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| D.A.R.T. |
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| Direct Access Real Time |
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| Day Order |
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| Order to buy/sell securities at a certain price that expires if not executed on the day it is placed. |
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| Diluted Shares |
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| A way of characterizing the number of outstanding shares that a publically held company could have. The diluted shares measure is the sum of the company's normally outstanding shares, the shares that would be outstanding if every warrant and stock option were exercised, and the shares that would be outstanding if every security convertible into the stock (e.g., certain preferred shares) were converted. This is sometimes used when computing earnings per share numbers. A larger number of outstanding shares means lower earnings per share, rather obviously; this is known as 'dilution of earnings' or computation of 'fully diluted' earnings. |
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| Direct Access |
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| The ability to place a trade electronically with any participating exchange, ECN or Market Maker without intervention. |
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| DNR, 'Do Not Reduce' |
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| This is usually assumed unless you specify otherwise, but different brokers may have different practices and some may require you to specify DNR if you want it. What it deals with is how the order is to be/not adjusted when dividends or other distributions occur. For example a $1/share dividend on a stock for which you have entered an order DNR brings the price closer to your bid or takes it further away from your offer. Without the DNR specification, on the ex-dividend date your order price is reduced by the amount of the distribution. |
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| Downtick |
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| Downtick means the next trade is at a lower price than the previous trade. Also see uptick. |