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Stanley Black & Decker Reports 3Q 2012 Results

Stocks in this article: SWK

The Company’s ability to deliver the Results is also dependent upon: (i) the success of the Company’s marketing and sales efforts, including the ability to develop and market new and innovative products in both existing and new markets; (ii) the ability of the Company to maintain or improve production rates in the Company’s manufacturing facilities, respond to significant changes in product demand and fulfill demand for new and existing products; (iii) the Company’s ability to continue improvements in working capital through effective management of accounts receivable and inventory levels; (iv) the ability to continue successfully managing and defending claims and litigation; (v) the success of the Company’s efforts to mitigate any cost increases generated by, for example, increases in the cost of energy or significant Chinese Renminbi or other currency appreciation; (vi) the geographic distribution of the Company’s earnings; (vii) the commitment to and success of the Stanley Fulfillment System; (viii) successful implementation with expected results of cost reduction programs; and (ix) successful completion of share repurchases at anticipated costs.

The Company’s ability to achieve the Results will also be affected by external factors. These external factors include: challenging global macroeconomic environment; the continued economic growth of emerging markets, particularly Latin America; pricing pressure and other changes within competitive markets; the continued consolidation of customers particularly in consumer channels; inventory management pressures on the Company’s customers; the impact that tightened credit markets may have on the Company or its customers or suppliers; the extent to which the Company has to write off accounts receivable or assets or experiences supply chain disruptions in connection with bankruptcy filings by customers or suppliers; increasing competition; changes in laws, regulations and policies that affect the Company, including, but not limited to trade, monetary, tax and fiscal policies and laws; the timing and extent of any inflation or deflation; currency exchange fluctuations; the impact of dollar/foreign currency exchange and interest rates on the competitiveness of products and the Company’s debt program; the strength of the U.S. and European economies; the market price for Company common stock; the extent to which world-wide markets associated with homebuilding and remodeling stabilize and rebound; the effect of cost-cutting measures implemented by governmental authorities on the demand for the Company’s products and those of its customers; the impact of events that cause or may cause disruption in the Company’s manufacturing, distribution and sales networks such as war, terrorist activities, and political unrest; and recessionary or expansive trends in the economies of the world in which the Company operates. The Company undertakes no obligation to publicly update or revise any forward-looking statements to reflect events or circumstances that may arise after the date hereof.

STANLEY BLACK & DECKER, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited, Millions of Dollars Except Per Share Amounts)
         
 
THIRD QUARTER YEAR TO DATE
 
2012 2011 2012 2011
 
NET SALES $ 2,786.7 $ 2,619.7 $ 8,253.8 $ 7,584.5
 
COSTS AND EXPENSES -
Cost of sales   1,777.2     1,651.4     5,235.9     4,775.9  
Gross margin 1,009.5 968.3 3,017.9 2,808.6
% to Net Sales 36.2 % 37.0 % 36.6 % 37.0 %
 
Selling, general and administrative 655.7 639.7 2,004.7 1,871.6
% to Net sales 23.5 % 24.4 % 24.3 % 24.7 %
 
Operating margin 353.8 328.6 1,013.2 937.0
% to Net sales 12.7 % 12.5 % 12.3 % 12.4 %
 
Other - net 122.5 89.6 294.2 201.7
Restructuring charges   53.4     14.9     114.1     49.2  

Income from operations

177.9 224.1 604.9 686.1
 
Interest - net   34.1     26.8     97.6     83.2  
 
EARNINGS FROM CONTINUING OPERATIONS BEFORE INCOME TAXES 143.8 197.3 507.3 602.9
Income taxes on continuing operations   28.8     35.1     116.7     86.0  
NET EARNINGS FROM CONTINUING OPERATIONS   115.0     162.2     390.6     516.9  
 
Less: net (loss) earnings attributable to non-controlling interests   (0.2 )   0.7     (1.2 )   0.4  
 
NET EARNINGS FROM CONTINUING OPERATIONS ATTRIBUTABLE
TO COMMON SHAREOWNERS   115.2     161.5     391.8     516.5  
 
Net loss from discontinued operations before income taxes - (8.7 ) - (7.6 )
Income tax benefit on discontinued operations   -     (1.8 )   -     (1.7 )
NET LOSS FROM DISCONTINUED OPERATIONS   -     (6.9 )   -     (5.9 )
 
NET EARNINGS ATTRIBUTABLE TO COMMON SHAREOWNERS $ 115.2   $ 154.6   $ 391.8   $ 510.6  
 
 
BASIC EARNINGS (LOSS) PER SHARE OF COMMON STOCK
Continuing operations $ 0.71 $ 0.98 $ 2.39 $ 3.10
Discontinued operations   -     (0.04 )   -     (0.04 )
Total basic earnings per share of common stock $ 0.71   $ 0.94   $ 2.39   $ 3.06  
 
DILUTED EARNINGS (LOSS) PER SHARE OF COMMON STOCK
Continuing operations $ 0.69 $ 0.96 $ 2.34 $ 3.02
Discontinued operations   -     (0.04 )   -     (0.04 )
Total diluted earnings per share of common stock $ 0.69   $ 0.92   $ 2.34   $ 2.99  
-
DIVIDENDS PER SHARE $ 0.49   $ 0.41   $ 1.31   $ 1.23  
 
AVERAGE SHARES OUTSTANDING (in thousands)
Basic   162,990     164,962     163,835     166,524  
Diluted   166,043     168,896     167,568     170,976  
 
STANLEY BLACK & DECKER, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(Millions of Dollars)
     
(Unaudited)
September 29, December 31,
2012 2011
 
ASSETS
Cash and cash equivalents $ 769.5 $ 906.9
Accounts and notes receivable, net 1,829.9 1,553.2
Inventories, net 1,702.0 1,438.6
Other current assets   452.5   424.0
Total current assets   4,753.9   4,322.7
Property, plant and equipment, net 1,385.5 1,250.9
Goodwill and other intangibles, net 10,694.5 10,037.1
Other assets   280.3   338.3
Total assets $ 17,114.2 $ 15,949.0
 
 
LIABILITIES AND SHAREOWNERS' EQUITY
Short-term borrowings $ 1,545.3 $ 526.6
Accounts payable 1,489.2 1,312.6
Accrued expenses   1,635.8   1,429.3
Total current liabilities   4,670.3   3,268.5
Long-term debt 2,728.9 2,925.8
Other long-term liabilities 2,451.1 2,687.9
Stanley Black & Decker, Inc. shareowners' equity 7,204.4 7,003.6
Non-controlling interests' equity   59.5   63.2
Total liabilities and equity $ 17,114.2 $ 15,949.0
 
STANLEY BLACK & DECKER, INC. AND SUBSIDIARIES
SUMMARY OF CASH FLOW ACTIVITY
(Unaudited, Millions of Dollars)
           
THIRD QUARTER YEAR TO DATE
 
2012 2011 2012 2011
OPERATING ACTIVITIES
Net earnings from continuing operations $ 115.0 $ 162.2 $ 390.6 $ 516.9
Net loss attributed to discontinued operations - (6.9 ) - (5.9 )
Depreciation and amortization 105.8 100.3 330.6 298.0
Changes in working capital 1 (174.8 ) (13.8 ) (286.0 ) (72.0 )
Other   105.2     (85.9 )   (17.1 )   (281.4 )
Net cash provided by operating activities 151.2 155.9 418.1 455.6
 
 
INVESTING AND FINANCING ACTIVITIES
Capital and software expenditures (89.0 ) (58.4 ) (259.5 ) (196.4 )
Business acquisitions (106.4 ) (1,013.1 ) (695.1 ) (1,177.7 )
Proceeds from sale of assets/businesses 2.3 2.5 8.6 28.5
Proceeds from issuance of common stock 27.4 17.0 102.9 102.4
Net short-term borrowings (repayments) 527.4 (68.8 ) 1,316.3 556.0
Cash dividends on common stock (82.5 ) (69.1 ) (221.3 ) (206.6 )
Payments on long-term debt (900.9 ) (1.8 ) (1,222.0 ) (403.2 )
Premium paid on debt extinguishment (91.0 ) - (91.0 ) -
Purchase of common stock for treasury - (0.1 ) (217.8 ) (6.2 )
Proceeds from long-term borrowings 729.4 0.9 729.4 21.4
Other   23.8     (29.2 )   (6.0 )   (66.4 )
Net cash provided by (used in) investing and financing activities 40.5 (1,220.1 ) (555.5 ) (1,348.2 )
 
Increase (Decrease) in Cash and Cash Equivalents 191.7 (1,064.2 ) (137.4 ) (892.6 )
 
Cash and Cash Equivalents, Beginning of Period   577.8     1,914.4     906.9     1,742.8  
 
Cash and Cash Equivalents, End of Period $ 769.5   $ 850.2   $ 769.5   $ 850.2  
 
 

1

The change in working capital is comprised of accounts receivable, inventory, accounts payable and deferred revenue.
 
STANLEY BLACK & DECKER, INC. AND SUBSIDIARIES
BUSINESS SEGMENT INFORMATION
(Unaudited, Millions of Dollars)
           
 
THIRD QUARTER YEAR TO DATE
 
2012 2011 2012 2011
NET SALES
 
Construction & DIY $ 1,376.1 $ 1,337.6 $ 3,991.5 $ 3,912.8
Security 789.7 648.2 2,344.7 1,811.2
Industrial   620.9     633.9     1,917.6     1,860.5  
Total $ 2,786.7   $ 2,619.7   $ 8,253.8   $ 7,584.5  
 
 
SEGMENT PROFIT
Construction & DIY $ 200.3 $ 169.8 $ 564.6 $ 516.9
Security 120.2 107.3 319.2 283.8
Industrial   95.1     106.8     314.1     308.7  
Segment Profit 415.6 383.9 1,197.9 1,109.4
Corporate Overhead   (61.8 )   (55.3 )   (184.7 )   (172.4 )
Total $ 353.8   $ 328.6   $ 1,013.2   $ 937.0  
 
 
Segment Profit as a Percentage of Net Sales
Construction & DIY 14.6 % 12.7 % 14.1 % 13.2 %
Security 15.2 % 16.6 % 13.6 % 15.7 %
Industrial   15.3 %   16.8 %   16.4 %   16.6 %
Segment Profit 14.9 % 14.7 % 14.5 % 14.6 %
Corporate Overhead   (2.2 %)   (2.2 %)   (2.2 %)   (2.2 %)
Total   12.7 %   12.5 %   12.3 %   12.4 %
 
STANLEY BLACK & DECKER, INC. AND SUBSIDIARIES  
RECONCILIATION OF GAAP EARNINGS FINANCIAL MEASURES TO CORRESPONDING
NON-GAAP FINANCIAL MEASURES
(Unaudited, Millions of Dollars Except Per Share Amounts)
     
THIRD QUARTER 2012
Reported

Merger & Acquisition- Related and Other Charges 1

Normalized 2
 
 
Gross margin $ 1,009.5 $ 11.6 $ 1,021.1
% to Net Sales 36.2 % 36.6 %
 
Selling, general and administrative 655.7 (38.9 ) 616.8
% to Net Sales 23.5 % 22.1 %
 
Operating margin 353.8 50.5 404.3
% to Net Sales 12.7 % 14.5 %
 
Earnings from continuing operations before income taxes 143.8 161.3 305.1
 
Income taxes on continuing operations 28.8 44.4 73.2
 
Net earnings from continuing operations 115.2 116.9 232.1
 
Diluted earnings per share of common stock $ 0.69 $ 0.71 $ 1.40
 
 

1

Merger and acquisition-related charges relate primarily to the Black & Decker merger and Niscayah acquisition, including facility closure-related charges, employee-related charges, integration costs, as well as cost containment charges. Other charges relate to the loss on extinguishment of debt.
 

2

The normalized 2012 and 2011 information, as reconciled to GAAP above, is considered relevant to aid analysis of the company’s margin and earnings results aside from the material impact of the merger & acquisition-related charges as well as charges associated with the loss on extinguishment of debt.
 
 
THIRD QUARTER 2011
Reported

Merger & Acquisition- Related Charges 3

Normalized 4

 
 
Gross margin $ 968.3 $ 15.4 $ 983.7
% to Net Sales 37.0 % 37.5 %
 
Selling, general and administrative 639.7 (21.8 ) 617.9
% to Net Sales 24.4 % 23.6 %
 
Operating margin 328.6 37.2 365.8
% to Net Sales 12.5 % 14.0 %
 
Earnings from continuing operations before income taxes 197.3 85.7 283.0
 
Income taxes on continuing operations 35.1 22.1 57.2
 
Net earnings from continuing operations 161.5 63.6 225.1
 
Diluted earnings per share of common stock $ 0.96 $ 0.37 $ 1.33
 
 

3

Merger and acquisition-related charges relate primarily to the Black & Decker merger and Niscayah acquisition, including facility closure-related charges, employee-related charges and integration costs.
 

4

The normalized 2012 and 2011 information, as reconciled to GAAP above, is considered relevant to aid analysis of the company’s margin and earnings results aside from the material impact of the merger & acquisition-related charges.
 
       
STANLEY BLACK & DECKER, INC. AND SUBSIDIARIES
RECONCILIATION OF GAAP EARNINGS FINANCIAL MEASURES TO CORRESPONDING
NON-GAAP FINANCIAL MEASURES
(Unaudited, Millions of Dollars Except Per Share Amounts)
 
YEAR TO DATE 2012
Reported

Merger & Acquisition- Related and Other Charges 1

Normalized 2
 
 
Gross margin $ 3,017.9 $ 25.8 $ 3,043.7
% to Net Sales 36.6 % 36.9 %
 
Selling, general and administrative 2,004.7 (101.2 ) 1,903.5
% to Net Sales 24.3 % 23.1 %
 
Operating margin 1,013.2 127.0 1,140.2
% to Net Sales 12.3 % 13.8 %
 
Earnings from continuing operations before income taxes 507.3 324.0 831.3
 
Income taxes on continuing operations 116.7 78.5 195.2
 
Net earnings from continuing operations 391.8 245.5 637.3
 
Diluted earnings per share of common stock $ 2.34 $ 1.46 $ 3.80
 
 

1

Merger and acquisition-related charges relate primarily to the Black & Decker merger and Niscayah acquisition, including facility closure-related charges, employee-related charges, integration costs, as well as cost containment charges. Other charges relate to the loss on extinguishment of debt.
 

2

The normalized 2012 and 2011 information, as reconciled to GAAP above, is considered relevant to aid analysis of the company’s margin and earnings results aside from the material impact of the merger & acquisition-related charges as well as charges associated with the loss on extinguishment of debt.
 
 
YEAR TO DATE 2011
Reported

Merger & Acquisition- Related Charges 3

Normalized 4
 
 
Gross margin $ 2,808.6 $ 26.5 $ 2,835.1
% to Net Sales 37.0 % 37.4 %
 
Selling, general and administrative 1,871.6 (55.6 ) 1,816.0
% to Net Sales 24.7 % 23.9 %
 
Operating margin 937.0 82.1 1,019.1
% to Net Sales 12.4 % 13.4 %
 
Earnings from continuing operations before income taxes 602.9 172.5 775.4
 
Income taxes on continuing operations 86.0 25.6 111.6
 
Net earnings from continuing operations 516.5 146.9 663.4
 
Diluted earnings per share of common stock $ 3.02 $ 0.86 $ 3.88
 
 

3

Merger and acquisition-related charges relate primarily to the Black & Decker merger and Niscayah acquisition, including facility closure-related charges, employee-related charges and integration costs.
 

4

The normalized 2012 and 2011 information, as reconciled to GAAP above, is considered relevant to aid analysis of the company’s margin and earnings results aside from the material impact of the merger & acquisition-related charges.
 
STANLEY BLACK & DECKER INC. AND SUBSIDIARIES
RECONCILIATION OF GAAP CASH FLOW FINANCIAL MEASURES TO CORRESPONDING
NON-GAAP FINANCIAL MEASURES
(Unaudited, Millions of Dollars)
           
THIRD QUARTER 2012
 
Reported

Merger & Acquisition- Related Charges and Payments 1

Normalized 2
 

Free Cash Flow Computation 3

Net cash provided by operating activities $ 151.2 83.5 $ 234.7
Less: capital and software expenditures   (89.0 ) 23.2   (65.8 )
Free Cash Inflow (before dividends) $ 62.2   $ 168.9  
 

1

Merger and acquisition-related charges relate primarily to the Black & Decker merger and Niscayah acquisition, including facility closure-related charges, employee-related charges, integration costs, as well as cost containment charges.
 
 
THIRD QUARTER 2011
 
Reported

Merger & Acquisition- Related Charges and Payments 4

Normalized 2
 

Free Cash Flow Computation 3

Net cash provided by operating activities $ 155.9 72.8 $ 228.7
Less: capital and software expenditures   (58.4 ) 6.0   (52.4 )
Free Cash Inflow (before dividends) $ 97.5   $ 176.3  
 
 

2, 3

Free cash flow is defined as cash flow from operations less capital and software expenditures. Management considers free cash flow an important measure of its liquidity, as well as its ability to fund future growth and to provide a return to the shareowners. Free cash flow does not include deductions for mandatory debt service, other borrowing activity, discretionary dividends on the Company’s common stock and business acquisitions, among other items. Normalized cash flow and free cash flow, as reconciled above, are considered meaningful pro forma metrics to aid the understanding of the company's cash flow performance aside from the material impact of merger and acquisition-related activities.
 

4

Merger and acquisition-related charges relate primarily to the Black & Decker merger and Niscayah acquisition, including facility closure-related charges, employee-related charges and integration costs.
 
STANLEY BLACK & DECKER, INC. AND SUBSIDIARIES
RECONCILIATION OF GAAP CASH FLOW FINANCIAL MEASURES TO CORRESPONDING
NON-GAAP FINANCIAL MEASURES
(Unaudited, Millions of Dollars)
           
YEAR TO DATE 2012
 
Reported

Merger & Acquisition- Related Charges and Payments 1

Normalized 2
 

Free Cash Flow Computation 3

Net cash provided by operating activities $ 418.1 212.2 $ 630.3
Less: capital and software expenditures   (259.5 ) 92.0   (167.5 )
Free Cash Inflow (before dividends) $ 158.6   $ 462.8  
 

1

Merger and acquisition-related charges relate primarily to the Black & Decker merger and Niscayah acquisition, including facility closure-related charges, employee-related charges, integration costs, as well as cost containment charges.
 
 
YEAR TO DATE 2011
 
Reported

Merger & Acquisition- Related Charges and Payments 4

Normalized 2
 

Free Cash Flow Computation 3

Net cash provided by operating activities $ 455.6 154.1 $ 609.7
Less: capital and software expenditures   (196.4 ) 36.7   (159.7 )
Free Cash Inflow (before dividends) $ 259.2   $ 450.0  
 
 

2, 3

Free cash flow is defined as cash flow from operations less capital and software expenditures. Management considers free cash flow an important measure of its liquidity, as well as its ability to fund future growth and to provide a return to the shareowners. Free cash flow does not include deductions for mandatory debt service, other borrowing activity, discretionary dividends on the Company’s common stock and business acquisitions, among other items. Normalized cash flow and free cash flow, as reconciled above, are considered meaningful pro forma metrics to aid the understanding of the company's cash flow performance aside from the material impact of merger and acquisition-related activities.
 

4

Merger and acquisition-related charges relate primarily to the Black & Decker merger and Niscayah acquisition, including facility closure-related charges, employee-related charges and integration costs.
 
STANLEY BLACK & DECKER, INC. AND SUBSIDIARIES
RECONCILIATION OF GAAP SEGMENT PROFIT FINANCIAL MEASURES TO CORRESPONDING
NON-GAAP FINANCIAL MEASURES
(Unaudited, Millions of Dollars)
         
 
THIRD QUARTER 2012
 
Reported

Merger & Acquisition- Related Charges 1

Normalized 2
 
SEGMENT PROFIT
 
Construction & DIY $ 200.3 $ 17.2 $ 217.5
Security 120.2 10.2 130.4
Industrial   95.1     0.6   95.7  
Segment Profit 415.6 28.0 443.6
Corporate Overhead   (61.8 )   22.5   (39.3 )
Total $ 353.8   $ 50.5 $ 404.3  
 
 
Segment Profit as a Percentage of Net Sales
Construction & DIY 14.6 % 15.8 %
Security 15.2 % 16.5 %
Industrial   15.3 %   15.4 %
Segment Profit 14.9 % 15.9 %
Corporate Overhead   (2.2 %)   (1.4 %)
Total   12.7 %   14.5 %
 
 
 
THIRD QUARTER 2011
 
Reported

Merger & Acquisition- Related Charges 1

Normalized 2
 
SEGMENT PROFIT
 
Construction & DIY $ 169.8 $ 6.7 $ 176.5
Security 107.3 11.1 118.4
Industrial   106.8     0.5   107.3  
Segment Profit 383.9 18.3 402.2
Corporate Overhead   (55.3 )   18.9   (36.4 )
Total $ 328.6   $ 37.2 $ 365.8  
 
 
Segment Profit as a Percentage of Net Sales
Construction & DIY 12.7 % 13.2 %
Security 16.6 % 18.2 %
Industrial   16.8 %   16.9 %
Segment Profit 14.7 % 15.3 %
Corporate Overhead   (2.2 %)   (1.3 %)
Total   12.5 %   14.0 %
 

1

Merger and acquisition-related charges relate primarily to the Black & Decker merger and Niscayah acquisition, including facility closure-related charges, employee-related charges and integration costs.
 

2

The normalized 2012 and 2011 business segment information, as reconciled to GAAP above, is considered relevant to aid analysis of the company’s segment profit results aside from the material impact of the merger and acquisition-related charges.
 
STANLEY BLACK & DECKER, INC. AND SUBSIDIARIES
RECONCILIATION OF GAAP SEGMENT PROFIT FINANCIAL MEASURES TO CORRESPONDING
NON-GAAP FINANCIAL MEASURES
(Unaudited, Millions of Dollars)
         
 
YEAR TO DATE 2012
 
Reported

Merger & Acquisition- Related Charges 1

Normalized 2
 
SEGMENT PROFIT
 
Construction & DIY $ 564.6 $ 31.0 $ 595.6
Security 319.2 34.7 353.9
Industrial   314.1     3.6   317.7  
Segment Profit 1,197.9 69.3 1,267.2
Corporate Overhead   (184.7 )   57.7   (127.0 )
Total $ 1,013.2   $ 127.0 $ 1,140.2  
 
 
Segment Profit as a Percentage of Net Sales
Construction & DIY 14.1 % 14.9 %
Security 13.6 % 15.1 %
Industrial   16.4 %   16.6 %
Segment Profit 14.5 % 15.4 %
Corporate Overhead   (2.2 %)   (1.5 %)
Total   12.3 %   13.8 %
 
 
YEAR TO DATE 2011
 
Reported

Merger & Acquisition- Related Charges 1

Normalized 2
 
SEGMENT PROFIT
 
Construction & DIY $ 516.9 $ 13.3 $ 530.2
Security 283.8 17.7 301.5
Industrial   308.7     0.8   309.5  
Segment Profit 1,109.4 31.8 1,141.2
Corporate Overhead   (172.4 )   50.3   (122.1 )
Total $ 937.0   $ 82.1 $ 1,019.1  
 
 
Segment Profit as a Percentage of Net Sales
Construction & DIY 13.2 % 13.6 %
Security 15.7 % 16.6 %
Industrial   16.6 %   16.6 %
Segment Profit 14.6 % 15.0 %
Corporate Overhead   (2.2 %)   (1.6 %)
Total   12.4 %   13.4 %
 

1

Merger and acquisition-related charges relate primarily to the Black & Decker merger and Niscayah acquisition, including facility closure-related charges, employee-related charges and integration costs.
 

2

The normalized 2012 and 2011 business segment information, as reconciled to GAAP above, is considered relevant to aid analysis of the company’s segment profit results aside from the material impact of the merger and acquisition-related charges.
 




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