TheStreet.com NASDAQ: TSCM is an American financial news website started in 1996 by Jim Cramer and registered on the NASDAQ Stock Market. It is headquartered at 14 Wall Street in New York City.
Under the direction of Thomas J. Clarke, Jr., TheStreet.com's former chairman and CEO, the company reported its first annual profit in 2005. Jim Cramer became chairman in October 2008.[1] Daryl Otte, a long-time company director, became CEO in May 2009.[2] Otte is the founding partner of Montefiore Partners, a venture capital investment fund management firm, and a former executive at media company Ziff-Davis[3]
TheStreet.com began originally as one web site, but has since expanded to include additional consumer Web sites such as MainStreet.com and subscription investor services such as RealMoney.com[4].
In 2007, TheStreet bought Stockpickr.com, [5], Rate Watch and BankingMyWay. [6] In 2008, TheStreet.com purchased a 13 percent stake in Geezeo.com, the Boston-based online management tool, with an option to purchase the company.[7]
TheStreet.com arguably is still best known for its free, flagship site, and the direct, in-your-face tone of some of its reporters and contributors. Its most popular features include: Top 10 Stocks; Jim Cramer's Portfolios of the Week; The Five Dumbest Things on Wall Street This Week; Wednesday's Analysts' Upgrades and Downgrades, and Readers' Picks: The Street.com's Top 10. Dave Kansas helped build the news organization from its infancy in September 1996 and became editor-in-chief in April 1997. Kansas also opened a San Francisco bureau and also sat on the board of TheStreet.com.[8] In July 2001, David J. Morrow, a former New York Times reporter, joined TheStreet.com as its editor-in-chief upon Kansas's departure. Glenn Hall, a former top news manager at Freedom Communications (The Orange County Register) and Bloomberg News, replaced Morrow in August 2009. [9]Board member Cramer remains one of the company's commentators.
Some investors worry about the over-dependence of TheStreet.com on Jim Cramer, according to investing columnist Henry Blodget.[10] Blodget argues TheStreet "has diversified in recent years, and there's plenty of talent aboard." Cramer promotes TheStreet.com on his TV show Mad Money and is one of the main contributors to TheStreet.com's paid subscription and free content.
On June 12, 2008, the Arizona Reporter Newswire alleged that TheStreet.com may have conflicts of interest relating to their subsidiary Promotions.com.[11]
The company launched free[12] Blackberry, iPhone and Android mobile applications[13] that quickly were recognized as the best on the web and in all of financial news, winning major awards in 2009.[14][15][16]
Stock performance
After completing its initial public offering in May 1999 (under the direction of past Chairman and Chief Executive Officer Kevin English), TheStreet.com weathered the Internet bubble burst in 2000 and the terrorist attacks on the World Trade Center in 2001. While stagnant for several years, the stock increased in value during 2006 and 2007, reaching a high of $16.74 on December 27, 2007. It then dropped in 2008. As of June 25, 2008, TheStreet.com stock price had decreased to $6.59. The stock was at $1.94 on March 13, 2009.[17]. The stock closed at $2.78 on Oct. 26, 2009.[18].
See also
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