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Stanley Black & Decker Reports 4Q 2012 And Full Year 2012 Results

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 the 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 extent to which world-wide markets associated with homebuilding and remodeling stabilize and rebound; 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)
       
 
FOURTH QUARTER YEAR TO DATE
  2012     2011     2012     2011  
 
NET SALES $ 2,668.5 $ 2,565.4 $ 10,190.5 $ 9,435.5
 
COSTS AND EXPENSES
Cost of sales   1,720.3     1,655.0     6,485.9     5,967.3  
Gross margin 948.2 910.4 3,704.6 3,468.2

% of Net Sales

35.5 % 35.5 % 36.4 % 36.8 %
 
Selling, general and administrative 642.2 639.7 2,520.4 2,380.9
% of Net sales 24.1 % 24.9 % 24.7 % 25.2 %
 
Operating margin 306.0 270.7 1,184.2 1,087.3
% of Net sales 11.5 % 10.6 % 11.6 % 11.5 %
 
Other - net 83.9 70.7 347.4 255.7
Restructuring charges   57.5     22.4     175.1     69.3  
Income from operations 164.6 177.6 661.7 762.3
 
Interest - net   36.1     30.2     134.1     113.9  
 
EARNINGS FROM CONTINUING OPERATIONS BEFORE INCOME TAXES 128.5 147.4 527.6 648.4
Income taxes (benefit) on continuing operations   (2.0 )   (5.9 )   78.9     50.1  
NET EARNINGS FROM CONTINUING OPERATIONS   130.5     153.3     448.7     598.3  
 
Less: net earnings (loss) attributable to non-controlling interests   0.4     (0.5 )   (0.8 )   (0.1 )
 

NET EARNINGS FROM CONTINUING OPERATIONS ATTRIBUTABLE TO COMMON SHAREOWNERS

  130.1     153.8     449.5     598.4  
 
Earnings from discontinued operations before income taxes (including pretax gain on HHI sale of $384.7 million) 395.3 20.5 503.5 114.9
Income taxes on discontinued operations (including income taxes for gain on HHI sale of $25.8 million)   33.3     10.3     69.2     38.7  
NET EARNINGS FROM DISCONTINUED OPERATIONS   362.0     10.2     434.3     76.2  
 
NET EARNINGS ATTRIBUTABLE TO COMMON SHAREOWNERS $ 492.1   $ 164.0   $ 883.8   $ 674.6  
 
 
BASIC EARNINGS PER SHARE OF COMMON STOCK
Continuing operations $ 0.81 $ 0.94 $ 2.75 $ 3.60
Discontinued operations   2.24     0.06     2.66     0.46  
Total basic earnings per share of common stock $ 3.05   $ 1.00   $ 5.41   $ 4.06  
 
DILUTED EARNINGS PER SHARE OF COMMON STOCK
Continuing operations $ 0.79 $ 0.92 $ 2.70 $ 3.52
Discontinued operations   2.20       0.06     2.61       0.45  
Total diluted earnings per share of common stock $ 2.99   $ 0.98   $ 5.30   $ 3.97  
 
DIVIDENDS PER SHARE $ 0.49   $ 0.41   $ 1.80   $ 1.64  
 
AVERAGE SHARES OUTSTANDING (in thousands)
Basic   161,212     163,421     163,067     165,832  
Diluted   164,553     166,993     166,701     170,105  
 
 
STANLEY BLACK & DECKER, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(Unaudited, Millions of Dollars)
     
December 29, December 31,
  2012   2011
 
ASSETS
Cash and cash equivalents $ 716.0 $ 906.9
Accounts and notes receivable, net 1,538.2 1,445.0
Inventories, net 1,316.6 1,270.9
Assets held for sale 133.4 1,141.5
Other current assets   394.0   416.5
Total current assets   4,098.2   5,180.8
Property, plant and equipment, net 1,333.7 1,142.6
Goodwill and other intangibles, net 9,955.7 9,290.8
Other assets   304.0   334.8
Total assets $ 15,691.6 $ 15,949.0
 
LIABILITIES AND SHAREOWNERS' EQUITY
 
Short-term borrowings $ 11.5 $ 526.6
Accounts payable 1,350.1 1,199.1
Accrued expenses 1,527.9 1,372.4
Liabilities held for sale   30.3   149.7
Total current liabilities   2,919.8   3,247.8
Long-term debt 3,526.5 2,925.8
Other long-term liabilities 2,518.0 2,708.4
Stanley Black & Decker, Inc. shareowners' equity 6,667.3 7,003.8
Non-controlling interests' equity   60.0   63.2
Total liabilities and equity $ 15,691.6 $ 15,949.0
 
 
STANLEY BLACK & DECKER, INC. AND SUBSIDIARIES
SUMMARY OF CASH FLOW ACTIVITY
(Unaudited, Millions of Dollars)
           
FOURTH QUARTER YEAR TO DATE
 
  2012     2011     2012     2011  
OPERATING ACTIVITIES
Net earnings from continuing operations $ 130.5 $ 153.3 $ 448.7 $ 598.3
Net earnings from discontinued operations 362.0 10.2 434.3 76.2
Net gain on HHI sale (358.9 ) - (358.9 ) -
Depreciation and amortization 114.7 112.1 445.3 410.1
Changes in working capital 1 338.5 242.1 52.5 170.1
Other   (38.7 )   25.6     (55.7 )   (255.8 )
Net cash provided by operating activities 548.1 543.3 966.2 998.9
 
 
INVESTING AND FINANCING ACTIVITIES
Capital and software expenditures (126.5 ) (105.7 ) (386.0 ) (302.1 )
Business acquisitions (12.2 ) (1.9 ) (707.3 ) (1,179.6 )
Proceeds from sales of businesses 1,261.6 28.1 1,270.2 56.6
Proceeds from issuances of common stock 23.5 17.2 126.4 119.6
Net short-term repayments (1,335.4 ) (755.4 ) (19.1 ) (199.4 )
Cash dividends on common stock (82.7 ) (69.3 ) (304.0 ) (275.9 )
Payments on long-term debt (200.3 ) - (1,422.3 ) (403.2 )
Premium paid on debt extinguishment - - (91.0 ) -
Purchases of common stock for treasury (856.0 ) (4.9 ) (1,073.8 ) (11.1 )
Proceeds from long-term borrowings 794.1 399.6 1,523.5 421.0
Other   (67.7 )   5.7     (73.7 )   (60.7 )
Net cash used in investing and financing activities (601.6 ) (486.6 ) (1,157.1 ) (1,834.8 )
 
(Decrease) Increase in Cash and Cash Equivalents (53.5 ) 56.7 (190.9 ) (835.9 )
 
Cash and Cash Equivalents, Beginning of Period   769.5     850.2     906.9     1,742.8  
 
Cash and Cash Equivalents, End of Period $ 716.0   $ 906.9   $ 716.0   $ 906.9  
 
 

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)
       
 
FOURTH QUARTER YEAR TO DATE
 
  2012     2011     2012     2011  
NET SALES
Construction & DIY $ 1,371.7 $ 1,266.7 $ 5,193.7 $ 5,007.6
Security 646.5 657.8 2,428.9 1,926.5
Industrial   650.3     640.9     2,567.9     2,501.4  
Total $ 2,668.5   $ 2,565.4   $ 10,190.5   $ 9,435.5  
 
 
SEGMENT PROFIT
Construction & DIY $ 188.8 $ 153.8 $ 720.7 $ 634.8
Security 84.9 93.6 305.6 297.1
Industrial   99.9     96.2     410.2     400.7  
Segment Profit 373.6 343.6 1,436.5 1,332.6
Corporate Overhead   (67.6 )   (72.9 )   (252.3 )   (245.3 )
Total $ 306.0   $ 270.7   $ 1,184.2   $ 1,087.3  
 
 
Segment Profit as a Percentage of Net Sales
Construction & DIY 13.8 % 12.1 % 13.9 % 12.7 %
Security 13.1 % 14.2 % 12.6 % 15.4 %
Industrial   15.4 %   15.0 %   16.0 %   16.0 %
Segment Profit 14.0 % 13.4 % 14.1 % 14.1 %
Corporate Overhead   (2.5 %)   (2.8 %)   (2.5 %)   (2.6 %)
Total   11.5 %   10.6 %   11.6 %   11.5 %
 
 
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)
       
FOURTH QUARTER 2012
Reported

Merger & Acquisition- Related Charges 1

Normalized 2
 
Gross margin $ 948.2 $ 11.3 $ 959.5
% of Net Sales 35.5 % 36.0 %
 
Selling, general and administrative 642.2 (38.5 ) 603.7
% of Net Sales 24.1 % 22.6 %
 
Operating margin 306.0 49.8 355.8
% of Net Sales 11.5 % 13.3 %
 
Earnings from continuing operations before income taxes 128.5 131.4 259.9
 
Income taxes (benefit) on continuing operations (2.0 ) 36.4 34.4
 
Net earnings from continuing operations 130.1 95.0 225.1
 
Diluted earnings per share of common stock $ 0.79 $ 0.58 $ 1.37
 
 
 
FOURTH QUARTER 2011
Reported

Merger & Acquisition- Related Charges 1

Normalized 2
 
Gross margin $ 910.4 $ 6.8 $ 917.2
% of Net Sales 35.5 % 35.7 %
 
Selling, general and administrative 639.7 (43.2 ) 596.5
% of Net Sales 24.9 % 23.2 %
 
Operating margin 270.7 50.0 320.7
% of Net Sales 10.6 % 12.5 %
 
Earnings from continuing operations before income taxes 147.4 79.0 226.4
 
Income taxes (benefit) on continuing operations (5.9 ) 29.4 23.5
 
Net earnings from continuing operations 153.8 49.6 203.4
 
Diluted earnings per share of common stock $ 0.92 $ 0.30 $ 1.22
 

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 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 $ 3,704.6 $ 29.6 $ 3,734.2
% of Net Sales 36.4 % 36.6 %
 
Selling, general and administrative 2,520.4 (138.4 ) 2,382.0
% of Net Sales 24.7 % 23.4 %
 
Operating margin 1,184.2 168.0 1,352.2
% of Net Sales 11.6 % 13.3 %
 
Earnings from continuing operations before income taxes 527.6 442.2 969.8
 
Income taxes on continuing operations 78.9 113.0 191.9
 
Net earnings from continuing operations 449.5 329.2 778.7
 
Diluted earnings per share of common stock $ 2.70 $ 1.97 $ 4.67
 
 

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 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 $ 3,468.2 $ 21.4 $ 3,489.6
% of Net Sales 36.8 % 37.0 %
 
Selling, general and administrative 2,380.9 (98.3 ) 2,282.6
% of Net Sales 25.2 % 24.2 %
 
Operating margin 1,087.3 119.7 1,207.0
% of Net Sales 11.5 % 12.8 %
 
Earnings from continuing operations before income taxes 648.4 235.6 884.0
 
Income taxes on continuing operations 50.1 49.7 99.8
 
Net earnings from continuing operations 598.4 185.9 784.3
 
Diluted earnings per share of common stock $ 3.52 $ 1.09 $ 4.61
 
 

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 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)
       
FOURTH QUARTER 2012
Reported

Merger & Acquisition- Related Charges and Payments 1

Normalized 2

Free Cash Flow Computation 3

Net cash provided by operating activities $ 548.1 144.3 $ 692.4
Less: capital and software expenditures   (126.5 ) 30.4   (96.1 )
Free Cash Inflow (before dividends) $ 421.6   $ 596.3  
 

1

Merger and acquisition-related charges and payments 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.
 
 
FOURTH QUARTER 2011
Reported

Merger & Acquisition- Related Charges and Payments 4

Normalized 2

Free Cash Flow Computation 3

Net cash provided by operating activities $ 543.3 64.3 $ 607.6
Less: capital and software expenditures   (105.7 ) 51.9   (53.8 )
Free Cash Inflow (before dividends) $ 437.6   $ 553.8  
 
 

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 to GAAP 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 and payments 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 $ 966.2 356.5 $ 1,322.7
Less: capital and software expenditures   (386.0 ) 122.4   (263.6 )
Free Cash Inflow (before dividends) $ 580.2   $ 1,059.1  
 

1

Merger and acquisition-related charges and payments 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 $ 998.9 218.4 $ 1,217.3
Less: capital and software expenditures   (302.1 ) 88.6   (213.5 )
Free Cash Inflow (before dividends) $ 696.8   $ 1,003.8  
 
 

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 to GAAP 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 and payments 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)
       
 
FOURTH QUARTER 2012
Reported

Merger & Acquisition- Related Charges 1

Normalized 2
SEGMENT PROFIT
 
Construction & DIY $ 188.8 $ 10.7 $ 199.5
Security 84.9 15.4 100.3
Industrial   99.9     4.3   104.2  
Segment Profit 373.6 30.4 404.0
Corporate Overhead   (67.6 )   19.4   (48.2 )
Total $ 306.0   $ 49.8 $ 355.8  
 
 
Segment Profit as a Percentage of Net Sales
Construction & DIY 13.8 % 14.5 %
Security 13.1 % 15.5 %
Industrial   15.4 %   16.0 %
Segment Profit 14.0 % 15.1 %
Corporate Overhead   (2.5 %)   (1.8 %)
Total   11.5 %   13.3 %
 
 
 
FOURTH QUARTER 2011
Reported

Merger & Acquisition- Related Charges 1

Normalized 2
SEGMENT PROFIT
 
Construction & DIY $ 153.8 $ 6.5 $ 160.3
Security 93.6 10.0 103.6
Industrial   96.2     8.6   104.8  
Segment Profit 343.6 25.1 368.7
Corporate Overhead   (72.9 )   24.9   (48.0 )
Total $ 270.7   $ 50.0 $ 320.7  
 
 
Segment Profit as a Percentage of Net Sales
Construction & DIY 12.1 % 12.7 %
Security 14.2 % 15.7 %
Industrial   15.0 %   16.4 %
Segment Profit 13.4 % 14.4 %
Corporate Overhead   (2.8 %)   (1.9 %)
Total   10.6 %   12.5 %
 

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 $ 720.7 $ 41.7 $ 762.4
Security 305.6 41.3 346.9
Industrial   410.2     7.9   418.1  
Segment Profit 1,436.5 90.9 1,527.4
Corporate Overhead   (252.3 )   77.1   (175.2 )
Total $ 1,184.2   $ 168.0 $ 1,352.2  
 
 
Segment Profit as a Percentage of Net Sales
Construction & DIY 13.9 % 14.7 %
Security 12.6 % 14.3 %
Industrial   16.0 %   16.3 %
Segment Profit 14.1 % 15.0 %
Corporate Overhead   (2.5 %)   (1.7 %)
Total   11.6 %   13.3 %
 
 
YEAR TO DATE 2011
Reported

Merger & Acquisition- Related Charges 1

Normalized 2
SEGMENT PROFIT
 
Construction & DIY $ 634.8 $ 19.8 $ 654.6
Security 297.1 15.3 312.4
Industrial   400.7     9.4   410.1  
Segment Profit 1,332.6 44.5 1,377.1
Corporate Overhead   (245.3 )   75.2   (170.1 )
Total $ 1,087.3   $ 119.7 $ 1,207.0  
 
 
Segment Profit as a Percentage of Net Sales
Construction & DIY 12.7 % 13.1 %
Security 15.4 % 16.2 %
Industrial   16.0 %   16.4 %
Segment Profit 14.1 % 14.6 %
Corporate Overhead   (2.6 %)   (1.8 %)
Total   11.5 %   12.8 %
 

1

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