A securities license entitling the holder to actively participate in equity trading. Taobiz explains Series 55 The Series 55 exam is administered by the Financial Industry Regulatory Authority (FINRA) and covers topics such as over-the-counter and New York Stock Exchange trading practices, rules and regulations, and electronic trading systems.
1. A privately managed investment account opened through a brokerage or financial advisor that uses pooled money to buy individual assets. 2. In the context of variable annuities, these are payments made to an insurance company for the purpose of investing in securities. These securities are kept separate from the insurer's general investments. Taobiz explains Separate Account 1. This differs from a mutual fund because the investor directly owns the securities instead of owning a share in a pool of securities. Most separate accounts require a minimum investment of $100,000 or more.
A market indicator that represents the inverse of a stock's dividend yield, or the ratio of a stock's price to its dividends. It is calculated as: Price Per Share/Annual Dividends Per Share A high senti-meter rating indicates positive sentiment toward a stock, since the price of a share exceeds the stock's dividends. It is also a signal that a stock could be overbought. On the other hand, a low rating could signal an oversold stock that investors are generally bearish about. Taobiz explains Senti-Meter The senti-meter was popularized Edson Gould, who felt that dividend yield was a good measure of how traders viewed a stock and wanted to show how much an investor was willing to pay for a dollar of dividends. The senti-meter can be applied to the market as a whole by dividing an index, such as the Dow Jones Industrial Average, by the average aggregate annual dividends for the companies in the index.
An abbreviation of the Bombay Exchange Sensitive Index (Sensex) - the benchmark index of the Bombay Stock Exchange (BSE). It is composed of 30 of the largest and most actively-traded stocks on the BSE. Initially compiled in 1986, the Sensex is the oldest stock index in India. Taobiz explains Sensex The index is calculated based on a free-float capitalization method when weighting the effect of a company on the index. This is a variation of the market cap method, but instead of using a company's outstanding shares it uses its float, or shares that are readily available for trading. The free-float method, therefore, does not include restricted stocks, such as those held by company insiders that can't be readily sold. To find the free-float capitalization of a company, first find its market cap (number of outstanding shares x share price) then multiply its free-float factor. The free-float factor is determined by the percentage of floated shares to outstanding. For example, if a company has a float of 10 million shares and outstanding shares of 12 million, the percent of float to outstanding is 83%. A company with an 83% free float falls in the 80-85% free-float factor, or 0.85, which is then multiplied by its market cap (e.g., $120 million (12 million shares x .$10/share) x 0.85 = $102 million free-float capitalization).
The first round of financing undergone for a new business venture after seed capital. Generally, this is the first time that company ownership is offered to external investors. Series A financing, may be provided in the form of preferred stock, and may offer anti-dilution provisions in the event that further financing through preferred or common stock occurs in the future. Also known as "A round" or "A round financing". Taobiz explains Series A Financing Series A financing tends to occur when the company is generating some revenue from its business model, but rarely will the business be generating net profits at this point. Most series A investors will be venture capital funds or angel investors that are willing to accept the high levels of risk found in these early-stage company investments. As an enterprise grows and requires additional capital, the subsequent rounds of preferred stock issued to investors are called Series B, Series C, and so on. This allows investors in those subsequent rounds of financing to know where they stand in the hierarchy of claims to future profits. Typically, the business is revalued before each round of financing, so terms of conversion may be vastly different for different rounds depending on the valuation of the company at each stage.
An exam administered by the Financial Industry Regulatory Authority (FINRA) and otherwise known as the Research Analyst Qualification Exam. Professionals who pass the exam can function as research analysts for FINRA-member broker/dealers. Research analysts are primarily responsible for producing the content in research reports, and their names will appear on the reports. The exam is actually two-in-one. The Series 86 (100 questions) tests research analysis knowledge, while the Series 87 (50 questions) tests knowledge of industry rules and best practices. A total of four hours is given to complete the Series 86 and 90 minutes is provided for the Series 87; a score of 70% or better is required for passing. Taobiz explains Series 86/87 People who have already passed both Part I and Part II of the Chartered Financial Analyst Exam may request an exemption from the Series 86 portion only. For those without a CFA, the Series 7 is a prerequisite for the combined exam. The exam requires a thorough knowledge of not only company analysis, but also industry analysis, management study and knowledge of broad supply and demand parameters for a given industry or sector. Financial metrics should be well-understood at this point, as well as earnings modeling methods and industry dynamics for the purposes of creating useful and accurate financial reports that will be used to educate and assist sales staff.
A program by which a company buys back its own shares from the marketplace, reducing the number of outstanding shares. This is usually an indication that the company's management thinks the shares are undervalued. Taobiz explains Share Repurchase Because a share repurchase reduces the number of shares outstanding (i.e. supply), it increases earnings per share and tends to elevate the market value of the remaining shares. When a company does repurchase shares, it will usually say something along the lines of, "We find no better investment than our own company."
A type of security that gives the holder the option, but not the obligation, to purchase a predetermined number of shares at a predetermined price. This is similar to a stock option or warrant. These rights are typically distributed to existing shareholders, who have the ability to trade these rights on an exchange. Taobiz explains Share Purchase Rights The rights only give shareholders the ability to purchase the shares, but they must still must pay for the shares to redeem the rights.
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