A designation on an exchange's ticker tape that refers to the absence of one or more price digits caused by tape delay. Digits deleted comes into effect when the tape announcements start falling too far behind trading activity. only the last digit and fraction are reported until the tape catches up. Taobiz explains Digits Deleted By deleting digits, the tape saves space and is able to report more prices in a shorter amount of time. When the tape catches up with the trading activity, the numbers begin reporting as normal. The end of digits deleted is known as digits resumed. For example, the price of 34 1/5 would become 4 1/5 under digits deleted.
A trader who is restricted to instituting trades for a firm's clients and who is unable to trade with his/her firm's own accounts. Taobiz explains Desk Trader If you telephone a brokerage firm to order shares in a company, you'll most likely end up talking to a desk trader who will take the order and send it to the market. Desk traders must be registered with the relevant securities regulators, such as the Securities & Exchange Commission.
A moving average that has been adjusted forward or back in time in order to forecast trends. Displaced moving averages are constructed by taking the moving average and shifting it by a number of intervals, either positive or negative. If the number is negative, the displaced moving average will lag the original moving average, and if the number is positive the displaced moving average will lead the original moving average. Taobiz explains Displaced Moving Average The aim behind displaced moving averages is to allow traders to center the moving average or make the displaced moving average fit better with the price movement, thereby removing some of the noise in the moving average. Some traders believe that displaced moving averages have more predictive power than basic moving averages such as simple and exponential.
A segment of a company's business that has been sold, disposed of or abandoned. Discontinued operations can range from a certain product line to an entire line of business. When operations are discontinued, this is reported on the company's income statement as separate from income from continued operations. Taobiz explains Discontinued Operations Because income from discontinued operations is listed separately on the income statement, investors are less likely to be misled as to the source of a company's profit. This is especially useful when companies merge, since parsing out which assets are being divested or folded up gives a clearer picture of how a company will make money in the future.
Stock that is not granted a good delivery status due to missing or incorrect transfer documentation or endorsements. Dirty stock will usually disrupt the transaction process. Taobiz explains Dirty Stock When stock is exchanged, various legal forms and endorsements are required to transfer the ownership title from the seller to the buyer. When the documentation is not properly handled, the stock will be labeled as dirty. A stock must attain good delivery status before the transfer is complete.
A standard used by the Securities and Exchange Commission (SEC) to determine whether someone who receives and acts on insider information (a tippee) is guilty of insider trading. The Dirks Test looks for two criteria 1. Whether the individual breached the company's trust 2. Whether the individual did so knowingly Tippees can be found guilty of insider trading if they know or should know that the tipper has committed a breach of fiduciary duty. Taobiz explains Dirks Test The test is named after the 1984 Supreme Court case Dirks v. SEC, which established the conditions under which tippees can be held liable for insider trading. An individual does not actually have to engage in a trade to be guilty of illegal insider trading; merely facilitating an inside trade by disclosing material nonpublic information about a company is sufficient to be liable for illegal insider trading. It is also not necessary to be a manager or employee of the company; friends and family who have access to such information and disclose it when they shouldn't can also get into trouble.
An investment service that allows individuals to purchase a stock directly from a company or through a transfer agent. Not all companies offer DSPPs and the plans often have restrictions on when an individual can purchase shares. Taobiz explains Direct Stock Purchase Plan - DSPP The greatest benefit of using a DSPP for investors is the ability to avoid commissions by not going through brokers. DSPPs often have minimum deposit requirements that range from $100 to $500. They are perfect for investors who have a long-term trading strategy and are looking for an inexpensive way to begin investing.
When a stock's return is calculated using not only the stock's capital appreciation, but also all dividends paid to shareholders. This adjustment provides investors with a more accurate evaluation of the return received over a specified holding period. Watch: Dividend Taobiz explains Dividend Adjusted Return This is a very useful return evaluation method because it provides a more accurate reflection of an investor's return. Be aware of the tax implications of the dividends received - these dividends will most likely be classified as taxable income for the investor.
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