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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. 

A measurement of the volatility of a stock. Current price rather than historical price is used. Generally, if the price of an option rises without a corresponding rise in the underlying equity, implied volatility is considered to have risen.

Part of the capital market established to buy and sell short-term financial obligations. These include federal government treasury bills, short-term Government of Canada bonds, commercial paper, bankers’ acceptances and guaranteed investment certificates. Longer-term securities are also traded in the money market when their term shortens to three years.

With dividend. The owner of shares purchased cum dividend is entitled to an upcoming already-declared dividend. The opposite of this is ex dividend.

This is the price at which a security opens for the trading day. A stock can open at the previous closing price, gap up or gap down.

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

An order that either raises the bid price or lowers the offering price is said to be improving the market. The market improves because the spread between the bid and offer decreases.

A real estate investment trust (REIT) whose primary business is investing in real estate loans. 

With rights. The owner of shares purchased cum rights is entitled to forthcoming, already-declared rights. The opposite of this is ex rights.

Investors buy shares directly from fund, and sell shares directly to fund. Share price is Net Asset Value (NAV).