Naked Call

The opposite of a Covered Call, this is an options strategy where a trader sells an options contract without owning the underlying asset.


A computerized system designed by the National Association of Securities Dealers for efficient securities transactions.


An attribute of a security that gives the owner the right to transfer ownership.

Net Earnings

A company’s total profit after operating expenses, depreciation, interest, and taxes have been backed out of revenue.

Net Position

The difference in a trader’s open long and open short positions in a specific option or stock. 

New York Stock Exchange

The oldest stock exchange (based upon market capitalization) within the United States — owned by Intercontinental Exchange and regulated by the Securities and Exchange Commission.

No-Load Fund

A mutual fund where shares may be bought or sold void of commission or sales fees.

Noise Trader

A label given to stock traders who trade erratic and irrationally.

Noncumulative Preferred Stock

A version of Preferred Stock where the holder loses the rights to any undeclared dividends within the current period.

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