Data Definitions

SunGard Market Data Services (SMDS) provides market prices that are sensitive to the time of day and the type of security for which prices are requested. For securities that are actively pricing during the trading day, prices are typically delayed a maximum of twenty minutes. During non-trading hours and for securities that have not traded during the current trading day or that are not actively priced during the trading day, such as Mutual Funds and some Non-National Market Securities, SMDS provides the security's most recent closing price.

Market Prices Glossary

52-Week High: For stocks, the 52-week high is the highest composite traded price for the issue over the last fifty-two weeks, including the current trading day, adjusted for any stock splits or stock dividends. For mutual funds, the 52-week high is the highest Offer over the most recent fifty-two week period, including the current day's Offer. Note: Current NAV is updated after the market close each trading day at approximately 5 PM ET.

52-Week Low: For stocks, the 52-week low is the lowest composite traded price for the issue over the last fifty-two weeks, including the current trading day, adjusted for any stock splits or stock dividends. For mutual funds, the 52-week low is the lowest NAV over the most recent fifty-two week period, including the current day's NAV. Note: Current NAV is updated after the market close each trading day at approximately 5 PM ET.

Ask: The lowest price quoted by prospective sellers.

Beta: Beta is a statistical coefficient that gives a measure of a stock's price volatility relative to the market. An issue's beta value compares its rate of return to fluctuations in the market as a whole. By definition, the market (in this case, the S&P 500 is used) has a beta value of 1.0. An issue with a beta of 2.0 is twice as volatile as the S&P 500, while an issue with a beta of 0.5 is half as volatile as the S&P 500. The beta value provided is calculated weekly using the most recent three years of data for common & preferred stock. A beta value is not calculated if an issue has less than two years of data.

Bid: The highest price quoted by prospective buyers.

Change (Net Change): For stocks, the change is the difference between the last traded price and the Prior Day's Close. For mutual funds, the change is the difference between the current NAV and the previous day's NAV. Note: Current NAV is updated after the market close each trading day at approximately 5 PM ET.

Day's High: During trading hours, the highest price at which an issue has traded. During non-trading hours, the highest price at which an issue traded during the most recent trading day.

Day's Low: During trading hours, the lowest price at which an issue has traded. During non-trading hours, the lowest price at which an issue traded during the most recent trading day.

Dividend: The Dividend, or Indicated Annual Dividend (IAD), is accurate to 1/10 of a cent and applies only to common stocks, preferred stocks, and mutual funds. For a stock that pays dividends at a fixed frequency, the IAD is computed by multiplying the most recent payment by the payout frequency (i.e. If the most recent cash dividend payment is $.25 and the company has fixed payments four times a year, the IAD would equal $1.00). However, when a dividend frequency is unavailable, the IAD is calculated by totaling the dividends for the latest twelve months. The IAD is zero in the cases where dividend history is not available or when future dividend payments have been suspended or canceled.

EPS (Earnings Per Share): Earnings Per Share (EPS) represents the portion of a firm's profit allocated to each share of outstanding common stock for the 12 months that end on the latest 12-month earnings date. If a corporation reports interim (quarterly, semi-annual, etc.) earnings, the earnings per share figure represents the sum of the earnings per share reported over the last rolling 12-month period. If a revised EPS value is not provided on the ex-date of a stock split or stock dividend, the adjustment factor associated with the stock split or stock dividend is automatically applied to the EPS value.

Exchange: The primary marketplace where the issue's shares are traded.

Last Price: Last price indicates the price for the most recently reported trade for the security. If the security has not traded on the current trading day, the Prior Day's Close is reported.

Net Asset Value (NAV): For mutual funds, Net Asset Value (NAV) is calculated at the close of trading each day and represents the market value per share of a mutual fund. The NAV is calculated as the closing market value of all owned securities by the fund plus other assets (securities, cash and any other assets) minus liabilities divided by the number of shares outstanding.

Offer: For mutual funds, the Offer price is equal to the fund's NAV plus the maximum front-end sales load, if applicable. For mutual funds without a front-end sales load, the Offer and the NAV will be identical.

Open: During trading hours, the first price at which an issue starts trading at the beginning of the current trading day. During non-trading hours, the first price at which an issue began trading during the most recent trading day.

Price to Earnings (P/E) Ratio: The P/E Ratio is calculated by dividing the most recent close price of a stock by its most recent reported Earnings Per Share (EPS) value.

Prior Day's Close: Prior Day's Close is the price at which an issue traded just prior to the previous trading day's market close. For issues with only BID and ASK quotations, such as OTC issues, the close price is populated with the BID price.

Previous Day's Net Asset Value (NAV): For mutual funds, the NAV reported by the mutual fund for the previous trading day.

Shares Outstanding (SHO): The Shares Outstanding (SHO) value contains the number of shares of outstanding stock held by shareholders. The SHO value represents the number of shares outstanding on a security basis; i.e., multiple classes of a company's stock are not combined. If the data vendor on the ex-date of a stock split or stock dividend does not provide a revised SHO value, the adjustment factor associated with the stock split or stock dividend is automatically applied to the SHO.

Volume: During trading hours, it's the cumulative number of shares that have traded during the current trading day. During non-trading hours, it's the cumulative number of shares which traded during the most recent trading day.

Yield: Yield (YLD) is the dividend or interest amount paid by a company expressed as a percentage of the price. YLD is calculated by dividing the Indicated Annual Dividend (IAD) for stocks or interest payments for bonds by the issue's most recent close price.

For more information, please contact your Smith Barney Financial Advisor.