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Products used for commerce that are traded on a separate, authorized commodities exchange. Commodities include agricultural products and natural resources such as timber, oil and metals. Commodities are the basis for futures contracts traded on these exchanges.

A common stock’s last closing market price per share divided by the latest reported 12-month earnings per share. This ratio shows you how many times the actual or anticipated annual earnings a stock is trading at.

Analysts publish earnings forecasts for companies they follow. Sometimes analysts publish a lower number than they really believe to reduce chances of a negative surprise, but they supposedly “whisper” what they really think to their best friends. Most whisper numbers you see on the Web are simply the analysts’ consensus forecasts plus the average of the most recent two or three earnings surprises. 

Securities that represent part ownership in a company and generally carry voting privileges. Common shareholders may be paid dividends, but only after preferred shareholders are paid. Common shareholders are last in line after creditors, debt holders and preferred shareholders to claim any of a company’s assets in the event of liquidation.

A trade when a Participating Organization is either buying from, or selling to its client.

Current assets minus current liabilities. 

Shares of a publicly held corporation, usually includes voting rights. Common stock has lower priority in event of liquidation than preferred shares.

If there are several orders competing for a stock at the same price, a priority determines when one of these orders will be filled before any other at this price. Priority is based on the time at which the order is received into the system.

To write an option is to sell an option. The person who sells the option is considered to be the writer.

When an order trades all of its specified volume.