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Teradyne Reports 53% Sequential Growth In Second Quarter 2013 Sales, Raises Outlook For Third Quarter Of 2013

Teradyne, Inc. (NYSE: TER) reported revenue of $429 million for the second quarter of 2013 of which $293 million was in Semiconductor Test, $99 million in Wireless Test and $37 million in Systems Test. On a non-GAAP basis, Teradyne’s net income in the second quarter was $89.1 million, or $0.43 per diluted share. This excludes acquired intangible asset amortization and non-cash convertible debt interest and includes income taxes on a cash basis. GAAP net income for the second quarter was $66.6 million, or $0.28 per diluted share.

Bookings in the second quarter of 2013 were $474 million of which $362 million were in Semiconductor Test, $87 million in Wireless Test and $25 million in Systems Test.

"We delivered our 16th consecutive quarter of profitable operations with strong growth in our semiconductor and wireless test businesses," said CEO, Mike Bradley. "Semiconductor Test orders grew 40% in the quarter driven by the mobile, power management, microcontroller, and memory test sectors. Wireless and Systems Test orders declined in the quarter as customers adjusted their capacity to market demand. We've raised our third quarter revenue outlook to reflect these order trends."

Guidance for the third quarter of 2013 is revenue of $425 million to $465 million with non-GAAP net income per diluted share of $0.39 to $0.49 and GAAP net income per diluted share of $0.23 to $0.31. Non-GAAP guidance excludes acquired intangible asset amortization and non-cash convertible debt interest and includes income taxes on a cash basis.

Webcast

A conference call to discuss the second quarter of 2013 results, along with management's business outlook is scheduled at 10 a.m. EDT, Thursday, July 25, 2013. The call will be broadcast simultaneously over the Internet. Interested investors should access the webcast at www.teradyne.com and click on "Investors" at least five minutes before the call begins.

A replay will be available approximately two hours after the completion of the call. The replay number in the U.S. & Canada is 855-859-2056. The replay number outside the U.S. & Canada is 404-537-3406. The pass code for both numbers is 13172250. A replay will also be available on the Teradyne website at www.teradyne.com. Click on "Investors" for a link to the replay. The replay will be available via phone and website through August 10, 2013.

Non-GAAP Results

In addition to disclosing results that are determined in accordance with GAAP, Teradyne also discloses non-GAAP results of operations that exclude certain income items and charges. These results are provided as a complement to results provided in accordance with GAAP. Non-GAAP income from operations and non-GAAP net income exclude acquired intangible asset amortization, non-cash convertible debt interest, fair value inventory step-up related to LitePoint, pension and post retirement actuarial gains and losses, and restructuring and other, and include income taxes on a cash basis. GAAP requires that these items be included in determining income from operations and net income. Non-GAAP income from operations, non-GAAP net income, non-GAAP income from operations and non-GAAP net income as a percentage of revenue, and non-GAAP net income per share are non-GAAP measures presented to provide meaningful supplemental information regarding Teradyne's baseline performance before gains, losses or other charges that may not be indicative of Teradyne’s current core business or future outlook. These non-GAAP measures are used to make operational decisions, to determine employee compensation, to forecast future operational results, and for comparison with Teradyne’s business plan, historical operating results and the operating results of Teradyne’s competitors. Non-GAAP gross margin excludes charges related to the fair value inventory step-up recorded as part of acquisition purchase accounting and pension and post retirement actuarial gains and losses. GAAP requires that this item be included in determining gross margin. Non-GAAP gross margin dollar amount and percentage are non-GAAP measures that management believes provide useful supplemental information for management and the investor. Management uses non-GAAP gross margin as a performance measure for Teradyne’s current core business and future outlook and for comparison with Teradyne’s business plan, historical gross margin results and the gross margin results of Teradyne’s competitors. Non-GAAP diluted shares include the impact of Teradyne’s call option on its shares. Management believes each of these non-GAAP measures provides useful supplemental information for investors, allowing greater transparency to the information used by management in its operational decision making and in the review of Teradyne’s financial and operational performance, as well as facilitating meaningful comparisons of Teradyne’s results in the current period compared with those in prior and future periods. A reconciliation of each available GAAP to non-GAAP financial measure discussed in this press release is contained in the attached exhibits and on the Teradyne website at www.teradyne.com by clicking on "Investors" and then selecting the "GAAP to Non-GAAP Reconciliation" link. The non-GAAP financial measures discussed in this press release may not be comparable to similarly titled measures used by other companies. The presentation of non-GAAP measures is not meant to be considered in isolation, as a substitute for, or superior to, financial measures or information provided in accordance with GAAP.

About Teradyne

Teradyne (NYSE:TER) is a leading supplier of Automatic Test Equipment used to test semiconductors, wireless products, data storage and complex electronic systems which serve consumer, communications, industrial and government customers. In 2012, Teradyne had sales of $1.66 billion and currently employs approximately 3,700 people worldwide. For more information, visit www.teradyne.com. Teradyne(R) is a registered trademark of Teradyne, Inc. in the U.S. and other countries.

Safe Harbor Statement

This release contains forward-looking statements regarding future business prospects, Teradyne’s results of operations and market conditions. Such statements are based on the current assumptions and expectations of Teradyne’s management and are neither promises nor guarantees of future performance. You can identify these forward-looking statements based on the context of the statements and by the fact that they use words such as “will,” “anticipate,” “expect,” “project,” “intend,” “plan,” “believe,” “target” and other words and terms of similar meaning in connection with any discussion of future operating or financial performance. There can be no assurance that management’s estimates of Teradyne’s future results or other forward looking statements will be achieved. Important factors that could cause actual results to differ materially from those presently expected include: conditions affecting the markets in which Teradyne operates; decreased or delayed product demand; increased research and development spending and other events, factors and risks disclosed in filings with the SEC, including, but not limited to, the “Risk Factors” section of Teradyne’s Annual Report on Form 10-K for the fiscal year ended December 31, 2012 and Quarterly Report on Form 10-Q for the period ended March 31, 2013. The forward-looking statements provided by Teradyne in this press release represent management’s views as of the date of this release. Teradyne anticipates that subsequent events and developments may cause management's views to change. However, while Teradyne may elect to update these forward-looking statements at some point in the future, Teradyne specifically disclaims any obligation to do so. These forward-looking statements should not be relied upon as representing Teradyne's views as of any date subsequent to the date of this release.

 
TERADYNE, INC. REPORT FOR SECOND FISCAL QUARTER OF 2013
                             
CONDENSED CONSOLIDATED OPERATING STATEMENTS
(In thousands, except per share amounts)
               
Quarter Ended Six Months Ended
June 30, 2013 March 31, 2013 July 1, 2012 June 30, 2013 July 1, 2012
 
Net revenues $ 428,889 $ 280,367 $ 548,284 $ 709,256 $ 944,952
 
Cost of revenues (1) (2)   187,656     126,950     238,778     314,606     444,520  
 
Gross profit 241,233 153,417 309,506 394,650 500,432
 
Operating expenses:
Engineering and development (1) 67,773 62,751 67,834 130,524 129,113
Selling and administrative (1) 69,230 67,890 72,064 137,120 138,697
Acquired intangible asset amortization 18,063 18,036 18,429 36,099 36,858
Restructuring and other (3)   259     332     (6,262 )   591     (8,087 )
Operating expenses 155,325 149,009 152,065 304,334 296,581
 
Income from operations 85,908 4,408 157,441 90,316 203,851
 
Interest and other (4)   (5,551 )   (5,834 )   (5,449 )   (11,385 )   (10,615 )
 
Income (loss) before income taxes 80,357 (1,426 ) 151,992 78,931 193,236
Income tax provision (benefit)   13,801     (8,015 )   40,605     5,786     48,285  
Net income $ 66,556   $ 6,589   $ 111,387   $ 73,145   $ 144,951  
 

Net income per common share:

Basic $ 0.35   $ 0.03   $ 0.60   $ 0.38   $ 0.78  
Diluted $ 0.28   $ 0.03   $ 0.49   $ 0.31   $ 0.63  
 
Weighted average common shares - basic   190,569     189,686     186,573     190,128     186,205  
 
 
Weighted average common shares - diluted (5)   234,909     234,757     229,646     234,833     230,399  
 
Net orders $ 473,815   $ 400,082   $ 591,703   $ 873,897   $ 1,049,785  
 
 
 
(1)

In the first quarter of 2012, we changed our accounting method from delayed recognition of actuarial gains and losses for our defined benefit pension plans and other post retirement benefit plans to immediate recognition. We elected to immediately recognize net actuarial gains and losses and the change in the fair value of plan assets in our operating results in the year in which they occur. Below are the pension (gains) and losses included in our operating results:

 
Quarter Ended Six Months Ended
June 30, 2013 March 31, 2013 July 1, 2012 June 30, 2013 July 1, 2012
Cost of revenues $ (335 ) $ - $ 778 $ (335 ) $ 778
Engineering and development (659 ) - 1,463 (659 ) 1,463
Selling and administrative   (365 )   -     813     (365 )   813  
$ (1,359 ) $ -   $ 3,054   $ (1,359 ) $ 3,054  
 
 
(2) Cost of revenues includes: Quarter Ended Six Months Ended
June 30, 2013 March 31, 2013 July 1, 2012 June 30, 2013 July 1, 2012
Provision for excess and obsolete inventory $ 1,975 $ 3,800 $ 9,353 $ 5,775 $ 10,927
Sale of previously written down inventory (3,058 ) (1,783 ) - (4,841 ) (1,272 )
Inventory step-up   -     -     1,218     -     6,089  
$ (1,083 ) $ 2,017   $ 10,571   $ 934   $ 15,744  
 
 
(3) Restructuring and other consists of: Quarter Ended Six Months Ended
June 30, 2013 March 31, 2013 July 1, 2012 June 30, 2013 July 1, 2012
Contingent consideration fair value adjustment $ - $ - $ (6,548 ) $ - $ (8,373 )
Employee severance   259     332     286     591     286  
$ 259   $ 332   $ (6,262 ) $ 591   $ (8,087 )
 
 
(4) Interest and other includes: Quarter Ended Six Months Ended
June 30, 2013 March 31, 2013 July 1, 2012 June 30, 2013 July 1, 2012
Non-cash convertible debt interest $ 3,884 $ 3,754 $ 3,389 7,638 $ 6,664
 
 
(5) Under GAAP, when calculating diluted earnings per share, convertible debt must be assumed to have converted if the effect on EPS would be dilutive. Diluted shares assume the conversion of the convertible debt as the effect would be dilutive. Accordingly, for the quarters ended June 30, 2013, March 31, 2013 and July 1, 2012, and for the six months ended June 30, 2013 and July 1, 2012, 23.3 million, 23.4 million, 22.3 million, 23.3 million and 22.7 million shares, respectively, have been included in diluted shares.
 
 
CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands)
         
June 30, 2013 December 31, 2012
 
Assets
Cash and cash equivalents $ 227,601 $ 338,920
Marketable securities 501,148 431,516
Accounts receivable 228,208 153,423
Inventories 128,204 139,410
Deferred tax assets 83,789 77,305
Prepayments and other current assets   113,253   95,487
Total current assets 1,282,203 1,236,061
 
Net property, plant and equipment 264,876 265,782
Marketable securities 302,846 235,872
Other assets 19,051 20,209
Retirement plan assets 4,194 3,282
Intangible assets 283,728 318,867
Goodwill   349,272   349,272
Total assets $ 2,506,170 $ 2,429,345
 
Liabilities
Accounts payable $ 67,125 $ 58,324
Accrued employees' compensation and withholdings 73,756 86,264
Deferred revenue and customer advances 76,254 81,357
Other accrued liabilities 54,684 57,249
Accrued income taxes 16,104 12,306
Current debt   179,565   2,328
Total current liabilities 467,488 297,828
 
Long-term deferred revenue and customer advances 18,240 16,227
Retirement plan liabilities 94,004 94,373
Deferred tax liabilities 39,011 50,201
Long-term other accrued liabilities 20,934 21,302
Long-term debt   -   171,059
Total liabilities 639,677 650,990
 
Shareholders' equity 1,866,493 1,778,355
   
Total liabilities and shareholders' equity $ 2,506,170 $ 2,429,345
 
 
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (In thousands)
             
Quarter Ended   Six Months Ended
June 30, 2013 July 1, 2012 June 30, 2013 July 1, 2012
Cash flows from operating activities:
Net income $ 66,556 $ 111,387 $ 73,145 $ 144,951
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation 13,437 13,290 27,552 25,578
Amortization 22,041 21,929 43,925 43,744
Stock-based compensation 9,054 10,630 18,077 21,396
Provision for excess and obsolete inventory 1,975 9,353 5,775 10,927
Deferred taxes (11,465 ) 8,238 (17,648 ) 15,937
Inventory step-up - 1,218 - 6,089
Contingent consideration adjustment - (6,548 ) - (8,373 )
Tax benefit related to stock options and restricted stock units (1,584 ) (7,600 ) (1,584 ) (7,600 )
Retirement plan actuarial (gain) losses (1,359 ) 3,054 (1,359 ) 3,054
Impairment loss on property, plant and equipment 1,074 - 1,074 -
Other 946 16 1,077 (471 )
Changes in operating assets and liabilities:
Accounts receivable (61,594 ) (124,577 ) (74,785 ) (216,794 )
Inventories 30,413 (2,190 ) 26,373 21,446
Prepayments and other assets (16,207 ) 3,142 (17,277 ) 5,027
Accounts payable and accrued expenses 32,109 36,399 (15,149 ) 27,140
Deferred revenue and customer advances 7,056 (4,494 ) (3,090 ) (6,198 )
Retirement plan contributions (1,448 ) (1,489 ) (2,511 ) (2,550 )
Accrued income taxes   14,467     30,334     5,382     29,958  
Net cash provided by operating activities 105,471 102,092 68,977 113,261
 
Cash flows from investing activities:
Purchases of property, plant and equipment (28,251 ) (30,730 ) (50,798 ) (57,804 )
Purchases of marketable securities (333,556 ) (73,776 ) (458,070 ) (153,871 )
Proceeds from maturities of marketable securities 148,994 39,643 268,546 86,192
Proceeds from sales of marketable securities   28,561     3,772     50,255     10,028  
Net cash used for investing activities (184,252 ) (61,091 ) (190,067 ) (115,455 )
 
Cash flows from financing activities:
Issuance of common stock under stock option and stock purchase plans 717 7,059 9,638 16,984
Tax benefit related to stock options and restricted stock units 1,584 7,600 1,584 7,600
Payments of long-term debt (1,063 ) - (1,063 ) (1,246 )
Payments of contingent consideration   (75 )   -     (388 )   (5,824 )
Net cash provided by financing activities 1,163 14,659 9,771 17,514
 
(Decrease) increase in cash and cash equivalents (77,618 ) 55,660 (111,319 ) 15,320
Cash and cash equivalents at beginning of period   305,219     533,396     338,920     573,736  
Cash and cash equivalents at end of period $ 227,601   $ 589,056   $ 227,601   $ 589,056  
 
 
GAAP to Non-GAAP Earnings Reconciliation
                           
(In millions, except per share amounts)
Quarter Ended

June 30, 2013

 

% of Net Revenues

March 31, 2013

 

% of Net Revenues

July 1, 2012

 

% of Net Revenues

 
Net revenues $ 428.9 $ 280.4 $ 548.3
 
Gross profit - GAAP $ 241.2 56.2 % $ 153.4 54.7 % $ 309.5 56.4 %
Inventory step-up - - - - 1.2 0.2 %
Pension mark-to-market adjustments (1)   (0.3 ) -0.1 %   -   -     0.8   0.1 %
Gross profit - non-GAAP $ 240.9 56.2 % $ 153.4 54.7 % $ 311.5 56.8 %
 
Income from operations - GAAP $ 85.9 20.0 % $ 4.4 1.6 % $ 157.4 28.7 %
Acquired intangible asset amortization 18.1 4.2 % 18.0 6.4 % 18.4 3.4 %
Restructuring and other (2) 0.3 0.1 % 0.3 0.1 % (6.3 ) -1.1 %
Pension mark-to-market adjustments (1) (1.4 ) -0.3 % - - 3.1 0.6 %
Inventory step-up   -   -     -   -     1.2   0.2 %
Income from operations - non-GAAP $ 102.9   24.0 % $ 22.7   8.1 % $ 173.8   31.7 %
 

Net Income per Common Share

Net Income per Common Share

Net Income per Common Share

June 30, 2013

 

% of Net Revenues

  Basic   Diluted

March 31, 2013

 

% of Net Revenues

  Basic   Diluted

July 1, 2012

 

% of Net Revenues

  Basic   Diluted
Net income - GAAP $ 66.6 15.5 % $ 0.35 $ 0.28 $ 6.6 2.4 % $ 0.03 $ 0.03 $ 111.4 20.3 % $ 0.60 $ 0.49
Acquired intangible asset amortization 18.1 4.2 % 0.09 0.08 18.0 6.4 % 0.09 0.08 18.4 3.4 % 0.10 0.09
Income tax adjustment (3) 1.6 0.4 % 0.01 0.01 (10.5 ) -3.7 % (0.06 ) (0.04 ) 25.1 4.6 % 0.13 0.12
Interest and other (4) 3.9 0.9 % 0.02 0.02 3.8 1.4 % 0.02 0.02 3.4 0.6 % 0.02 0.02
Restructuring and other (2) 0.3 0.1 % 0.00 0.00 0.3 0.1 % 0.00 0.00 (6.3 ) -1.1 % (0.03 ) (0.03 )
Pension mark-to-market adjustments (1) (1.4 ) -0.3 % (0.01 ) (0.01 ) - - - - 3.1 0.6 % 0.02 0.01
Inventory step-up - - - - - - - - 1.2 0.2 % 0.01 0.01
Convertible share adjustment (5)   -   -     -     0.05     -   -     -     0.01     -   -     -     0.06  
Net income - non-GAAP $ 89.1   20.8 % $ 0.47   $ 0.43   $ 18.2   6.5 % $ 0.10   $ 0.09   $ 156.3   28.5 % $ 0.84   $ 0.77  
 
GAAP and non-GAAP weighted average common shares - basic 190.6 189.7 186.6
GAAP weighted average common shares - diluted 234.9 234.8 229.6
Exclude dilutive shares from convertible note   (23.3 )   (42.3 )   (22.3 )
Non-GAAP weighted average common shares - diluted (5)   211.6     192.5     207.3  
 
 
(1) Actuarial loss recognized under GAAP in accordance with the Company's mark-to-market pension accounting.
 
(2) Restructuring and other, net consists of:
Quarter Ended

June 30, 2013

March 31, 2013

July 1, 2012

Contingent consideration fair value adjustment $ - $ - $ (6.5 )
Employee severance   0.3     0.3     0.3  
$ 0.3   $ 0.3   $ (6.3 )
 
 
(3) For the quarters ended June 30, 2013, March 31, 2013 and July 1, 2012, adjustment to record income taxes on a cash basis.
 
(4) For the quarters ended June 30, 2013, March 31, 2013 and July 1, 2012, Interest and other included non-cash convertible debt interest.
 
(5)

For the quarters ended June 30, 2013 and July 1, 2012, the calculation of non-GAAP diluted earnings per share gives benefit to the Company's call option on its stock for 34.7 million shares at $5.48. As a result, 18.7 million and 17.3 million shares have been included in non-GAAP diluted shares and net interest expense of $2.3 million has been added back to non-GAAP net income for the non-GAAP diluted earnings per share calculation.

 
        Six Months Ended

June 30, 2013

 

% of Net Revenues

     

July 1, 2012

 

% of Net Revenues

   
 
Net Revenues $ 709.3 $ 945.0
 
Gross profit - GAAP $ 394.7 55.6 % $ 500.4 53.0 %
Inventory step-up - - 6.1 0.6 %
Pension mark-to-market adjustments (1)   (0.3 ) 0.0 %   0.8   0.1 %
Gross profit - non-GAAP $ 394.4 55.6 % $ 507.3 53.7 %
 
Income from operations - GAAP $ 90.3 12.7 % $ 203.9 21.6 %
Acquired intangible asset amortization 36.1 5.1 % 36.9 3.9 %
Inventory step-up - - 6.1 0.6 %
Pension mark-to-market adjustments (1) (1.4 ) -0.2 % 3.1 0.3 %
Restructuring and other (2)   0.6   0.1 %   (8.1 ) -0.9 %
Income from operations - non-GAAP $ 125.6   17.7 % $ 241.9   25.6 %
 

Net Income per Common Share

Net Income per Common Share

June 30, 2013

% of Net Revenues

Basic   Diluted

July 1, 2012

% of Net Revenues

Basic Diluted
Net income - GAAP $ 73.1 10.3 % $ 0.38 $ 0.31 $ 145.0 15.3 % $ 0.78 $ 0.63
Acquired intangible asset amortization 36.1 5.1 % 0.19 0.15 36.9 3.9 % 0.20 0.18
Income tax adjustment (3) (8.8 ) -1.2 % (0.05 ) (0.04 ) 26.9 2.8 % 0.14 0.13
Interest and other (4) 7.6 1.1 % 0.04 0.03 6.7 0.7 % 0.04 0.03
Inventory step-up - - - - 6.1 0.6 % 0.03 0.03
Pension mark-to-market adjustments (1) (1.4 ) -0.2 % (0.01 ) (0.01 ) 3.1 0.3 % 0.02 0.01
Restructuring and other (2) 0.6 0.1 % 0.00 0.00 (8.1 ) -0.9 % (0.04 ) (0.04 )
Convertible share adjustment (5)   -   -     -     0.09     -   -     -     0.10  
Net income - non-GAAP $ 107.2   15.1 % $ 0.56   $ 0.53   $ 216.6   22.9 % $ 1.16   $ 1.07  
 
GAAP and non-GAAP weighted average common shares - basic 190.1 186.2
GAAP weighted average common shares - diluted 234.8 230.4
Exclude dilutive shares from convertible note   (23.3 )   (22.7 )
Non-GAAP weighted average common shares - diluted (5)   211.5     207.7  
 
 
(1) Actuarial loss recognized under GAAP in accordance with the Company's mark-to-market pension accounting.
 
(2) Restructuring and other, net consists of:
Six Months Ended

June 30, 2013

July 1, 2012

Contingent consideration fair value adjustment $ - $ (8.4 )
Employee severance   0.6     0.3  
$ 0.6   $ (8.1 )
 
(3) For the six months ended June 30, 2013 and July 1, 2012, adjustment to record income tax provision on a cash basis.
 
(4) For the six months ended June 30, 2013 and July 1, 2012, Interest and Other included non-cash convertible debt interest.
 
(5)

For the six months ended June 30, 2013 and July 1, 2012, the calculation of non-GAAP diluted earnings per share gives benefit to the Company's call option on its stock for 34.7 million shares at $5.48. As a result, 18.8 million and 17.8 million shares have been included in non-GAAP diluted shares and net interest expense of approximately $4.7 million has been added back to non-GAAP net income for the non-GAAP diluted earnings per share calculation.

 
       
GAAP to Non-GAAP Reconciliation of Third Quarter 2013 guidance:
 
GAAP and non-GAAP third quarter revenue guidance: $425 million to $465 million
GAAP net income per diluted share $ 0.23 $ 0.31
Exclude acquired intangible asset amortization 0.08 0.08
Exclude non-cash convertible debt interest 0.02 0.02
Adjustment to record income taxes on a cash basis 0.01 0.02
Exclude dilutive shares from convertible note   0.05   0.06
Non-GAAP net income per diluted share $ 0.39 $ 0.49
 

For press releases and other information of interest to investors, please visit Teradyne's homepage at http://www.teradyne.com.

Copyright Business Wire 2010

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