1.12.2.G1
The Language of
the
Stock Market
Family Economics & Financial Education
© Family Economics & Financial Education – Revised November 2004 – Investing Unit – Language of the Stock Market – Slide 1
Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences at the University of Arizona
1.12.2.G1
Why Learn About Stocks
• The stock market is the core of America’s economic
system
– Stock is a share of ownership in the assets and earnings
of a company
– Bond is a type of debt that a company issues to investors
for a specified amount of time
– Stock market is a general term used to describe all
transactions involving the buying and selling of stocks
and bonds issued by a company
© Family Economics & Financial Education – Revised November 2004 – Investing Unit – Language of the Stock Market – Slide 2
Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences at the University of Arizona
1.12.2.G1
Why Companies Issue
Stock
When a company would like to grow, it issues stocks
to raise funds and pay for ongoing business
activities
• It is popular because:
– The company does not have to repay the money
– Paying dividends is optional
• Dividends are distributions of earnings paid to stockholders
© Family Economics & Financial Education – Revised November 2004 – Investing Unit – Language of the Stock Market – Slide 3
Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences at the University of Arizona
1.12.2.G1
Risk vs. Return
• On average, stocks have a high rate of return
– The increase or decrease in the original purchase price
of an investment
• Higher rate of return = greater risk
– Uncertainty about the outcome of an investment
• Stocks provide portfolio diversification
– Money invested in a variety of investment tools
© Family Economics & Financial Education – Revised November 2004 – Investing Unit – Language of the Stock Market – Slide 4
Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences at the University of Arizona
1.12.2.G1
2 Basic Types of
Stock
Common Stock
Vs.
Preferred Stock
© Family Economics & Financial Education – Revised November 2004 – Investing Unit – Language of the Stock Market – Slide 5
Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences at the University of Arizona
1.12.2.G1
Common Stock
• Common stock – shares or units of ownership in a public
corporation
– Most basic form of ownership
– One vote per share owned to determine company’s board of
directors
• Ways the stock value can change
– The dollar value increases or decreases
– Stock split occurs – shares owned by existing stockholders are
divided into a larger number of shares
– A merger of two companies
– Dividends are paid
© Family Economics & Financial Education – Revised November 2004 – Investing Unit – Language of the Stock Market – Slide 6
Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences at the University of Arizona
1.12.2.G1
Preferred Stock
• Preferred stock – shares which pay fixed dividends
and have priority over common stock
– Less risk than common stock
– No voting rights
– Dividends are stated as a percentage known as the par
value
• Fixed value stated on the stock certificate
© Family Economics & Financial Education – Revised November 2004 – Investing Unit – Language of the Stock Market – Slide 7
Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences at the University of Arizona
1.12.2.G1
Stock
Classifications
© Family Economics & Financial Education – Revised November 2004 – Investing Unit – Language of the Stock Market – Slide 8
Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences at the University of Arizona
1.12.2.G1
Stock Classifications
• A variety of type of stocks are necessary for a
diversified portfolio
• Seven basic classifications
– Growth, Income, Value, Cyclical, Countercyclical,
Speculative, Blue Chip
• Some stocks can be classified into more than one
category
© Family Economics & Financial Education – Revised November 2004 – Investing Unit – Language of the Stock Market – Slide 9
Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences at the University of Arizona
1.12.2.G1
Growth Stock
Growth stocks are from companies who have a
consistent record of relatively rapid growth and earnings
in all economic conditions
–
–
–
–
–
New companies expanding product lines – retain income
Usually does not pay dividends
Income can be earned from an increase in market price
Beta is 1.5 or higher
Examples include Coca-Cola and Wal-Mart
© Family Economics & Financial Education – Revised November 2004 – Investing Unit – Language of the Stock Market – Slide 10
Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences at the University of Arizona
1.12.2.G1
Income Stock
Income stocks pay higher than average dividends
– Company only retains small portion of profits
– Attractive to investors who are interested in receiving
dividends and are not worried about selling the stock at
a higher market price
– Companies with a steady stream of income such as
utility companies
– Beta is less than 1.0
© Family Economics & Financial Education – Revised November 2004 – Investing Unit – Language of the Stock Market – Slide 11
Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences at the University of Arizona
1.12.2.G1
Value Stock
Value stocks are from companies which have a low
market price considering historical earning records
and value of assets
– Viewed as investment bargains
– Previous examples are Time Warner and IBM
© Family Economics & Financial Education – Revised November 2004 – Investing Unit – Language of the Stock Market – Slide 12
Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences at the University of Arizona
1.12.2.G1
Cyclical Stock
Cyclical stocks are influenced by changes in the
economic business cycle
– Companies which operate in major consumer dependent
industries (wants)
• Automobiles, housing, airlines
– If economy is down, so is the stock
– Beta is generally 1.0
© Family Economics & Financial Education – Revised November 2004 – Investing Unit – Language of the Stock Market – Slide 13
Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences at the University of Arizona
1.12.2.G1
Countercyclical Stock
Countercyclical stocks are companies which give
consistent returns even when the economy is suffering
– Products are always in demand (needs)
– Good for investors who want dividends
– Examples are tobacco companies, utility companies and
grocery stores
– Beta is 1.0 or below, even negative
© Family Economics & Financial Education – Revised November 2004 – Investing Unit – Language of the Stock Market – Slide 14
Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences at the University of Arizona
1.12.2.G1
Speculative Stock
Speculative stocks are companies with potential for
substantial earnings in the future
– Very high risk stocks, but very profitable if the company grows
– The company has a very spotty earnings pattern or is so new an
earnings pattern has not yet emerged
– Examples include internet, genetic engineering and video game
companies
– Microsoft was once a speculative stock and is now a growth stock
– Beta is 2.0 or higher
© Family Economics & Financial Education – Revised November 2004 – Investing Unit – Language of the Stock Market – Slide 15
Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences at the University of Arizona
1.12.2.G1
Blue-chip Stock
Blue-chip stocks are from nationally recognized
companies with long records of profit, dividend
payments, and a good reputation for management,
products, and services
– Generally higher priced, but less risky because they are expected
to grow at a consistent rate
– Dominate the industry often having annual revenue of $1 billion
or more
– Examples are McDonalds, GM, Wal-Mart and General Electric
© Family Economics & Financial Education – Revised November 2004 – Investing Unit – Language of the Stock Market – Slide 16
Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences at the University of Arizona
1.12.2.G1
Researching A
Stock
© Family Economics & Financial Education – Revised November 2004 – Investing Unit – Language of the Stock Market – Slide 17
Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences at the University of Arizona
1.12.2.G1
There are four numerical measures an investor may
use to determine how well a company’s stock is doing
• Book Value
• Earnings per Share (EPS)
• Price/Earnings Ration (P/E Ratio)
• Beta
© Family Economics & Financial Education – Revised November 2004 – Investing Unit – Language of the Stock Market – Slide 18
Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences at the University of Arizona
1.12.2.G1
Book Value
Book value is the net worth of a company
Assets - Liabilities = Book value
– Information can be found in the company’s annual
report
– Indicates what would happen if a company’s assets were
sold, debts paid, and proceeds distributed to common
stock holders
© Family Economics & Financial Education – Revised November 2004 – Investing Unit – Language of the Stock Market – Slide 19
Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences at the University of Arizona
1.12.2.G1
Earnings per Share
How much income a company has available to pay in dividends
and reinvest as retained earnings on a per share basis
After tax annual earnings
= Earnings per share ($)
Total number of shares of common stock
• Highly regarded as an important statistic to evaluating a stock because
it indicates how well as company is doing overall (the quality of
products, customer service, and operations management)
© Family Economics & Financial Education – Revised November 2004 – Investing Unit – Language of the Stock Market – Slide 20
Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences at the University of Arizona
1.12.2.G1
Price/Earnings Ratio
Price/earnings ratio is the relationship between the price of
one share of stock and the annual earnings of the company
(P/E ratio)
Price per share
= P/E ratio
Earnings per share of stock
– Most widely used critical measure of a stock’s price
– Represents how much an investor is willing to pay for each dollar
of a company’s earnings
© Family Economics & Financial Education – Revised November 2004 – Investing Unit – Language of the Stock Market – Slide 21
Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences at the University of Arizona
1.12.2.G1
P/E Ratio Continued
– Most companies have between a 5-25 P/E ratio
• 7-10 P/E ratios are financially successful companies
• 15-25 P/E ratios are rapidly growing companies
• 40-50 P/E ratios are speculative companies
– Lower P/E stocks pay higher dividends and have less
risk, lower prices, and slow growth
– High P/E ratios indicate the firm is expected to have a
lot of growth in the future
© Family Economics & Financial Education – Revised November 2004 – Investing Unit – Language of the Stock Market – Slide 22
Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences at the University of Arizona
1.12.2.G1
Beta
Beta measures a stocks volatility compared to overall changes
in the stock market
– If a stock has a beta of +1.5 and the market went up 10%, the value of the
stock is expected to rise 15%
• Conversely, if the market dropped 10%, a +1.5 beta stock would drop
15%
– Average beta is between +0.5 - +2.0
– A negative beta indicates a countercyclical stock because the price changes are
opposite the movements in the business cycle
© Family Economics & Financial Education – Revised November 2004 – Investing Unit – Language of the Stock Market – Slide 23
Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences at the University of Arizona
1.12.2.G1
• Conservative investors want a stock with a beta of
+1.0 or less meaning the stock is less sensitive to
changes in the market
• A beta of +1.1 - +2.0 indicates the stock is more
sensitive to changes in the market because it moves
at a greater percentage
– A higher beta indicates more risk because the stock price
change will be more drastic
© Family Economics & Financial Education – Revised November 2004 – Investing Unit – Language of the Stock Market – Slide 24
Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences at the University of Arizona
1.12.2.G1
Reading Stock
Quotes
© Family Economics & Financial Education – Revised November 2004 – Investing Unit – Language of the Stock Market – Slide 25
Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences at the University of Arizona
1.12.2.G1
Year to Date Percent
Change
YTD
%
52-Week
High Low
Stock
Div
YLD
%
P/E
Vol
100s
High
Low
Close
Net
Chg
-16.3
43
AAR
.33
2.5
22
1479
40
37
42
.027
36
• Year to date percent change is the stock price
percent change from January 1st of the current year
– If a stock was $43.00 on January 1st and $36.00 on July
30th,, the percentage change would be -16.3%
© Family Economics & Financial Education – Revised November 2004 – Investing Unit – Language of the Stock Market – Slide 26
Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences at the University of Arizona
1.12.2.G1
52-Week High Low
YTD
%
52-Week
High Low
Stock
Div
YLD
%
P/E
Vol
100s
High
Low
Close
Net
Chg
-16.3
43
AAR
.33
2.5
22
1479
40
37
42
.027
36
52-Week High & Low shows the highest and lowest
prices the stock was sold per share during the last 52
weeks
© Family Economics & Financial Education – Revised November 2004 – Investing Unit – Language of the Stock Market – Slide 27
Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences at the University of Arizona
1.12.2.G1
Stock Name
YTD
%
52-Week
High Low
Stock
Div
YLD
%
P/E
Vol
100s
High
Low
Close
Net
Chg
-16.3
43
AAR
.33
2.5
22
1479
40
37
42
.027
36
Stock – Each company’s stock is provided with an
abbreviated trading symbol name
KO – Coca Cola
MSFT - Microsoft
© Family Economics & Financial Education – Revised November 2004 – Investing Unit – Language of the Stock Market – Slide 28
Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences at the University of Arizona
1.12.2.G1
Dividends per share
YTD
%
52-Week
High Low
Stock
Div
YLD
%
P/
E
Vol
100s
High
Low
Close
Net
Chg
-16.3
43
AAR
.33
2.5
22
1479
40
37
42
.027
36
Dividends per share is the total cash paid to common
stockholders per share annually
– Helpful when determining the type of stock
– If a company paid $10,000 in dividends for 30,000
shares, the dividends per share would be $0.33
© Family Economics & Financial Education – Revised November 2004 – Investing Unit – Language of the Stock Market – Slide 29
Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences at the University of Arizona
1.12.2.G1
Dividend Yield Percentage
YTD
%
52-Week
High Low
Stock
Div
YLD
%
P/E
Vol
100s
High
Low
Close
Net
Chg
-16.3
43
AAR
.33
2.5
22
1479
40
37
42
.027
36
Dividend yield percentage is the dividend expressed as a
percentage of the price of the share
– If a company paid $1.25 in dividends for a stock with a market price of
$50.00, the dividend yield percentage would be 2.5% (1.25/50)
– Helpful to know how much income to expect. A company paying high
dividends is not reinvesting money to grow.
© Family Economics & Financial Education – Revised November 2004 – Investing Unit – Language of the Stock Market – Slide 30
Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences at the University of Arizona
1.12.2.G1
Price/Earnings Ratio
YTD
%
52-Week
High Low
Stock
Div
YLD
%
P/E
Vol
100s
High
Low
Close
Net
Chg
-16.3
43
AAR
.33
2.5
22
1479
40
37
42
.027
36
Price/earnings ratio is the closing price of the share compared
to the annual earnings per share
– If the stock’s market price is $50.00 and the earnings per share is
$2.25, the P/E ratio is 22.2
• For every dollar the company earns, the stock’s market price is
worth $22.00
– A high number indicates people are optimistic about the company and
health of the market
© Family Economics & Financial Education – Revised November 2004 – Investing Unit – Language of the Stock Market – Slide 31
Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences at the University of Arizona
1.12.2.G1
Volume
YTD
%
52-Week
High Low
Stock
Div
-16.3
43
AAR
.33
36
YLD P/E
%
2.5
22
Vol
100s
High
Low
Close
Net
Chg
1479
40
37
42
.027
Vol 100’s is the number of transactions to the share
on the reported day
– Represented in hundreds (take the number and add two zeros)
© Family Economics & Financial Education – Revised November 2004 – Investing Unit – Language of the Stock Market – Slide 32
Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences at the University of Arizona
1.12.2.G1
High and Low
YTD
%
52-Week
High Low
Stock
Div
-16.3
43
AAR
.33
36
YLD P/E
%
2.5
22
Vol
100s
High
Low
Close
Net
Chg
1479
40
37
42
.027
High and low entries represent the high and low
selling price of one share for the previous day
© Family Economics & Financial Education – Revised November 2004 – Investing Unit – Language of the Stock Market – Slide 33
Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences at the University of Arizona
1.12.2.G1
Close
YTD
%
52-Week
High Low
Stock
Div
YLD
%
P/E
Vol
100s
High
Low
Close
Net
Chg
-16.3
43
AAR
.33
2.5
22
1479
40
37
42
.027
36
Close is the price of the last share sold for the day
© Family Economics & Financial Education – Revised November 2004 – Investing Unit – Language of the Stock Market – Slide 34
Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences at the University of Arizona
1.12.2.G1
Net Change
YTD
%
52-Week
High Low
Stock
Div
YLD
%
P/E
Vol
100s
High
Low
Close
Net
Chg
-16.3
43
AAR
.33
2.5
22
1479
40
37
42
.027
36
Net change is the difference between the closing price
of the share from the prior day and the current day
© Family Economics & Financial Education – Revised November 2004 – Investing Unit – Language of the Stock Market – Slide 35
Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences at the University of Arizona
1.12.2.G1
How Well the
Stock Market is
Doing Overall
© Family Economics & Financial Education – Revised November 2004 – Investing Unit – Language of the Stock Market – Slide 36
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1.12.2.G1
3 Basic Indicators
Dow Jones Industrial Average (DOW)
– Lists the 30 leading industrial blue chip stocks
Standard and Poor’s 500 Composite Index (S&P 500)
– Covers market activity for 500 stocks
– More accurate than DOW because it evaluates a greater variety of
stock
National Association of Security Dealers Automated
Quotations (NASDAQ)
– Monitors fast moving technology companies
– Speculative stocks, show dramatic ups and downs
© Family Economics & Financial Education – Revised November 2004 – Investing Unit – Language of the Stock Market – Slide 37
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1.12.2.G1
Ups and Downs
• The term bull market means the market is doing well
because investors are optimistic about the economy and are
purchasing stocks
• The term bear market means the market is doing poorly
and investors are not purchasing stocks or selling stocks
already owned
© Family Economics & Financial Education – Revised November 2004 – Investing Unit – Language of the Stock Market – Slide 38
Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences at the University of Arizona
1.12.2.G1
Purchasing Stock
© Family Economics & Financial Education – Revised November 2004 – Investing Unit – Language of the Stock Market – Slide 39
Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences at the University of Arizona
1.12.2.G1
Brokers
A Broker is a person who is licensed to buy and sell
stocks, provide investment advice, and collect a
commission on each purchase or sale
– Purchases stocks on an organized exchange
(stock market)
– Over ¾ of all stocks are bought and sold on an
organized exchange
© Family Economics & Financial Education – Revised November 2004 – Investing Unit – Language of the Stock Market – Slide 40
Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences at the University of Arizona
1.12.2.G1
Organized Exchanges
• Minimum requirements for a stock to ensure only
reputable companies are used
• Each exchange has a limited number of seats
available which brokerage firms purchase to give
them the legal right to buy and sell stocks on the
exchange
© Family Economics & Financial Education – Revised November 2004 – Investing Unit – Language of the Stock Market – Slide 41
Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences at the University of Arizona
1.12.2.G1
New York Stock
Exchange
New York Stock Exchange (NYSE)
– Oldest and largest, began in 1792 in New York
• aka “The Big Board”
– 1,366 seats available – largest stock exchange
• Licenses for floor trading are available for $40,000 and a
license for bond trading is available for as little as $1,000 as
of 2010 – neither are resell-able, but may be transferable
© Family Economics & Financial Education – Revised November 2004 – Investing Unit – Language of the Stock Market – Slide 42
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1.12.2.G1
– 2,800 companies - large & medium-sized companies
• Search by industry/supersector/sector/subsector
• Average stock price is $33.00
– Strict requirements
© Family Economics & Financial Education – Revised November 2004 – Investing Unit – Language of the Stock Market – Slide 43
Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences at the University of Arizona
1.12.2.G1
NASDAQ
National Association of Securities Dealers Automated
Quotations (NASDAQ)
– Stocks are traded in an over-the-counter electronic market
– 2nd largest exchange
– 4,000 small companies
• Company requirements are not as strict
– More volatile because companies are young and new
– Average stock price is $11.00
© Family Economics & Financial Education – Revised November 2004 – Investing Unit – Language of the Stock Market – Slide 44
Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences at the University of Arizona
1.12.2.G1
American Stock Exchange
American Stock Exchange (AMEX)
–
–
–
–
Began in 1849
3rd largest exchange
Handles app. 10% of all trades
It’s requirements are not as strict as NYSE allowing
younger, smaller companies to list
– Average stock price is $24.00
© Family Economics & Financial Education – Revised November 2004 – Investing Unit – Language of the Stock Market – Slide 45
Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences at the University of Arizona
1.12.2.G1
• NYSE MKT LLC, formerly known as the American Stock Exchange (AMEX), is
an American stock exchange situated in New York City, New York
• AMEX was a mutual organization, owned by its members – until 1953, it was
known as the New York Curb Exchange
• On January 17, 2008, NYSE Euronext announced it would acquire the AMEX for
$260 million in stock; on October 1, 2008, NYSE Euronext completed the
acquisition – before the closing of the acquisition, NYSE Euronext announced that
the AMEX would be integrated with the Alternext European small-cap exchange
and renamed the NYSE Alternext U.S.
• In March 2009, NYSE Alternext U.S. was changed to NYSE Amex Equities – on
May 10, 2012, NYSE Amex Equities changed its name to NYSE MKT LLC
© Family Economics & Financial Education – Revised November 2004 – Investing Unit – Language of the Stock Market – Slide 46
Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences at the University of Arizona
1.12.2.G1
• The American Stock Exchange lists companies from all
different industries and of all different sizes
• However, the exchange is known as having the least strict
listing requirements among the three top American
exchanges, which results in many small companies joining
the exchange
• Once a major competitor of the NYSE, the American
Stock Exchange is now mostly known for trading in small
cap stocks, options, and exchange traded funds
© Family Economics & Financial Education – Revised November 2004 – Investing Unit – Language of the Stock Market – Slide 47
Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences at the University of Arizona
1.12.2.G1
Regional Stock
Exchanges
Regional Stock Exchanges
– Stocks are traded to investors living in a specific
geographical area
• Including Boston, Cincinnati, Philadelphia, Spokane
© Family Economics & Financial Education – Revised November 2004 – Investing Unit – Language of the Stock Market – Slide 48
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1.12.2.G1
Supply vs. Demand
The stock exchange is organized based upon the laws
of supply and demand
– Supply is the relationship of prices to the quantities of a
good or service sellers are willing to offer for sale at any
given point in time
– Demand is the relationship of prices to the quantities
and the corresponding quantities of a good or service
buyers are willing to purchase at any given point in time
© Family Economics & Financial Education – Revised November 2004 – Investing Unit – Language of the Stock Market – Slide 49
Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences at the University of Arizona