06-01-2020: Gain Capital Holdings, Inc. (GAIN): Pandemic Panic Spurs Active Trading & Profits

(WAIT FOR PAGE TO LOAD COMPLETELY BEFORE LINKS WORK.)

Corporate Webpages
Company Profile
Company History
News
Comparison with Peers
Bond Issue
Zenith Index
Financial Statements
Avg. P/E to Current P/E
Financial Ratios
Intrinsic Value (Disc. CashFlow)
Fair Value Estimator
Projected Earnings
Research Reports
Analysts' Opinions
Insider Activity
Institutional Activity
Sentiment
Short Interest
Standard & Poor's
Management's Discussion
Channel Potential
MACD Histogram
Intraday Chart
Val Idea
Stock Consultant
Point & Figure Chart
Wall Street Analyzer
Marketspace Chart
Time Series Forecast
Neural Network Prediction
Stock Options
Ultimate Trading Systems
Recommendation

Gain Capital Holdings, Inc

Normally, when we review a stock, we try to avoid a company which is about to be merged into another one. But we missed the action on the initial decision to review. The problem is that the acquring organization offers so many dollars per share, and the company being acquired sees its stock price move to that amount and level out there until it goes off the board, which is not good for trading.

Gain Capital Holdings, Inc. (GCAP) has a relatively strong financial position, good financial ratios, and is definitely a story stock. The story is that is apparently to be acquired by International FCStone, Inc. for $6/share, or so was a recent offer price. However, due to activist intervention, this may not be the end of the story.

Gain Capital is a financial broker with whom this organization has done some business and found it to be very cost effective and helpful. Thus we like the company for its services. Management there has been very helpful although its online broker partners have not.

During the time merger arrangements were being made, the virus epidemic took full effect and cost the stock market, forex market, and futures markets to make giant volatile swings. Before that, the markets had been rather stable and less interesting. But when huge volatility swings occur, one group of organizations to benefit from the pandemic are financial brokers as trading volume swells. Gain Capital had a huge earnings increase, which probably cannot be maintained as markets calm back down. With that increase, the value of the company also soared, and it became clear it was acquired for too low a price. Immediately, a swarm of class action lawsuits were formed against GCAP claiming directors had not done their fiduciary duties. Articles recently in Barrons suggest the deal may not yet be a "done" one, although the company says the deal is on track to complete by the 3rd quarter of 2020. We hope not! It will simply amount to wasted time on our part researching this organization as it disappears off the board.

Buying into this stock may be equivalent to buying into International FCStone, a company which we previously reviewed. That company offers free white papers on financial analysis particulary of commodities, which frankly we did not find too helpful at the time, but it is worth the reader's time to take a look at some of them on the FCStone website. Apparently, they believe, as we do, that all traders/brokers have a vested interest in encouraging others to make the same moves their management is making.

There has been recent insider buying going on at GCAP. Researchers are pretty strongly favorable on this stock while analysts are more neutral. An exception is Cramer's Street column. It is somewhat hard to get information on this company although internal reporting is good, but we found many sites missing fundamental information. News is dominated by the pending merger, activist and class action activity, and mostly just earnings reports. Institutional activity is marginally negative.

Standard & Poor's gives the stock its highest rating.

What we did not like about this company was a lack of CEO Letter to Shareholders or glitzy annual report, and some difficulty in obtaining relevant news. That would indicate lack of shareholder concern. But the company does pay a 3.5% dividend.



[Home]
Corporate Wepages

Trade Mark
01
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24



[Home]
Company Profile

Profile



[Home]
Company History
6 7 8 9


[Home]
News

Click Here for News Archives



[Home]
Comparison

Comparison

Groups 1
Groups 2
Groups 3


Companies 1
Companies 2

Similar Companies Performance:

55 56
57 58
59 60


[Home]
Bond Issue

22 23



[Home]
Zenith Index

Under current market conditions, a Zenith Index Score of 1.20 or above is required for a positive rating on this factor. 1.21 -1.30 is considered acceptable, 1.30-1.40 is considered strong and
> 1.40 is considered exceptionally strong. Accounting statements in this section often contain mistakes, especially in earlier years' totals, but data is deemed sufficient for us to give a rating. More accurate financial statements follow in the next section.

GAIN Capital Holdings, Inc. (GCAP)                        Exchange: NYSE
Bedminster One
Suite 11 135 US Highway 202/206  Sector: Financial Services
Bedminster, NJ 07921             Industry: Capital Markets

GAIN Capital Holdings, Inc., together with its subsidiary, provides
trading services and solutions to the over-the-counter (OTC) and
exchange-traded markets worldwide. It operates in two segments, Retail
and Futures. The company offers access to a range of financial products,
including spot foreign exchange (forex) and precious metals trading;
spread bets; and OTC options on forex, as well as contracts for
differences on currencies, commodities, indices, individual equities,
cryptocurrencies, bonds, options, and interest rate products. It
provides services to retail customers through FOREX.com and
Cityindex.com, as well as through brokers and white label partners. The
company also offers execution and risk management services for
exchange-traded futures and futures options on the United States and
European futures and options exchanges; and online trading services.
GAIN Capital Holdings, Inc. was founded in 1999 and is headquartered in
Bedminster, New Jersey.

Last Trade:   6.25                           52-Week Range:   6.72 -   3.30
Employees: 676                               Avg.Volume:     682,312 Shares

Corporate Governance:
Pillar scores are Audit: 2; Board: 7; Shareholder Rights: 7; Compensation: 5.
         (A lower number means less governance risk.)

EPS:  1.20    Dividend Amount: $ 0.24          Yield:  3.84%
             Ex-Dividend Date: Jun 22, 2020    Payout Ratio:  20.17

Key Statistics:

    Trailing P/E:   5.20                      Target Price:   6.00

Qrtly Stock Price Growth (yoy):  57.43%               Beta:   0.07
Qrtly S&P Index   Growth (yoy): 419.20%        Short Ratio:   4.58%
    Qrtly Revenue Growth (yoy):  52.00%         Shares Out:  37800000
   Qrtly Earnings Growth (yoy):   0.00%

          Book Value:   7.86                    Debt/Equity:  32.61%
    Price/Book Value:   0.80        Operating Profit Margin:  25.91%
         Price/Sales:   0.61                  Profit Margin:  12.22%
         Market Cap:     236,085,000       Return on Equity:  15.86%
    Enterprise Value:      23,310,000      Return on Assets:   3.52%

    Operating Cash Flow:         22,321
         Free Cash Flow:          5,372



Annual Income Statement:                          (All numbers in thousands)
  Period Ending                             12/31/2019  12/31/2018  12/31/2017

  Total Revenue                                236,257     359,820     309,507
  Cost of Revenue                              130,546     153,858     178,813
  Gross Profit                                 105,711     205,962     130,694

Operating Expenses:
  Research & Development                             0           0           0
  Selling, General & Administrative                  0           0           0
  Total Operating Expenses                     136,425     149,993     130,396

Operating Income or Loss                       -30,714      55,969         298

Income from Continuing Operations:
  Total Other Income/Expenses Net              -29,372      -5,938      -5,564
  Interest Expense                                   0           0           0
  Income Before Taxes                                0           0           0
  Income Tax Expense                                 0           0           0

Net Income from Continuing Op.s                -60,761      92,889     -11,195

Non-recurring Events:
  Extraordinary Items                          -24,241      61,096      -3,338
  Net Income                                   -36,520      31,793      -7,857

Net Income Avail to Common Shares              -60,086      50,031      -5,266



Annual Cash Flow Statement:                   (All numbers in thousands)
  Period Ending                         12/31/2019    12/31/2018    12/31/2017

  Net Income                               -60,761        92,889       -11,195

Operating Activities:
  Depreciation                                   0             0             0
  Changes in Accounts Recv'bls                   0             0             0
  Changes in Liabilities                         0             0             0
  Changes in Inventories                         0             0             0
  Changes in other Oper'g Acts                   0             0             0

Total Cash Flow f Operations                22,321      -129,274        11,131

Investing Activities:
  Capital Exenditures                            0             0             0
  Investments                                    0             0             0
  Other Cash Flows fr Investing                  0             0             0

Total Cash Flows from Investing               -374        78,868       -28,114

Financing Activities:
  Dividends Paid                                 0             0             0
  Sale of Purchase of Stock                      0             0             0
  Other Cash Flows fr Financing                  0             0             0

Total Cash Flows from Financing            -16,575       -79,330       -21,530

Change in Cash & Cash Equiv.                 5,372      -171,900       -25,072



Annual Balance Sheets:                              (All Numbers in Thousands)
  Period Ending                          12/31/2019    12/31/2018    12/31/2017
Current Assets:
  Cash & Cash Equivalents                         0             0             0
  Short Term Investments                          0             0             0
  Net Receivables                                 0             0             0
  Inventory                                       0             0             0
  Other Current Assets                            0             0             0
  Total Current Assets                            0             0             0

  Long-Term Investments                           0             0             0
  Property, Plant & Equipt                        0             0             0
  Goodwill                                        0             0             0
  Intangible Assets                               0             0             0
  Other Assets                                    0             0             0

Total Assets                              1,332,548     1,448,647     1,430,084

Current Liabilities:
  Accounts Payable                                0             0             0
  Current Portion LT Debt                         0             0             0
  Other Current Liabilities                       0             0             0
  Total Current Liabilities                       0             0              0

  Long Term Debt                                  0             0             0
  Other Liabilities                               0             0             0

Total Liabilities                         1,034,775     1,162,899     1,135,902

Stockholder Equity:
  Common Stock                                    0             0             0
  Retained Earnings                               0             0             0
  Capital Surplus                                 0             0             0
  Total Stockholder Equity                        0             0             0


GAIN Capital Holdings, Inc. (GCAP)          [Indices near +3.0, near zero,
                                            or < zero bear special attention.]
P/E Ratio Tests:
P/E Ratio < 28?            3.0000          P/E Ratio > 5?             1.0000
P/E Ratio Vs Growth Rate:  0.0000          Forward P/E Ratio < 28?    0.0000
Price/Sales Ratio < 2.3?   3.0000          Inventory/Sales < 5%?      1.0000
Sales < $1 Billion?        3.0000          Operating Margin < 7.5%?   0.2895

Balance Sheet Tests:
Debt/Equity < 0.40?        1.2266          Long-Term Debt Service:    3.0000
LTD Being Reduced?         0.0000          Short-Term Debt Service:   3.0000
Current Ratio > 2?         1.0000          Working Capital >= 1.5?    1.0000
Leverage Ratio < 20%?      3.0000          Debt/Assets < 1?           3.0000
Quick Ratio > 1?           3.0000          Inventory Turnover > 1?    1.0000
Share Equity Increase:     1.0000          Market Cap.< 1.5 Billion?  3.0000
                                           Intangibles < 3% Assets?   3.0000
Income Tests:
Profit Margin < 7.5%?      1.6293          EPS Annual Growth > 10%?  -0.0833
Dividend Yield > 2.0%?     0.5208          EPS 3-yr Growth > 15?      0.0131
Enterprise Value/Revenue   0.9993          EPS Growth Consistent?     0.0000
Enterprise Value/EBITDA:  -3.0000          Collection < 45 days?      1.0000
EPS Qrtly Growth > 10%?    0.0000          Gross Pft/Cur. LTD > 1?    3.0000
                                           Borrowing Int. Rate < 6%?  3.0000
Stock Performance Tests:
Volatility > 25%?          2.0357          % Held by Insiders < 5%?   0.1591
Beta > 1.25?               0.0560          % Held by Institut. < 50?  0.6342
50 Da MA > 200 Da MA?      0.6768          % Held by Institut. > 30?  2.6280
52-Wk Change vs. S&P 500:  1.1044          Short Ratio > 5?           0.9160
Price/Book Value < 3?      3.0000          Short % of Float > 20?     0.8765
Return on Assets > 17%?    0.2071          Average Volume > 100,000?  3.0000

Cash Flow Tests:
Oper. C.F. > Lever'd C.F:  3.0000          Positive Free Cash Flow?   3.0000
Positive Oper. Cash Flow?  3.0000          Price to C.F.Ratio < 14?:  2.3287
                                           Cash Flow / Assets > 10%?  0.2947

GCAP   GAIN Capital Holdings, Inc.         Overall Zenith Index:      1.4594


[Home]
Financial Statements

GAIN CAPITAL HOLDINGS INC  (GCAP)           INCOME STATEMENT

Fiscal year ends in December. USD in thousand        2015-12         2016-12         2017-12         2018-12         2019-12             TTM           

Revenue                                              436,396         412,377         309,507         359,820         236,257         383,391
Cost of revenue                                      243,067         204,367         178,813         153,858         130,546         139,175
Gross profit                                         193,329         208,010         130,694         205,962         105,711         244,216


Operating expenses
Sales, General and administrative                    101,164         104,238          96,626         113,660         108,504         105,314
Restructuring, merger and acquisition                 39,393           3,829               0             762           1,274           3,737
Other operating expenses                              -4,270          29,246          33,770          35,571          26,647          26,503
Total operating expenses                             136,287         137,313         130,396         149,993         136,425         135,554

Operating income                                      57,042          70,697             298          55,969         -30,714         108,662
Interest Expense                                       9,222          10,421          11,821          13,540          13,544          13,654
Other income (expense)                               -39,393         -13,034          -5,564          -5,938         -29,372         -31,835
Income before taxes                                    8,427          47,242         -17,087          36,491         -73,630          63,173
Provision for income taxes                            -3,512           9,768          -6,855           8,514         -12,869          18,236
Other income                                               0             -62            -343               0               0               0
Net income from continuing operations                 11,939          37,412         -10,575          27,977         -60,761          44,937
Net income from discontinuing ops                          0               0               0          65,649               0               0
Other                                                 -1,660          -2,140            -620            -737               0               0
Net income                                            10,279          35,272         -11,195          92,889         -60,761          44,937
Preferred dividend                                      -308           2,715          -1,656               0               0               0
Net income available to common shareholders           10,587          32,557          -9,539          92,889         -60,761          44,937

Earnings per share
Basic                                                   0.22            0.67           -0.20            2.10           -1.63            1.19 
Diluted                                                 0.22            0.67           -0.20            2.09           -1.63            1.19 

Weighted average shares outstanding
Basic                                                 47,602          48,589          46,740          43,732          37,389          37,396
Diluted                                               48,379          48,786          46,740          44,189          37,389          37,404

____________________________________________________________________________________________________________________________________________


GAIN CAPITAL HOLDINGS INC  (GCAP)           BALANCE SHEET

Fiscal year ends in December. USD in thousand        2015-12         2016-12         2017-12         2018-12         2019-12             

Assets

Current assets

Cash

Total cash                                           171,888         234,760         209,688         278,850         190,072

Receivables                                          126,542          69,155          84,686          84,291         113,594
Prepaid expenses                                      19,321          17,970          21,446          15,287          12,910
Other current assets                                 932,519         956,600         985,832         849,972         938,626
Total current assets                               1,250,270       1,278,485       1,301,652       1,228,400       1,255,202

Non-current assets

Property, plant and equipment
Gross property, plant and equipment                   75,117          89,588          93,236          91,345         120,389
Accumulated Depreciation                             -44,750         -53,126         -52,494         -60,766         -74,815
Net property, plant and equipment                     30,367          36,462          40,742          30,579          45,574

Equity and other investments                             822             601               0               0               0
Goodwill                                              34,017          32,107          33,036          27,820               0
Intangible assets                                     91,512          67,358          61,969          32,195          24,163
Deferred income taxes                                 17,827          15,071          10,698          13,217          25,306
Other long-term assets                                     0               0             550             337             124
Total non-current assets                             174,545         151,599         146,995         104,148          95,167

Total assets                                       1,424,815       1,430,084       1,448,647       1,332,548       1,350,369 

Liabilities and stockholders' equity

Liabilities

Current liabilities
Taxes payable                                          1,068           3,965             599           5,764             638
Accrued liabilities                                   51,638          41,547          33,947          41,562          43,129
Other current liabilities                            920,621         945,468         981,617         844,113         929,263
Total current liabilities                            973,327         990,980       1,016,163         891,439         973,030

Non-current liabilities
Long-term debt                                       121,996         124,769         132,221         132,109         137,178
Other long-term liabilities                           23,408          20,153          14,515          11,227           5,462
Total non-current liabilities                        145,404         144,922         146,736         143,336         142,640

Total liabilities                                  1,118,731       1,135,902       1,162,899       1,034,775       1,115,670 

Stockholders' equity

Additional paid-in capital                           212,981         218,392         235,659         243,216         249,111
Retained earnings                                    120,776         143,399         122,686         204,483         134,752
Treasury stock                                       -21,808         -30,767         -56,927        -120,516        -127,517
Accumulated other comprehensive income                -5,865         -36,842         -15,670         -29,410         -21,647
Total stockholders' equity                           306,084         294,182         285,748         297,773         234,699
Total liabilities and stockholders' equity         1,424,815       1,430,084       1,448,647       1,332,548       1,350,369

____________________________________________________________________________________________________________________________________________


GAIN CAPITAL HOLDINGS INC  (GCAP)           Statement of CASH FLOW

Fiscal year ends in December. USD in thousand        2015-12         2016-12         2017-12         2018-12         2019-12             TTM           

Cash Flows From Operating Activities
Net income                                            11,939          37,412         -10,575          93,626         -60,761          44,937
Depreciation & amortization                           27,661          28,921          34,017          35,107               0               0
Investment/asset impairment charges                        0               0             620               0               0               0
Deferred income taxes                                -12,355          -3,481          -2,630          -2,815         -10,590           4,236
Stock based compensation                               3,680           4,151           5,093           6,038             563             874
Change in working capital                             12,311          46,898         -25,127        -203,448           4,536         -39,145
Prepaid expenses                                      -1,445               0               0               0               0               0
Accounts payable                                           0               0           2,789            -972               0               0
Accrued liabilities                                  -18,748          -6,703         -10,059           7,548            -680           7,926
Income taxes payable                                     611           6,275          -2,238           6,975               0               0
Other working capital                                 31,893          47,326         -15,619        -216,999           5,216         -47,071
Other non-cash items                                  33,977          10,938           9,733         -57,782          88,573          93,747
Net cash provided by operating activities             77,213         124,839          11,131        -129,274          22,321         104,649

Cash Flows From Investing Activities
Investments in property, plant, and equipmen         -19,676         -23,883         -20,930         -14,745               0               0
Acquisitions, net                                      4,354          -7,444               0          93,613            -374               0
Purchases of investments                                -759               0               0               0               0               0
Purchases of intangibles                                   0               0          -7,184               0               0               0
Other investing activities                                 0               0               0               0               0             936
Net cash used for investing activities               -16,081         -31,327         -28,114          78,868            -374             936

Cash Flows From Financing Activities
Debt issued                                                0               0          89,010               0               0               0
Debt repayment                                             0          -1,736         -73,057          -6,350          -1,299         -59,839
Common stock repurchased                              -5,088          -8,959         -26,160         -63,589          -7,001               0
Dividend paid                                         -9,530         -10,192         -11,174         -10,276          -8,970          -8,987
Other financing activities                           -11,222            -288            -149             885             695          -2,105
Net cash provided by (used for) financing            -25,840         -21,175         -21,530         -79,330         -16,575         -70,931

Effect of exchange rate changes                       -2,755          -9,465          13,441         -42,164               0               0
Net change in cash                                    32,537          62,872         -25,072        -171,900           5,372          34,654
Cash at beginning of period                          139,351         171,888         234,760       1,188,516           6,507         992,762
Cash at end of period                                171,888         234,760         209,688       1,016,616          11,879       1,027,416

Free Cash Flow
Operating cash flow                                   77,213         124,839          11,131        -129,274          22,321         104,649
Capital expenditure                                  -19,676         -23,883         -28,114         -14,745               0               0
Free cash flow                                        57,537         100,956         -16,983        -144,019          22,321         103,537
____________________________________________________________________________________________________________________________________________




[Home]
Average to Current P/E Ratios
              (GCAP)     GAIN Capital Holdings Inc.

                               2015    2016    2017    2018    2019

          Annual Earnings:     0.22    0.67   -0.20    0.52   -1.63
Average Price During Year:     8.67    6.67    6.86    7.70    5.23

                P/E Ratio:    39.39    9.96   34.31   14.80    3.21

 Average 5-Year P/E Ratio  =  20.34
             Current Price =  6.28

Previous 5 Quarter Earnings:  -0.76    0.02   -0.06   -0.83    2.06

          Current Annualized (Last Four Quarters) Earnings =   1.17
                                                           ________
                                 Average PE / Current PE =     3.79
                                                           --------

                                      ...a number above 1.00 is good
                                                1.00 or below is bad


[Home]
Financial Ratios

. . . . . . . . . . . . Lowest to Highest, Compared to Industry



[Home]
Intrinsic Value (DCF)

Intrinsic Value by Discounted Cash Flow Method:

Intrinsic Value



[Home]
Fair Value Estimator

Fair Value Estimate:

Fair Value



[Home]
Projected Earnings

Earnings Estimates



[Home]
Research Reports

Click Here for Research Reports



[Home]
Analysts' Opinions

Analysts' Opinion 1
Analysts' Opinion 1
Analysts' Opinion 1
Analysts' Opinion 2



[Home]
Insider Activity

Insiders Chart Insider Trades
Insider Trades
Executive Compensation



[Home]
Institutional Activity

Institutional Ownership:

institutions 1
Mutual Fund Ownership:

institutions 2


[Home]
Sentiment

sentiment

Zenith uses the "sentiment" score above or below 50 to award a positive or negative point in the Decision Matrix.

sentiment sentiment sentiment sentiment



[Home]
Short Interest Ratio

As the short interest rises as a percentage of average daily share volume (Days to Cover), this is considered a measure of negative sentiment. Similarly, a decrease in that percentage is considered positive sentiment.

short interest short interest


[Home]
Standard & Poor's

S&P Stock Report (Requires Adobe Acrobat Reader)



[Home]
Management's Discussion of Results of Operations Excerpts

Click Here for Management's Discussion Excerpts



[Home]
Channeling Potential

 
The summary below includes a value for `Degree,' which refers on a
scale of 1 to 10 the range of a channel in the period under consi-
deration compared to the total range of price movement. It also looks
for the last closing price to be within the channel, otherwise zeroed.
The `Index' is the `Degree' weighted for volatility.  Generally, the
the higher the index, the more suitable is the stock for trading as
a `rolling stock' between channel high and low points.

Results for GAIN CAPITAL HOLDINGS INC.:
Symbol? GCAP
Total Months Available:  18
       Months in Cycle?   4

Months Covered by Periods:  12

Period 1           Period 2          Period 3
   H1      L1        H2      L2        H3      L3
   5.95    3.75      5.69    3.81      6.72    3.30

RANGE   =   6.72  TO    3.30            Close =   6.27
CHANNEL =   5.69  TO    3.81           Degree =   5
Volatility =  29.98%                    Index =  14
Channel Chart



[Home]
MACD Histogram Divergence

The theory is that connecting the two most recent peaks or valleys of the MACD histogram will signal the direction of the next major move.



[Home]
Intraday Chart

2 Days:



[Home]
Val Idea

5 out of 8 favorable, (positive opinion.)

Val Idea
Val Idea


[Home]
Stock Consultant

Stock Consultant Stock Consultant


[Home]
Point & Figure Chart

P & F Chart


[Home]
Wall Street Analyzer



[Home]
Marketspace Chart

Marketspace Chart



[Home]
Time Series Forecast

Time Series 1 Time Series 2


[Home]
Neural Network Prediction

"Neurostock" can only track long trades. Therefore its performance, as tracked by itself on stocks which are consistently falling, may not appear as good as it could if each "sell" signal were a "short sale."

Neural Chart
Heading
Neural Trades Neural Prediction



[Home]
Ultimate Trading Systems

2 out of 3 of the ultimate systems favor a dowmove.


System Below:
Short term outlook: Positive: Bright Green, Negative: Bright Red
Long term outlook: Postive: Dark Green, Negative: Dark Red.




[Home]
Recommendation

Decision Weighting Factors
FactorsWeighted Points
News + 1
Comparison + 1
Industry - 1
Bond Issue + 1
Zenith Index + 1
Non-GAAP vs. GAAP Earnings + 1
Cash Flow + 1
Average to Current P/E + 1
Ratios + 1
Intrinsic Value DCF + 1
Fair Value Estimator + 1
Projected Earnings - 1
Research Reports + 1
Analysts - 1
Executive Perquisites + 1
Insider Activity + 1
Institutional Activity - 1
Management Reporting + 1
Short Interest - 1
Sentiment + 1
Standard & Poor's + 1
MACD Histogram Divergence - 1
Val Idea + 1
Stock Consultant + 1
Point & Figure + 1
Wall Street Analyzer - 1
Marketspace Chart - 1
Time Series Chart + 1
Neural Network - 1
Stock Options + 1
Ultimate Trading Systems - 1
Total + 11
Place 4,780 shares of Gain Capital Holdings, Inc. (GCAP) on the Active List.