Changes in Stock List

Any modification to the list of tradable issues of an exchange. These modifications include: new listings, supplemental security listings, substitutional listings, deletions, name changes, and stock symbol changes.

Bid Size

The aggregate size in board lots of the most recent bid to buy a particular security.

When-Issued Trading

Occurs when the security has been listed and posted for trading, but the certificate representing the security itself is not yet issued and available for settlement. The exchange bulletin issued on listing of the security indicates if the trading will be done on a when-issued basis. In this case, the issuance of the security is guaranteed and the delay in issuance is often due to factors relating to the printing and distribution of the security. The period for when-issued trading is usually less than one week.

Bid

The highest price a buyer is willing to pay for a stock. When combined with the ask price information, it forms the basis of a stock quote.

Capital Pool Companies

The TSX Venture Exchange Capital Pool Company (CPC) program offers a unique listing opportunity that brings experienced management teams with proven public financing ability together with development-stage companies in need of capital and management expertise. Unlike traditional public companies, capital pools list and begin trading without an operating business. The nature of their business is to find and acquire a promising early-stage venture, and their treasuries are funded expressly for the search and due diligence process.

Whisper Number

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.