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Manhattan Associates Reports Record Fourth Quarter And Full Year 2012 Performance

The non-GAAP adjusted operating income, adjusted net income and adjusted earnings per share exclude the impact of acquisition-related costs and the amortization thereof; equity-based compensation; and asset impairment charges and related recovery related to an investment security – all net of income tax effects and unusual tax adjustments.   Reconciliations of the Company's GAAP financial measures to non-GAAP adjustments are included in the supplemental information attached to this release.

ABOUT MANHATTAN ASSOCIATES, INC.

Manhattan Associates continues to deliver on its 23-year heritage of providing global supply chain excellence to more than 1,200 customers worldwide that consider supply chain optimization core to their strategic market leadership.  The Company's supply chain innovations include: Manhattan SCOPE®, a portfolio of software solutions and technology that leverages Manhattan Associates' Supply Chain Process Platform to help organizations optimize their supply chains from planning through execution; Manhattan SCALE™, a portfolio of distribution management and transportation management solutions built on Microsoft .NET technology; and Manhattan Carrier™, a suite of supply chain solutions specifically addressing the needs of the motor carrier industry.  For more information, please visit www.manh.com.

This press release contains "forward-looking statements" relating to Manhattan Associates, Inc. Forward-looking statements in this press release include the information set forth under "2013 Guidance." Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially from those contemplated by such forward-looking statements. Among the important factors that could cause actual results to differ materially from those indicated by such forward-looking statements are: uncertainty about the global economy; delays in product development; competitive pressures; software errors; and the additional risk factors set forth in Item 1A of the Company's Annual Report on Form 10-K for the year ended December 31, 2011. Manhattan Associates undertakes no obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes in future operating results.

MANHATTAN ASSOCIATES, INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Income
(in thousands, except per share amounts)
         
  Three Months Ended December 31, Twelve Months Ended December 31,
  2012 2011 2012 2011
  (unaudited)    
Revenue:        
Software license   $ 14,398  $ 16,567  $ 61,494  $ 54,241
Services  72,294 60,612 283,872 244,058
Hardware and other  8,667 6,360 30,882 30,954
Total revenue  95,359 83,539 376,248 329,253
Costs and expenses:         
Cost of license  2,487 2,547  7,838 6,806
Cost of services  34,040 27,036  128,686 107,510
Cost of hardware and other  6,797 5,333  25,213 24,785
Research and development  10,951 10,436  44,704 42,372
Sales and marketing  10,805 10,170  45,622 43,944
General and administrative  9,668 10,452  38,474 37,708
Depreciation and amortization  1,497 1,362  5,638 7,284
Recovery of previously impaired investment  --  --  --  (2,519)
Total costs and expenses  76,245 67,336  296,175 267,890
Operating income  19,114  16,203  80,073  61,363
Other income, net  534  650  965  1,864
Income before income taxes 19,648 16,853  81,038 63,227
Income tax provision 7,178 6,328  29,185 18,320
Net income  $ 12,470  $ 10,525  $ 51,853  $ 44,907
         
Basic earnings per share  $ 0.64  $ 0.53  $ 2.64  $ 2.20
Diluted earnings per share  $ 0.63  $ 0.50  $ 2.56  $ 2.09
         
Weighted average number of shares:        
Basic  19,409  19,941  19,660  20,455
Diluted  19,913  20,923  20,271  21,492
 
MANHATTAN ASSOCIATES, INC. AND SUBSIDIARIES
Reconciliation of Selected GAAP to Non-GAAP Measures
(in thousands, except per share amounts)
         
         
  Three Months Ended December 31, Twelve Months Ended December 31,
  2012 2011 2012 2011
         
GAAP Operating income  $ 19,114  $ 16,203  $ 80,073  $ 61,363
Equity-based compensation (a)  2,543  3,055  8,338  10,372
Purchase amortization (b)  1  2  6  1,172
Recovery of previously impaired investment (c)  --  --  --  (2,519)
Adjusted operating income (Non-GAAP)  $ 21,658  $ 19,260  $ 88,417  $ 70,388
         
         
GAAP Income tax provision  $ 7,178  $ 6,328  $ 29,185  $ 18,320
Equity-based compensation (a)  942  1,075  3,028  3,526
Purchase amortization (b)  --  6  2  398
Unusual tax adjustments (d)  --  11  --  238
Adjusted income tax provision (Non-GAAP)  $ 8,120  $ 7,420  $ 32,215  $ 22,482
         
         
GAAP Net income  $ 12,470  $ 10,525  $ 51,853  $ 44,907
Equity-based compensation (a)  1,601  1,980  5,310  6,846
Purchase amortization (b)  1  (4)  4  774
Recovery of previously impaired investment (c)  --  --  --  (2,519)
Unusual tax adjustments (d)  --  (11)  --  (238)
Adjusted net income (Non-GAAP)  $ 14,072  $ 12,490  $ 57,167  $ 49,770
         
         
GAAP Diluted EPS  $ 0.63  $ 0.50  $ 2.56  $ 2.09
Equity-based compensation (a)  0.08  0.09  0.26  0.32
Purchase amortization (b)  --  --  --  0.04
Recovery of previously impaired investment (c)  --  --  --  (0.12)
Unusual tax adjustments (d)  --  --  --  (0.01)
Adjusted diluted EPS (Non-GAAP)  $ 0.71  $ 0.60  $ 2.82  $ 2.32
         
Fully diluted shares  19,913  20,923  20,271  21,492
         
         
(a) To be consistent with other companies in the software industry, we report adjusted results excluding all equity-based compensation. The equity-based compensation is included in the following GAAP operating expense lines for the three and twelve months ended December 31, 2012 and 2011:
  Three Months Ended December 31, Twelve Months Ended December 31,
  2012 2011 2012 2011
         
Cost of services  $ 334  $ 290  $ 824  $ 1,367
Research and development  424  410  1,558  1,583
Sales and marketing  553  812  2,220  2,545
General and administrative  1,232  1,543  3,736  4,877
Total equity-based compensation  $ 2,543  $ 3,055  $ 8,338  $ 10,372
         
(b) Adjustments represent purchased intangibles amortization from prior acquisitions. Such amortization is commonly excluded from GAAP net income by companies in our industry and we therefore exclude these amortization costs to provide more relevant and meaningful comparisons of our operating results to that of our competitors.
         
(c) During the quarter ended September 30, 2008, we recorded an impairment charge of $3.5 million on an investment in an auction rate security. We reduced the carrying value to zero due to credit downgrades of the underlying issuer and the bond insurer as well as increasing publicly reported exposure to bankruptcy risk by the issuer. However, during the quarter ended September 30, 2011, we were able to sell the auction rate security and recovered over 70%, or $2.5 million, of our original investment. We previously excluded the asset impairment charge recorded in 2008 to write down the value of the auction rate security because we typically invest our treasury funds in cash, cash equivalents or other liquid investments, not illiquid, risky securities. We believed the write-down in value of the auction rate security was due to unusual changes in the characteristics of the auction rate security since our initial investment in it, including failed auctions and default risk for a municipal obligor. Consistent with our prior exclusion of the charge, we have excluded the reversal of the charge from adjusted non-GAAP results because it is not indicative of ongoing operating performance. 
         
(d) For the three and twelve months ended December 31, 2011, the adjustments represent tax benefits from disqualifying dispositions of incentive stock options that were previously expensed. As discussed above, we excluded equity-based compensation from adjusted non-GAAP results to be consistent with other companies in the software industry. Therefore, we also excluded the related tax benefit generated upon their disposition. 
 
MANHATTAN ASSOCIATES, INC. AND SUBSIDIARIES
Consolidated Balance Sheets
(in thousands, except share and per share data)
     
  December 31,
  2012 2011
ASSETS    
Current Assets:    
Cash and cash equivalents  $ 96,737  $ 92,180
Short term investments  6,310  6,079
Accounts receivable, net of allowance of $6,235 and $4,816 in 2012 and 2011, respectively  62,102  56,264
Deferred income taxes  7,787  7,599
Income taxes receivable  --  4,859
Prepaid expenses and other current assets  8,571  7,533
Total current assets  181,507  174,514
     
Property and equipment, net  15,650  13,321
Long-term investments  --  855
Goodwill  62,265  62,261
Deferred income taxes  732  5,696
Other assets  1,659  2,953
Total assets  $ 261,813  $ 259,600
     
LIABILITIES AND SHAREHOLDERS' EQUITY    
     
Current liabilities:    
Accounts payable  $ 10,229  $ 8,090
Accrued compensation and benefits  16,720  16,503
Accrued and other liabilities  12,233  13,648
Deferred revenue  47,935  49,882
Income taxes payable  4,024  --
Total current liabilities  91,141  88,123
     
Other non-current liabilities  9,163  9,397
     
Shareholders' equity:    
Preferred stock, no par value; 20,000,000 shares authorized, no shares issued or outstanding in 2012 or 2011  --  --
Common stock, $.01 par value; 100,000,000 shares authorized; 19,620,967 and 20,415,946 shares issued and outstanding at December 31, 2012 and 2011, respectively  196  204
Additional paid-in capital  --  --
Retained earnings  166,016  166,989
Accumulated other comprehensive loss  (4,703)  (5,113)
Total shareholders' equity  161,509  162,080
Total liabilities and shareholders' equity  $ 261,813  $ 259,600
 
MANHATTAN ASSOCIATES, INC. AND SUBSIDIARIES
Consolidated Statements of Cash Flows
(in thousands)
     
  Year Ended December 31,
  2012 2011
     
Operating activities:    
Net income  $ 51,853  $ 44,907
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization  5,638  7,284
Recovery of previously impaired investment  --  (2,519)
Equity-based compensation  8,338  10,372
(Gain) loss on disposal of equipment  (46)  25
Tax benefits of stock awards exercised/vested   9,901  7,481
Excess tax benefits from equity-based compensation  (7,531)  (2,474)
Deferred income taxes  5,388  2,409
Unrealized foreign currency loss (gain)  427  (189)
Changes in operating assets and liabilities:    
Accounts receivable, net  (5,446)  (8,994)
Other assets  281  (1,332)
Accounts payable, accrued and other liabilities  (162)  (3,537)
Income taxes  8,831  (2,514)
Deferred revenue  (2,201)  4,905
Net cash provided by operating activities  75,271  55,824
     
Investing activities:    
Purchase of property and equipment  (7,873)  (5,074)
Net maturities of investments   864  465
Net cash used in investing activities  (7,009)  (4,609)
     
Financing activities:    
Purchase of common stock  (103,155)  (133,144)
Proceeds from issuance of common stock from options exercised  32,082  52,721
Excess tax benefits from equity-based compensation  7,531  2,474
Net cash used in financing activities  (63,542)  (77,949)
     
Foreign currency impact on cash  (163)  (1,830)
     
Net change in cash and cash equivalents  4,557  (28,564)
Cash and cash equivalents at beginning of period  92,180  120,744
Cash and cash equivalents at end of period  $ 96,737  $ 92,180
 
MANHATTAN ASSOCIATES, INC.
SUPPLEMENTAL INFORMATION
                     
                     
1. GAAP and Adjusted earnings (loss) per share by quarter are as follows:
                     
  2011 2012
  1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Full Year 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr YTD
GAAP Diluted EPS  $ 0.32  $ 0.57  $ 0.70  $ 0.50  $ 2.09  $ 0.55  $ 0.70  $ 0.69  $ 0.63  $ 2.56
Adjustments to GAAP:                    
Equity-based compensation  0.07  0.07  0.08  0.09  0.32  0.05  0.06  0.07  0.08  0.26
Purchase amortization  0.01  0.01  0.01  --   0.04  --   --   --   --   -- 
Recovery of previously impaired investment  --   --   (0.12)  --   (0.12)  --   --   --   --   -- 
Unusual tax adjustments  --   --   (0.01)  --   (0.01)  --   --   --   --   -- 
Adjusted Diluted EPS  $ 0.41  $ 0.65  $ 0.67  $ 0.60  $ 2.32  $ 0.60  $ 0.76  $ 0.75  $ 0.71  $ 2.82
                     
                     
2. Revenues and operating income (loss) by reportable segment are as follows (in thousands):
                     
  2011 2012
  1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Full Year 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr YTD
Revenue:                    
Americas  $ 60,185  $ 72,634  $ 70,663  $ 69,377  $ 272,859  $ 73,195  $ 77,094  $ 79,657  $ 77,646  $ 307,592
EMEA  8,336  11,075  10,041  8,843  38,295  12,407  12,334  10,589  11,808  47,138
APAC  3,189  4,693  4,898  5,319  18,099  5,879  4,139  5,595  5,905  21,518
   $ 71,710  $ 88,402  $ 85,602  $ 83,539  $ 329,253  $ 91,481  $ 93,567  $ 95,841  $ 95,359  $ 376,248
                     
GAAP Operating Income (Loss):                    
Americas  $ 7,087  $ 15,749  $ 17,183  $ 13,531  $ 53,550  $ 13,685  $ 18,130  $ 17,718  $ 15,984  $ 65,517
EMEA  909  1,963  1,334  1,033  5,239  2,580  2,944  2,707  1,494  9,725
APAC  (443)  501  877  1,639  2,574  1,675  268  1,252  1,636  4,831
   $ 7,553  $ 18,213  $ 19,394  $ 16,203  $ 61,363  $ 17,940  $ 21,342  $ 21,677  $ 19,114  $ 80,073
                     
Adjustments (pre-tax):                    
Americas:                    
Equity-based compensation  $ 2,409  $ 2,405  $ 2,503  $ 3,055  $ 10,372  $ 1,660  $ 1,977  $ 2,158  $ 2,543  $ 8,338
Purchase amortization   439  438  293  2  1,172  2  1  2  1  6
Recovery of previously impaired investment   --   --   (2,519)  --   (2,519)  --   --  --   --   -- 
   $ 2,848  $ 2,843  $ 277  $ 3,057  $ 9,025  $ 1,662  $ 1,978  $ 2,160  $ 2,544  $ 8,344
                     
Adjusted non-GAAP Operating Income (Loss):                    
Americas  $ 9,935  $ 18,592  $ 17,460  $ 16,588  $ 62,575  $ 15,347  $ 20,108  $ 19,878  $ 18,528  $ 73,861
EMEA  909  1,963  1,334  1,033  5,239  2,580  2,944  2,707  1,494  9,725
APAC  (443)  501  877  1,639  2,574  1,675  268  1,252  1,636  4,831
   $ 10,401  $ 21,056  $ 19,671  $ 19,260  $ 70,388  $ 19,602  $ 23,320  $ 23,837  $ 21,658  $ 88,417
                     
                     
3. Our services revenue consists of fees generated from professional services and customer support and software enhancements related to our software products as follows (in thousands):
                     
  2011 2012
  1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Full Year 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr YTD
Professional services  $ 35,184  $ 42,150  $ 41,403  $ 38,057  $ 156,794  $ 46,621  $ 45,497  $ 47,082  $ 46,042  $ 185,242
Customer support and software enhancements  20,894  21,624  22,191  22,555  87,264  23,749  23,825  24,804  26,252  98,630
Total services revenue  $ 56,078  $ 63,774  $ 63,594  $ 60,612  $ 244,058  $ 70,370  $ 69,322  $ 71,886  $ 72,294  $ 283,872
                     
                     
4. Hardware and other revenue includes the following items (in thousands):
  2011 2012
  1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Full Year 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr YTD
                     
Hardware revenue  $ 5,504  $ 5,540  $ 5,597  $ 3,895  $ 20,536  $ 3,054  $ 5,740  $ 4,234  $ 5,242  $ 18,270
Billed travel  2,366  2,741  2,846  2,465  10,418  2,470  3,160  3,557  3,425  12,612
Total hardware and other revenue  $ 7,870  $ 8,281  $ 8,443  $ 6,360  $ 30,954  $ 5,524  $ 8,900  $ 7,791  $ 8,667  $ 30,882
                     
                     
5. Impact of Currency Fluctuation
The following table reflects the increases (decreases) in the results of operations for each period attributable to the change in foreign currency exchange rates from the prior period as well as foreign currency gains (losses) included in other income, net for each period (in thousands):
                     
  2011 2012
  1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Full Year 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr YTD
                     
Revenue  $ 282  $ 1,743  $ 1,140  $ 110  $ 3,275  $ (136)  $ (1,251)  $ (958)  $ (128)  $ (2,473)
Costs and expenses  386  1,513  1,038  (668)  2,269  (848)  (2,067)  (1,845)  (422)  (5,182)
Operating income  (104)  230  102  778  1,006  712  816  887  294  2,709
Foreign currency (losses) gains in other income  (207)  77  575  367  812  (370)  571  (564)  231  (132)
   $ (311)  $ 307  $ 677  $ 1,145  $ 1,818  $ 342  $ 1,387  $ 323  $ 525  $ 2,577
                     
                     
Manhattan Associates has a large research and development center in Bangalore, India. The following table reflects the increases (decreases) in the financial results for each period attributable to changes in the Indian Rupee exchange rate (in thousands):
                     
  2011 2012
  1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Full Year 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr YTD
                     
Operating income  $ (53)  $ (82)  $ (76)  $ 727  $ 516  $ 704  $ 1,193  $ 1,161  $ 348  $ 3,406
Foreign currency (losses) gains in other income  (112)  53  653  638  1,232  (144)  724  (500)  282  362
Total impact of changes in the Indian Rupee  $ (165)  $ (29)  $ 577  $ 1,365  $ 1,748  $ 560  $ 1,917  $ 661  $ 630  $ 3,768
                     
                     
6. Other income (expense) includes the following components (in thousands):
                     
  2011 2012
  1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Full Year 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr YTD
                     
Interest income  $ 225  $ 269  $ 298  $ 280  $ 1,072  $ 264  $ 228  $ 278  $ 292  $ 1,062
Foreign currency (losses) gains  (207)  77  575  367  812  (370)  571  (564)  231  (132)
Other non-operating (expense) income  --  (12)  (11)  3  (20)  (18)  3  39  11  35
Total other income (expense)  $ 18  $ 334  $ 862  $ 650  $ 1,864  $ (124)  $ 802  $ (247)  $ 534  $ 965
                     
                     
7. Total equity-based compensation is as follows (in thousands except per share amounts):
                     
  2011 2012
  1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Full Year 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr YTD
                     
Stock options  $ 512  $ 487  $ 486  $ 518  $ 2,003  $ 120  $ 140  $ 138  $ 223  $ 621
Restricted stock  1,897  1,918  2,017  2,537  8,369  1,540  1,837  2,020  2,320  7,717
Total equity-based compensation  2,409  2,405  2,503  3,055  10,372  1,660  1,977  2,158  2,543  8,338
Income tax provision  807  806  838  1,075  3,526  598  711  777  942  3,028
Net income  $ 1,602  $ 1,599  $ 1,665  $ 1,980  $ 6,846  $ 1,062  $ 1,266  $ 1,381  $ 1,601  $ 5,310
Diluted earnings per share  $ 0.07  $ 0.07  $ 0.08  $ 0.09  $ 0.32  $ 0.05  $ 0.06  $ 0.07  $ 0.08  $ 0.26
                     
Diluted earnings per share - stock options  $ 0.02  $ 0.01  $ 0.02  $ 0.02  $ 0.06  $ 0.00  $ --   $ --   $ 0.01  $ 0.02
Diluted earnings per share - restricted stock  $ 0.06  $ 0.06  $ 0.06  $ 0.08  $ 0.26  $ 0.05  $ 0.06  $ 0.07  $ 0.07  $ 0.24
                     
                     
8. Capital expenditures are as follows (in thousands):
                     
  2011 2012
  1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Full Year 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr YTD
                     
Capital expenditures  $ 1,338  $ 658  $ 1,676  $ 1,402  $ 5,074  $ 1,796  $ 1,454  $ 1,086  $ 3,537  $ 7,873
                     
                     
9. Stock Repurchase Activity (in thousands):
                     
  2011 2012
  1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Full Year 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr YTD
                     
Shares purchased under publicly-announced buy-back program  826  1,079  845  857  3,607  653  346  419  527  1,945
Shares withheld for taxes due upon vesting of restricted stock  65  4  4  5  78  66  3  5  4  78
Total shares purchased  891  1,083  849  862  3,685  719  349  424  531  2,023
                     
Total cash paid for shares purchased under publicly-announced buy-back program  $ 25,621  $ 38,286  $ 29,414  $ 37,390  $ 130,711  $ 30,647  $ 16,616  $ 21,202  $ 31,223  $ 99,688
Total cash paid for shares withheld for taxes due upon vesting of restricted stock  1,960  129  159  185  2,433  2,840  132  230  265  3,467
Total cash paid for shares repurchased  $ 27,581  $ 38,415  $ 29,573  $ 37,575  $ 133,144  $ 33,487  $ 16,748  $ 21,432  $ 31,488  $ 103,155
CONTACT: Dennis Story
         Chief Financial Officer
         Manhattan Associates, Inc.
         678-597-7115
         dstory@manh.com
         
         Will Haraway
         Director, North America Public Relations
         Manhattan Associates, Inc.
         678-597-7466
         wharaway@manh.com

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