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An order that remains in the system for more than a day. See Good-Till-Cancelled or Good-Till-Date.

An investment fund that continuously offers its securities to investors and stands ready to redeem its securities at all times. Transactions in shares/units of mutual funds are based on their net asset value (NAV), determined at the close of each business day. Examples of an open-end fund are traditional mutual funds and exchange-traded funds (ETFs).

The market opens at 9:30 a.m. ET each business day.

Surplus cash generated from company’s basic operations without regard to income tax entries such as depreciation and amortization. Changes in levels of inventories, accounts receivable and accounts payable also affect cash flow. Also see Free Cash Flow. 

Not the same as operating income. See pro forma earnings. 

Sales minus all expenses except income taxes and other items not related to basic business.

Operating income divided by sales.

The difference between a company’s or individual’s total assets and its total liabilities. Also known as shareholders’ equity for a company.

Occurs concurrently with the posting of the new issuer’s securities for trading. The preconditions for listing include the acceptance by the Exchange that all listing requirements and conditions have been satisfied. The effective listing date is the date when the listed securities open for trading.

An IPO (initial public offering) is an issuer’s first offering of its securities made to the public in accordance with a prospectus. The offering is often made in conjunction with an issuer’s initial application for listing on an exchange.