Business / Finance Glossary

Sell Out: Liquidation of a margin account after a customer has failed to bring an account to a required level by producing additional equity after a margin call. The selling of securities by a broker . . . View Full Definition

Sell Plus Order: Market or limit order to sell a stated amount of stock provided that the price to be obtained is not lower than the last sale if the last sale was a plus, or zero plus tick, and is not lower . . . View Full Definition

Sell The Book: Used for listed equity securities. Order to a broker by the holder of a large quantity of shares of a security to sell all that can be absorbed at the current bid price. The term derives fro . . . View Full Definition

Sell-Side Analyst: A financial analyst who works for a brokerage firm and whose recommendations are passed on to the brokerage firm's customers. Also called a Wall Street analyst.

Seller Financing: Funding a purchase by a seller's loan to the buyer, the buyer takes full title to the property when the loan is fully repaid.

Sellers Market: Market in which demand exceeds supply. As a result, the seller can dictate the price and the terms of sale.

Sellers Option: Delayed settlement/delivery in a transaction.

Selling Climax: A sudden drop in security prices as sellers dump their holdings.

Selling Concession: The discount underwriters offer the selling group on securities in a new issue.

Selling Dividends: Inducing a prospective customer to buy shares in order to profit from a dividend scheduled in the near future.

Selling Group: All banks involved in selling or marketing a new issue of stock or bonds.

Selling On The Good News: A strategy of selling stock shortly after a company announces good news and the stock price rises. Investors believe that the price is as high as it can go and is on the brink of going down.

Selling Short: Selling a stock not actually owned. If an investor thinks the price of a stock is going down, the investor could borrow the stock from a broker and sell it. Eventually, the investor must buy . . . View Full Definition

Selling Short Against The Box: Selling short stock that is actually owned by the seller but held in the box, meaning it is held in safekeeping. The seller borrows securities needed to cover as the stock in the box may be . . . View Full Definition

Selling The Spread: A spread whose option to be sold is trading at a higher premium than the option to be bought.

Selling, General, And Administrative (SG and A) Expenses: Expenses such as salespersons' salaries and commissions, advertising and promotion, travel and entertainment, office payroll and expenses, and executives' salaries.

Semistrong-Form Efficiency: A form of pricing efficiency that profits the price of a security fully reflects all public information (including, but not limited to, historical price and trading patterns). Compare weak-f . . . View Full Definition

Send It In: Market language: 'I bought your stock - 'send it in' (and possibly more).'

Senior Debt: Debt whose terms in the event of bankruptcy, require it to be repaid before subordinated debt receives any payment.

Senior Mortgage Bond: A bond that, in the event of bankruptcy, will be redeemed before any other bonds are repaid.

Senior Refunding: Replacement by the issuer of securities with 5-to 12-year maturities with securities of 15-year or longer maturities, in order to delay, reduce, or consolidate payment.

Senior Security: A security that, in the event of bankruptcy, will be redeemed before any other securities.

Seniority: The order of repayment. In the event of bankruptcy, senior debt must be repaid before subordinated debt is repaid.

Sensitive Market: A market that reacts to a great extent to good or bad news.

Sensitivity Analysis: Analysis of the effect on a project's profitability of changes in sales, cost, and so on.

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