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TheStreet Open House

CA Technologies Reports Second Quarter Fiscal Year 2013 Results

Copyright © 2012 CA, Inc. All Rights Reserved. One CA Plaza, Islandia, N.Y. 11749. All other trademarks, trade names, service marks, and logos referenced herein belong to their respective companies.

               
Table 1
CA Technologies
Consolidated Statements of Operations
(unaudited)
(in millions, except per share amounts)
 
Three Months Ended Six Months Ended

September 30,

September 30,

Revenue

2012

2011

2012

2011

Subscription and maintenance revenue $ 963 $ 1,022 $ 1,940 $ 2,029
Professional services 95 96 186 186
Software fees and other   94   82     171     148
Total revenue $ 1,152 $ 1,200   $ 2,297   $ 2,363
Expenses
Costs of licensing and maintenance $ 69 $ 71 $ 138 $ 138
Cost of professional services 88 91 174 179
Amortization of capitalized software costs 67 55 131 105
Selling and marketing 317 370 622 696
General and administrative 98 104 208 218
Product development and enhancements 123 140 248 258
Depreciation and amortization of other intangible assets 40 43 81 90
Other (gains) expenses, net   13   (7 )   (23 )   4
Total expenses before interest and income taxes $ 815 $ 867   $ 1,579   $ 1,688
Income from continuing operations before interest and income taxes $ 337 $ 333 $ 718 $ 675
Interest expense, net   10   6     21     15
Income from continuing operations before income taxes $ 327 $ 327 $ 697 $ 660
Income tax expense   105   91     235     196
Income from continuing operations $ 222 $ 236 $ 462 $ 464
Income from discontinued operations, net of income taxes   -   -     -     13
Net income $ 222 $ 236   $ 462   $ 477
 
Basic income per share
Income from continuing operations $ 0.48 $ 0.47 $ 0.99 $ 0.92
Income from discontinued operations   -   -     -     0.03
Net income $ 0.48 $ 0.47   $ 0.99   $ 0.95
Basic weighted average shares used in computation 458 493 462 497
 
Diluted income per share
Income from continuing operations $ 0.48 $ 0.47 $ 0.99 $ 0.92
Income from discontinued operations   -   -     -     0.03
Net income $ 0.48 $ 0.47   $ 0.99   $ 0.95
Diluted weighted average shares used in computation 459 494 463 498
 

       
Table 2
CA Technologies
Condensed Consolidated Balance Sheets
(in millions)
 
September 30, March 31,
2012 2012
(unaudited)
Cash and cash equivalents $ 2,086 $ 2,679
Short-term investments 162 -
Trade accounts receivable, net 584 902
Deferred income taxes 228 231
Other current assets   144     153  
Total current assets $ 3,204 $ 3,965
 
Property and equipment, net $ 350 $ 386
Goodwill 5,856 5,856
Capitalized software and other intangible assets, net 1,312 1,389
Deferred income taxes 169 151
Other noncurrent assets, net   249     250  
Total assets $ 11,140   $ 11,997  
 
Current portion of long-term debt $ 14 $ 14
Deferred revenue (billed or collected) 2,101 2,658
Deferred income taxes 14 14
Other current liabilities   1,004     1,065  
Total current liabilities $ 3,133 $ 3,751
 
Long-term debt, net of current portion $ 1,280 $ 1,287
Deferred income taxes 44 44
Deferred revenue (billed or collected) 826 972
Other noncurrent liabilities   527     546  
Total liabilities $ 5,810   $ 6,600  
 
Common stock $ 59 $ 59
Additional paid-in capital 3,566 3,491
Retained earnings 5,092 4,865
Accumulated other comprehensive loss (118 ) (108 )
Treasury stock   (3,269 )   (2,910 )
Total stockholders’ equity $ 5,330   $ 5,397  
Total liabilities and stockholders’ equity $ 11,140   $ 11,997  
 

       
Table 3
CA Technologies
Condensed Consolidated Statements of Cash Flows
(unaudited)
(in millions)
 
Three Months Ended

September 30,

2012

2011

Operating activities from continuing operations:
Income from continuing operations $ 222 $ 236
 
Adjustments to reconcile income from continuing operations to net cash provided
by operating activities:
Depreciation and amortization 107 98
Provision for deferred income taxes (27 ) 52
Provision for bad debts 2 -
Share-based compensation expense 21 16
Asset impairments and other non-cash items 2 7
Foreign currency transaction losses (gains) 7 (3 )
Changes in other operating assets and liabilities, net of effect of acquisitions:
Increase in trade accounts receivable (92 ) (19 )
Decrease in deferred revenue (283 ) (269 )
Increase in taxes payable, net 110 26
(Decrease) increase in accounts payable, accrued expenses and other (7 ) 16
Increase in accrued salaries, wages and commissions 28 63
Changes in other operating assets and liabilities   (1 )   (33 )
Net cash provided by operating activities - continuing operations $ 89   $ 190  
Investing activities from continuing operations:
Acquisitions of businesses, net of cash acquired, and purchased software $ (7 ) $ (340 )
Purchases of property and equipment (10 ) (21 )
Proceeds from divestiture of assets - 7
Capitalized software development costs (42 ) (46 )
(Purchases of) proceeds from investments, net   (154 )   7  
Net cash used in investing activities - continuing operations $ (213 ) $ (393 )
Financing activities from continuing operations:
Dividends paid $ (116 ) $ (25 )
Purchases of common stock (258 ) (200 )
Debt borrowings (repayments), net 21 (5 )
Exercise of common stock options and other   5     2  
Net cash used in financing activities - continuing operations $ (348 ) $ (228 )
Net change in cash and cash equivalents before effect of exchange rate

changes on cash - continuing operations

$ (472 ) $ (431 )
Effect of exchange rate changes on cash $ 17 $ (122 )
Cash provided by (used in) operating activities - discontinued operations   -     (5 )
Decrease in cash and cash equivalents $ (455 ) $ (558 )
Cash and cash equivalents at beginning of period $ 2,541   $ 2,761  
Cash and cash equivalents at end of period $ 2,086   $ 2,203  
 

                               

Table 4

CA Technologies
Operating Segments
(unaudited)
(in millions)
 
Three Months Ended September 30, 2012   Six Months Ended September 30, 2012
Mainframe Enterprise Mainframe Enterprise

Solutions (1)

Solutions (1)

Services (1)

Total

Solutions (1)

Solutions (1)

Services (1)

Total
 
Revenue (2) $ 619 $ 438 $ 95 $ 1,152 $ 1,247 $ 864 $ 186 $ 2,297
Expenses (3)   247     410     89     746     507     769     176     1,452  
Segment profit $ 372   $ 28   $ 6   $ 406   $ 740   $ 95   $ 10   $ 845  
Segment operating margin 60 % 6 % 6 % 35 % 59 % 11 % 5 % 37 %
 
Segment profit $ 406 $ 845
Less:
Purchased software amortization 27 54
Other intangibles amortization 13 27
Share-based compensation expense 21 44
Other (gains) expenses, net (4) 8 2
Interest expense, net   10     21  
Income from continuing operations before income taxes $ 327   $ 697  
 
 
Three Months Ended September 30, 2011 Six Months Ended September 30, 2011
Mainframe Enterprise Mainframe Enterprise

Solutions (1)

Solutions (1)

Services (1)

Total

Solutions (1)

Solutions (1)

Services (1)

Total
 
Revenue (2) $ 655 $ 449 $ 96 $ 1,200 $ 1,301 $ 876 $ 186 $ 2,363
Expenses (3)   308     422     92     822     584     804     180     1,568  
Segment profit $ 347   $ 27   $ 4   $ 378   $ 717   $ 72   $ 6   $ 795  
Segment operating margin 53 % 6 % 4 % 32 % 55 % 8 % 3 % 34 %
 
Segment profit $ 378 $ 795
Less:
Purchased software amortization 26 49
Other intangibles amortization 15 34
Share-based compensation expense 16 41
Other (gains) expenses, net (4) (12 ) (4 )
Interest expense, net   6     15  
Income from continuing operations before income taxes $ 327   $ 660  
 
(1)   • Mainframe Solutions – Our Mainframe Solutions segment addresses the mainframe market and is focused on making significant investments in order to be innovative in key management disciplines across our broad portfolio of products. Ongoing development is guided by customer needs, our cross-enterprise management philosophy and our Mainframe 2.0 strategy, which offers management capabilities designed to appeal to the next generation of mainframe staff while also offering productivity improvements to today’s mainframe experts. Our mainframe business assists customers by addressing three major challenges: lowering costs, providing high service levels by sustaining critical workforce skills and increasing agility to help deliver on business goals.

 

• Enterprise Solutions – Our Enterprise Solutions segment includes products that operate on non-mainframe platforms, such as service assurance, security (identity and access management), service and portfolio management, virtualization and service automation, SaaS, and cloud offerings. Our offerings help customers address their regulatory compliance demands, privacy needs, and internal security policies. Enterprise Solutions also focuses on delivering growth to the Company in the form of new customer acquisitions and revenue, while leveraging non-traditional routes-to-market and delivery models.

 

• Services – Our Services segment offers implementation, consulting, education and training services to customers, which is intended to promote a seamless customer experience and to increase the value that customers realize from our solutions.

 
(2) We regularly enter into a single arrangement with a customer that includes Mainframe Solutions segment software products, Enterprise Solutions segment software products and Services. The amount of contract revenue assigned to segments is generally based on the manner in which the proposal is made to the customer. The software product revenue is assigned to the Mainframe Solutions and Enterprise Solutions segments based on either: (1) a list price allocation method (which allocates a discount in the total contract price to the individual products in proportion to the list price of the product); (2) allocations included within internal contract approval documents; or (3) the value for individual software products as stated in the customer contract. The price for the implementation, consulting, education and training services is separately stated in the contract and these amounts of contract revenue are assigned to the Services segment. The contract value assigned to each segment is then recognized in a manner consistent with the revenue recognition policies we apply to the customer contract for purposes of preparing the Condensed Consolidated Financial Statements.
 
(3) Segment expenses include costs that are controllable by segment managers (i.e., direct costs) and, in the case of the Mainframe Solutions and Enterprise Solutions segments, an allocation of shared and indirect costs (i.e., allocated costs). Segment-specific direct costs include a portion of selling and marketing costs, licensing and maintenance costs, product development costs, general and administrative costs and amortization of the cost of internally developed software. Allocated segment costs primarily include indirect selling and marketing costs and general and administrative costs that are not directly attributable to a specific segment. The basis for allocating shared and indirect costs between the Mainframe Solutions and Enterprise Solutions segments is dependent on the nature of the cost being allocated and is either in proportion to segment revenues or in proportion to the related direct cost category. Expenses for the Services segment consist only of direct costs and there are no allocated or indirect costs for the Services segment.
 
(4) Other (gains) expenses, net consists of other unallocated costs including foreign exchange derivative (gains) losses, and other miscellaneous costs.

                               
Table 5
CA Technologies
Constant Currency Summary
(unaudited)
(in millions)
 
Three Months Ended September 30, Six Months Ended September 30,

% Increase

% Increase

% Increase

(Decrease)

% Increase

(Decrease)

(Decrease)

in Constant

(Decrease)

in Constant

2012 2011 in $ US

Currency (1)

2012 2011 in $ US

Currency (1)

 
Bookings $ 837 $ 972 (14 %) (13 %) $ 1,390 $ 1,837 (24 %) (23 %)
 
Revenue:
North America $ 730 $ 735 (1 %) 0 % $ 1,456 $ 1,451 0 % 1 %
International   422   465 (9 %) 0 %   841   912 (8 %) 0 %
Total revenue $ 1,152 $ 1,200 (4 %) 0 % $ 2,297 $ 2,363 (3 %) 0 %
 
Revenue:
Subscription and maintenance $ 963 $ 1,022 (6 %) (2 %) $ 1,940 $ 2,029 (4 %) (1 %)
Professional services 95 96 (1 %) 3 % 186 186 0 % 3 %
Software fees and other   94   82 15 % 16 %   171   148 16 % 17 %
Total revenue $ 1,152 $ 1,200 (4 %) 0 % $ 2,297 $ 2,363 (3 %) 0 %
 
Segment Revenue:
Mainframe solutions $ 619 $ 655 (5 %) (2 %) $ 1,247 $ 1,301 (4 %) (1 %)
Enterprise solutions 438 449 (2 %) 1 % 864 876 (1 %) 1 %
Services 95 96 (1 %) 3 % 186 186 0 % 3 %
 
Total expenses before interest and income taxes:
Total non-GAAP (2) $ 746 $ 822 (9 %) (6 %) $ 1,452 $ 1,568 (7 %) (4 %)
Total GAAP 815 867 (6 %) (5 %) 1,579 1,688 (6 %) (4 %)
 
(1)   Constant currency information is presented to provide a framework for assessing how our underlying businesses performed excluding the effect of foreign currency rate fluctuations. To present this information, current and comparative prior period results for entities reporting in currencies other than US dollars are converted into US dollars at the exchange rate in effect on March 31, 2012, which was the last day of our prior fiscal year. Constant currency excludes the impacts from the Company's hedging program.
 
(2) Refer to Table 7 for a reconciliation of total expenses before interest and income taxes to total non-GAAP operating expenses.
 
Certain non-material differences may arise versus actual from impact of rounding.
 

               
Table 6
CA Technologies
Reconciliation of Select GAAP Measures to Non-GAAP Measures
(unaudited)
(in millions)
 
Three Months Ended Six Months Ended

September 30,

September 30,

2012

2011

2012

2011

GAAP net income $ 222 $ 236 $ 462 $ 477
GAAP income from discontinued operations, net of income taxes   -     -     -     (13 )
GAAP income from continuing operations $ 222 $ 236 $ 462 $ 464
GAAP income tax expense 105 91 235 196
Interest expense, net   10     6     21     15  
GAAP income from continuing operations before interest and income taxes $ 337   $ 333   $ 718   $ 675  
GAAP operating margin (% of revenue) (1) 29 % 28 % 31 % 29 %
 
Non-GAAP adjustments to expenses:
Costs of licensing and maintenance (2) $ 1 $ 1 $ 1 $ 2
Cost of professional services (2) 1 1 2 2
Amortization of capitalized software costs (3) 27 26 54 49
Selling and marketing (2) 8 6 18 16
General and administrative (2) 7 4 15 12
Product development and enhancements (2) 4 4 8 9
Depreciation and amortization of other intangible assets (4) 13 15 27 34
Other (gains) expenses, net (5)   8     (12 )   2     (4 )
Total Non-GAAP adjustment to operating expenses $ 69   $ 45   $ 127   $ 120  
Non-GAAP income from continuing operations before interest and income taxes $ 406 $ 378 $ 845 $ 795
Non-GAAP operating margin (% of revenue) (6) 35 % 32 % 37 % 34 %
 
Interest expense, net 10 6 21 15
GAAP income tax expense 105 91 235 196
Non-GAAP adjustment to income tax expense (7)   17     26     18     50  
Non-GAAP income tax expense $ 122   $ 117   $ 253   $ 246  
Non-GAAP income from continuing operations $ 274   $ 255   $ 571   $ 534  
 
(1)   GAAP operating margin is calculated by dividing GAAP income from continuing operations before interest and income taxes by total revenue (refer to Table 1 for total revenue).
 
(2) Non-GAAP adjustment consists of share-based compensation.
 
(3) Non-GAAP adjustment consists of purchased software amortization.
 
(4) Non-GAAP adjustment consists of other intangibles amortization.
 
(5) Non-GAAP adjustment consists of other miscellaneous costs including gains and losses since inception of hedges that mature within the quarter, but exclude gains and losses of hedges that do not mature within the quarter.
 
(6) Non-GAAP operating margin is calculated by dividing non-GAAP income from continuing operations before interest and income taxes by total revenue (refer to Table 1 for total revenue).
 
(7) The full year non-GAAP income tax expense is different from GAAP income tax expense because of the difference in non-GAAP income from continuing operations before income taxes. On an interim basis, this difference would also include a difference in the impact of discrete and permanent items where for GAAP purposes the effect is recorded in the period such items arise, but for non-GAAP such items are recorded pro rata to the fiscal year's remaining reporting periods.
 
Refer to the discussion of non-GAAP financial measures included in the accompanying press release for additional information.
 
Certain non-material differences may arise versus actual from impact of rounding.
 

               
Table 7
CA Technologies
Reconciliation of GAAP to Non-GAAP
Operating Expenses and Diluted Earnings per Share
(unaudited)
(in millions, except per share amounts)
 
Three Months Ended Six Months Ended

September 30,

September 30,

Operating Expenses

2012

2011

2012

2011

 
Total expenses before interest and income taxes $ 815 $ 867 $ 1,579 $ 1,688
 
Non-GAAP operating adjustments:
Purchased software amortization 27 26 54 49
Other intangibles amortization 13 15 27 34
Share-based compensation 21 16 44 41
Other (gains) expenses, net (1)   8   (12 )   2   (4 )
Total non-GAAP operating adjustment $ 69 $ 45   $ 127 $ 120  
 
Total non-GAAP operating expenses $ 746 $ 822   $ 1,452 $ 1,568  
 
 
Three Months Ended Six Months Ended

September 30,

September 30,

Diluted EPS from Continuing Operations

2012

2011

2012

2011

 
GAAP diluted EPS from continuing operations $ 0.48 $ 0.47 $ 0.99 $ 0.92
 
Non-GAAP adjustments, net of taxes:
Purchased software and other intangibles amortization 0.06 0.06 0.12 0.12
Share-based compensation 0.03 0.02 0.06 0.05
Other (gains) expenses, net (1) 0.01 (0.01 ) - -
Non-GAAP effective tax rate adjustments (2)   0.01   (0.03 )   0.05   (0.03 )
 
Non-GAAP diluted EPS from continuing operations $ 0.59 $ 0.51   $ 1.22 $ 1.06  
 
(1)   Non-GAAP adjustment consists of other miscellaneous costs including gains and losses since inception of hedges that mature within the quarter, but exclude gains and losses of hedges that do not mature within the quarter.
 
(2) The non-GAAP effective tax rate is equal to the full year GAAP effective tax rate, therefore no adjustment is required on an annual basis. On an interim basis, the difference in non-GAAP income tax expense and GAAP income tax expense relates to the difference in non-GAAP income from continuing operations before income taxes, and includes a difference in the impact of discrete and permanent items where for GAAP purposes, the effect is recorded in the period such items arise but for non-GAAP purposes, such items are recorded pro rata to the fiscal year's remaining reporting periods.
 
Refer to the discussion of non-GAAP financial measures included in the accompanying press release for additional information.
 
Certain non-material differences may arise versus actual from impact of rounding.
 

               
Table 8
CA Technologies
Effective Tax Rate Reconciliation
GAAP and Non-GAAP
(unaudited)
(in millions)
 
Three Months Ended Six Months Ended

September 30, 2012

September 30, 2012

GAAP

Non-GAAP

GAAP

Non-GAAP

 
Income from continuing operations before interest and income taxes (1) $ 337 $ 406 $ 718 $ 845
Interest expense, net   10     10     21     21  
Income from continuing operations before income taxes $ 327 $ 396 $ 697 $ 824
 
Statutory tax rate 35 % 35 % 35 % 35 %
 
Tax at statutory rate $ 114 $ 139 $ 244 $ 288
Adjustments for discrete and permanent items (2)   (9 )   (17 )   (9 )   (35 )
Total tax expense $ 105 $ 122 $ 235 $ 253
 
Effective tax rate (3) 32.1 % 30.8 % 33.7 % 30.7 %
 
 
Three Months Ended Six Months Ended

September 30, 2011

September 30, 2011

GAAP

Non-GAAP

GAAP

Non-GAAP

 
Income from continuing operations before interest and income taxes (1) $ 333 $ 378 $ 675 $ 795
Interest expense, net   6     6     15     15  
Income from continuing operations before income taxes $ 327 $ 372 $ 660 $ 780
 
Statutory tax rate 35 % 35 % 35 % 35 %
 
Tax at statutory rate $ 114 $ 130 $ 231 $ 273
Adjustments for discrete and permanent items (2)   (23 )   (13 )   (35 )   (27 )
Total tax expense $ 91 $ 117 $ 196 $ 246
 
Effective tax rate (3) 27.8 % 31.5 % 29.7 % 31.5 %
 
(1)   Refer to Table 6 for a reconciliation of income from continuing operations before interest and income taxes on a GAAP basis to income from continuing operations before interest and income taxes on a non-GAAP basis.
 
(2) The effective tax rate for GAAP generally includes the impact of discrete and permanent items in the period such items arise, whereas the effective tax rate for non-GAAP generally allocates the impact of such items pro rata to the fiscal year's remaining reporting periods.
 
(3) The effective tax rate on GAAP and non-GAAP income from continuing operations is the Company's provision for income taxes expressed as a percentage of GAAP and non-GAAP income from continuing operations before income taxes, respectively. The non-GAAP effective tax rate is equal to the full year GAAP effective tax rate. On an interim basis, the effective tax rates are determined based on an estimated effective full year tax rate after the adjustments for the impacts of certain discrete items (such as changes in tax rates, reconciliations of tax returns to tax provisions and resolutions of tax contingencies).
 
Refer to the discussion of non-GAAP financial measures included in the accompanying press release for additional information.
 
Certain non-material differences may arise versus actual from impact of rounding.
 

       
Table 9
CA Technologies
Reconciliation of Projected GAAP Earnings per Share to
Projected Non-GAAP Earnings per Share
(unaudited)
 
Fiscal Year Ending

Projected Diluted EPS from Continuing Operations

March 31, 2013

 
Projected GAAP diluted EPS from continuing operations range $ 1.99 to $ 2.07
 
Non-GAAP adjustments, net of taxes:
Purchased software and other intangibles amortization 0.24 0.24
Share-based compensation   0.13   0.13
 
Projected non-GAAP diluted EPS from continuing operations range $ 2.36 to $ 2.44
 

Refer to the discussion of non-GAAP financial measures included in the accompanying press release for additional information.

 
Table 10
CA Technologies
Reconciliation of Projected GAAP Operating Margin to
Projected Non-GAAP Operating Margin
(unaudited)
 
Fiscal Year Ending

Projected Operating Margin

March 31, 2013

 
Projected GAAP operating margin 30%
 
Non-GAAP adjustments, net of taxes:
Purchased software and other intangibles amortization 4%
Share-based compensation 2%
 
Projected non-GAAP operating margin 36%

 

Refer to the discussion of non-GAAP financial measures included in the accompanying press release for additional information.

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