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Stocks in this article: CG

Global alternative asset manager The Carlyle Group L.P. (NASDAQ: CG) today reported its unaudited results for the second quarter of 2013, which ended on June 30, 2013.

Carlyle Co-CEO David M. Rubenstein said, "We had a solid quarter across the firm and continued to demonstrate our ability to produce cash distributions for unitholders. Fundraising strengthened across the board, and we continue to invest in growth initiatives to build our capabilities."

Carlyle Co-CEO William E. Conway, Jr. said, "Our global portfolio is in great shape and our pace of producing realized proceeds continues to be brisk. I am particularly pleased with the state of our U.S. buyout portfolio which is producing large amounts of cash carry and accrued carry for future distributions."

U.S. GAAP results for Q2 2013 included income before provision for income taxes of $286 million and net income/(loss) attributable to the common unitholders through The Carlyle Group L.P. of ($3.3) million, or net income/(loss) per common unit of ($0.07) on a diluted basis. Total balance sheet assets were $33.8 billion as of June 30, 2013.

 

Second Quarter Distribution

The Board of Directors has declared a quarterly distribution of $0.16 per common unit to holders of record at the close of business on August 19, 2013, payable on August 30, 2013.

Year-to-date, the Board of Directors has declared $0.32 in distributions per common unit. Carlyle has generated $1.00 in year-to-date after-tax Distributable Earnings per common unit.

The Carlyle Group Distribution Policy

As further discussed in its Annual Report on Form 10-K for the year ended December 31, 2012, Carlyle currently anticipates that it will cause Carlyle Holdings to make quarterly distributions to its partners, including The Carlyle Group L.P.’s wholly owned subsidiaries, that will enable The Carlyle Group L.P. to pay a quarterly distribution of $0.16 per common unit for each of the first three quarters of each year, and, for the fourth quarter of each year, to pay a distribution of at least $0.16 per common unit, that, taken together with the prior quarterly distributions in respect of that year, represents its share, net of taxes and amounts payable under the tax receivable agreement, of Carlyle’s Distributable Earnings in excess of the amount determined by the General Partner to be necessary or appropriate to provide for the conduct of its business, to make appropriate investments in its business and its funds or to comply with applicable law or any of its financing agreements. Carlyle anticipates that the aggregate amount of its distributions for most years will be less than its Distributable Earnings for that year due to these funding requirements. The declaration and payment of any distributions is at the sole discretion of the General Partner, which may change the distribution policy at any time.

 

The Carlyle Engine

Carlyle evaluates the underlying performance of its business on four key metrics known as the Carlyle Engine: funds raised, equity invested, carry fund returns and realized proceeds for fund investors. The table below highlights the results of these metrics for Q2 2013, year-to-date (YTD) and for the last twelve months (LTM) 1.

     
Funds Raised Equity Invested
Q2 $6.9 billion   Q2 $1.3 billion  
YTD: $11.7 bn   LTM: $19.7 bn YTD: $3.8 bn   LTM: $8.8 bn
   
Realized Proceeds Carry Fund Returns
Q2 $3.9 billion   Q2 3%  
YTD: $8.0 bn   LTM: $19.9 bn YTD: 9%   LTM: 16%  
   
Note: Equity Invested and Realized Proceeds reflect carry funds only.
 

During Q2 2013, within its carry funds, Carlyle generated net realized proceeds of $3.9 billion from 144 different investments across 29 carry funds. Carlyle deployed $1.3 billion of equity in 75 new or follow-on investments across 19 carry funds. On an LTM basis, Carlyle realized proceeds of $19.9 billion and invested $8.8 billion.

             
     
Segment Realized Proceeds Equity Invested
 

# ofInvestments

 

# of Funds

  $ in millions

# ofInvestments

  # of Funds   $ in millions

Q2

Corporate Private Equity 36 12 $2,481 12 8 $817
Global Market Strategies 33 5 $223 7 4 $266
Real Assets   77   12   $1,173   56   7   $264
Carlyle   144   29   $3,876   75   19   $1,347
 

YTD

Corporate Private Equity 61 20 $5,468 23 11 $2,728
Global Market Strategies 50 5 $614 10 4 $337
Real Assets   88   12   $1,915   89   10   $779
Carlyle   193   37   $7,997   121   25   $3,843
Note: The columns may not sum as some investments cross segment lines, but are only counted one time for Carlyle results.

1 LTM, or last twelve months, refers to the period Q3 2012 through Q2 2013. Prior LTM, or the prior rolling twelve month period, refers to the period Q3 2011 through Q2 2012.

 

Carlyle All Segment Results

  • Distributable Earnings (DE): $163 million for Q2 2013 and $729 million on an LTM basis
    • Pre-tax Distributable Earnings were $163 million for Q2 2013, or $0.53 per common unit on a post-tax basis. On a year-to-date basis, pre-tax Distributable Earnings were $334 million, 13% higher than the first half of 2012, and Distributable Earnings per common unit were $1.00 on a post-tax basis. Distributable Earnings were $729 million on an LTM basis, which is 7% lower than the prior rolling twelve month period.
      • During Q2 2013, the definition of DE was modified to exclude all equity-based compensation expense. All prior periods have been recast to conform to the new definition.
    • Fee-Related Earnings were $26 million for Q2 2013 and declined by $10 million from $36 million in Q2 2012 due to higher fundraising costs and fee and basis step downs of several funds exiting their investment periods, offset by higher Fee-Earning Assets Under Management. Fee-Related Earnings were $163 million on an LTM basis, up 36% compared with the prior rolling twelve month period.
    • Realized Net Performance Fees were $118 million for Q2 2013, compared to $76 million in Q2 2012. For Q2 2013, Realized Net Performance Fees were positively impacted by exits in The Hertz Corporation, The Nielsen Company, CommScope Inc, SS&C Technologies Inc, Wesco Holdings Inc., Cobalt International Energy, Boston Private Financial Holdings Inc., among others. Realized Net Performance Fees were $543 million on an LTM basis, which was 14% lower than the prior rolling twelve month period.
    • Realized Investment Income was $15 million in Q2 2013, largely driven by gains on a single debt investment, with some additional gains on other balance sheet investments.
  • Economic Net Income (ENI): $156 million for Q2 2013 and $950 million on an LTM basis
    • Economic Net Income was $156 million for Q2 2013 and $950 million on an LTM basis. On a post-tax basis, Carlyle generated $0.39 in ENI per Adjusted Unit for Q2 2013.
    • Q2 2013 ENI was impacted by appreciation of 3% in Carlyle’s carry fund portfolio. Corporate Private Equity carry funds were up 5%, Global Market Strategies carry funds increased 8%, while Real Assets carry funds declined 2% compared to the end of Q1 2013. Carry fund appreciation was 16% on an LTM basis, compared to 9% in the prior twelve month period.
                 
The Carlyle Group L.P. - All Segments (Actual Results)  

Period

LTM

% Change
$ in millions, except where noted Q2 2012   Q3 2012   Q4 2012   Q1 2013   Q2 2013   Q3 12 - Q2 13   QoQ   YoY   YTD
Revenues 61 584 505 852 508 2,449 (40%) 727% 42%
Expenses   119   365   323   458   352   1,499   (23%)   197%   31%
Economic Net Income   (57)   219   182   394   156   950   (60%)   372%   64%
Fee-Related Earnings   36   46   55   36   26   163   (27%)   (26%)   (10%)
Net Performance Fees   (107)   165   132   355   123   774   (65%)   215%   109%
Realized Net Performance Fees   76   156   127   142   118   543   (17%)   55%   19%
Distributable Earnings   116   207   188   171   163   729   (5%)   41%   13%
 
Total Assets Under Management ($ billion)   156.2   157.4   170.2   176.3   180.4       2%   16%   6%
Fee-Earning Assets Under Management ($ billion)   112.0   115.1   123.1   122.9   132.0       7%   18%   7%
Note: Totals may not sum due to rounding.
 

Assets Under Management and Remaining Fair Value of Capital

  • Total Assets Under Management: $180.4 billion as of Q2 2013 (+16% LTM)
    • Major drivers of change versus Q1 2013: New capital commitments (+$4.7 billion), market appreciation ($+3.5 billion) and net subscriptions to our hedge funds and open end structured credit funds (+$0.9 billion), offset by net distributions (-$6.0 billion).
    • Total Dry Powder of $49.0 billion as of Q2 2013, comprised of $20.1 billion in Corporate Private Equity, $1.8 billion in Global Market Strategies, $9.2 billion in Real Assets and $17.9 billion in Global Solutions.
  • Fee-Earning Assets Under Management: $132.0 billion as of Q2 2013 (+18% LTM)
    • Major drivers of change versus Q1 2013: Asset inflows including commitments (+$14.9 billion), net subscriptions (+$0.8 billion), and change in CLO collateral balances (+$508 million), offset by net distributions and outflows (-$7.2 billion).
    • Fee-Earning AUM was positively impacted by the addition of inception to date fundraising in Carlyle Partners VI (+$9.4 billion) and Carlyle Asia Partners IV (+$1.1 billion), and negatively impacted by the step down in basis in Carlyle Partners V and Carlyle Asia Partners III.
  • Remaining Fair Value of Capital (carry funds only) as of Q2 2013: $61.1 billion
    • Current Multiple of Invested Capital (MOIC) of remaining fair value of capital: 1.3x.
    • Remaining fair value of capital in the ground in investments made in 2009 or earlier: 50% of total fair value.
    • AUM in-carry ratio as of the end of Q2 2013: 61%.
 

Non-GAAP Operating Results

Carlyle’s non-GAAP results for Q2 2013 are provided in the table below:

     
Carlyle Group Summary
$ in millions, except unit and per unit amounts
 
Economic Net income       Q2 2013
Economic Net Income (pre-tax) $     155.8
Less: Provision for income taxes (1)       32.6  
Economic Net Income, After Taxes $     123.2  
 
Fully diluted units (in millions) 316.8
 
Economic Net Income, After Taxes per Adjusted Unit $ 0.39
 
Distributable Earnings
Distributable Earnings $ 163.0
Less: Estimated foreign, state, and local taxes (2)       6.7  
Distributable Earnings, After Taxes $     156.3  
 
Allocating Distributable Earnings for only public unitholders of The Carlyle Group L.P.
 
Distributable Earnings to The Carlyle Group L.P. $ 24.6
Less: Estimated current corporate income taxes (benefit) (3)       (1.2 )
Distributable Earnings to The Carlyle Group L.P. net of corporate income taxes $     25.8  
 
Units in public float (in millions) (4) 49.0
 
Distributable Earnings, net, per The Carlyle Group L.P. common unit outstanding       $     0.53  
 
(1)   Represents the implied provision for income taxes that was calculated using a similar methodology applied in calculating the tax provision for The Carlyle Group L.P., without any reduction for noncontrolling interests.
(2) Represents the implied provision for current income taxes that was calculated using a similar methodology applied in calculating the current tax provision for The Carlyle Group L.P., without any reduction for noncontrolling interests.
(3) Represents current corporate income taxes payable (benefit) upon distributable earnings allocated to Carlyle Holdings I GP Inc. and estimated current Tax Receivable Agreement payments owed.
(4) Includes 2.9 million common units issued in August 2013 related to the closing of the AlpInvest transaction and to vested DRUs. These units are included in this calculation because these newly-issued units will participate in the unitholder distribution that will be paid in August 2013.
 

Corporate Private Equity (CPE)

             
Funds Raised Equity Invested Realized Proceeds Carry Fund Returns
Q2 $3.8 bn     Q2 $0.8 bn     Q2 $2.5 bn     Q2 5%    
YTD: $5.2 bn   LTM: $10.3 bn YTD: $2.7 bn   LTM: $6.0 bn YTD: $5.5 bn   LTM: $13.9 bn YTD: 14%   LTM: 24%
  • Distributable Earnings (DE): $84 million for Q2 2013 and $417 million on an LTM basis. The following components impacted Distributable Earnings in Q2 2013:
    • Fee-Related Earnings were ($6) million in Q2 2013 and were $31 million on an LTM basis, compared to $10 million in Q2 2012, with the decline driven by higher fundraising costs and fee and basis step downs in two CPE funds during 2012.
    • Realized Net Performance Fees were $86 million for Q2 2013 and were $377 million on an LTM basis, compared to $50 million for Q2 2012.
  • Economic Net Income (ENI): $106 million for Q2 2013
    • Economic Net Income/(Loss) of $106 million for Q2 2013 and $645 million on an LTM basis, compared to ($65) million for Q2 2012.
    • CPE carry fund valuations increased 5% in Q2 2013 and 24% on an LTM basis, compared with (2%) in Q2 2012.
    • Net Performance Fees of $109 million for Q2 2013 and $602 million on an LTM basis, compared to ($80) million for Q2 2012.
  • Total Assets Under Management (AUM): $57.9 billion as of Q2 2013
    • Total AUM increased 10% to $57.9 billion from $52.5 billion as of Q2 2012.
    • Funds Raised of $3.8 billion were driven by additional closings of our latest vintage U.S. and Asia buyout funds, closings in our Financial Services fund and various co-investments.
    • Fee-Earning Assets Under Management were $38.5 billion as of Q2 2013, up 4% from $37.1 billion as of Q2 2012, with the increase driven by $11.3 billion in inflows, and partially offset by $9.2 billion in outflows, including distributions and basis step downs.
Corporate Private Equity (Actual Results)  

Period

  LTM   % Change
$ in millions, except where noted   Q2 2012   Q3 2012   Q4 2012   Q1 2013   Q2 2013 Q3 12 - Q2 13 QoQ   YoY   YTD
           
Economic Net Income   (65)   177   122   239   106   645   (56%)   265%   93%
Fee-Related Earnings   10   19   18   (0)   (6)   31   NM   NM   NM
Net Performance Fees   (80)   159   100   235   109   602   (54%)   236%   155%
Realized Net Performance Fees   50   126   54   111   86   377   (22%)   74%   27%
Distributable Earnings   62   145   74   114   84   417   (26%)   36%   9%
 
Total Assets Under Management ($ in billions)   52.5   53.2   53.3   55.1   57.9       5%   10%    
Fee-Earning Assets Under Management ($ in billions)   37.1   36.9   33.8   33.2   38.5       16%   4%    
Note: Totals may not sum due to rounding.
 

Global Market Strategies (GMS)

             
Funds Raised

Equity Invested

Realized Proceeds

Carry Fund Returns
Q2 $2.3 bn     Q2 $0.3 bn     Q2 $0.2 bn     Q2 8%    
YTD: $3.6 bn   LTM: $6.0 bn YTD: $0.3 bn   LTM: $0.7 bn YTD: $0.6 bn   LTM: $1.3 bn YTD: 16%   LTM: 22%
               
Note: Funds Raised excludes acquisitions, but includes hedge funds and CLOs. Equity Invested and Realized Proceeds are for carry funds only.
  • Distributable Earnings (DE): $46 million for Q2 2013 and $201 million on an LTM basis. The following components impacted Distributable Earnings in Q2 2013:
    • Fee-Related Earnings were $22 million in Q2 2013 and $100 million on an LTM basis, compared to $20 million in Q2 2012. The increase was driven by a net growth in hedge fund assets and the pricing of six new CLOs, partially offset by higher fundraising costs.
    • Realized Net Performance Fees were $11 million for Q2 2013 and $77 million on an LTM basis, compared to $1 million for Q2 2012. Realized Net Performance Fees in Q2 2013 largely were driven by carry generating exits in distressed debt carry funds.
    • Realized Investment Income of $12 million was driven by the sale of a single debt investment.
  • Economic Net Income (ENI): $47 million for Q2 2013
    • Economic Net Income of $47 million for Q2 2013 and $246 million on an LTM basis, compared to $32 million for Q2 2012.
    • GMS carry fund valuations increased 8% in Q2 2013, compared to 3% in Q2 2012.
    • Net Performance Fees of $25 million for Q2 2013 and $129 million on an LTM basis, compared to $4 million for Q2 2012.
  • Total Assets Under Management (AUM): $34.7 billion as of Q2 2013
    • Total AUM of $34.7 billion as of Q2 2013 increased 20% versus Q2 2012, while Fee-Earning AUM of $33.1 billion increased 19% versus Q2 2012.
    • Total hedge fund AUM was $13.6 billion as of Q2 2013.
    • Carlyle priced two new CLOs during Q2 2013 totaling $1.0 billion in assets, and secured $250 million of new funding for the Carlyle GMS Finance business development company (BDC).
    • GMS carry fund AUM ended Q2 2013 at $3.6 billion.
    • Total Structured Credit AUM ended Q2 2013 at $17.4 billion.
Global Markets Strategies (Actual Results)  

Period

  LTM   % Change
$ in millions, except where noted   Q2 2012   Q3 2012   Q4 2012   Q1 2013   Q2 2013 Q3 12 - Q2 13 QoQ   YoY   YTD
Economic Net Income   32   36   59   104   47   246   (55%)   47%   116%
Fee-Related Earnings   20   22   31   25   22   100   (9%)   11%   32%
Net Performance Fees   4   8   23   73   25   129   (66%)   459%   341%
Realized Net Performance Fees   1   1   50   14   11   77   (22%)   1767%   68%
Distributable Earnings   24   28   86   41   46   201   12%   97%   59%
           
Total Assets Under Management ($ in billions)   29.0   30.1   32.5   33.1   34.7       5%   20%    
Fee-Earning Assets Under Management ($ in billions)   27.7   28.5   31.0   31.4   33.1       5%   19%    
                                     
Funds Raised, excluding hedge funds ($ in billions)   0.8   0.8   1.2   1.3   1.5   4.8   19%   90%    
Hedge Fund Net Inflows ($ in billions)   0.7   0.4   0.0   0.0   0.8   1.2   NM   12%    
Note: Totals may not sum due to rounding. Funds Raised excludes the impact of acquisitions.
 
 

Real Assets (RA)

             
Funds Raised

Equity Invested

Realized Proceeds

Carry Fund Returns
Q2 $0.3 bn     Q2 $0.3 bn     Q2 $1.2 bn     Q2   -2%    
YTD: $0.8 bn   LTM: $1.0 bn YTD: $0.8 bn   LTM: $2.2 bn YTD: $1.9 bn   LTM: $4.7 bn YTD: 1%   LTM: 3%
                 
Note: Equity Invested and Realized Proceeds are for carry funds only. Funds Raised excludes acquisitions.
  • Distributable Earnings (DE): $25 million for Q2 2013 and $91 million on an LTM basis. The following components impacted Distributable Earnings in Q2 2013:
    • Fee-Related Earnings were $4 million in Q2 2013 and $14 million on an LTM basis, compared to $3 million in Q2 2012. The increase largely was driven by earnings from our equity interest in NGP Energy Capital Management, offset by a lower invested capital basis in the real estate funds.
    • Realized Net Performance Fees were $19 million for Q2 2013 and $86 million on an LTM basis, compared to $26 million for Q2 2012.
    • Realized Investment Income/(Loss) of $1 million during Q2 2013 and ($12) million LTM.
  • Economic Net Income/(Loss) (ENI): ($11) million for Q2 2013
    • Economic Net Income/(Loss) of ($11) million for Q2 2013 and $26 million on an LTM basis compared to ($29) million for Q2 2012. The ENI loss in Q2 2013 was largely driven by unrealized losses on the legacy energy carry fund portfolio.
    • RA carry fund valuations declined 2% in Q2 2013, compared to a 3% decline in Q2 2012.
    • Net Performance Fees of ($17) million for Q2 2013 and $27 million on an LTM basis, compared to ($33) million for Q2 2012.
  • Total Assets Under Management (AUM): $39.8 billion as of Q2 2013
    • Total AUM of $39.8 billion increased 33% versus Q2 2012, driven largely by the acquisition of an equity interest in NGP Energy Capital Management, partially offset by fund distributions.
    • Fee-Earning AUM of $28.7 billion was up 47% versus Q2 2012, with the increase driven largely by the AUM associated with NGP Energy Capital Management, partially offset by distributions and step downs in basis for funds at the end of their original investment period.
Real Assets (Actual Results)  

Period

  LTM   % Change
$ in millions, except where noted   Q2 2012   Q3 2012   Q4 2012   Q1 2013   Q2 2013 Q3 12 - Q2 13 QoQ   YoY   YTD
Economic Net Income   (29)   2   (7)   42   (11)   26   (125%)   63%   (57%)
Fee-Related Earnings   3   1   0   9   4   14   (49%)   59%   574%
Net Performance Fees   (33)   (4)   6   42   (17)   27   (141%)   47%   (63%)
Realized Net Performance Fees   26   29   22   16   19   86   19%   (25%)   (27%)
Distributable Earnings   28   31   23   12   25   91   110%   (10%)   (25%)
           
Total Assets Under Management ($ in billions)   30.0   29.5   40.2   40.3   39.8       (1%)   33%    
Fee-Earning Assets Under Management ($ in billions)   19.5   19.6   29.3   29.4   28.7       (2%)   47%    
Note: Totals may not sum due to rounding.
 
 

Global Solutions

  • Distributable Earnings (DE): $8 million for Q2 2013 and $21 million on an LTM basis
    • Fee-Related Earnings were $6 million for Q2 2013 and $17 million on an LTM basis.
    • Realized Net Performance Fees were $1 million for Q2 2013 and $3 million on an LTM basis.
  • Economic Net Income (ENI): $13 million for Q2 2013 and $33 million on an LTM basis, compared to $4 million in Q2 2012.
  • Total Assets Under Management (AUM): $48.0 billion as of Q2 2013
    • Total AUM of $48.0 billion was up 8% compared to Q2 2012.
    • Fee-Earning AUM of $31.8 billion increased 15% versus Q2 2012, with the increase driven primarily due to an increase in the fee basis of certain funds and inflows, partially offset by outflows and fee basis step downs.
    • AlpInvest attracted $249 million in new commitments for its secondaries fund and $155 million in capital commitments to manage an existing external account during Q2 2013.
  • On August 1, 2013, Carlyle acquired the remaining 40% equity interest in AlpInvest from the AlpInvest management holders. Had the transaction closed on January 1, 2013, Carlyle would have realized increased Fee-Related Earnings of $10 million for the first half of 2013.
Global Solutions (Actual Results)  

Period

  LTM   % Change
$ in millions, except where noted Q2 2012   Q3 2012   Q4 2012   Q1 2013   Q2 2013 Q3 12 - Q2 13 QoQ   YoY   YTD
Economic Net Income   4   4   8   9   13   33   45%   223%   66%
Fee-Related Earnings   3   3   5   3   6   17   91%   133%   19%
Net Performance Fees   1   1   3   6   7   16   14%   400%   144%
Realized Net Performance Fees   0   0   1   1   1   3   160%   1200%   260%
Distributable Earnings   3   3   6   4   8   21   97%   175%   35%
           
Total Assets Under Management ($ in billions)   44.6   44.6   44.1   47.8   48.0       1%   8%    
Fee-Earning Assets Under Management ($ in billions)   27.6   30.2   28.9   28.9   31.8       10%   15%    
Note: Totals may not sum due to rounding.
 
 
Balance Sheet Highlights

The amounts presented below exclude the effect of U.S. GAAP consolidation eliminations on investments and accrued performance fees, as well as cash and debt associated with Carlyle’s consolidated funds. All data is as of June 30, 2013.

  • Cash and Cash Equivalents of $573 million.
  • On-balance sheet investments attributable to unitholders of $262 million, excluding the equity investment by Carlyle in NGP Energy Capital Management.
  • Net Accrued Performance Fees attributable to unitholders of $1,454 million. These performance fees are comprised of Gross Accrued Performance Fees of $2,681 million less $59 million in accrued giveback obligation and $1,168 million in accrued performance fee compensation and non-controlling interest.
  • Loans payable and senior notes totaling $923 million.

Conference Call

Carlyle will host a conference call on August 7, 2013 at 8:00 a.m. EDT to discuss Q2 2013 financial results and industry trends. Immediately following the prepared remarks, there will be a question and answer session for analysts and institutional investors.

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