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CA Technologies Reports Third Quarter Fiscal Year 2013 Results

Stocks in this article: CA

Copyright © 2013 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 Nine Months Ended

December 31,

December 31,

Revenue

2012

2011

2012

2011

Subscription and maintenance revenue $ 966 $ 1,006 $ 2,906 $ 3,035
Professional services 97 103 283 289
Software fees and other   132   154   303     302
Total revenue $ 1,195 $ 1,263 $ 3,492   $ 3,626
Expenses
Costs of licensing and maintenance $ 72 $ 69 $ 210 $ 207
Cost of professional services 92 91 266 270
Amortization of capitalized software costs 66 59 197 164
Selling and marketing 331 342 953 1,038
General and administrative 96 113 304 331
Product development and enhancements 120 126 368 384
Depreciation and amortization of other intangible assets 39 44 120 134
Other (gains) expenses, net   9   6   (14 )   10
Total expenses before interest and income taxes $ 825 $ 850 $ 2,404   $ 2,538
Income from continuing operations before interest and income taxes $ 370 $ 413 $ 1,088 $ 1,088
Interest expense, net   12   9   33     24
Income from continuing operations before income taxes $ 358 $ 404 $ 1,055 $ 1,064
Income tax expense   107   141   342     337
Income from continuing operations $ 251 $ 263 $ 713 $ 727
Income from discontinued operations, net of income taxes   -   -   -     13
Net income $ 251 $ 263 $ 713   $ 740
 
Basic income per share
Income from continuing operations $ 0.55 $ 0.54 $ 1.54 $ 1.46
Income from discontinued operations   -   -   -     0.03
Net income $ 0.55 $ 0.54 $ 1.54   $ 1.49
Basic weighted average shares used in computation 452 483 458 492
 
Diluted income per share
Income from continuing operations $ 0.55 $ 0.54 $ 1.53 $ 1.46
Income from discontinued operations   -   -   -     0.02
Net income $ 0.55 $ 0.54 $ 1.53   $ 1.48
Diluted weighted average shares used in computation 453 484 460 493
 

Table 2
CA Technologies
Condensed Consolidated Balance Sheets
(in millions)
   
December 31, March 31,
2012 2012
(unaudited)
Cash and cash equivalents $ 2,353 $ 2,679
Short-term investments 195 -
Trade accounts receivable, net 786 902
Deferred income taxes 326 231
Other current assets   143     153  
Total current assets $ 3,803 $ 3,965
 
Property and equipment, net $ 339 $ 386
Goodwill 5,856 5,856
Capitalized software and other intangible assets, net 1,296 1,389
Deferred income taxes 21 151
Other noncurrent assets, net   243     250  
Total assets $ 11,558   $ 11,997  
 
Current portion of long-term debt $ 19 $ 14
Deferred revenue (billed or collected) 2,234 2,658
Deferred income taxes 14 14
Other current liabilities   1,074     1,065  
Total current liabilities $ 3,341 $ 3,751
 
Long-term debt, net of current portion $ 1,282 $ 1,287
Deferred income taxes 44 44
Deferred revenue (billed or collected) 957 972
Other noncurrent liabilities   521     546  
Total liabilities $ 6,145   $ 6,600  
 
Common stock $ 59 $ 59
Additional paid-in capital 3,582 3,491
Retained earnings 5,229 4,865
Accumulated other comprehensive loss (119 ) (108 )
Treasury stock   (3,338 )   (2,910 )
Total stockholders’ equity $ 5,413   $ 5,397  
Total liabilities and stockholders’ equity $ 11,558   $ 11,997  
 

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

December 31,

2012

 

2011

Operating activities from continuing operations:
Income from continuing operations $ 251 $ 263
 

Adjustments to reconcile income from continuing operations to net cash provided by operating activities:

Depreciation and amortization 105 103
Provision for deferred income taxes 48 (45 )
Provision for bad debts 1 (3 )
Share-based compensation expense 18 20
Asset impairments and other non-cash items 3 6
Foreign currency transaction gains - (3 )
Changes in other operating assets and liabilities, net of effect of acquisitions:
Increase in trade accounts receivable (201 ) (243 )
Increase in deferred revenue 257 94
Increase in taxes payable, net 57 182
Decrease in accounts payable, accrued expenses and other (48 ) (44 )
Increase in accrued salaries, wages and commissions 47 26
Changes in other operating assets and liabilities   28     40  
Net cash provided by operating activities - continuing operations $ 566   $ 396  
Investing activities from continuing operations:
Acquisitions of businesses, net of cash acquired, and purchased software $ (6 ) $ (4 )
Purchases of property and equipment (9 ) (13 )
Capitalized software development costs (44 ) (41 )
Purchases of investments, net   (29 )   (2 )
Net cash used in investing activities - continuing operations $ (88 ) $ (60 )
Financing activities from continuing operations:
Dividends paid $ (114 ) $ (25 )
Purchases of common stock (77 ) (200 )
Debt (repayments) borrowings, net (31 ) 58
Exercise of common stock options and other   -     1  
Net cash used in financing activities - continuing operations $ (222 ) $ (166 )
Net change in cash and cash equivalents before effect of exchange rate

changes on cash - continuing operations

$ 256   $ 170  
Effect of exchange rate changes on cash $ 11 $ (11 )
Cash provided by (used in) operating activities - discontinued operations   -     (4 )
Increase in cash and cash equivalents $ 267 $ 155
Cash and cash equivalents at beginning of period $ 2,086   $ 2,203  
Cash and cash equivalents at end of period $ 2,353   $ 2,358  
 

Table 4
CA Technologies
Operating Segments
(unaudited)
(dollars in millions)
                 
Three Months Ended December 31, 2012 Nine Months Ended December 31, 2012
Mainframe Solutions (1) Enterprise Solutions (1)

Services (1)

Total Mainframe Solutions (1) Enterprise Solutions (1)

Services (1)

Total
 
Revenue (2) $ 622 $ 476 $ 97 $ 1,195 $ 1,869 $ 1,340 $ 283 $ 3,492
Expenses (3)   248     426     93     767     755     1,195     269     2,219  
Segment profit $ 374   $ 50   $ 4   $ 428   $ 1,114   $ 145   $ 14   $ 1,273  
Segment operating margin 60 % 11 % 4 % 36 % 60 % 11 % 5 % 36 %
 
Segment profit $ 428 $ 1,273
Less:
Purchased software amortization 26 80
Other intangibles amortization 14 41
Share-based compensation expense 18 62
Other (gains) expenses, net (4) - 2
Interest expense, net   12     33  
Income from continuing operations before income taxes $ 358   $ 1,055  
 
Three Months Ended December 31, 2011 Nine Months Ended December 31, 2011
Mainframe Solutions (1) Enterprise Solutions (1)

Services (1)

Total Mainframe Solutions (1) Enterprise Solutions (1)

Services (1)

Total
 
Revenue (2) $ 682 $ 478 $ 103 $ 1,263 $ 1,983 $ 1,354 $ 289 $ 3,626
Expenses (3)   277     419     92     788     861     1,223     272     2,356  
Segment profit $ 405   $ 59   $ 11   $ 475   $ 1,122   $ 131   $ 17   $ 1,270  
Segment operating margin 59 % 12 % 11 % 38 % 57 % 10 % 6 % 35 %
 
Segment profit $ 475 $ 1,270
Less:
Purchased software amortization 27 76
Other intangibles amortization 16 50
Share-based compensation expense 20 61
Other (gains) expenses, net (4) (1 ) (5 )
Interest expense, net   9     24  
Income from continuing operations before income taxes $ 404   $ 1,064  
 
 
(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)
(dollars in millions)
                 
Three Months Ended December 31, Nine Months Ended December 31,
2012 2011

% Increase(Decrease)in $ US

% Increase(Decrease)in ConstantCurrency (1)

2012 2011

% Increase(Decrease)in $ US

% Increase(Decrease)in ConstantCurrency (1)

 
Bookings $ 1,261 $ 1,284 (2 %) (2 %) $ 2,651 $ 3,121 (15 %) (14 %)
 
Revenue:
North America $ 745 $ 791 (6 %) (6 %) $ 2,201 $ 2,242 (2 %) (1 %)
International   450   472 (5 %) (2 %)   1,291   1,384 (7 %) (1 %)
Total revenue $ 1,195 $ 1,263 (5 %) (4 %) $ 3,492 $ 3,626 (4 %) (1 %)
 
Revenue:
Subscription and maintenance $ 966 $ 1,006 (4 %) (3 %) $ 2,906 $ 3,035 (4 %) (2 %)
Professional services 97 103 (6 %) (5 %) 283 289 (2 %) 1 %
Software fees and other   132   154 (14 %) (14 %)   303   302 0 % 1 %
Total revenue $ 1,195 $ 1,263 (5 %) (4 %) $ 3,492 $ 3,626 (4 %) (1 %)
 
Segment Revenue:
Mainframe solutions $ 622 $ 682 (9 %) (8 %) $ 1,869 $ 1,983 (6 %) (3 %)
Enterprise solutions 476 478 0 % 0 % 1,340 1,354 (1 %) 1 %
Services 97 103 (6 %) (5 %) 283 289 (2 %) 1 %
 
Total expenses before interest and income taxes:
Total non-GAAP (2) $ 767 $ 788 (3 %) (1 %) $ 2,219 $ 2,356 (6 %) (3 %)
Total GAAP 825 850 (3 %) (2 %) 2,404 2,538 (5 %) (3 %)
 
 
(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)
(dollars in millions)
         
Three Months Ended Nine Months Ended

December 31,

December 31,

2012

2011

2012

2011

GAAP net income $ 251 $ 263 $ 713 $ 740
GAAP income from discontinued operations, net of income taxes   -     -     -     (13 )
GAAP income from continuing operations $ 251 $ 263 $ 713 $ 727
GAAP income tax expense 107 141 342 337
Interest expense, net   12     9     33     24  
GAAP income from continuing operations before interest and income taxes $ 370   $ 413   $ 1,088   $ 1,088  
GAAP operating margin (% of revenue) (1) 31 % 33 % 31 % 30 %
 
Non-GAAP adjustments to expenses:
Costs of licensing and maintenance (2) $ 1 $ - $ 2 $ 2
Cost of professional services (2) 1 1 3 3
Amortization of capitalized software costs (3) 26 27 80 76
Selling and marketing (2) 6 9 24 25
General and administrative (2) 6 5 21 17
Product development and enhancements (2) 4 5 12 14
Depreciation and amortization of other intangible assets (4) 14 16 41 50
Other (gains) expenses, net (5)   -     (1 )   2     (5 )
Total Non-GAAP adjustment to operating expenses $ 58   $ 62   $ 185   $ 182  
Non-GAAP income from continuing operations before interest and income taxes $ 428 $ 475 $ 1,273 $ 1,270
Non-GAAP operating margin (% of revenue) (6) 36 % 38 % 36 % 35 %
 
Interest expense, net 12 9 33 24
GAAP income tax expense 107 141 342 337
Non-GAAP adjustment to income tax expense (7)   21     6     39     56  
Non-GAAP income tax expense $ 128   $ 147   $ 381   $ 393  
Non-GAAP income from continuing operations $ 288   $ 319   $ 859   $ 853  
 
 
(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 Nine Months Ended

December 31,

December 31,

Operating Expenses

2012

2011

2012

2011

 
Total expenses before interest and income taxes $ 825 $ 850 $ 2,404 $ 2,538
 
Non-GAAP operating adjustments:
Purchased software amortization 26 27 80 76
Other intangibles amortization 14 16 41 50
Share-based compensation 18 20 62 61
Other (gains) expenses, net (1)   -     (1 )   2   (5 )
Total non-GAAP operating adjustment $ 58   $ 62   $ 185 $ 182  
 
Total non-GAAP operating expenses $ 767   $ 788   $ 2,219 $ 2,356  
 
 
Three Months Ended Nine Months Ended

December 31,

December 31,

Diluted EPS from Continuing Operations

2012

2011

2012

2011

 
GAAP diluted EPS from continuing operations $ 0.55 $ 0.54 $ 1.53 $ 1.46
 
Non-GAAP adjustments, net of taxes:
Purchased software and other intangibles amortization 0.06 0.06 0.18 0.18
Share-based compensation 0.03 0.03 0.09 0.08
Other (gains) expenses, net (1) - - - -
Non-GAAP effective tax rate adjustments (2)   (0.01 )   0.02     0.05   (0.01 )
 
Non-GAAP diluted EPS from continuing operations $ 0.63   $ 0.65   $ 1.85 $ 1.71  
 
(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)
(dollars in millions)
         
Three Months Ended Nine Months Ended

December 31, 2012

December 31, 2012

GAAP

Non-GAAP

GAAP

Non-GAAP

 
Income from continuing operations before interest and income taxes (1) $ 370 $ 428 $ 1,088 $ 1,273
Interest expense, net 12 12 33 33
Income from continuing operations before income taxes $ 358 $ 416 $ 1,055 $ 1,240
 
Statutory tax rate 35% 35% 35% 35%
 
Tax at statutory rate $ 125 $ 146 $ 369 $ 434
Adjustments for discrete and permanent items (2) (18) (18) (27) (53)
Total tax expense $ 107 $ 128 $ 342 $ 381
 
Effective tax rate (3) 29.9% 30.7% 32.4% 30.7%
 
Three Months Ended Nine Months Ended

December 31, 2011

December 31, 2011

GAAP

Non-GAAP

GAAP

Non-GAAP

 
Income from continuing operations before interest and income taxes (1) $ 413 $ 475 $ 1,088 $ 1,270
Interest expense, net 9 9 24 24
Income from continuing operations before income taxes $ 404 $ 466 $ 1,064 $ 1,246
 
Statutory tax rate 35% 35% 35% 35%
 
Tax at statutory rate $ 141 $ 163 $ 372 $ 436
Adjustments for discrete and permanent items (2) - (16) (35) (43)
Total tax expense $ 141 $ 147 $ 337 $ 393
 
Effective tax rate (3) 34.9% 31.5% 31.7% 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 $ 2.00 to $ 2.08
 
Non-GAAP adjustments, net of taxes:
Purchased software and other intangibles amortization 0.24 0.24
Share-based compensation   0.12   0.12
 
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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