 432
Fixed-maturity securities at fair value 1,733 2,884
Loans receivable at fair value 1,903 2,046
Loan repurchase commitments 1,032 1,077
Derivative assets 1 450
Other assets   2     1  
Total assets $ 22,295   $ 26,873  
 
Liabilities and Equity
Liabilities:
Unearned premium revenue $ 3,208 $ 3,515
Loss and loss adjustment expense reserves 835 836
Investment agreements 1,171 1,578
Medium-term notes (includes financial instruments carried at
fair value $151 and $165) 1,566 1,656
Securities sold under agreements to repurchase - 287
Long-term debt 1,837 1,840
Derivative liabilities 3,329 5,164
Other liabilities 407 391
Liabilities of consolidated variable interest entities:
Variable interest entity notes (includes financial instruments carried
at fair value $3,638 and $4,754) 7,227 8,697
Long-term debt - 360
Derivative liabilities 186 825
Other liabilities   4     1  
Total liabilities   19,770     25,150  
 
Equity:

Preferred stock, par value $1 per share; authorized shares–10,000,000;

issued and outstanding – none

- -

Common stock, par value $1 per share; authorized shares–400,000,000;

issued shares – 275,479,642 and 274,896,162

275 275
Additional paid-in capital 3,071 3,072
Retained earnings 1,396 805
Accumulated other comprehensive income (loss), net of deferred
tax of $9 and $105 36 (176 )

Treasury stock, at cost – 81,732,274 and 81,752,966 shares

  (2,275 )   (2,276 )
Total shareholders' equity of MBIA Inc. 2,503 1,700
Preferred stock of subsidiary and noncontrolling interest   22     23  
Total equity   2,525     1,723  
Total liabilities and equity $ 22,295   $ 26,873  
 

                 
MBIA INC. AND SUBSIDIARIES
STATEMENTS OF OPERATIONS (Unaudited)
(in millions)
 
  Structured
U.S. Finance and
Public Finance International Advisory
Three months ended June 30, 2012 Insurance Insurance Services Wind-down
(National)   (MBIA Corp.)   (Cutwater)   Corporate   Operations   Subtotal   Eliminations   Consolidated
Revenues:
Premiums earned:
Scheduled premiums earned $ 57 $ 59 $ - $ - $ - $ 116 $ (6 ) $ 110
Refunding premiums earned   73       -       -     -     -       73       (12 )     61  
Total premiums earned 130 59 - - - 189 (18 ) 171
Net investment income 56 6 - 6 13 81 (21 ) 60
Fees and reimbursements 2 41 16 56 - 115 (95 ) 20
Change in fair value of insured derivatives:
Realized gains (losses) and other settlements
on insured derivatives - (428 ) - - - (428 ) - (428 )

Unrealized gains (losses) on insured derivatives

  -       1,203       -     -     -       1,203       -       1,203  
Net change in fair value of insured derivatives - 775 - - - 775 - 775
Net gains (losses) on financial instruments at
fair value and foreign exchange 11 (14 ) - 3 (59 ) (59 ) 53 (6 )
Investment losses related to
other-than-temporary impairments:
Investment losses related to
other-than-temporary impairments - (2 ) - - - (2 ) - (2 )
Other-than-temporary impairments recognized
in accumulated other comprehensive loss   -       -       -     -     (1 )     (1 )     -       (1 )
Net investment losses related to
other-than-temporary impairments - (2 ) - - (1 ) (3 ) - (3 )
Other net realized gains (losses) - - - 5 1 6 - 6
Revenues of consolidated VIEs:
Net investment income - 14 - - 2 16 1 17
Net gains (losses) on financial instruments at
fair value and foreign exchange - (36 ) - - - (36 ) 2 (34 )
Net gains (losses) on extinguishment of debt   -       -       -     -     33       33       -       33  
Total revenues 199 843 16 70 (11 ) 1,117 (78 ) 1,039
 
Expenses:
Losses and loss adjustment (3 ) 65 - - - 62 - 62
Amortization of deferred acquisition costs 26 31 - - - 57 (42 ) 15
Operating 28 28 16 28 5 105 (27 ) 78
Interest - 59 - 14 26 99 (28 ) 71
Expenses of consolidated VIEs:
Operating - 4 - - 35 39 (36 ) 3
Interest - 11 - - 4 15 - 15
                             
Total expenses   51       198       16     42     70       377       (133 )     244  
 
Pre-tax income (loss) $ 148     $ 645     $ -   $ 28   $ (81 )   $ 740     $ 55   795
 
Provision (benefit) for income taxes     214  
 
Net income (loss)   $ 581  
 

                 
MBIA INC. AND SUBSIDIARIES
STATEMENTS OF OPERATIONS (Unaudited)
(in millions)
 
Structured
U.S. Finance and
Public Finance International Advisory
Three months ended June 30, 2011 Insurance Insurance Services Wind-down
(National)   (MBIA Corp.)   (Cutwater)   Corporate   Operations   Subtotal   Eliminations   Consolidated
Revenues:
Premiums earned:
Scheduled premiums earned $ 75 $ 55 $ - $ - $ - $ 130 $ (14 ) $ 116
Refunding premiums earned   31       8       -       -       -       39       (6 )     33  
Total premiums earned 106 63 - - - 169 (20 ) 149
Net investment income 54 17 - (1 ) 20 90 5 95
Fees and reimbursements 2 26 17 23 - 68 (57 ) 11
Change in fair value of insured derivatives:
Realized gains (losses) and other settlements
on insured derivatives 1 (192 ) - - - (191 ) - (191 )
Unrealized gains (losses) on insured derivatives   -       116       -       -       -       116       -       116  
Net change in fair value of insured derivatives 1 (76 ) - - - (75 ) - (75 )
Net gains (losses) on financial instruments at
fair value and foreign exchange 14 - - 16 (133 ) (103 ) - (103 )
Investment losses related to
other-than-temporary impairments:
Investment losses related to
other-than-temporary impairments - (2 ) - - (4 ) (6 ) - (6 )
Other-than-temporary impairments recognized
in accumulated other comprehensive loss   -       -       -       -       (14 )     (14 )     -       (14 )
Net investment losses related to
other-than-temporary impairments - (2 ) - - (18 ) (20 ) - (20 )
Revenues of consolidated VIEs:
Net investment income - 13 - - 3 16 - 16
Net gains (losses) on financial instruments at
fair value and foreign exchange - 18 - - 2 20 2 22
Other net realized gains (losses) - - - - - - 3 3
                             
Total revenues 177 59 17 38 (126 ) 165 (67 ) 98
 
Expenses:
Losses and loss adjustment (9 ) 59 - - - 50 - 50
Amortization of deferred acquisition costs 23 40 - - - 63 (40 ) 23
Operating 19 32 20 25 3 99 (24 ) 75
Interest - 34 - 14 33 81 (6 ) 75
Expenses of consolidated VIEs:
Operating - 8 - - 1 9 (2 ) 7
Interest - 11 - - 4 15 - 15
                             
Total expenses   33       184       20       39       41       317       (72 )     245  
 
Pre-tax income (loss) $ 144     $ (125 )   $ (3 )   $ (1 )   $ (167 )   $ (152 )   $ 5   (147 )
 
Provision (benefit) for income taxes     (284 )
 
Net income (loss)   $ 137  
 

                         
MBIA INC. AND SUBSIDIARIES
STATEMENTS OF OPERATIONS (Unaudited)
(in millions)
 
Structured
U.S. Finance and
Public Finance International Advisory
Six months ended June 30, 2012 Insurance Insurance Services Wind-down
(National)   (MBIA Corp.)   (Cutwater)   Corporate   Operations   Subtotal   Eliminations   Consolidated
Revenues:
Premiums earned:
Scheduled premiums earned $ 116 $ 105 $ - $ - $ - $ 221 $ (15 ) $ 206
Refunding premiums earned   120     -       -       -     -       120       (17 )     103  
Total premiums earned 236 105 - - - 341 (32 ) 309
Net investment income 110 14 - 7 30 161 (39 ) 122
Fees and reimbursements 3 66 29 79 - 177 (150 ) 27
Change in fair value of insured derivatives:
Realized gains (losses) and other settlements
on insured derivatives - (432 ) - - - (432 ) - (432 )
Unrealized gains (losses) on insured derivatives   -     1,506       -       -     -       1,506       -       1,506  
Net change in fair value of insured derivatives - 1,074 - - - 1,074 - 1,074
Net gains (losses) on financial instruments at
fair value and foreign exchange 21 3 - 8 (132 ) (100 ) 75 (25 )
Investment losses related to
other-than-temporary impairments:
Investment losses related to
other-than-temporary impairments - (3 ) - - (52 ) (55 ) - (55 )
Other-than-temporary impairments recognized
in accumulated other comprehensive loss   -     (38 )     -       -     (4 )     (42 )     -       (42 )
Net investment losses related to
other-than-temporary impairments - (41 ) - - (56 ) (97 ) - (97 )
Other net realized gains (losses) - 1 - 5 - 6 - 6
Revenues of consolidated VIEs:
Net investment income - 27 - - 5 32 2 34
Net gains (losses) on financial instruments at
fair value and foreign exchange - (67 ) - - - (67 ) 6 (61 )
Net gains (losses) on extinguishment of debt   -     -       -       -     33       33       -       33  
Total revenues 370 1,182 29 99 (120 ) 1,560 (138 ) 1,422
 
Expenses:
Losses and loss adjustment 11 148 - - - 159 - 159
Amortization of deferred acquisition costs 49 57 - - - 106 (78 ) 28
Operating 108 85 33 52 9 287 (52 ) 235
Interest - 113 - 29 56 198 (53 ) 145
Expenses of consolidated VIEs:
Operating - 11 - - 35 46 (37 ) 9
Interest - 22 - - 8 30 - 30
                             
Total expenses   168     436       33       81     108       826       (220 )     606  
 
Pre-tax income (loss) $ 202   $ 746     $ (4 )   $ 18   $ (228 )   $ 734     $ 82   816
 
Provision (benefit) for income taxes     225  
 
Net income (loss)   $ 591  
 

 
MBIA INC. AND SUBSIDIARIES
STATEMENTS OF OPERATIONS (Unaudited)
(in millions)
                 
Structured
U.S. Finance and
Public Finance International Advisory
Six months ended June 30, 2011 Insurance Insurance Services Wind-down
(National)   (MBIA Corp.)   (Cutwater)   Corporate   Operations   Subtotal   Eliminations   Consolidated
Revenues:
Premiums earned:
Scheduled premiums earned $ 152 $ 122 $ - $ - $ - $ 274 $ (31 ) $ 243
Refunding premiums earned   43       8       -       -     -       51       (8 )     43  
Total premiums earned 195 130 - - - 325 (39 ) 286
Net investment income 112 48 - - 41 201 8 209
Fees and reimbursements 4 53 32 45 - 134 (109 ) 25
Change in fair value of insured derivatives:
Realized gains (losses) and other settlements
on insured derivatives 1 (547 ) - - - (546 ) - (546 )
Unrealized gains (losses) on insured derivatives   -       (1,307 )     -       -     -       (1,307 )     -       (1,307 )
Net change in fair value of insured derivatives 1 (1,854 ) - - - (1,853 ) - (1,853 )
Net gains (losses) on financial instruments at
fair value and foreign exchange 17 33 - 39 (216 ) (127 ) - (127 )
Investment losses related to
other-than-temporary impairments:
Investment losses related to
other-than-temporary impairments - (2 ) - - (11 ) (13 ) - (13 )
Other-than-temporary impairments recognized
in accumulated other comprehensive loss   -       (2 )     -       -     (18 )     (20 )     -       (20 )
Net investment losses related to
other-than-temporary impairments - (4 ) - - (29 ) (33 ) - (33 )
Net gains (losses) on extinguishment of debt - - - - 24 24 2 26
Other net realized gains (losses) - 1 - - 4 5 - 5
Revenues of consolidated VIEs:
Net investment income - 27 - - 7 34 - 34
Net gains (losses) on financial instruments at
fair value and foreign exchange - (113 ) - - 12 (101 ) 16 (85 )
Other net realized gains (losses) - - - - - - 3 3
                             
Total revenues 329 (1,679 ) 32 84 (157 ) (1,391 ) (119 ) (1,510 )
 
Expenses:
Losses and loss adjustment (5 ) 19 - - - 14 - 14
Amortization of deferred acquisition costs 41 73 - - - 114 (75 ) 39
Operating 38 69 36 50 6 199 (49 ) 150
Interest - 67 - 30 66 163 (13 ) 150
Expenses of consolidated VIEs:
Operating - 18 - - 2 20 (3 ) 17
Interest - 21 - - 9 30 - 30
                             
Total expenses   74       267       36       80     83       540       (140 )     400  
 
Pre-tax income (loss) $ 255     $ (1,946 )   $ (4 )   $ 4   $ (240 )   $ (1,931 )   $ 21   (1,910 )
 
Provision (benefit) for income taxes     (772 )
 
Net income (loss)   $ (1,138 )
 

               

MBIA INC. AND SUBSIDIARIES

ADJUSTED PRE-TAX INCOME (LOSS) RECONCILIATION (1)

(in millions)
 
Three Months Ended Six Months Ended
June 30, June 30,
  2012     2011     2012     2011  
 
Adjusted total revenues $ 317 $ 178 $ 432 $ 509
Adjusted total expenses   469     17     1,132     324  
Adjusted pre-tax income (loss) (152 ) 161 (700 ) 185
Additions to adjusted pre-tax income (loss):
Impact of consolidating certain VIEs 29 43 33 58
Mark-to-market gain (loss) on insured credit derivatives 1,203 88 1,506 (1,503 )
Subtractions from adjusted pre-tax income (loss):
Impairments on insured credit derivatives   285     439     23     650  
Pre-tax income (loss) $ 795   $ (147 ) $ 816   $ (1,910 )
 
 
 

STRUCTURED FINANCE & INTERNATIONAL INSURANCE (MBIA CORP.)

ADJUSTED PRE-TAX INCOME (LOSS) RECONCILIATION (1)

(in millions)
 
Three Months Ended Six Months Ended
June 30, June 30,
  2012     2011     2012     2011  
 
Adjusted total revenues $ 122 $ 143 $ 214 $ 357
Adjusted total expenses   422     (45 )   960     189  
Adjusted pre-tax income (loss) (300 ) 188 (746 ) 168
Additions to adjusted pre-tax income (loss):
Impact of consolidating certain VIEs 27 38 9 39
Mark-to-market gain (loss) on insured credit derivatives 1,203 88 1,506 (1,503 )
Subtractions from adjusted pre-tax income (loss):
Impairments on insured credit derivatives   285     439     23     650  
Pre-tax income (loss) $ 645   $ (125 ) $ 746   $ (1,946 )
 

(1) A non-GAAP measure; please see Explanation of Non-GAAP Financial Measures.

 

     
MBIA INC. AND SUBSIDIARIES
 

Components of Adjusted Book Value per Share:

 

  June 30,  

December 31,

2012

2011

  Change  

 
 
Reported Book Value $12.92 $8.80 $4.12
 
Adjustments for items included in book value per share (after-tax):
 
Cumulative net loss from consolidating certain VIEs (1) 0.78 0.82 ($0.04 )
 
Cumulative unrealized loss on insured credit derivatives 11.02 16.12 ($5.10 )
 
Net unrealized (gains) losses included in OCI (0.39 ) 0.85 ($1.24 )
 
Adjustments for items not included in book value per share (after-tax):
 
Net unearned premium revenue (2) (3) 10.49 11.65 ($1.16 )
 
Cumulative impairments on insured credit derivatives (3.59 ) (3.74 ) $0.15
     
Adjusted Book Value (4) $31.23   $34.50   ($3.27 )
 
      (1)   Represents the impact on consolidated total equity of VIEs that are not considered business enterprises of the Company.
(2)

The discount rate on financial guarantee installment premiums was the risk free rate as defined by accounting principles for financial guarantee insurance contracts and the discount rate on insured derivative installment revenue and impairments was 5.0%.

(3)

The amounts consist of installment and upfront financial guarantee premiums, insured derivative revenue and deferred commitment/structuring fees, net of deferred acquisition costs.

(4) A non-GAAP measure; please see Explanation of Non-GAAP Financial Measures.
 
               

Net Income (Loss) per Common Share:

Three Months Ended Six Months Ended
June 30, June 30,
2012 2011 2012 2011
Basic $2.99 $0.69 $3.05 ($5.70)
Diluted $2.98 $0.68 $3.03 ($5.70)
 

Weighted-Average Number of Common Shares Outstanding:

 
Basic 193,926,953 199,295,797 193,700,328 199,602,865
Diluted 194,941,233 200,064,679 194,763,617 199,602,865
 

     

INSURANCE OPERATIONS

 

Selected Financial Data Computed on a Statutory Basis

(dollars in millions)

 

National Public Finance Guarantee Corporation

 

  June 30, 2012

December 31, 2011

 
Policyholders' surplus $ 1,643.2 $ 1,423.7
Contingency reserve   1,328.8     1,385.3  
 
Statutory capital 2,972.0 2,809.0
 
Unearned premium reserve 2,284.4 2,484.9
Present value of installment premiums (1)   230.0     239.0  
 
Premium resources (2) 2,514.4 2,723.9
 
Net loss and loss adjustment expense reserves (1) (13.8 ) (3.4 )
Salvage reserves   182.4     161.2  
Gross loss and loss adjustment expense reserves 168.6 157.8
 
   
Total claims-paying resources $ 5,655.0   $ 5,690.7  
 
 
Net debt service outstanding $ 579,404.2 $ 635,653.0
 
Capital ratio (3) 195:1 226:1
 
Claims-paying ratio (4) 121:1 134:1
 
 
 

MBIA Insurance Corporation

June 30, 2012

December 31, 2011

 
Policyholders' surplus $ 1,239.0 $ 1,596.6
Contingency reserve   463.8     706.4  
 
Statutory capital 1,702.8 2,303.0
 
Unearned premium reserve 594.0 607.1
Present value of installment premiums (5)   1,085.3     1,225.8  
 
Premium resources (2) 1,679.3 1,832.9
 
Net loss and loss adjustment expense reserves (5) (2,474.7 ) (2,266.4 )
Salvage reserves (6)   4,319.8     4,249.0  
Gross loss and loss adjustment expense reserves 1,845.1 1,982.6
 
   
Total claims-paying resources $ 5,227.2   $ 6,118.5  
 
 
Net debt service outstanding $ 152,830.5 $ 180,805.3
 
Capital ratio (3) 90:1 79:1
 
Claims-paying ratio (4) 33:1 33:1
 
(1)   At June 30, 2012 and December 31, 2011 the discount rate was 4.77%.
(2) The amounts consist of Financial Guarantee premiums and Insured Derivative premiums.
(3) Net debt service outstanding divided by statutory capital.
(4)

Net debt service outstanding divided by the sum of statutory capital, unearned premium reserve (after-tax), present value of installment premiums (after-tax), net loss and loss adjustment expense reserves and salvage reserves.

(5) At June 30, 2012 and December 31, 2011 the discount rate was 5.59%.
(6)

The amount primarily consists of expected recoveries related to the Company's put-back claims of ineligible mortgage loans.





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