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Cabela's Inc. Reports Record Fourth Quarter 2012 Results

Caution Concerning Forward-Looking Statements

Statements in this press release that are not historical or current fact are "forward-looking statements" that are based on the Company's beliefs, assumptions and expectations of future events, taking into account the information currently available to the Company. Such forward-looking statements include, but are not limited to, the Company's statements regarding opening an additional ten Outpost stores over the next four years, opening all planned stores in 2013 and 2014 with no external financing, repurchasing up to 750,000 shares of the Company's common stock through February 2014, and being comfortable with the external earnings estimates for 2013. Forward-looking statements involve risks and uncertainties that may cause the Company's actual results, performance or financial condition to differ materially from the expectations of future results, performance or financial condition that the Company expresses or implies in any forward-looking statements. These risks and uncertainties include, but are not limited to: the state of the economy and the level of discretionary consumer spending, including changes in consumer preferences and demographic trends; adverse changes in the capital and credit markets or the availability of capital and credit; the Company's ability to successfully execute its omni-channel strategy; increasing competition in the outdoor sporting goods industry and for credit card products and reward programs; the cost of the Company's products, including increases in fuel prices; the availability of the Company's products due to political or financial instability in countries where the goods the Company sells are manufactured; supply and delivery shortages or interruptions, and other interruptions or disruptions to the Company's systems, processes, or controls, caused by system changes or other factors; increased or adverse government regulations, including regulations relating to firearms and ammunition; the Company's ability to protect its brand, intellectual property, and reputation; the outcome of litigation, administrative, and/or regulatory matters (including a Commissioner's charge the Company received from the Chair of the U. S. Equal Employment Opportunity Commission in January 2011); the Company's ability to manage credit, liquidity, interest rate, operational, legal, and compliance risks; the Company's ability to increase credit card receivables while managing credit quality; the Company's ability to securitize its credit card receivables at acceptable rates or access the deposits market at acceptable rates; the impact of legislation, regulation, and supervisory regulatory actions in the financial services industry, including the Dodd-Frank Wall Street Reform and Consumer Protection Act; and other risks, relevant factors and uncertainties identified in the Company's filings with the SEC (including the information set forth in the "Risk Factors" section of the Company's Form 10-K for the fiscal year ended December 31, 2011, and Form 10-Q for the fiscal quarter ended June 30, 2012), which filings are available at the Company's website at www.cabelas.com and the SEC's website at www.sec.gov. Given the risks and uncertainties surrounding forward-looking statements, you should not place undue reliance on these statements. The Company's forward-looking statements speak only as of the date they are made. Other than as required by law, the Company undertakes no obligation to update or revise forward-looking statements, whether as a result of new information, future events or otherwise.

 
 
CABELA'S INCORPORATED AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
(Dollars in Thousands Except Earnings Per Share)
(Unaudited)
 
       
Three Months Ended Fiscal Year Ended

December 29, 2012

December 31, 2011

December 29, 2012

December 31, 2011

Revenue:
Merchandise sales $ 1,048,651 $ 903,926 $ 2,778,903 $ 2,505,733
Financial Services revenue 70,745 77,660 319,399 291,746
Other revenue 1,350   2,159   14,380   13,687  
Total revenue 1,120,746   983,745   3,112,682   2,811,166  
 
Cost of revenue:
Merchandise costs 668,730 575,278 1,769,161 1,613,241
Cost of other revenue 3     637   8  

Total cost of revenue (exclusive of depreciation and amortization)

668,733 575,278 1,769,798 1,613,249
Selling, distribution, and administrative expenses 327,507 290,803 1,046,861 954,125
Impairment and restructuring charges 20,324   7,801   20,324   12,244  
 
Operating income 104,182 109,863 275,699 231,548
 
Interest expense, net (3,948 ) (6,105 ) (20,123 ) (24,427 )
Other non-operating income, net 1,999   1,690   6,138   7,346  
 
Income before provision for income taxes 102,233 105,448 261,714 214,467
Provision for income taxes 34,201   35,620   88,201   71,847  
 
Net income $ 68,032   $ 69,828   $ 173,513   $ 142,620  
 
Earnings per basic share $ 0.97   $ 1.01   $ 2.48   $ 2.06  
Earnings per diluted share $ 0.95   $ 0.99   $ 2.42   $ 2.00  
 
Basic weighted average shares outstanding 70,041,784   69,166,725   69,856,258   69,194,663  
Diluted weighted average shares outstanding 71,700,567   70,718,826   71,709,873   71,274,242  
 
 
CABELA'S INCORPORATED AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(Dollars in Thousands Except Par Values)
(Unaudited)
 
     
ASSETS

December 29, 2012

December 31, 2011

CURRENT
Cash and cash equivalents $ 288,750 $ 304,679
Restricted cash of the Trust 17,292 18,296
Accounts receivable, net 46,081 47,127
Credit card loans (includes restricted credit card loans of the Trust of $3,523,133 and $3,142,151), net of allowance for loan losses of $65,600 and $73,350 3,497,472 3,094,163
Inventories 552,575 494,828
Prepaid expenses and other current assets 132,694 146,479
Income taxes receivable and deferred income taxes 54,164   5,709  
Total current assets 4,589,028 4,111,281
Property and equipment, net 1,021,656 866,899
Land held for sale or development 23,448 38,393
Economic development bonds 85,041 86,563
Other assets 28,990   30,635  
Total assets $ 5,748,163   $ 5,133,771  
 
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT
Accounts payable, including unpresented checks of $30,125 and $19,124 $ 285,039 $ 266,793
Gift instruments, and credit card and loyalty rewards programs 262,653 227,414
Accrued expenses 180,906 143,695
Time deposits 367,350 88,401
Current maturities of secured variable funding obligations of the Trust 325,000 460,000
Current maturities of secured long-term obligations of the Trust 425,000
Current maturities of long-term debt 8,402   8,387  
Total current liabilities 1,429,350 1,619,690
Long-term time deposits 680,668 893,912
Secured long-term obligations of the Trust, less current maturities 1,827,500 977,500
Long-term debt, less current maturities 328,133 336,535
Deferred income taxes 10,571 26,367
Other long-term liabilities 95,962 98,451
 
STOCKHOLDERS' EQUITY
Preferred stock, $0.01 par value; Authorized - 10,000,000 shares; Issued - none
Common Stock, $0.01 par value; Authorized - 245,000,000 shares;
Issued - 70,545,558 and 69,641,818 shares
Outstanding - 70,053,144 and 68,840,883 shares 705 696
Additional paid-in capital 351,161 334,925
Retained earnings 1,036,427 862,914
Accumulated other comprehensive income 5,542 2,731
Treasury stock, at cost - 492,414 and 800,935 shares (17,856 ) (19,950 )
Total stockholders' equity 1,375,979   1,181,316  
Total liabilities and stockholders' equity $ 5,748,163   $ 5,133,771  
 
 
CABELA'S INCORPORATED AND SUBSIDIARIES
SEGMENT INFORMATION
(Dollars in Thousands)
(Unaudited)
 
       

Three Months Ended

Fiscal Year Ended

December 29, 2012

December 31, 2011

December 29, 2012

December 31, 2011

Revenue:

Retail $ 663,593 $ 525,607 $ 1,849,582 $ 1,550,442
Direct 385,477 378,931 930,943 956,834
Financial Services 70,745 77,660 319,399 291,746
Other 931   1,547   12,758   12,144  
Total revenue $ 1,120,746   $ 983,745   $ 3,112,682   $ 2,811,166  
 

Operating Income (Loss):

Retail $ 144,151 $ 108,425 $ 345,040 $ 263,010
Direct 61,678 68,055 155,237 172,163
Financial Services 674 15,910 74,182 59,032
Other (102,321 ) (82,527 ) (298,760 ) (262,657 )
Total operating income $ 104,182   $ 109,863   $ 275,699   $ 231,548  
 

As a Percentage of Total Revenue:

Retail revenue 59.2 % 53.4 % 59.4 % 55.2 %
Direct revenue 34.4 38.5 29.9 34.0
Financial Services revenue 6.3 7.9 10.3 10.4
Other revenue 0.1   0.2   0.4   0.4  
Total revenue 100.0 % 100.0 % 100.0 % 100.0 %
 

As a Percentage of Segment Revenue:

Retail operating income 21.7 % 20.6 % 18.7 % 17.0 %
Direct operating income 16.0 18.0 16.7 18.0
Financial Services operating income 1.0 20.5 23.2 20.2
Total operating income as a percentage of total revenue 9.3 11.2 8.9 8.2
 
 
CABELA'S INCORPORATED AND SUBSIDIARIES
COMPONENTS OF FINANCIAL SERVICES SEGMENT REVENUE
(Dollars in Thousands)
(Unaudited)
 

Financial Services revenue consists of activity from the Company's credit card operations and is comprised of interest and fee income, interchange income, other non-interest income, interest expense, provision for loan losses, and customer rewards costs. The following table details the components and amounts of Financial Services revenue for the periods presented below.

 
  Three Months Ended   Fiscal Year Ended
December 29, 2012   December 31, 2011 December 29, 2012   December 31, 2011
 
Interest and fee income $ 79,562 $ 73,112 $ 301,699 $ 277,242
Interest expense (13,713 ) (14,795 ) (54,092 ) (70,303 )
Provision for loan losses (13,529 ) (11,671 ) (42,760 ) (39,287 )
Net interest income, net of provision for loan losses 52,320   46,646   204,847   167,652  
Non-interest income:
Interchange income 71,763 74,729 292,151 267,106
Other non-interest income 1,289   3,836   12,364   13,620  
Total non-interest income 73,052 78,565 304,515 280,726
Less: Customer rewards costs (54,627 ) (47,551 ) (189,963 ) (156,632 )
Financial Services revenue $ 70,745   $ 77,660   $ 319,399   $ 291,746  

The following table sets forth the components of Financial Services revenue as a percentage of average total credit card loans, including any accrued interest and fees, for the periods presented below.

   

Three Months Ended

Fiscal Year Ended

December 29, 2012   December 31, 2011 December 29, 2012   December 31, 2011
 
Interest and fee income 9.7 % 10.0 % 9.7 % 10.1 %
Interest expense (1.7 ) (2.0 ) (1.7 ) (2.6 )
Provision for loan losses (1.6 ) (1.6 ) (1.4 ) (1.4 )
Interchange income 8.7 10.2 9.4 9.7
Other non-interest income 0.2 0.5 0.4 0.5
Customer rewards costs (6.7 ) (6.5 ) (6.1 ) (5.7 )
Financial Services revenue 8.6 % 10.6 % 10.3 % 10.6 %
 
 
CABELA'S INCORPORATED AND SUBSIDIARIES
RECONCILIATION OF NON-GAAP REVENUE MEASURES
OF FINANCIAL SERVICES SEGMENT
(Unaudited)
 

On July 13, 2012, the parties to the Visa antitrust litigation announced that they had entered into a memorandum of understanding to enter into a settlement agreement to resolve their claims. On November 9, 2012, the settlement received preliminary court approval. The settlement agreement requires, among other things, the distribution to class merchants of an amount equal to 10 basis points of default interchange across all credit rate categories for a period of eight consecutive months. As a result of the preliminary court approval, the Company recorded a liability of $12.5 million as of December 29, 2012, to accrue for the proposed settlement as a reduction of interchange income in the Financial Services segment. Upon final approval, it is expected that the Company's merchandising business will benefit modestly from this interchange reduction and receive its share of the cash payment related to the settlement agreement, which has not been accrued.

To supplement the Company's revenue components of our Financial Services segment presented in accordance with generally accepted accounting principles ("GAAP"), management of the Company has disclosed two non-GAAP measures of operating results that exclude the $12.5 million reduction of interchange income for the proposed Visa settlement. Interchange income and total Financial Services revenue are presented below both as reported (on a GAAP basis) and excluding the reduction of interchange income for the proposed Visa settlement. In light of the nature and magnitude, we believe these items should be presented separately to enhance a reader's overall understanding of the Company's ongoing operations as they relate to our Financial Services segment. The following non-GAAP financial measures should be considered in conjunction with the GAAP financial measures.

   

December 29, 2012

 

December 31, 2011

 

Increase (Decrease)

 

% Change

(Dollars in Thousands)

Three Months Ended:

Interchange income $ 71,763 $ 74,729 $ (2,966 ) (4.0 )%
Adjustment for Visa antitrust settlement 12,500     12,500  
Interchange income - 2012 non-GAAP adjusted $ 84,263   $ 74,729   $ 9,534   12.8 %
 
Total Financial Services revenue $ 70,745 $ 77,660 $ (6,915 ) (8.9 )%
Adjustment for Visa antitrust settlement 12,500     12,500  
Total Financial Services revenue - 2012 non-GAAP adjusted $ 83,245   $ 77,660   $ 5,585   7.2 %
 
Interchange income as a percentage of average total credit card loans - 2012 non-GAAP adjusted 10.3 % 10.2 % 0.1 %
Financial Services revenue as a percentage of average total credit card loans - 2012 non-GAAP adjusted 10.1 % 10.6 % (0.5 )%
 

Fiscal Year Ended:

Interchange income $ 292,151 $ 267,106 $ 25,045 9.4 %
Adjustment for Visa antitrust settlement 12,500     12,500  
Interchange income - 2012 non-GAAP adjusted $ 304,651   $ 267,106   $ 37,545   14.1 %
 
Financial Services revenue $ 319,399 $ 291,746 $ 27,653 9.5 %
Adjustment for Visa antitrust settlement 12,500     12,500  
Financial Services revenue - 2012 non-GAAP adjusted $ 331,899   $ 291,746   $ 40,153   13.8 %
 
Interchange income as a percentage of average total credit card loans - 2012 non-GAAP adjusted 9.8 % 9.7 % 0.1 %
Financial Services revenue as a percentage of average total credit card loans - 2012 non-GAAP adjusted 10.7 % 10.6 % 0.1 %
     
 

CABELA'S INCORPORATED AND SUBSIDIARIES KEY STATISTICS OF FINANCIAL SERVICES SEGMENT (Dollars in Thousands Except Average Balance per Account) (Unaudited)

 
 

Key statistics reflecting the performance of the Financial Services segment are shown in the following charts:

 
Three Months Ended

December 29, 2012

 

December 31, 2011

Increase (Decrease)

% Change
 
Average balance of credit card loans (1) $ 3,282,039 $ 2,917,083 $ 364,956 12.5 %
Average number of active credit card accounts 1,635,200 1,495,242 139,958 9.4
 
Average balance per active credit card account (1) $ 2,007 $ 1,951 $ 56 2.9
 
Net charge-offs on credit card loans (1) $ 15,633 $ 15,493 $ 140 0.9
Net charge-offs as a percentage of average

credit card loans (1)

  1.91 %   2.12 %   (0.21 )%    
(1) Includes accrued interest and fees
Fiscal Year Ended

December 29, 2012

December 31, 2011

Increase (Decrease)

% Change
 
Average balance of credit card loans (1) $ 3,095,781 $ 2,745,118 $ 350,663 12.8 %
Average number of active credit card accounts 1,537,209 1,416,887 120,322 8.5
 
Average balance per active credit card account (1) $ 2,014 $ 1,937 $ 77 4.0
 
Net charge-offs on credit card loans (1) $ 57,803 $ 64,520 $ (6,717 ) (10.4 )
Net charge-offs as a percentage of averagecredit card loans (1)   1.87 %   2.35 %   (0.48 )%    
(1) Includes accrued interest and fees
 
 
CABELA'S INCORPORATED AND SUBSIDIARIES RECONCILIATION OF NON-GAAP RETURN ON INVESTED CAPITAL (Unaudited)
 

Return on invested capital ( “ROIC”) is not a measure of financial performance under GAAP and may not be defined and calculated by other companies in the same manner. ROIC should be considered supplemental to and not a substitute for financial information prepared in accordance with GAAP. The Company uses ROIC as a measure of efficiency and effectiveness of its use of capital.

The Company measures ROIC by dividing adjusted net income by average total capital. Adjusted net income is calculated by adding interest expense, rent expense, and Retail segment depreciation and amortization (all after tax) to reported net income excluding: (1) any losses on sales of assets, (2) any impairment charges or fixed asset write-downs, and (3) any accumulated amortization of deferred grant income caused by other-than-temporary impairment losses of economic development bonds (all after tax). Total capital is calculated by adding current maturities of long-term debt, operating leases capitalized at eight times next year’s annual minimum lease payments, and total stockholders’ equity to long-term debt (excluding all debt of the Financial Services segment) and then subtracting cash and cash equivalents (excluding cash and cash equivalents of the Financial Services segment). Average total capital is calculated as the sum of current and prior year ending total capital divided by two. The following table reconciles the components of ROIC to the most comparable GAAP financial measures.

 

Fiscal Year Ended

December 29, 2012

 

December 31, 2011

(Dollars in Thousands)

 
Net income as reported $ 173,513   $ 142,620  
Add back:
Interest expense 20,171 24,454
Rent expense 13,605 9,541
Depreciation and amortization - Retail segment 46,997 41,506
Exclude:
Impairment charges or fixed asset write-downs 19,015 4,771
Accumulated amortization of deferred grant income 1,309   6,538  
101,097   86,810  
 
After tax effect 67,027   57,729  
Effective tax rate 33.7 % 33.5 %
   
Adjusted net income $ 240,540   $ 200,349  
 
Total capital:
Current maturities of long-term debt $ 8,402 $ 8,387
Operating leases capitalized at 8x next year's annual minimum lease payments 95,168 85,968
Total stockholders' equity 1,375,979 1,181,316
Long-term debt (excluding Financial Services segment) 328,133   336,535  
1,807,682 1,612,206
Less:
Cash and cash equivalents (288,750 ) (304,679 )
Add back cash and cash equivalents at the Financial Services segment 91,365   117,035  
(197,385 ) (187,644 )
 
Adjusted total capital $ 1,610,297   $ 1,424,562  
 
Average total capital $ 1,517,430   $ 1,397,951  
 
Return on Invested Capital 15.9 % 14.3 %
 
 
CABELA'S INCORPORATED AND SUBSIDIARIES
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
(Unaudited)
 

To supplement the Company's consolidated statements of income presented in accordance with GAAP, management of the Company has disclosed non-GAAP measures of operating results that exclude certain items. Total revenue, impairment and restructuring charges, operating income, provision for income taxes, net income, and earnings per basic and diluted share are presented below both as reported (on a GAAP basis) and excluding (i) the reduction of interchange income for the proposed Visa settlement recorded in the three months and fiscal year ended December 29, 2012, and (ii) the impairment and restructuring charges recorded in the three months and fiscal years ended December 29, 2012, and December 31, 2011, respectively. For the 2012 periods, the impairment charges relate primarily to land held for sale, and for the 2011 periods, the impairment and restructuring charges include write-downs on economic development bonds and land held for sale and severance and related costs. In light of the nature and magnitude, we believe these items should be presented separately to enhance a reader's overall understanding of the Company's ongoing operations. These non-GAAP financial measures should be considered in conjunction with the GAAP financial measures.

Management believes these non-GAAP financial results provide useful supplemental information to investors regarding the underlying business trends and performance of the Company's ongoing operations and are useful for period-over-period comparisons of such operations. In addition, management evaluates results using non-GAAP adjusted operating income, adjusted net income, and adjusted earnings per diluted share. These non-GAAP measures should not be considered in isolation or as a substitute for operating income, net income, earnings per diluted share, or any other measure calculated in accordance with GAAP. The following table reconciles these financial measures to the related GAAP financial measures for the periods presented.

 

Three Months Ended

December 29, 2012

 

December 31, 2011

GAAP Basis As Reported   Amounts Added Back   Non-GAAP As Adjusted GAAP Basis As Reported   Amounts Added Back   Non-GAAP As Adjusted
(Dollars in Thousands Except Earnings Per Share)
 
Total revenue (1) $ 1,120,746 $ 12,500 $ 1,133,246 $ 983,745 $ $ 983,745
 
Total cost of revenue (exclusive of depreciation and amortization) 668,733 668,733 575,278 575,278
Selling, distribution, and administrative expenses 327,507 327,507 290,803 290,803
Impairment and restructuring charges (2) 20,324   (20,324 )   7,801   (7,801 )  
 
Operating income 104,182 32,824 137,006 109,863 7,801 117,664
 
Interest expense, net (3,948 ) (3,948 ) (6,105 ) (6,105 )
Other non-operating income 1,999     1,999   1,690     1,690  
Income before provision for income taxes 102,233 32,824 135,057 105,448 7,801 113,249
Provision for income taxes 34,201   11,062   45,263   35,620   2,626   38,246  
 
Net income $ 68,032   $ 21,762   $ 89,794   $ 69,828   $ 5,175   $ 75,003  
 
Earnings per basic share $ 0.97   $ 0.31   $ 1.28   $ 1.01   $ 0.07   $ 1.08  
 
Earnings per diluted share $ 0.95   $ 0.30   $ 1.25   $ 0.99   $ 0.07   $ 1.06  
 

Fiscal Year Ended

December 29, 2012

 

December 31, 2011

GAAP Basis As Reported

  Amounts Added Back   Non-GAAP As Adjusted GAAP Basis As Reported   Amounts Added Back   Non-GAAP As Adjusted

(Dollars in Thousands Except Earnings Per Share)

 
Total revenue (1) $ 3,112,682 $ 12,500 $ 3,125,182 $ 2,811,166 $ $ 2,811,166
 
Total cost of revenue (exclusive of depreciation and amortization) 1,769,798 1,769,798 1,613,249 1,613,249
Selling, distribution, and administrative expenses 1,046,861 1,046,861 954,125 954,125
Impairment and restructuring charges (2) 20,324   (20,324 )   12,244   (12,244 )  
 
Operating income 275,699 32,824 308,523 231,548 12,244 243,792
 
Interest expense, net (20,123 ) (20,123 ) (24,427 ) (24,427 )
Other non-operating income 6,138     6,138   7,346     7,346  
Income before provision for income taxes 261,714 32,824 294,538 214,467 12,244 226,711
Provision for income taxes 88,201   11,062   99,263   71,847   4,102   75,949  
 
Net income $ 173,513   $ 21,762   $ 195,275   $ 142,620   $ 8,142   $ 150,762  
 
Earnings per basic share $ 2.48   $ 0.31   $ 2.79   $ 2.06   $ 0.12   $ 2.18  
 
Earnings per diluted share $ 2.42   $ 0.30   $ 2.72   $ 2.00   $ 0.12   $ 2.12  
(1) Reflects an accrual for a reduction in interchange income related to the proposed settlement of the Visa antitrust litigation.
(2) Reflects impairment losses recognized in the three months and fiscal year ended December 29, 2012. primarily on land held for sale. In the three months and fiscal year ended December 31, 2011, reflects impairment losses primarily on economic development bonds and land held for sale as well as restructuring charges for severance and related benefits.




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