Days Sales Outstanding

A measure of accounts receivables compared to sales. Higher DSOs means a company’s receivables as a percentage of sales have increased, not a good sign.

Debenture

A long-term debt instrument issued by corporations or governments that is backed only by the integrity of the borrower, not by collateral. A debenture is unsecured and subordinate to secured debt. A debenture is unsecured in that there are no liens or pledges on specific assets.

Debt Price

The price paid per $100 of a debt instrument’s face value traded. A debt instrument trading at par would have a price of $100. A price below face value (for example, $99.1) indicates that the debt instrument has traded at a discount. A price above face value (for example, $101.1) indicates that the debt instrument has traded at a premium.

Day Order

An order that is valid only for the day it is entered. If the order is still outstanding when the market closes, it will be purged overnight.

Cyclical Stock

A stock of a company in an industry sector that is particularly sensitive to swings in economic conditions.

Daily Price Limit

The maximum price advance or decline permitted for a futures contract in one trading session compared to the previous day’s settlement price.