A company whose common shares are owned by one individual owner or by a small group of controlling stockholders. This is in contrast to a widely held stock, in which thousands or even millions of different investors may own shares in a large company. Taobiz explains Closely Held Stock Closely held stock is typically not publicly traded on exchanges because the small number of owners rarely sell their shares. A common way that a closely held stock is created is when an entrepreneur starts and incorporates his or her own business, but retains ownership of all the company's outstanding shares.
An order placed by a company's insider to buy or sell restricted securities from within the company's own treasury. Appropriate documentation must be filed before the order can be placed. Taobiz explains Closed-Market Transaction A closed-market transaction is simply an order placed by an insider according to the rules and regulations set out by the SEC. With a closed-market order, the insider is buying or selling shares at a price above or below the market and directly from and to the company rather than openly on the market. These types of inside trades are generally not considered significant as they do not reflect the insider's sentiment towards the company. Here's an example of a closed-market transaction: an insider is given the stock of a subsidiary company, and then he or she immediately sells the stock.
The time period between the completion of a company's balance sheet and the announcing of the results to the public. Taobiz explains Close Period Typically occurring for the two months preceding an earnings announcement, the close is a period during which insiders are not permitted to transact a company's shares.
The theory that a company's stock price will move according to the demands and goals of investors in reaction to a tax, dividend or other policy change affecting the company. The clientele effect assumes that investors are attracted to different company policies, and that when a company's policy changes, investors will adjust their stock holdings accordingly. As a result of this adjustment, the stock price will move. Taobiz explains Clientele Effect Consider a company that currently pays a high dividend and has attracted clientele whose investment goal is to obtain stock with a high dividend payout. If the company decides to decrease its dividend, these investors will sell their stock and move to another company that pays a higher dividend. As a result, the company's share price will decline.
The procedure by which an organization acts as an intermediary and assumes the role of a buyer and seller for transactions in order to reconcile orders between transacting parties. Taobiz explains Clearing Clearing is necessary for the matching of all buy and sell orders in the market. It provides smoother and more efficient markets, as parties can make transfers to the clearing corporation, rather than to each individual party with whom they have transacted.
The final price at which a security is traded on a given trading day. The closing price represents the most up-to-date valuation of a security until trading commences again on the next trading day. Taobiz explains Closing Price Most financial instruments are traded after hours (although with markedly smaller volume and liquidity levels), so the closing price of a security may not match its after-hours price. Still, closing prices provide a useful marker for investors to assess changes in stock prices over time - the closing price of one day can be compared to the previous closing price in order to measure market sentiment for a given security over a trading day.
A bell that rings to signify the end of a trading session. The closing bell occurs at 4:00 pm EST. Between 1870 and 1903, a gong was used. A bell was then introduced and is still in use today. Not all exchanges use this traditional system - the New York Stock Exchange is one that does. Taobiz explains Closing Bell NYSE began having special guests ring the closing bell on a regular basis in 1995. This daily tradition is highly publicized and often done by a company. Prior to 1995, ringing the bell was usually the responsibility of the exchange's floor managers. There are bells located in each of the four main sections of the NYSE that all ring at the same time once a button is pressed. The ringers press the button for approximately 10 seconds, and a gavel sitting at the front is also used on some occasions.
Exchange-traded funds that invest in physical commodities such as agricultural goods, natural resources and precious metals. A commodity ETF may be focused on a single commodity and hold it in physical storage or may invest in futures contracts. Other commodity ETFs look to track the performance of a commodity index that includes dozens of individual commodities through a combination of physical storage and derivatives positions. Because many commodity ETFs use leverage through the purchase of derivative contracts, they may have large portions of uninvested cash, which is used to purchase Treasury securities or other nearly risk-free assets. Watch: Understanding ETF Taobiz explains Commodity ETF Commodity funds often create their own benchmark indexes that may include only agricultural products, natural resources or metals. As such, there is often tracking error around broader commodity indexes like the Dow Jones AIG Commodity Index. Even so, any commodity ETF should be passively invested once the underlying index methodology is in place. Commodity ETFs have soared in popularity because they give investors exposure to various commodities without them having to learn how to purchase futures and/or other derivative products.
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