Dow Theory Forecasts

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NASD

The "National Association of Security Dealers" is an industry organization that regulates OTC trading.

NASDAQ

"National Association of Security Dealers Automated Quotations" which is the NASD's computerized quotation system that reports prices and trading of the major OTC stocks.

NAV

"Net Asset Value," which commonly refers to the per-share value of a mutual fund. It may also refer to the value of a company's assets as determined by its market transactions less stated liabilities.

Negotiable

An instrument that is readily transferable. Also, a price that is not firm and subject to further discussion.

Net Asset Value

See NAV.

Net Change

The point difference between a security's current closing price and the closing price for it in the previous trading session.

Net Income

Net income represents the remainder left after all expense items are deducted and all income items are added to net sales.

Net Sales

Another name for revenues, net sales represent sales that the firm has achieved over the past year less any returned items and other allowances.

New Issue

A security offered for sale by the issuer for the first time.

No-Load Fund

Refers to an open-end investment company or mutual fund that does not charge a sales fee to buy or sell shares in it.

No-Load Stock

A stock in which an individual may buy his or her first share and every subsequent share directly from a company without using a stockbroker.

Noncumulative

Preferred stock on which unpaid dividends do not accrue.

Notes Payable

Debts owed by a company. Found in the liabilities section of a balance sheet.

Notes to Consolidated Financial Statements

Often called the footnotes, this section of the annual report contains some very valuable details regarding a firm's business operations.

NYSE

"New York Stock Exchange," which is the most widely known and largest organized securities market in America. Shares traded on the NYSE are generally those of larger companies.