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Alcoa Reports Fourth Quarter Income From Continuing Operations Of $0.21 Per Share; Income Of $0.06 Per Share Excluding Special Items

Stocks in this article: AA

Alba Update

Alcoa is actively negotiating with the Department of Justice (DOJ) and the Securities and Exchange Commission (SEC) to reach a resolution of their investigations of the Alba matter; however, we have not reached any agreement with either agency. Given the uncertainty regarding whether a settlement can be reached and, if reached, on what terms, we are not able to estimate a range of reasonably possible loss with regard to any such settlement. If a settlement of the government investigations is reached, we believe that the settlement amount would be material to Alcoa’s results of operations for the relevant fiscal period. If a settlement cannot be reached, Alcoa will proceed to trial with the DOJ and the SEC and under those circumstances is unable to predict an outcome or to estimate its reasonably possible loss. There can be no assurance that the final outcome of the government’s investigations will not have a material adverse effect on Alcoa.

Alcoa will hold its quarterly conference call at 5:00 PM Eastern Time on January 8, 2013 to present the quarter and full-year results. The meeting will be webcast via alcoa.com. Call information and related details are available at www.alcoa.com under “Invest.”

About Alcoa

Alcoa is the world’s leading producer of primary and fabricated aluminum, as well as the world’s largest miner of bauxite and refiner of alumina. In addition to inventing the modern-day aluminum industry, Alcoa innovation has been behind major milestones in the aerospace, automotive, packaging, building and construction, commercial transportation, consumer electronics and industrial markets over the past 125 years. Among the solutions Alcoa markets are flat-rolled products, hard alloy extrusions, and forgings, as well as Alcoa® wheels, fastening systems, precision and investment castings, and building systems in addition to its expertise in other light metals such as titanium and nickel-based super alloys. Sustainability is an integral part of Alcoa’s operating practices and the product design and engineering it provides to customers. Alcoa has been a member of the Dow Jones Sustainability Index for 11 consecutive years and approximately 75 percent of all of the aluminum ever produced since 1888 is still in active use today. Alcoa employs approximately 61,000 people in 31 countries across the world. For more information, visit www.alcoa.com and follow @Alcoa on Twitter at twitter.com/Alcoa.

Forward-Looking Statements

This release contains statements that relate to future events and expectations and as such constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include those containing such words as “anticipates,” “expects,” “forecasts,” “goal,” “outlook,” “plans,” “projects,” “should,” “targets,” “will,” or other words of similar meaning. All statements that reflect Alcoa’s expectations, assumptions or projections about the future other than statements of historical fact are forward-looking statements, including, without limitation, forecasts concerning global demand for aluminum, end market conditions, growth opportunities for aluminum in automotive, aerospace, and other applications, or other trend projections, targeted financial results or operating performance, and statements about Alcoa’s strategies, outlook, and business and financial prospects. Forward-looking statements are subject to a number of known and unknown risks, uncertainties, and other factors and are not guarantees of future performance. Important factors that could cause actual results to differ materially from those expressed or implied in the forward-looking statements include: (a) material adverse changes in aluminum industry conditions, including global supply and demand conditions and fluctuations in London Metal Exchange-based prices for primary aluminum, alumina, and other products, and fluctuations in indexed-based and spot prices for alumina; (b) deterioration in global economic and financial market conditions generally; (c) unfavorable changes in the markets served by Alcoa, including aerospace, automotive, commercial transportation, building and construction, packaging, and industrial gas turbine; (d) the impact of changes in foreign currency exchange rates on costs and results, particularly the Australian dollar, Brazilian real, Canadian dollar, euro, and Norwegian kroner; (e) increases in energy costs, including electricity, natural gas, and fuel oil, or the unavailability or interruption of energy supplies; (f) increases in the costs of other raw materials, including calcined petroleum coke, caustic soda, and liquid pitch; (g) Alcoa’s inability to achieve the level of revenue growth, cash generation, cost savings, improvement in profitability and margins, fiscal discipline, or strengthening of competitiveness and operations (including moving its refining and smelting businesses down on the industry cost curves and increasing revenues in its Global Rolled Products and Engineered Products and Solutions segments), anticipated from its restructuring programs, productivity improvement, cash sustainability, and other initiatives; (h) Alcoa’s inability to realize expected benefits from newly constructed, expanded or acquired facilities or from international joint ventures as planned and by targeted completion dates, including the joint venture in Saudi Arabia or the upstream operations and investments in hydropower projects in Brazil; (i) political, economic, and regulatory risks in the countries in which Alcoa operates or sells products, including unfavorable changes in laws and governmental policies, civil unrest, and other events beyond Alcoa’s control; (j) the outcome of contingencies, including legal proceedings, government investigations, and environmental remediation; (k) the business or financial condition of key customers, suppliers, and business partners; (l) changes in tax rates or benefits; (m) adverse changes in discount rates or investment returns on pension assets; (n) the impact of cyber attacks and potential information technology or data security breaches; and (o) the other risk factors summarized in Alcoa’s Form 10-K for the year ended December 31, 2011, Forms 10-Q for the quarters ended March 31, 2012, June 30, 2012 and September 30, 2012, and other reports filed with the Securities and Exchange Commission. Alcoa disclaims any obligation to update publicly any forward-looking statements, whether in response to new information, future events or otherwise, except as required by applicable law.

 
Alcoa and subsidiaries
Statement of Consolidated Operations (unaudited)
(in millions, except per-share, share, and metric ton amounts)
 
Quarter ended
December 31,   September 30,   December 31,

2011

2012

2012

Sales $ 5,989 $ 5,833 $ 5,898
 
Cost of goods sold (exclusive of expenses below) 5,228 5,266 4,968
Selling, general administrative, and other expenses 268 234 277
Research and development expenses 48 51 56
Provision for depreciation, depletion, and amortization 367 366 362
Restructuring and other charges 232 2 60
Interest expense 125 124 120
Other income, net   (40 )   (2 )   (345 )
Total costs and expenses 6,228 6,041 5,498
 
(Loss) income from continuing operations before income taxes (239 ) (208 ) 400
(Benefit) provision for income taxes   (74 )   (33 )   143  
 
(Loss) income from continuing operations (165 ) (175 ) 257
Income from discontinued operations   2          
 
Net (loss) income (163 ) (175 ) 257
 
Less: Net income (loss) attributable to noncontrolling interests   28     (32 )   15  
 
NET (LOSS) INCOME ATTRIBUTABLE TO ALCOA $ (191 ) $ (143 ) $ 242  
 
AMOUNTS ATTRIBUTABLE TO ALCOA COMMON

SHAREHOLDERS:

(Loss) income from continuing operations $ (193 ) $ (143 ) $ 242
Income from discontinued operations   2          
Net (loss) income $ (191 ) $ (143 ) $ 242  
 
EARNINGS PER SHARE ATTRIBUTABLE TO ALCOA COMMON

SHAREHOLDERS:

Basic:
(Loss) income from continuing operations $ (0.18 ) $ (0.13 ) $ 0.23
Income from discontinued operations            
Net (loss) income $ (0.18 ) $ (0.13 ) $ 0.23  
 
Diluted:
(Loss) income from continuing operations $ (0.18 ) $ (0.13 ) $ 0.21
Income from discontinued operations            
Net (loss) income $ (0.18 ) $ (0.13 ) $ 0.21  
 
Average number of shares used to compute:
Basic earnings per common share 1,064,363,032 1,067,000,575 1,067,197,166
Diluted earnings per common share 1,064,363,032 1,067,000,575 1,167,549,803
 
Shipments of aluminum products (metric tons) 1,280,000 1,317,000 1,280,000
 
 
Alcoa and subsidiaries
Statement of Consolidated Operations (unaudited), continued
(in millions, except per-share, share, and metric ton amounts)
 
Year ended

December 31,

2011

 

2012

Sales $ 24,951 $ 23,700
 
Cost of goods sold (exclusive of expenses below) 20,480 20,486
Selling, general administrative, and other expenses 1,027 997
Research and development expenses 184 197
Provision for depreciation, depletion, and amortization 1,479 1,460
Restructuring and other charges 281 87
Interest expense 524 490
Other income, net   (87 )   (341 )
Total costs and expenses 23,888 23,376
 
Income from continuing operations before income taxes 1,063 324
Provision for income taxes   255     162  
 
Income from continuing operations 808 162
Loss from discontinued operations   (3 )    
 
Net income 805 162
 
Less: Net income (loss) attributable to noncontrolling interests   194     (29 )
 
NET INCOME ATTRIBUTABLE TO ALCOA $ 611   $ 191  
 
AMOUNTS ATTRIBUTABLE TO ALCOA COMMON SHAREHOLDERS:
Income from continuing operations $ 614 $ 191
Loss from discontinued operations   (3 )    
Net income $ 611   $ 191  
 
EARNINGS PER SHARE ATTRIBUTABLE TO ALCOA COMMON

SHAREHOLDERS:

Basic:
Income from continuing operations $ 0.58 $ 0.18
Loss from discontinued operations   (0.01 )    
Net income $ 0.57   $ 0.18  
 
Diluted:
Income from continuing operations $ 0.55 $ 0.18
Loss from discontinued operations        
Net income $ 0.55   $ 0.18  
 
Average number of shares used to compute:
Basic earnings per common share 1,061,039,969 1,066,650,500
Diluted earnings per common share 1,160,695,735 1,076,478,519
 
Common stock outstanding at the end of the period 1,064,412,066 1,067,211,953
 
Shipments of aluminum products (metric tons) 5,037,000 5,197,000
 
   
Alcoa and subsidiaries
Consolidated Balance Sheet (unaudited)
(in millions)
 

 

December 31, December 31,

2011

2012

ASSETS
Current assets:
Cash and cash equivalents $ 1,939 $ 1,861

Receivables from customers, less allowances of $46 in 2011 and $39 in 2012

1,571 1,322
Other receivables 371 405
Inventories 2,899 2,825
Prepaid expenses and other current assets   933     1,328  
Total current assets   7,713     7,741  
 
Properties, plants, and equipment 37,608 38,137
Less: accumulated depreciation, depletion, and amortization   18,326     19,190  
Properties, plants, and equipment, net   19,282     18,947  
Goodwill 5,157 5,170
Investments 1,626 1,860
Deferred income taxes 3,546 3,738
Other noncurrent assets   2,796     2,707  
Total assets $ 40,120   $ 40,163  
 
LIABILITIES
Current liabilities:
Short-term borrowings $ 62 $ 53
Commercial paper 224
Accounts payable, trade 2,692 2,692
Accrued compensation and retirement costs 985 1,058
Taxes, including income taxes 438 389
Other current liabilities 1,167 1,283
Long-term debt due within one year   445     465  
Total current liabilities   6,013     5,940  
Long-term debt, less amount due within one year 8,640 8,311
Accrued pension benefits 3,261 3,746
Accrued other postretirement benefits 2,583 2,603
Other noncurrent liabilities and deferred credits   2,428     3,056  
Total liabilities   22,925     23,656  
 
EQUITY
Alcoa shareholders’ equity:
Preferred stock 55 55
Common stock 1,178 1,178
Additional capital 7,561 7,560
Retained earnings 11,629 11,689
Treasury stock, at cost (3,952 ) (3,881 )
Accumulated other comprehensive loss   (2,627 )   (3,418 )
Total Alcoa shareholders' equity   13,844     13,183  
Noncontrolling interests   3,351     3,324  
Total equity   17,195     16,507  
Total liabilities and equity $ 40,120   $ 40,163  
 
 
Alcoa and subsidiaries
Statement of Consolidated Cash Flows (unaudited)
(in millions)
 
  Year ended

December 31,

2011

   

2012

CASH FROM OPERATIONS
Net income $ 805 $ 162
Adjustments to reconcile net income to cash from operations:
Depreciation, depletion, and amortization 1,481 1,462
Deferred income taxes (181 ) (105 )
Equity (income) loss, net of dividends (26 ) 2
Restructuring and other charges 281 87
Net gain from investing activities – asset sales (41 ) (321 )
Loss from discontinued operations 3
Stock-based compensation 83 67
Excess tax benefits from stock-based payment arrangements (6 ) (1 )
Other 53 89
Changes in assets and liabilities, excluding effects of acquisitions, divestitures, and foreign currency translation adjustments:
(Increase) decrease in receivables (115 ) 117
(Increase) decrease in inventories (339 ) 96
Decrease (increase) in prepaid expenses and other current assets 74 (49 )
Increase (decrease) in accounts payable, trade 394 (22 )
(Decrease) in accrued expenses (38 ) (97 )
Increase in taxes, including income taxes 118 15
Pension contributions (336 ) (561 )
(Increase) in noncurrent assets (154 ) (13 )
Increase in noncurrent liabilities   147     572  
CASH PROVIDED FROM CONTINUING OPERATIONS 2,203 1,500
CASH USED FOR DISCONTINUED OPERATIONS   (10 )   (3 )
CASH PROVIDED FROM OPERATIONS   2,193     1,497  
 
FINANCING ACTIVITIES
Net change in short-term borrowings (original maturities of three months or less) (31 ) (10 )
Net change in commercial paper 224 (224 )
Additions to debt (original maturities greater than three months) 1,256 1,072
Debt issuance costs (17 ) (5 )
Payments on debt (original maturities greater than three months) (1,194 ) (1,589 )
Proceeds from exercise of employee stock options 37 12
Excess tax benefits from stock-based payment arrangements 6 1
Dividends paid to shareholders (131 ) (131 )
Distributions to noncontrolling interests (257 ) (95 )
Contributions from noncontrolling interests   169     171  
CASH PROVIDED FROM (USED FOR) FINANCING ACTIVITIES   62     (798 )
 
INVESTING ACTIVITIES
Capital expenditures (1,287 ) (1,261 )
Acquisitions, net of cash acquired (240 )
Proceeds from the sale of assets and businesses 38 615
Additions to investments (374 ) (300 )
Sales of investments 54 31
Net change in restricted cash (4 ) 87
Other   (39 )   69  
CASH USED FOR INVESTING ACTIVITIES   (1,852 )   (759 )
 

EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS

 

(7

)

 

(18

)

Net change in cash and cash equivalents 396 (78 )
Cash and cash equivalents at beginning of year   1,543     1,939  
CASH AND CASH EQUIVALENTS AT END OF YEAR $ 1,939   $ 1,861  
 
 
Alcoa and subsidiaries
Segment Information (unaudited)
(dollars in millions, except realized prices; production and shipments in thousands of metric tons [kmt])
 

4Q11

 

2011

 

1Q12

 

2Q12

 

3Q12

 

4Q12

 

2012

Alumina:
Alumina production (kmt) 4,178 16,486 4,153 4,033 4,077 4,079 16,342
Third-party alumina shipments (kmt) 2,378 9,218 2,293 2,194 2,368 2,440 9,295
Third-party sales $ 847 $ 3,462 $ 775 $ 750 $ 764 $ 803 $ 3,092
Intersegment sales $ 620 $ 2,727 $ 617 $ 576 $ 575 $ 542 $ 2,310
Equity (loss) income $ (2 ) $ 25 $ 1 $ 1 $ 2 $ 1 $ 5
Depreciation, depletion, and amortization $ 112 $ 444 $ 114 $ 114 $ 120 $ 107 $ 455
Income taxes $ 33 $ 179 $ (1 ) $ (6 ) $ (22 ) $ 2 $ (27 )
After-tax operating income (ATOI) $ 125     $ 607     $ 35     $ 23     $ (9 )   $ 41     $ 90  
 
Primary Metals:
Aluminum production (kmt) 962 3,775 951 941 938 912 3,742
Third-party aluminum shipments (kmt) 805 2,981 771 749 768 768 3,056
Alcoa’s average realized price per metric ton of aluminum

$

2,374

$

2,636

$

2,433

$

2,329

$

2,222

$

2,325

$

2,327

Third-party sales $ 1,991 $ 8,240 $ 1,944 $ 1,804 $ 1,794 $ 1,890 $ 7,432
Intersegment sales $ 633 $ 3,192 $ 761 $ 782 $ 691 $ 643 $ 2,877
Equity loss $ (3 ) $ (7 ) $ (2 ) $ (9 ) $ (5 ) $ (11 ) $ (27 )
Depreciation, depletion, and amortization $ 136 $ 556 $ 135 $ 133 $ 130 $ 134 $ 532
Income taxes $ (37 ) $ 92 $ (13 ) $ (19 ) $ (19 ) $ 157 $ 106
ATOI $ (32 )   $ 481     $ 10     $ (3 )   $ (14 )   $ 316     $ 309  
 
Global Rolled Products:
Third-party aluminum shipments (kmt) 407 1,780 452 484 483 448 1,867
Third-party sales $ 1,691 $ 7,642 $ 1,845 $ 1,913 $ 1,849 $ 1,771 $ 7,378
Intersegment sales $ 39 $ 218 $ 44 $ 44 $ 42 $ 33 $ 163
Equity loss $ (3 ) $ (3 ) $ (1 ) $ (2 ) $ (1 ) $ (2 ) $ (6 )
Depreciation, depletion, and amortization $ 58 $ 237 $ 57 $ 57 $ 57 $ 58 $ 229
Income taxes $ 10 $ 104 $ 49 $ 43 $ 44 $ 31 $ 167
ATOI $ 26     $ 266     $ 96     $ 95     $ 98     $ 69     $ 358  
 
Engineered Products and Solutions:
Third-party aluminum shipments (kmt) 53 221 58 59 53 52 222
Third-party sales $ 1,355 $ 5,345 $ 1,390 $ 1,420 $ 1,367 $ 1,348 $ 5,525
Equity income $ $ 1 $ $ $ $ $
Depreciation, depletion, and amortization $ 39 $ 158 $ 40 $ 39 $ 39 $ 40 $ 158
Income taxes $ 59 $ 260 $ 72 $ 77 $ 79 $ 69 $ 297
ATOI $ 122     $ 539     $ 155     $ 160     $ 160     $ 137     $ 612  
 
Reconciliation of ATOI to consolidated net (loss) income attributable to Alcoa:
Total segment ATOI $ 241 $ 1,893 $ 296 $ 275 $ 235 $ 563 $ 1,369
Unallocated amounts (net of tax):
Impact of LIFO 11 (38 ) 19 (7 ) 8 20
Interest expense (81 ) (340 ) (80 ) (80 ) (81 ) (78 ) (319 )
Noncontrolling interests (28 ) (194 ) (5 ) 17 32 (15 ) 29
Corporate expense (71 ) (290 ) (64 ) (69 ) (62 ) (87 ) (282 )
Restructuring and other charges (161 ) (196 ) (7 ) (10 ) (2 ) (56 ) (75 )
Discontinued operations 2 (3 )
Other   (104 )     (221 )     (46 )     (154 )     (258 )     (93 )     (551 )
Consolidated net (loss) income attributable to Alcoa

$

(191

)

 

$

611

   

$

94

   

$

(2

)

 

$

(143

)

 

$

242

   

$

191

 
 

The difference between certain segment totals and consolidated amounts is in Corporate.

       
Alcoa and subsidiaries
Calculation of Financial Measures (unaudited)
(dollars in millions)
 
Adjusted EBITDA Margin Quarter ended Year ended

December 31, 2011

   

September 30, 2012

   

December 31, 2012

December 31, 2011

   

December 31, 2012

 
Net (loss) income attributable to Alcoa $ (191 ) $ (143 ) $ 242 $ 611 $ 191
 
Add:
Net income (loss) attributable to noncontrolling interests

 

 

28

 

 

(32

 

 

)

 

 

15

 

 

194

 

 

(29

 

 

)

(Income) loss from discontinued operations

 

(2

 

)

 

 

 

3

 

(Benefit) provision for income taxes

(74

)

(33

)

143

255

162

Other income, net (40 ) (2 ) (345 ) (87 ) (341 )
Interest expense 125 124 120 524 490
Restructuring and other charges

232

2

60

281

87

Provision for depreciation, depletion, and amortization  

 

 

367

   

 

 

366

   

 

 

362

   

 

 

1,479

   

 

 

1,460

 
 
Adjusted EBITDA $ 445   $ 282   $ 597   $ 3,260   $ 2,020  
 
Sales $ 5,989 $ 5,833 $ 5,898 $ 24,951 $ 23,700
 
Adjusted EBITDA Margin

7.4

%

4.8

%

10.1

%

13.1

%

8.5

%

 

Alcoa’s definition of Adjusted EBITDA (Earnings before interest, taxes, depreciation, and amortization) is net margin plus an add-back for depreciation, depletion, and amortization. Net margin is equivalent to Sales minus the following items: Cost of goods sold; Selling, general administrative, and other expenses; Research and development expenses; and Provision for depreciation, depletion, and amortization. Adjusted EBITDA is a non-GAAP financial measure. Management believes that this measure is meaningful to investors because Adjusted EBITDA provides additional information with respect to Alcoa’s operating performance and the Company’s ability to meet its financial obligations. The Adjusted EBITDA presented may not be comparable to similarly titled measures of other companies.

       
Free Cash Flow Quarter ended Year ended

December 31, 2011

   

September 30, 2012

   

December 31, 2012

December 31, 2011

   

December 31, 2012

 
Cash from operations $ 1,142 $ 263 $ 933 $ 2,193 $ 1,497
 

Capital expenditures

 

(486

)

 

(302

)

 

(398

)

 

(1,287

)

 

(1,261

)

 
 
Free cash flow $ 656   $ (39 ) $ 535   $ 906   $ 236  
 

Free Cash Flow is a non-GAAP financial measure. Management believes that this measure is meaningful to investors because management reviews cash flows generated from operations after taking into consideration capital expenditures due to the fact that these expenditures are considered necessary to maintain and expand Alcoa’s asset base and are expected to generate future cash flows from operations. It is important to note that Free Cash Flow does not represent the residual cash flow available for discretionary expenditures since other non-discretionary expenditures, such as mandatory debt service requirements, are not deducted from the measure.

 
Alcoa and subsidiaries
Calculation of Financial Measures (unaudited), continued
(dollars in millions, except per-share amounts)
 
Adjusted Income     Quarter ended     Year ended

December 31, 2012

December 31, 2011

   

December 31, 2012

Income

   

Diluted EPS

Income

   

Diluted EPS

 

Income

   

Diluted EPS

 
Net income attributable to Alcoa $ 242 $ 0.21 $   611 $ 0.55 $   191 $ 0.18
 
Loss from discontinued operations  

     

(3

)

   

 
 
 

Income from continuing operations attributable to Alcoa

242

0.21

614

0.55

191

0.18

 
Restructuring and other charges

54

181

73

 
Discrete tax items* (58 ) 2 (22 )
 
Other special items**  

(174

)

   

15

     

20

 
 
Income from continuing operations attributable to Alcoa – as adjusted

$

64

 

0.06

$

 

812

 

0.72

$

 

262

 

0.24

 

Income from continuing operations attributable to Alcoa – as adjusted is a non-GAAP financial measure. Management believes that this measure is meaningful to investors because management reviews the operating results of Alcoa excluding the impacts of restructuring and other charges, discrete tax items, and other special items (collectively, “special items”). There can be no assurances that additional special items will not occur in future periods. To compensate for this limitation, management believes that it is appropriate to consider both Income from continuing operations attributable to Alcoa determined under GAAP as well as Income from continuing operations attributable to Alcoa – as adjusted.

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