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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.

All options of the same type, either calls or puts, that have the same underlying security.

A set pattern of months when a class of options expires.

Expenses shown on the income statement but not yet paid. 

The buyer of an option contract who has the right to exercise the option during its lifetime.