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Offset To liquidate a futures position by entering an equivalent but opposite transaction. To offset an initial purchase, a sale is made; to offset an initial sale, a purchase is made.

Odd Lot Theory A technical analysis theory based on the assumption that the small investor is always wrong. Therefore, when odd lot sales are up – which means small investors are selling stock -- it is probably a good time to buy.

Odd Lot An amount of a Security that is less than the normal unit of trading for that security. Generally, an odd lot is fewer than 100 shares of stock or five bonds.

Note A short-term debt security, usually maturing in five years or less.

Normalized Earnings Earnings adjusted for either cyclical changes in the economy, and/or for one-time influences

Normal Yield Curve Also known as Positive Yield Curve. A chart showing long-term debt instruments having higher yields than short-term debt instrument

Nominal Yield Also known as Coupon Rate and Stated Yield. The interest rate stated on the face of a bond that represents the percentage of interest to be paid by the issuer on the face value of the bond

No-Load Fund A mutual fund whose shares are sold without a commission or sales charge. The shares are distributed directly by the investment company.

No Quote Designation that indicates that no market makers are making an inside market at this time.

New York Stock Exchange (NYSE) The largest stock exchange in the United States. It is a corporation, operated by a board of directors, and it is responsible for setting policy, supervising Exchange and member activities, listing securities, overseeing the transfer of members’ seats on the...

Net Profit Margin A measurement defined as the net income before non-recurring gains and losses, as a percentage of sales or revenues.

Net Profit Also known as Net Earnings or Net Income. Profits remaining after all expenses and taxes are applied and out of which dividends are payable.

Net Interest Margin A ratio used for evaluating management for bank stocks. Measures the difference between interest paid and interest collected.

Net Domestic Product A measure of the annual economic output of a nation adjusted to account for depreciation. It is calculated by subtracting the amount of depreciation from the Gross Domestic Product.

Net Change The difference between the closing price of a security on the trading day reported and the previous day’s closing price. In over-the-counter transactions, the term refers to the difference between the closing bids.

Net Asset Value Abbreviated NAV. The value of a Mutual Fund share calculated once a day, based on the closing market price for each security in the fund’s portfolio. It is computed by deducting the fund’s liabilities from the total assets of the portfolio and dividing this amount by the number...

NAV per share The value of a mutual fund share. The NAV per share is calculated by dividing the total Net Asset Value of the fund by the number of shares outstanding.

NASDAQ Abbreviation for the National Association of Securities Dealers Automated Quotation System. NASDAQ is a nationwide computerized quotation system that produces current bid and asked quotations on over 5,500 Over-The-Counter stocks

NASD Abbreviation for The National Association of Securities Dealers, Inc. NASD is the self*regulatory organization of the securities industry responsible for the operation and regulation of the NASDAQ Stock Market and over*the*counter markets.

Mutual Fund Also known as Open-End Investment Company or an Open-End Management Company. An investment company that continuously offers new equity shares in an actively managed portfolio of securities. All shareholders participate in the gains or losses of the fund. Shares are issued and...