A trust company, bank or similar financial institution assigned by a corporation to maintain records of investors and account balances and transactions, to cancel and issue certificates, to process investor mailings and to deal with any associated problems (i.e. lost or stolen certificates). Taobiz explains Transfer Agent Because publicly-traded companies, mutual funds and similar entities often have many investors who own a small portion of the organization, require accurate records and have rights regarding information provision, the role of the transfer agent is an important one. Some corporations choose to act as their own transfer agents, but most choose a third-party financial institution to fill the role.
A type of municipal bond that is issued to finance utility projects, such as electrical plants, water systems, sewer systems or any other type of public utility. A utility revenue bond is repaid from monies earned through the utility improvements, once the project has been completed and the utility is operating. |||A bond is an interest-bearing or discounted debt security that is issued by a government or corporation in order to raise funds for capital projects. Generally, utility revenue bonds have one year's worth of debt service in what is called a reserve fund, to protect bondholders in the event that the project is not completed on time (and is not earning revenue) or where revenues are otherwise less than anticipated.
In investments, a stock that simultaneously beats analyst expectations for revenue and earnings and also raises earnings guidance for future quarters. The term triple play was first popularized by Bespoke Investment Group in the mid-2000's and is seen as a highly positive sign for the stock. Some investors like to look at triple-play stocks as a preliminary filter for finding good stocks to research for investment. Taobiz explains Triple Play A triple play is seen as a highly positive sign because it indicates that not only is a company growing its business and earnings, but also doing it in a way that is expected to last over the longer term. Often when a stock beats revenue and earnings estimates, analysts wonder if the higher numbers can be expected to continue. If the company does not raise guidance, it may indicate that management expects a drop in the next period.
Debt securities issued by a government for the purpose of financing military operations during times of war. It is an emotional appeal to patriotic citizens to lend the government their money because these bonds offer a rate of return below the market rate. Watch: Understanding Bonds |||At first they were called Defense Bonds and issued by the U.S. Government, but that name was changed to War Bonds after the Japanese attack on Pearl Harbor on Dec 7, 1941. The bonds were zero-coupon bonds that sold for 75% of their face value in denominations from $10 to $100,000. To get an idea of the relative value of a dollar in 1942, in current terms, something that cost $1.00 in 1942, would cost around $11.00 in 2002.
A trading strategy that attempts to capture gains through the analysis of an asset's momentum in a particular direction. The trend trader enters into a long position when a stock is trending upward (successively higher highs). Conversely, a short position is taken when the stock is in a down trend (successively lower highs). Taobiz explains Trend Trading This strategy assumes that the present direction of the stock will continue into the future. It can be used by short-, intermediate- or long-term traders. Regardless of their chosen time frame, traders will remain in their position until they believe the trend has reversed - but reversal may occur at different times for each time frame.
The component of the diluted earnings per share denominator that includes the net of new shares potentially created by unexercised in-the-money warrants and options. This method assumes that the proceeds that a company receives from an in-the-money option exercise are used to repurchase common shares in the market. In order to comply with generally accepted accounting principles (GAAP), the treasury stock method must be used by a company when computing its diluted earnings per share (EPS). Taobiz explains Treasury Stock Method The net of new shares that are potentially created is calculated by taking the number of shares that the in-the-money options purchase, then subtracting the number of common shares that the company can purchase from the market with the option proceeds. This adds to the total number of shares in the denominator and lowers the EPS number. For example, assume that a company currently has in-the-money options that cover 10,000 shares with an exercise price of $50. If the current market price is $100, the options are in-the-money and, based on the treasury method, need to be added to the diluted EPS denominator. The proceeds the company will receive will be $500,000 ($50 x 10,000), which allows them to repurchase 5,000 shares on the market ($500,000/$100). Therefore, the net of new shares is 5,000 (10,000 option shares - 5,000 repurchased shares).
A slang term used by mortgage-backed securities (MBS) traders and investors to refer to an MBS that is seasoned over some time period. MBSs typically have maturities around 30 years, and a particular issue's 'vintage' will expose the holder to less prepayment and default risk, although this decreased risk also limits price appreciation. |||The underlying loans of certain vintage MBSs have unique characteristics, such as burnout, that make the vintage trade at a premium price. These unique characteristics are a result of how underlying assets in MBS are pooled. Most MBSs pool the underlying assets across certain geographical regions with similar terms to maturity and interest rates. This makes forecasting payment plans more predictable.
The portion of shares that a company keeps in their own treasury. Treasury stock may have come from a repurchase or buyback from shareholders; or it may have never been issued to the public in the first place. These shares don't pay dividends, have no voting rights, and should not be included in shares outstanding calculations. Taobiz explains Treasury Stock (Treasury Shares) Treasury stock is often created when shares of a company are initially issued. In this case, not all shares are issued to the public, as some are kept in the companies treasury to be used to create extra cash should it be needed. Another reason may be to keep a controlling interest within the treasury to help ward off hostile takeovers. Alternatively, treasury stock can be created when a company does a share buyback and purchases its shares on the open market. This can be advantageous to shareholders because it lowers the number of shares outstanding. However, not all buybacks are a good thing. For example, if a company merely buys stock to improve financial ratios such as EPS or P/E, then the buyback is detrimental to the shareholders, and it is done without the shareholders' best interests in mind.
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