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Actual EPS, CPS, or DPS
Earnings Per Share
(EPS -Trailing 12 months), cash flow (CPS) or Dividends Per Share (DPS) for a company for the fiscal year indicated. For companies which report on a quarterly basis, this information will contain the sum of the actual earnings, cash flow or
for the previous four quarters. For companies that report semi-annually, the field will contain the sum of the previous two semi-annual actuals.
American Stock Exchange - AMEX
An open auction market similar to the
where buyers and sellers compete in a centralized marketplace. The AMEX typically lists small to medium cap stocks of younger or smaller companies. Until 1921 it was known as the New York Cumulative Exchange.
AMEX Composite - XAX
AMEX Composite Index
- (XAX) the American Stock Exchange introduced a new AMEX Composite Index with a new ticker symbol, XAX, on January 2, 1997. The XAX is a market capitalization-weighted, price appreciation index, and replaces the AMEX Market Value Index (XAM) which, since its inception, has been calculated on a "total return basis" to include the reinvestment of dividends paid by AMEX companies. The new AMEX Composite Index is more comparable with other major indexes, which reflect only the price appreciation of their respective components.
A person with expertise in evaluating financial investments; he or she performs investment research and makes recommendations to institutional and retail investors to buy, sell, or hold; most analysts specialize in a single industry or business sector.
The date on which the company first made news of the split public.
The price at which someone who owns a security offers to sell it; also known as the asked price. (See also "
Any possessions that has value in an exchange.
Average Daily Share Volume
The number of shares traded per day, averaged over a period of time, usually one year.
The average time to maturity of securities held by a mutual fund. Changes in interest rates have greater impact on funds with longer average life.
A market where the dominating trend is one of falling prices.
Beginning Net Asset Value
The market value of a fund share on a predetermined start date.
The price at which someone who owns a security offers to sell it; also known as the asked price. Please note that the New York Stock Exchange and the American Stock Exchange do not provide Ask information on a delayed basis. (See also "
The price a prospective buyer is prepared to pay at a particular time for trading a unit of a given security. Please note that the New York Stock Exchange and the American Stock Exchange do not provide Bid information on a delayed basis. (See also "Bid".)
A measure of the volatility of a stock relative to the overall market. A beta of less than one indicates lower risk than the market; a beta of more than one indicates higher risk than the market.
The price a prospective buyer is prepared to pay at a particular time for trading a unit of a given security. (See also "Best Bid".)
A long-term promissory note in which the issuer agrees to pay the owner the amount of the face value on a future date and to pay interest at a specified rate at regular intervals.
A market where the dominating trend is one of rising prices.
The amount of additional securities that a customer may purchase using the existing equity in his account.
Capital Gains Distribution
Payments to mutual fund shareholders of profits from the sale of securities in a fund's portfolio. Capital gains distributions (if any) are usually made annually.
The difference between the last settlement price and the last reported ask, bid, or trade.
A securities holding that affords the possessor to have ownership in the company which provides benefits such as voting rights and dividend sharing. In the event of liquidation, the rights of common stock holders come after all other holders, such as
, debt and
The average of analysts recommendations for a single entity. As many brokers have different ratings systems, their recommendations must be standardized so that a consensus can be calculated. The I/B/E/S ratings are calculated using a standard set of recommendations, maintained by I/B/E/S, each with an assigned numeric value:
Each recommendation received from the analysts is mapped to one of the I/B/E/S standard ratings. Assigning a numeric value to the broker text enables I/B/E/S to calculate a consensus recommendation. This consensus recommendation appears as the mean (average) of the assigned values.
Date of Record
The date on which a shareholder must officially own shares in order to be entitled to a dividend.
Days to Cover
Calculated as the aggregate short interest for the month divided by the average daily share volume traded for the period between short interest settlement dates.
The practice of buying and selling a security on the same day.
An intentional delay in the start of trading in a stock until a large imbalance in buy and sell orders is eliminated.
Debt to Equity Ratio
Long-term debt divided by shareholders' equity, showing relationship between long-term funds provided by creditors and funds provided by shareholders; high ratio may indicate high risk, low ratio may indicate low risk.
A small temporary drop in price during an overall upward trend.
Date on which the payout of realized capital gains on securities in the fund portfolio occurred.
The acquisition of a group of assets in which returns on the assets are not directly related over time. Proper investment diversification is intended to reduce the risk inherent in particular securities. An investor seeking diversification for a securities portfolio would purchase securities of firms that are not similarly affected by the same variables. For example, an investor would not want to combine large investment positions in airlines, trucking and automobile manufacturing because each industry is significantly affected by oil prices and interest rates.
Distribution of earnings to shareholders, prorated by the class of security and paid in the form of money, stock, scrip, or, rarely, company products or property. The amount is decided by the Board of Directors and is usually paid quarterly. Mutual fund dividends are paid out of income, usually on a quarterly basis from the fund's investments.
Dow Jones Industrial Average - DJIA
Dow Jones Industrial Average Index
- (DJIA) is a price-weighted average of 30 actively traded blue chip stocks, primarily industrials but including American Express Co. and American Telephone and Telegraph Co. Prepared and published by Dow Jones & co., it is the oldest and most widely quoted of all the market indicators. The components, which change from time to time, represent between 15% and 20% of the market value of NYSE stocks. The DJIA is calculated by adding the closing prices of the component stocks and using a divisor that is adjusted for splits and stock dividends equal to 10% or more of the market value of an issue as well as substitutions and mergers. The average is quoted in points, not in dollars.
A theory which is based on the belief that the fluctuations in the stock market are both a reflection of current business trends as well as a predictor of future business trends.
Earnings Per Share - EPS
EPS represents the portion of a company's profit allocated to each outstanding share of common stock. Net income (reported or estimated) for a period of time is divided by the total number of shares outstanding (
) during that period; See
growth rate measures
Earnings before interest, taxes, depreciation, and amortization.
Effective Annualized Seven-Day Yield
Yield for 7 day period including the day reported, calculated by adding 1 to the base period return used in calculating the standard 7 day yield raising the total to the power of 365 divided by 7 and subtracting 1 (NOTE: To be reported on Wednesday only).
Electronic Data Gathering, Analysis, and Retrieval EDGAR
An electronic system implemented by the SEC that is used by companies to transmit all documents required to be filed with the SEC in relation to corporate offerings and ongoing disclosure obligations. EDGAR became fully operational mid-1995.
Ending Net Asset Value
The market value of a fund share on a predetermined end date.
A security which will trade without the inclusion of a pending dividend. Therefore, the seller will be receive the dividend, not the buyer. In the newspaper, these securities are usually designated with an X beside their names.
The date at which the Ex-Dividend period begins. Usually two days before the record date.
The proportion of assets of a mutual fund required to pay annual operating expenses and management fees. If a fund charges an annual fee of 50c per $100 of net assets, the expense ratio will be .5%. The expense ratio is independent of any sales fees.
Family of Funds
Group of mutual funds managed by the same investment management company. Each fund typically has a different objective; one may be a growth-oriented stock fund, whereas another may be a bond fund or money market fund. Shareholders in one of the funds can usually switch their money into any of the family's other funds, sometimes at no charge. Family of funds with no sales charges are called no load families. Those with sales charges are called load families.
Because not all companies have the same fiscal year end, we, in cooperation with I/B/E/S, use FY1, FY2, etc., to identify unique fiscal periods for forecast data. For comparison purposes, I/B/E/S rounds off the quarter end dates to the nearest month end.
The following is a description of how this labeling works:
FY = fiscal year
Q = quarter
SAN = semiannual
The most recently reported earnings number is denoted with a zero (0). Then, the first estimate year is denoted with a one (1), the year after that, a two (2), and so on. So, as an example, if FY0 corresponds to the December 96 year end reported, then FY1 data refers to estimates for December 97, FY2 refers to estimates for the December 98 year end, and so on. Use the same conventions for interim periods (quarter and semiannual).
When the range of a stock price on two successive days does not overlap.
When a private company first offers shares to the public.
Growth Rate Measures for EPS
Current year/last year % growth shows the percent change between the current year's Forecasted mean EPS estimate and the last reported actual EPS
Next year/current year % growth shows the percent change between next year's forecasted mean EPS estimate and the current year's forecasted mean estimate
Historical EPS growth % (historical 5 year growth)shows the average annual EPS growth for the company over the past five years
5 year growth median is the median annual growth forecast over the next five years
12 Month Forward % Growth is the projected growth in the company's EPS over the next 12 months (PEG Ratio)
A situation where a security is temporarily not available for trading (e.g. Market Makers are not allowed to display quotes).
A select sampling of stocks used to reflect the basic trends of the market. Indexes are derived from a broader number of stocks than Averages.
A mutual fund that tries to mirror the performance of a specific index.
Initial Public offering - IPO
The first issue and sale of stock by a company to the public.
The date that the security started publicly trading.
Interest will be charged on all loan balances and will be debited at the close of each day. During the simulation, loan balances will charged 8% interest. ( (available cash * .08)/365 = Interest Charged)
Interest will be earned on all available cash balances and credited at the close of each day. During the simulation, cash balances will earn 5% interest, compounded daily. ( (available cash * .05)/365 = Interest Earned)
A Limit Order is an order to buy or sell a stock at a customer specified price.
A stock that is traded on a major exchange.
Mutual Fund that is sold for a sales charge by a brokerage firm or other sales representative. Such funds may be stock, bond or commodity funds, with conservative or aggressive objectives.
The amount of money that has been borrowed. Amount borrowed should not exceed the
A long position is when you buy a stock anticipating the price to rise
Long Term Gain
A gain on the sale of a capital asset where the holding period was twelve months or more and the profit was subject to the long term capital gains tax.
A call from the brokerage to the customer requesting that the customer deposit additional funds into their account in order to return the balance to its required level.
Management's Discussion and Analysis (MD&A)
A key area looked at by analysts; an interpretive section of the prospectus and of the annual report, frequently called the Financial Review.
The amount of money that a customer must deposit with a broker to secure a loan from that broker. In the case of futures, the amount of money that must be deposited to protect the buyer and seller from default.
A brokerage account that permits an investor to purchase securities on credit and to borrow on securities already in the account. Buying on credit and borrowing are subject to standards established by the Federal Reserve and by the firm carrying the account. Interest is charged on any borrowed funds only for the period of time the loan is outstanding.
If the listed prices of shares or units fall below a level that would cover a lender's loan to you, then the lender will ask you to contribute the difference.
The margin requirement for the simulation is 50%. Initially, this means that since you are starting with $100,000, you may borrow another $100,000, making your total buying power $200,000. You may buy and short sell stocks on margin.
Market Capitalization (MCAP)
Price per share multiplied by the total number of shares outstanding; also the market's total valuation of a public company.
Market Close Date
Date on which the closing Net Asset Value (NAV) was last calculated.
A Market Order is an order to buy or sell a stock at the market's current best displayed price.
The market price; the price at which buyers and sellers trade similar items in an open marketplace. The current market price of a security as indicated by the latest trade recorded.
Market Value of Long Positions
Sum of all shares held
multiplied by the current market price for each stock held.
Market Value of Short Positions
Sum of all shares held
multiplied by the current market price for each stock held.
The date on which the principal amount of a bond is to be paid in full.
The mathematical average of a range of numbers (calculated by dividing the sum total of all the items in the range by the total number of items in the range).
The middle number in a defined distribution; when looking at estimates, median refers to the estimate above and below which lie an equal number of estimates for the period indicated.
Money Market Fund
Open-ended mutual fund that invests in commercial paper, banker's acceptances, repurchase agreements, government securities, certificates of deposit, and other highly liquid and safe securities, and pays money market rates of interest. The fund's net asset value remains a constant $1 a share, only the interest rate goes up or down.
Fund operated by an investment company that raises money from shareholders and invests it in stocks, bonds, options, commodities or money market securities.
Nasdaq Composite Index
The Nasdaq Composite Index measures all Nasdaq domestic and non-U.S. based common stocks listed on The Nasdaq Stock Market. The Index is market-value weighted. This means that each company's security affects the Index in proportion to its market value. The market value, the last sale price multiplied by total shares outstanding, is calculated throughout the trading day, and is related to the total value of the Index.
National Association of Securities Dealers - NASD
A self regulated securities industry organization responsible for the operation and regulation of the NASDAQ stock market and over the counter markets.
National Association of Securities Dealers Automated Quotations - NASDAQ
A computerized system by which NASD members can communicate bids and offers on over the counter stocks and some listed stocks.
Net Asset Value (NAV)
The market value of a fund share, synonymous with a bid price. In the case of no-load funs, the NAV, market price, and offering price are all the same figure, which the public pays to buy shares; load fund market or offer prices are quoted after adding the sales charge to the net asset value. NAV is calculated by most funds after the close of the exchanges each day by taking the closing market value of all securities owned plus all other assets such as cash, subtracting all liabilities, then dividing the result (total net assets) by the total number of shares outstanding. The number of shares outstanding can vary each day depending on the number of purchases and redemptions.
The difference between today's last trade and the previous day's last trade. The difference between today's closing Net Asset Value (NAV) and the previous day's closing Net Asset Value (NAV).
The last column in a stock or bond table listing the difference in price between the close on that trading day and the previous day.
Income after all expenses and taxes have been deducted, and used in calculating a variety of profitability and stock performance measures.
New York Stock Exchange
The largest and oldest securities exchange in the United States.
A purchase with no commissions charged.
No Load Fund
Mutual Fund offered by an open end investment company that imposes no sales charge (load) on its shareholders. Investors buy shares in no-load funds directly from the fund companies, rather than through a broker as is done in load funds. Many no-load fund families allow switching of assets between stock, bond, and money market funds. The listing of the price of a no-load fund in the newspaper is accompanied by the designation NL. The net asset value, market price and offer prices of this type of fund are exactly the same, since there is no sales charge.
No Quote (NQ)
No Market Makers making an inside market at this time.
Number of Estimates (# of Est)
Number of analysts included in the Mean EPS forecast.
NYSE Composite Index - NYSE
NYSE Composite Index
- (NYSE) is a market value-weighted index which relates all NYSE stocks to an aggregate market value as of Dec. 31, 1965, adjusted for capitalization changes. The base value of the index is $50 and point changes are expressed in dollars and cents.
The price at which the shares were originally offered to the public.
An order to buy or sell a security that remains in effect until it is either canceled by the customer or executed.
The price at which an IPO starts trading on the open market.
P/B Ratio (Price/Book Ratio)
A stock analysis statistic in which the price of a stock is divided by the reported book value (as of the date specified) of the issuing firm.
P/C Ratio (Price/Cash Flow Ratio)
A financial ratio that compares stock price with cash flow from operations per outstanding shares.
P/S Ratio (Price/Sales Ratio)
A financial ratio that compares stock price with sales per share (or market value with total revenue).
The date on which a dividend or split will be paid to stockholders by the issuers' paying agents. The payable date is the date on which one must own the shares (at the close of the session) in order to receive the split.
A Syndicate Penalty Bid can be displayed on the Nasdaq System during the period of a registered public offering of a security. Such a bid may be entered by the managing underwriter or a member of the underwriting group acting on its behalf, and is intended to facilitate the offering by stabilizing the price of the security during the distribution period.
All of the different investments owned by the same individual or organization.
The total ending cash minus loans, plus the market value of long positions, minus the value of short positions, plus interest earned, minus interest charged.
A stock holding which provides a specific dividend that is paid before any dividends are paid to common stock holders. In the event of liquidation, their rights come before common stock holders, but after other holders, such as bond and debt.
The Pre-Market high represents the highest price a person purchased this security during the Pre-Market session. Investors may trade in the Pre-Market (8:00-9:30 a.m. ET). Participation by Market Makers and ECNs is strictly voluntary and as a result may offer less liquidity and inferior prices. Stock prices may also move more quickly in this environment. Investors who anticipate trading during these times are strongly advised to use limit orders.
Previous Day's Close
The previous trading day's last reported trade.
A ration derived by dividing the market price of a company by earnings per share. This is thought to gage the value of the stock relative to current market conditions.
Refers to activity by a broker/dealer when buying or selling for its own account and risk.
Quarterly Report (10 Q)
A report, which public companies are required to file quarterly with the SEC, that provides unaudited financial information and other selected material.
Inability of a stock to rise above a certain price. This is generally due to an abundance of stock being available at that price.
Net profits kept to accumulate in a business after dividends are paid.
Return of Capital
A distribution of cash resulting from depreciation tax savings, the sale of a capital asset or of securities in a portfolio, or any other transaction unrelated to
Return on Equity
(net income divided by shareholders' equity) a measure of the net income that a firm is able to earn as a percent of stockholders' investment.
Return on Total Assets
(net income divided by total net assets) a measure of the net income that a firm's management is able to earn with the firm's total assets.
The sales fee that the buyer pays in order to acquire an asset. The fee varies according to the type of asset and the way it is sold. Many mutual funds impose a sales charge. As a result of the load, only a portion of the investor’s funds go into the investment itself.
For financial markets these are the many types of financial instruments (that is documents) which are traded in financial markets (except futures contracts). For example, bonds and
The date specified for delivery of securities between securities firms, usually three business days after the execution of an order.
Yield for seven day period including the day reported.
A share is simply a part ownership of a company. If, for example, a company has issued a million shares, and you own ten thousand shares in it, then you own one percent of the company. As a part owner of a company, you are investing in the management of the company. You should invest in companies you feel confident are well run.
Short against the Box
A short sell of a security in which the seller still owns a long position on the same security. Thus, the overall position on the security is not closed out. This is done to defer tax liability.
The total number of shares of a security that have been sold short by customers and securities firms that have not been repurchased to settle short positions in the market.(See also
Days to Cover
Average Daily Share Volume
A short position or
, means to sell a stock which you do not actually have ownership of so you may profit from its potential decline in price. The shares of the stock are borrowed by your broker and then sold in the open market. The resulting funds are deposited in your account. The hope is that you can by them back later at a lower price in order to return them to their rightful owner. When successful, this will allow you to pocket the difference in price as a profit.
Short selling is the selling of a security that the seller does not own, or any sale that is completed by the delivery of a security borrowed by the seller. Short selling is a legitimate trading strategy. Short sellers assume the risk that they will be able to buy the stock at a more favorable price than the price at which they sold short.
Short Term Gain
The profit realized from the sale of securities or other capital assets held twelve months or less.
Standard Industrial Classification (SIC) code. A numbering system established by the Office of Management and Budget that identifies companies by industry. It is used to promote the comparability of economic statistics from various facets of the U.S. economy.
The division of the outstanding number of shares into a higher number of shares. The market price per share drops proportionately. This is generally done to make a stock with a very high price more accessible to small investors. Current owners of the stock maintain the same equity by receiving the proportionate number of additional shares.
The spread for a company's stock is influenced by a number of factors, including:
Supply or "float" - the total number of shares outstanding available to trade.
Demand or interest in a stock.
Total trading activity in the stock.
Standard and Poor’s 500 - $SPX
S&P 500 index
- ($SPX), more formally known as the S&P 500 Composite Stock Price Index, is a european-style, capitalization-weighted index (shares outstanding multiplied by stock price) of 500 stocks that are traded on the New York Stock Exchange, American Stock Exchange and Nasdaq National Market. The advantage of "cap-weighting" is that each company's influence on index performance is directly proportional to its relative market value. It is this characteristic that makes the S&P 500 such a valuable tool for measuring the performance of actual portfolios.
Payment of a corporate dividend in the form of stock rather than cash. The stock dividend may be additional shares in the company, or it may be shares in a subsidiary being spun off to shareholders. Stock dividends are often used to conserve cash needed to operate the business. Unlike a cash dividend, stock dividends are not taxed until sold.
A securities price indicator such as the Nasdaq-100, Standard & Poor's or Dow Jones series created to measure the relative value of the market.
Surprise (Earnings Surprise)
A company earnings report that differs (either positively or negatively) from what analysts were expecting (consensus forecast). This often causes movement in the stock's price.
See Consensus Rating. Special symbols are used for negative actual or expected earnings as follows:
N+ : Negative actual earnings with positive surprise
N- : Negative actual earnings with negative surprise
-+ : Negative consensus earnings with positive actual earnings
-0 : Negative consensus earnings with zero actual earnings
-VL: Very large negative percent surprise
+VL: Very large positive percent surprise
NA : Not available (data necessary for calculation are not available)
A unique four- or five-letter symbol assigned to a security. If a fifth letter appears, it identifies the issue as other than a single issue of common stock or capital stock.
A list of fifth-letter identifiers and a description of what each represents follows:
A - Class A
B - Class B
C - Issuer qualifications exceptions*
D - New
E - Delinquent in required filings with the SEC
F - Foreign
G - First convertible bond
H - Second convertible bond, same company
I - Third convertible bond, same company
J - Voting
K - Nonvoting
L - Miscellaneous situations, such as depositary receipts, stubs, additional warrants, and units
M - Fourth preferred, same company
N - Third preferred, same company
O - Second preferred, same company
P - First preferred, same company
Q - Bankruptcy Proceedings
R - Rights
S - Shares of beneficial interest
T - With warrants or with rights
U - Units
V - When-issued and when distributed
W - Warrants
Y- ADR (American Depositary Receipt)
Z - Miscellaneous situations such as depositary receipts, stubs, additional warrants, and units.
* The letter "C" as a fifth character in a security symbol, indicates that the issuer has been granted a continuance in Nasdaq under and exception to the qualification standards for a limited period.
TREASURY BOND 30 Year - TYX
index - (TYX) is based on 10 times the yield-to-maturity on the most recently auctioned 30-year Treasury bond.
The intra-day high trading price.
The intra-day low trading price.
Total Shares Outstanding (TSO)
The number of shares of capital stock that have been issued and are in public hands.
The temporary suspension of trading in a security, usually for 30 minutes, while material news from the issuer is being disseminated over the news wires. A trading halt gives all investors equal opportunity to evaluate news and make buy, sell, or hold decisions on that basis. A trading halt may also be imposed for purely regulatory reasons.
A calculation which takes the number of advancing stock and divides it by the number of declining stocks. A result of less than 1 is considered bullish, greater than 1 bearish.
Fund distributions that are not categorized as short, medium or long term.
A security which has a price that is below its perceived value.
The investment banking firm that brought the company public.
Any upward movement of a security's price. Can also be applied to the overall market.
The degree of price fluctuation for a given asset, rate, or index; usually expressed as a variance or standard deviation.
Volume is the sum total of shares (in hundreds) that have traded in the security for which you have requested a quote for either the current or most recent trading day on its primary trading marketplace.
A certificate issued by a company giving the holder the right to purchase securities at a stipulated price within specific time limits or perpetually. A warrant is sometimes offered by a company as an inducement to buy an offering of common stock or other securities.
World Equity Benchmark Shares — WEBS Index Shares represent a new approach to international investing, offering passive index management and facilitating targeted portfolio exposure. There's a WEBS Index Series for each of 17 countries. Each WEBS Index Series seeks to track the performance of a specific MSCI Index. Many of these indices have been used by investment professionals for more than 25 years. WEBS are listed on the American Stock Exchange and trade like any other stock.
In general, a return on an investor's capital investment. For bonds, the coupon rate of interest divided by the purchase price, called current yield. Also, the rate of return on a bond, taking into account the total of annual interest payments, the purchase price, the redemption value, and the amount of time remaining until maturity.
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