Investing Glossary

A large cylindrical battery with a 46mm diameter. It has more capacity than older small cylindrical cells and simplifies pack design, which can lower costs. Mass-production timing and yield drive expectations for related cell and equipment companies.

The highest and lowest prices over the past year (52 weeks). They show where the current price sits within its one-year range.

5G is a mobile technology faster than earlier generations, and 5G plans are generally pricier than LTE. A larger share of 5G subscribers lifts ARPU, but government pressure to cut rates can weigh the other way.

Money owed for goods already sold but not yet collected. If sales are rising but receivables are growing much faster, check whether the company is failing to collect on time or booking sales aggressively.

A drug that attaches a potent anticancer agent to an antibody that seeks out cancer cells, delivering the drug only to them. It can raise efficacy and reduce side effects, making it a field with active large licensing deals.

A designation the exchange gives a stock that risks failing listing requirements because of worsening results, audit opinion problems, capital erosion or similar. If the cause is not resolved it can lead to delisting, so treat it as a warning sign.

A certificate that lets you buy and sell a foreign company's shares in dollars on a U.S. exchange. How many underlying shares one ADR represents (the ratio) differs by company, so check it when comparing prices.

Technology that connects multiple chips as one, either side by side on a substrate (2.5D) or stacked vertically (3D). CoWoS is a leading 2.5D approach that bundles a GPU with HBM, and it is often cited as the bottleneck that sets AI chip supply.

Ad budgets are among the first costs companies cut in a downturn. Platform companies that depend heavily on ads can therefore see earnings swing sharply with the economy.

CPM is what advertisers pay per 1,000 ad views, and CPC is what they pay per click. Ad revenue is views or clicks multiplied by price, so user growth and ad price trends need to be read together.

An indicator that shows how strong a trend is on a 0 to 100 scale. It does not say whether the price is rising or falling; a higher value means a stronger move in one direction. Readings of about 20 to 25 or lower usually mean there is no clear trend.

Trading outside regular market hours. Korea has after-hours closing-price trading before the open and after the close, plus after-hours single-price trading; the U.S. has pre-market and after-market sessions. Volume is thin, so prices can jump around.

How much companies want to buy dedicated chips, such as GPUs, that run AI workloads quickly. When cloud companies raise their AI spending plans, earnings expectations for chip, server and power-equipment makers rise too.

AI that, given a goal, plans on its own and uses multiple programs to get the work done without being told each step. Software companies are promoting it as a new revenue source, so related announcements can move stock prices.

The rise and fall of big tech spending on AI data centers, servers and chips. That spending becomes revenue for semiconductor, power and networking companies, so news of higher or lower spending plans moves related stocks together.

Engine makers often earn more from decades of maintenance and replacement parts (the aftermarket) than from selling new engines. That makes the amount of flying aircraft do important to their earnings.

Album sales cluster around comebacks, and concert revenue jumps when there is a major tour. Concerts also lift merchandise sales on top of tickets, contributing heavily to profit, so tour size and schedule announcements can move stock prices.

Reports Korean listed companies file regularly on DART. The annual report covers a full year, and the half-year and quarterly reports cover their periods, with business descriptions and financial statements. They contain details such as revenue mix, major customers and the largest shareholder.

Biologic drugs built on antibodies, the body's immune proteins, to act only on specific targets. They are precise and priced high, so many are blockbuster drugs with large sales, and they form the basis of the biosimilar and CDMO industries.

The cut that app store operators take when apps or items are sold through their store. It is a big cost for game and content companies, so changes in the fee rate or rules allowing outside payments affect profit margins.

ARPU is average revenue per user across all users; ARPPU is average revenue per user who actually paid. Even when the user count stalls, revenue can still grow if these rise, so they are watched together.

The revenue that current subscription contracts would generate over a year. It is a key gauge of a software company's growth speed, so investors always check its growth rate at earnings time.

The average unit price of products sold over a period. Memory ASPs swing widely with supply and demand, and even a small rise can boost profits sharply, making it one of the most watched numbers at earnings time.

Assets are everything the company owns (cash, factories, inventory and so on), liabilities are debts it must repay, and equity is the shareholders' share, which is assets minus liabilities. Assets always equal liabilities plus equity.

The average daily price range over a set period. It shows the size of price swings, not direction, and is used to set stop-loss prices and to calculate indicators such as Supertrend.

The opinion an accounting firm gives after reviewing whether a company's financial statements are prepared according to standards. The types are unqualified, qualified, adverse and disclaimer. In Korea, anything other than unqualified can be grounds for an administrative-issue designation or delisting.

The total assets an asset manager or brokerage manages for clients. Fees are often proportional to AUM, so steadily growing assets point to stable earnings.

A car contains tens of thousands of parts, so a shortage of even one, such as a chip, can halt a production line. When disruption hits, sales fall despite demand; when it eases, delayed production shows up all at once.

A tax charged on cars or parts imported from another country. When tariffs rise, exporters must raise prices or accept lower profit, so the share of production in local plants becomes an important variable.

Electronic parts in a car, such as infotainment, displays, cameras and sensors, and power control units. As cars become more electrified and intelligent, electronics content per car rises and becomes a growth driver for related companies.

The average amount one customer spends per purchase. Sales equal the number of customers times the average transaction value, so even if customers decline, a higher average transaction value can protect sales.

Buying more shares after the price falls below your purchase price to lower your average cost. If nothing is wrong with the company, gains are larger on a recovery, but if the company has real problems, losses can grow.

The total value of orders received but not yet delivered or provided. For cloud and AI infrastructure companies, backlog shows revenue visibility for the next several years and is often cited at earnings time.

A table showing what the company owns (assets) at a point in time and where the money to buy those assets came from (liabilities and equity). It is used to judge how sound the company is and how much debt it carries.

A rush of depositors withdrawing money all at once because of rumors that a bank is in trouble. Banks lend out most deposits, so a sudden large outflow can sink even a healthy bank, and financial stocks as a whole can plunge.

Base load is the minimum power needed steadily all day; peak load is the power needed when demand is highest, such as a hot afternoon. Steady sources like nuclear and coal mainly cover base load, while quick-start sources like gas plants cover peak load.

A unit for describing interest-rate changes: 1 bp is 0.01 percentage point. Even small rate moves affect stocks, so changes are expressed in finer bp units rather than percent.

Prices of the key minerals that make up a large share of battery costs. Big swings in mineral prices shake materials makers' selling prices and inventory valuation gains and losses, a major cause of quarterly earnings volatility.

A business that recovers metals such as lithium, nickel and cobalt from used batteries or defective products from manufacturing. It is becoming important as a way to secure raw materials reliably and to comply with regulations.

A report on economic conditions across U.S. regions that the Fed publishes 8 times a year, about 2 weeks before each FOMC meeting. It gathers input from businesses and residents in each region to give a vivid picture of the economic mood, and it serves as a hint for rate decisions.

The price a buyer is willing to pay (bid) and the price a seller is asking (ask). The smaller the gap between the two, the more active the trading, and the easier it is to buy or sell at the price you want.

A copy of an off-patent biologic drug (such as an antibody) made to have similar efficacy and safety. Made from living cells, it is harder to develop than a generic, but it can be sold cheaper than the originator to expand the market quickly.

A bank's capital divided by its risk-weighted assets, following Bank for International Settlements (BIS) standards. It shows how much loss a bank can absorb. Only with a comfortable margin above the regulatory minimum can a bank raise dividends and other shareholder returns.

A drug engineered so that one antibody binds to two different targets at once. For example, it can grab an immune cell and a cancer cell together to help the immune attack, and it is drawing attention as a next-generation cancer therapy technology.

The growth rate of memory shipments measured by storage capacity (bits) rather than the number of chips. Memory revenue is roughly explained by bit growth multiplied by the change in ASP, so a company's bit growth outlook is the basis for earnings forecasts.

A trade in which a major shareholder or institution sells a large amount of stock in one go to a pre-arranged buyer, before the market opens or after it closes. It is usually sold at a small discount to the market price, so the stock often weakens right afterward.

Hardware and software that monitors and controls a battery's voltage, temperature and state of charge in real time. It is directly tied to safety and lifespan, and shows the technological strength of battery and automotive electronics companies.

Bands drawn above and below the 20-day moving average at twice the standard deviation of price swings. A price touching the upper band is often read as short-term overheated, and touching the lower band as short-term oversold.

Bond prices and yields move in opposite directions. An existing bond's interest is fixed, so when yields on new bonds rise, the older bond becomes less attractive and its price falls.

A corporate bond that comes with the right (a warrant) to buy new shares at a set price. Unlike a CB, the bond stays in place, and exercising the warrant means paying more cash to receive new shares. This is also a possible source of a higher share count.

When a company moves accumulated surplus into capital and hands out new shares to existing shareholders for free. The share count rises, but the price is adjusted down by the same proportion, so company value is unchanged. Still, it is sometimes read as a sign that the company's finances are comfortable.

The process before an IPO of collecting the prices and quantities institutional investors want in order to set the offer price. The higher the oversubscription and the more institutions bidding high, the more likely the offer price is set near the top of the range.

Net assets (assets minus liabilities) divided by shares outstanding. It can be read as the book value left per share if the company closed today and paid off all its debts. It is used to calculate PBR.

Brands whose used cars hold their value make new cars easier to afford, so they sell well without discounts. For automakers that offer leasing and installment financing, falling used-car prices can mean bigger losses in their finance arm.

The inflation rate the market expects going forward. In the U.S. it is calculated as the gap between regular Treasury yields and inflation-protected Treasury (TIPS) yields. When breakeven inflation rises, worries grow that rate cuts may be delayed.

A price pushing up through resistance or the top of a range is a breakout; falling below support is a breakdown. A move counts for more when volume rises with it, and 'false breakouts' that quickly reverse are common.

The fee a brokerage earns for executing stock trades on behalf of clients. When market trading volume rises, commission income grows, so brokerage stocks often draw attention in bull markets.

A process in which, using the same data, the bull side argues for a rising share price and the bear side argues the downside risks, trading claims and rebuttals on each issue. A manager then rules on which side's evidence is stronger for each issue. On the report screen these are shown as positive and negative views.

When moving averages are stacked from shortest at the top to longest at the bottom, it is bullish alignment; when the long lines sit above the short ones, it is bearish alignment. Bullish alignment is read as an ongoing uptrend and bearish alignment as an ongoing downtrend.

The conclusion reached in a LightView report's AI debate by weighing the bullish and bearish evidence issue by issue. It is a reference opinion compiled from public data, not investment advice.

CAC is the marketing and sales cost of winning one customer; LTV is the profit that customer brings before leaving. LTV needs to be well above CAC for growth to actually make money.

A method that gathers orders for a set time and matches them all at one price. Korean stocks use call auctions before the open (8:30 to 9:00) and before the close (15:20 to 15:30) to set the opening and closing prices.

A call option is the right to buy at a set price, and a put option is the right to sell. Investors expecting a rise often buy calls, while those expecting a decline, or wanting protection against one, often buy puts.

A chart that draws each day's open, high, low and close as a single bar. If the close is above the open it is a bullish (up) candle, usually red in Korea; if lower, a bearish (down) candle, usually blue. U.S. sites more often use green for up and red for down.

A property's annual net operating income (rent minus operating costs) divided by its price. When interest rates rise, investors demand a higher cap rate, so the same rent supports a lower property value.

Money spent on long-lived assets such as factories, equipment and data centers. It is an investment in future growth, but if it gets too large it can drain cash and weigh on shareholders.

A state in which accumulated losses have pushed equity below the capital shareholders originally put in. When equity falls below zero it is called full capital impairment. In the Korean market, capital impairment can be grounds for an administrative-issue designation or delisting.

A tradable right to emit a set amount of greenhouse gas. When allowance prices rise, costs rise for heavy emitters, while companies with carbon-cutting technology and equipment find opportunity.

Card view condenses a report into 14 images, and the summary is a 2-page write-up with only the essentials. The full report is the original.

The cash held in your brokerage account. When you sell a stock, the proceeds arrive in your cash balance on the settlement date, and until then it can differ from the amount available to withdraw. Margin deposits held for orders also come out of this balance.

A table showing where actual cash came from and where it went over a period, split into operating, investing and financing activities. A company can post an accounting profit and still run short of cash, so look at both.

A cash dividend is a company paying part of its profit to shareholders in cash. Paying once a year is a year-end dividend; paying every quarter is a quarterly dividend. Quarterly dividends are standard for U.S. companies, and more Korean companies are adopting them.

The four core materials in a battery. The cathode has the largest share of capacity and cost, the anode stores lithium, the separator prevents the cathode and anode from touching, and the electrolyte acts as a pathway for ions. Materials makers' earnings move with cell makers' production volumes.

A CMO produces other pharma companies' drugs on their behalf, while a CDMO also handles process design at the development stage. Long-term contracts and plant utilization are the key to earnings, and growth opportunities expand as demand for biologics rises.

Medicines that treat disease by processing and reintroducing a patient's cells (cell therapy) or by correcting or inserting genes (gene therapy). They aim for a major effect from a single treatment, but manufacturing is complex and prices are very high, so the pace of commercialization is key.

A cell is the smallest unit of a battery, a module is a group of cells, and a pack is the final form made of modules that goes into a vehicle. Battery makers often make cells while automakers often build packs themselves, so it matters to distinguish the scope of a company's business.

A capital ratio calculated using only the highest-quality capital, common equity. Korean financial holding companies often size their shareholder returns by this ratio, so investors watch it closely.

When the shareholder with the biggest stake changes. Control often changes hands and the company's direction can shift sharply, so this is treated as an important disclosure.

A list of numbers and dates to watch after reading the report, with their importance. They serve as the basis for re-checking the verdict when the next earnings release or key indicator comes out.

An approach that splits one large chip into several smaller function-specific chips and links them through packaging. It is spreading because it helps yield and cost, and it increases demand for advanced packaging and substrates.

The share of customers or revenue lost over a period because subscriptions were canceled. A lower churn rate means customers are satisfied and revenue is steadier, so it matters a lot for subscription companies.

A rule that temporarily halts trading across the whole market when an index falls sharply in a short time. In Korea it triggers at each step when the index falls 8%, 15% and 20% from the prior day, and the U.S. also halts trading in stages based on the S&P 500's decline. It is meant to stop panic selling.

The risk that development stops because a trial fails to show efficacy or raises safety problems. A biotech with few candidates can lose much of its value on a single failure, so how diversified the pipeline is matters.

The date showing whose market-close price the report's share price and indicators are based on. It is displayed at the top of the report to help readers avoid mistaking an older report for current information.

Renting servers or software over the internet instead of buying them. IaaS rents servers and storage, PaaS rents development environments and SaaS rents finished applications; a company's profit structure depends on which layer it sells.

A process that planarizes the wafer surface using chemicals and a polishing pad. The more layers are stacked, the more often it is needed, linking demand to polishing equipment and consumable materials such as slurry (polishing fluid).

The loss ratio plus the expense ratio (operating and administrative costs). Below 100% means the insurer makes a profit from underwriting; above 100% means an underwriting loss.

A long-term upswing in which commodity prices rise sharply over several years to decades. It occurs when huge new demand appears, as during China's high-growth years, and supply cannot keep up, and it greatly benefits materials and energy sectors.

Common stock is the standard share and carries voting rights at shareholder meetings. Preferred stock usually has no vote but receives dividends first or in larger amounts. Preferred shares often trade in lower volume, so their price can differ from the common shares of the same company.

Consolidated statements combine a company and the subsidiaries it controls as if they were one company; separate statements show only the parent company's own numbers. For a company with many subsidiaries, the consolidated basis better reflects the real scale of the business.

When materials and labor cost more than expected or the schedule slips, a shipbuilder books provisions for expected losses up front. That is why a yard with plenty of work can suddenly post a loss in a particular quarter.

A number built from surveys on how optimistic consumers are about the economy and their own finances. When it rises, consumers are more likely to spend, which is read as a positive sign for retail and consumer stocks.

A ship that carries manufactured goods packed in standardized steel boxes (containers). Size is measured in TEU (one 20-foot container), and orders move with global trade volume and shipping lines' fleet renewal needs.

Contango is when the futures price of a commodity for a distant date is higher than the current price; backwardation is the opposite. Commodity futures ETFs roll their contracts at each expiry, so heavy contango can build up losses even if the commodity price stays flat.

Creative works the company owns the rights to, such as characters, stories and fictional worlds. One IP can be extended into games, dramas, merchandise and more to earn repeatedly, so companies with strong IP tend to have longer-lasting earnings.

A term that lowers the conversion price of a convertible bond or bond with warrant when the share price falls. A lower conversion price means more shares on conversion, so the dilution burden grows.

A corporate bond with the right to be exchanged for shares later at a set price (the conversion price). The company can borrow at a lower interest rate, but conversion increases the share count and dilutes existing shareholders.

Copper is used across industry, from wiring and construction to electric vehicles, so its price is seen as a leading indicator of the economy, earning it the nickname Dr. Copper. It is also tied to demand from data center and power grid investment.

An inflation measure that leaves out the volatile food and energy prices. It shows the underlying trend in prices, so central banks pay more attention to it than to headline inflation.

A government policy launched in 2024 to fix the undervaluation of Korean stocks (the Korea discount). It encourages companies to disclose shareholder return plans such as share cancellations and higher dividends, and low price-to-book sectors like financials are often mentioned as targets.

A business that develops and manufactures cosmetics on behalf of brand companies. It depends less on the success of any one brand and takes orders from many clients, so it benefits broadly from the whole industry's growth. Korea has several large listed cosmetics ODM companies.

The direct costs of producing the goods or services that were sold, including raw materials, production labor and factory depreciation.

Raising product prices to pass higher raw material costs on to consumers. A company that can raise prices without losing much volume can absorb cost pressure, which signals a strong brand.

The share of revenue spent on construction costs such as materials and labor. When raw material prices and wages rise, the cost ratio goes up and profit falls even on the same revenue.

An ETF that holds stocks or an index and sells call options on them, paying out the premium it collects as distributions. Steady monthly payouts are the appeal, but gains are capped when prices rise sharply.

The main inflation gauge, showing price changes for goods and services consumers buy. A reading higher than expected lowers hopes for rate cuts and weighs on stocks.

Property used for business, such as offices, shops, logistics centers and hotels. When remote work and high interest rates push down office values, regional banks holding related loans can also be shaken.

The economic system in which individual creators earn ad, donation and subscription income from videos, writing and streams. Platforms that attract many creators gain more content and users, which grows ad and fee revenue together.

The gap between a corporate bond yield and the Treasury yield of the same maturity. It shows how risky the market thinks it is that companies will fail to repay, so a sudden widening is read as a sign of financial market stress.

Under IFRS 17, the stock of profit an insurer expects to earn from contracts it has written. It is released into earnings little by little each year, so strong growth in new-business CSM is read as a sign of solid future profit.

A pattern in which the price curves down and back up to form a cup, dips slightly to form a handle, and then rises again. A breakout above the high at the top of the handle is read as a sign the advance will continue.

A transaction that locks in an exchange rate in advance to reduce gains and losses from currency moves. Overseas ETFs and funds come in hedged (H) and unhedged (UH) versions, so the same asset can return different amounts depending on the exchange rate.

Current assets (assets convertible to cash within a year) divided by current liabilities (debts due within a year). It shows the ability to pay short-term debts, and below 100% it is worth checking the company's short-term funding position.

A connection standard that links CPUs, GPUs and memory at high speed so memory can be expanded or shared. It is drawing attention as a way past servers' memory capacity limits and is cited as a next growth driver for memory makers.

The industry that protects company systems from hacking and data leaks. Zero trust is a security approach that never trusts access automatically, even from inside the company, and verifies every time. Security is hard to cut even in a downturn, so security company revenue tends to be relatively stable.

Cyclical stocks are in industries (semiconductors, chemicals, steel, autos and so on) whose earnings jump in good times and fall sharply in bad times. Defensive stocks are in industries with steady demand regardless of the economy (food and beverage, telecom, utilities, consumer staples and so on).

Software that gathers a company's scattered data in one place to store, organize and analyze it. AI only works well on well-organized data, so these platforms draw attention as AI spending grows.

A facility that houses many servers and runs them around the clock with power and cooling systems. As AI demand drives more data center construction, the benefit can reach power, cooling and real estate companies as well as chipmakers.

Data centers that run AI computing use enormous amounts of electricity. As more are built, investment in power plants, grids and power equipment is also needed, linking the AI boom to power-related stocks.

A REIT that owns data centers housing servers and leases them to cloud and AI companies. It draws attention because AI investment is lifting demand, but securing power and the cost of large-scale construction are the keys to its growth.

The number of days it would take dealers to sell their current stock at the current sales pace. Too long can mean more discounting and lower profit; too short can mean a car shortage and missed sales.

A method that forecasts the cash a company will generate in the future, discounts it back to today's value and adds it up to estimate the company's value. It is the most fundamental valuation method in theory, but small changes in growth or discount rate assumptions can change the result a lot.

The next-generation DRAM standard after DDR4, with faster speeds and better power efficiency. New standards usually sell at higher prices, so a rising share of DDR5 lifts memory makers' average selling prices.

A brief rebound in a sharply falling stock before it drops again. The name comes from the saying that 'even a dead cat will bounce if it falls from high enough,' and it is a warning that a rebound may not be the true bottom.

The debt ratio is total liabilities divided by shareholders' equity. Net cash is cash on hand minus borrowings; if positive, the company would still have cash left after repaying all its debt.

What a country spends on its military, often compared as a share of GDP. NATO has a target for members to spend a minimum share, so if countries raise their ratios, demand for weapons is expected to grow.

Money received in advance for goods or services not yet delivered, so it cannot yet be counted as revenue. At a subscription software company, rising deferred revenue means more future revenue is being stored up.

Tax to be paid or refunded later because of timing differences between accounting profit and taxable income. A company with large losses may also book as an asset the future tax it can avoid paying.

The share of loans where the borrower has missed a scheduled principal or interest payment. A rising rate signals bigger losses ahead, which is negative for bank and card company stocks.

When a stock is removed from an exchange and can no longer be traded on the market. A final liquidation trading period is sometimes granted just before removal, but the price often falls sharply. In the U.S., a share price staying below $1 for a set period can also be grounds for delisting.

Spreading the cost of long-lived assets such as factories and equipment over the years they are used, instead of expensing it all at once. It is an accounting expense, but no cash actually leaves the company that year.

Financial products whose value depends on the price of an underlying asset such as a stock, index, interest rate or commodity. Futures and options are the best-known examples. Because they let you trade a large amount with a small sum, they can be used both to reduce risk and to increase it.

The developer buys the land, plans the project and is responsible through sales. The contractor is the construction company that actually builds it. If a project fails, the contractor may have to take on debt it guaranteed, so investors check this when looking at construction stocks.

EPS calculated as if everything that could later turn into shares, such as stock options and convertible bonds, had already become shares. It is more conservative than basic EPS, and U.S. earnings reports are mainly judged on diluted EPS.

A reduction in existing shareholders' stake value because the share count rises through rights offerings, convertible bond conversions, stock options and so on. The same earnings are split across more shares, so EPS falls.

The total premiums an insurer has collected directly from customers. It is a basic measure of an insurer's business size and growth.

Information a company is required to give investors. In the U.S. it is filed with the SEC (8-K current reports, 10-Q quarterly reports and so on); in Korea it is posted on the Financial Supervisory Service's DART system. LightView reports check filings from the last 60 days.

The rate used to convert future money into present value. In company valuation, the weighted average cost of capital (WACC) is most often used, blending the returns expected by shareholders and lenders. When interest rates rise, the discount rate rises and the present value of future earnings shrinks.

A percentage showing how far the price is from its moving average. A reading well above 100 suggests the price has run too far above average and may pull back; one well below 100 suggests a possible rebound.

When the price and an indicator move in opposite directions. A price making new highs while RSI falls signals fading upward strength (bearish divergence); the reverse is read as a rebound signal (bullish divergence).

Spreading your money across several stocks, industries and assets so a loss in one place has less impact on the whole. Holding several stocks from the same industry gives little diversification, since they can fall together.

Dividends per share received over one year divided by the current share price. When the price falls, the yield rises, so also check whether the dividend can be sustained.

A candle whose open and close are almost the same, leaving a very thin body. Buyers and sellers were evenly matched, so it is read as a sign that an up or down move may pause or reverse.

A chart in which each FOMC member marks with a dot where they think the policy rate should be in the future. The market looks at the median to guess how many cuts or hikes to expect this year and next.

A W-shape where the price hits a low twice at a similar level and then rises is a double bottom; an M-shape with two highs followed by a decline is a double top. They are read as signs that a decline or an advance, respectively, is ending.

Memory that holds data temporarily while power is on, serving as the working space of PCs, smartphones and servers. When DRAM prices rise or fall, memory makers' profits change sharply, so their stocks react strongly to price trends.

Preclinical is animal testing, Phase 1 checks safety in a small group, Phase 2 explores effectiveness and the right dose, and Phase 3 proves effectiveness in a large patient group. The later the stage, the higher the success probability and company value, but costs also rise sharply.

Government policy that pushes drug prices down. Under the Inflation Reduction Act (IRA), the US has the public insurer Medicare negotiate prices of certain high-cost drugs with drugmakers. If a drug is selected, the drugmaker's future sales outlook can fall.

The average time it takes to get your money back from a bond through interest and principal. The longer the duration, the more the price moves when rates change. Growth stocks, whose value rests heavily on distant future earnings, are sometimes called 'long-duration assets.'

Sales made without tax at airport and downtown duty-free shops. They swing widely with foreign tourists, group travel and policies on bulk-buying resellers, so they are an important variable for cosmetics and duty-free company earnings.

An index showing the dollar's average value against six major currencies, including the euro, yen and pound. It gives a quick read on overall dollar strength and is used to gauge emerging-market stocks and commodity price trends.

A call or webcast after results in which management explains the numbers to analysts and investors and answers questions. It reveals outlook and tone not found in the figures, and the share price can change direction during the call.

The period when many listed companies report quarterly results in a cluster, starting a few weeks after the quarter ends. Large-cap results can set the mood for a whole sector.

When reported results come in well above market expectations (the consensus) it is an earnings surprise; well below is an earnings shock. Share prices react more to the gap versus expectations than to the absolute size of earnings.

The inverse of PER (EPS ÷ share price). It shows the percentage return in earnings you get from owning the stock, which makes it easy to compare with deposit or government bond yields.

Operating income plus depreciation and amortization, a rough measure of the cash the core business generates. It is handy for comparing asset-heavy companies, but remember it leaves out the burden of capital spending.

Ships built to run on fuels such as LNG, methanol and ammonia to meet the International Maritime Organization (IMO) carbon emission rules. They create replacement demand for older vessels and are often cited as a reason for shipbuilders' long-term workload.

A strength that keeps other companies from easily copying a business. Examples include technology, customer relationships, economies of scale and switching costs, and LightView reports rate each item as strong, medium or weak.

Processing data right on nearby devices or small servers instead of sending it to a distant data center. It is used where fast response matters, such as autonomous driving and factory automation, and is a growth theme for related chip and network companies.

Efficacy means whether the drug works, and safety means whether side effects are acceptable. The primary endpoint is the most important criterion for judging trial success, and whether it is met determines the direction of the stock when results are announced.

A theory that prices move in repeating cycles of five waves up and three waves down. It is used as a framework for market psychology, but the interpretation changes a lot depending on where you start counting waves.

A measure of how much energy can be stored per unit of weight or volume. Higher density extends EV driving range, so it is a key metric for comparing battery technology.

The long-term shift from an energy system centered on coal and oil to one centered on renewables, nuclear and electrification. It changes policy and investment direction greatly, which is why stocks of traditional energy companies and new energy companies often move in different directions.

Entertainment agencies earn from their artists' IP through album sales, concerts, merchandise, ads and music streaming. Earnings swing with a popular group's activity schedule, military enlistment and contract renewals, so artist schedules are a key variable.

Net income divided by shares outstanding. When an earnings report says a company "beat expectations," it usually means EPS and revenue came in above analyst estimates.

Large battery installations that store electricity and release it when needed. Linked to renewable energy such as solar and wind and to data center power demand, ESS is watched as another growth pillar for battery makers when EV demand stalls.

An ESS stores surplus electricity in batteries and the like and releases it when needed. It smooths out uneven output from solar and wind and fills peak-hour demand, so demand grows as renewables spread.

High-capacity, high-endurance SSDs used in data center servers. They carry higher prices and margins than consumer SSDs, so growing AI server investment becomes a major driver of earnings improvement for NAND makers.

Deposition coats the wafer with thin films, etching removes unwanted parts to form circuits, and cleaning washes away impurities. As layer counts rise and circuits grow more complex, these steps are repeated more often, increasing demand for the related equipment.

A fund built to track an index or a particular asset and listed on an exchange like a stock. It spreads your money across many holdings at once and can be bought and sold during the trading day like a stock.

A security issued and listed by a brokerage that promises to pay the return of an index. It trades like an ETF, but it is the issuer's promise rather than a fund, so if the issuing firm fails you may not get your money back.

A lithography technology that draws fine circuits onto wafers using light of a very short wavelength. It is essential for leading-edge processes but the machines are extremely expensive, so the scale of EUV tool purchases indicates how heavily a chipmaker is investing.

Market cap plus debt, minus cash on hand. Buying a whole company means taking on its debt as well as paying for the shares, so this is closer to a real takeover price.

The availability of EV charging stations and chargers. Inconvenient charging makes people hesitate to buy EVs, so how fast charging infrastructure expands is seen as a precondition for EV demand and battery industry growth.

The stretch where demand temporarily stalls as a new technology moves from early adopters to the mass market. The term is used for the period when EV sales growth slowed, and during it battery and materials companies tend to see weaker utilization and earnings.

Enterprise value (market cap plus net debt) divided by EBITDA (operating profit plus depreciation and amortization). It lets you compare heavily indebted and lightly indebted companies on a level footing.

The day the right to the upcoming dividend falls away. Anyone who buys from this day on does not receive that dividend, so the stock price usually opens lower by about the dividend amount. A lower price does not mean a loss, since you still collect the dividend, though tax applies.

The day the right to receive new shares in a rights offering or bonus issue falls away. The price is mechanically adjusted down to reflect the larger share count. The stock may look cheap and jump on the ex-rights day of a bonus issue, but the company's value has not changed.

The number of previously built homes sold. They make up most of the US housing market, so this figure is widely watched to see how interest rate changes affect real estate.

The annual cost taken from fund assets for managing an ETF or fund. It is not billed separately but built gradually into the price, so it is easy to miss, yet the longer you hold, the bigger its effect on returns.

The day a futures or options contract ends. U.S. stock options usually expire monthly on the third Friday, and many also expire weekly. Korean index options expire monthly on the second Thursday, and weekly options also exist. Trading tied to expiry tends to pile up just beforehand, which can make prices swing.

A company that only designs chips and outsources manufacturing to foundries, without owning fabs. Capital spending is light, so margins tend to be high, but dependence on foundry capacity is a risk.

A price that looks reasonable based on the company's earnings, cash flow and assets. Results vary widely with the method and assumptions, so it is better viewed as a range than a single right answer.

FDA programs that support faster development and review of treatments for serious diseases. A designation can shorten the time to approval and is taken as a sign that the drug's potential has been recognized.

A high-end substrate that connects a high-performance chip (CPU, GPU, AI chip) to the mainboard. As chips grow larger and more complex, substrates get bigger with more layers and higher unit prices, affecting substrate makers' profitability.

Approval to sell a drug from the US Food and Drug Administration (FDA) or Korea's Ministry of Food and Drug Safety (MFDS). Sales begin only after approval, so it is one of the biggest events, and FDA approval is seen as especially important because of the size of the US market.

The central bank of the United States. It sets the policy interest rate and manages the money supply to keep prices and employment in check. A single remark from the Fed can move not only U.S. stocks but Korean stocks too.

Rules that deny tax benefits for using parts or minerals from countries or companies designated by the US as concerns. The name and scope have changed with tax law revisions, and where a company places its raw material supply chain is tied directly to its ability to win orders, so changes in how the rules are interpreted affect related stocks.

FFO is a REIT's real operating cash measure: net income plus depreciation, minus gains from property sales. AFFO also subtracts items like building maintenance costs. REITs are valued on FFO rather than net income to judge dividend capacity and value.

A way to estimate how far a price may pull back after a big rise or fall, using ratios such as 23.6%, 38.2%, 50% and 61.8%. Because many investors watch these levels, they can act as support or resistance.

A company that owns financial subsidiaries such as banks, brokerages, insurers and card companies. Most large Korean banks are listed as holding companies, so you need to look at non-bank subsidiaries as well as the bank itself.

Reports that lay out a company's financial position and results in a standard format. The income statement, balance sheet and cash flow statement are the core three, and listed companies publish them every quarter.

The shortfall that arises when a government spends more than it collects in taxes. If it issues many government bonds to cover the gap, Treasury yields can rise, which can in turn weigh on stocks.

The Fed meeting that sets the U.S. policy rate. It meets 8 times a year, and global markets react strongly to the chair's remarks alongside each rate decision. The March, June, September and December meetings also publish the rate outlook (the dot plot).

How much foreign and institutional investors (pension funds, asset managers and others) bought and sold in Korean stocks. Sustained buying by these big players often gives the price extra momentum.

Foreign-currency assets, such as US dollars, held by a central bank and government as a buffer against crises. Ample reserves can stabilize the market when exchange rates swing sharply, so they are used as a gauge of a country's creditworthiness.

A quarterly report filed with the SEC by U.S. institutions managing $100 million or more, listing their stock holdings. It comes out within 45 days after quarter-end, so it gives a delayed look at famous investors' portfolios.

PER calculated from earnings expected over the next 12 months (the average of analyst estimates). If earnings are expected to grow fast, it comes out lower than TTM PER. LightView reports show both TTM PER and Forward PER.

A contract manufacturing business that produces chips designed by other companies. Advanced process technology and yield determine which customers a foundry wins, and orders from large customers greatly affect its earnings outlook.

A section that picks the four numbers that most affect the investment decision in a report and shows them split into positive and negative ones. It lets you quickly see the basis for the conclusion before reading the whole report.

Operating cash flow minus capital expenditure: the cash the company can use freely. It shows capacity to pay dividends, buy back shares and repay debt.

The share of all issued shares that can actually be traded in the market, after excluding stakes held by major shareholders, treasury shares and similar. A low free float lets prices move a lot on little trading, and it is also used to set index weights.

The SCFI tracks container ship rates from Shanghai, and the BDI tracks bulk carrier rates for commodities such as iron ore, coal and grain. They are used to gauge shipping company earnings and the flow of global trade.

Freight is the price for moving cargo; a charter rate is the rent for hiring a whole ship. Shipping company profit varies greatly with freight levels, so freight indexes are used as a leading indicator for stock prices.

The front-end is the stage that etches circuits onto the wafer; the back-end is the stage that cuts, packages and tests the finished chips. Which process a piece of equipment or material serves affects when related companies benefit and how competition plays out.

A contract to buy or sell at a set price on a set future date, agreed today. Index futures such as KOSPI 200 and S&P 500 futures trade heavily, and their moves before and after regular hours are used to gauge the mood for the next session.

For Korean automakers that export heavily, a weaker won (a higher KRW/USD rate) tends to lift profit because the same dollar price brings in more won. A stronger won can weigh on earnings.

When exchange rates move too fast, the government or central bank buys or sells foreign currency directly, or issues verbal warnings, to slow the pace. Signs of intervention can shift exchange rates as well as exporter stocks and foreign investor flows.

A chain reaction in which heavy call buying makes the brokers (market makers) who sold the options buy shares to hedge, which lifts the price and forces them to buy even more. It can cause sharp rises over a short period.

An empty space with no trading between one day's close and the next day's open. Opening far above the prior close on good news is a gap up; opening far below on bad news is a gap down. Gaps often appear the day after earnings.

A machine that burns natural gas to create powerful rotation that drives a generator. It can start and stop quickly, so it is used to cover demand spikes and renewable variability, and few companies make them, so supply tends to be tight.

The total value of all goods and services produced in a country over a period, showing the size and growth rate of its economy. Strong growth is good for corporate earnings, but growth that is too hot can raise fears of rate hikes.

AI that creates new output such as text, images, code and audio. As companies roll out more generative AI services, it is driving earnings at semiconductor, cloud and software companies.

When war or tension between countries rises, defense stocks tend to climb on expectations that governments will raise defense spending. Ceasefire or peace-talk news can push them down in the short term, so they can be volatile on headlines.

Drugs that mimic the hormone GLP-1, which reduces appetite and helps control blood sugar. Used to treat diabetes and obesity, the market is growing rapidly, drawing attention to developers, manufacturers and even injection device makers.

The total value of goods traded on a commerce platform over a period. It is not the company's revenue, but it shows the platform's scale and growth, so it appears often in earnings reports.

Gold is a classic safe-haven asset whose demand rises in uncertain times such as economic crises and wars. It pays no interest, so its price tends to rise when real interest rates fall or the dollar weakens.

When a short-term moving average crosses above a long-term one it is a golden cross; when it crosses below, a death cross. They are treated as trend-change signals, but they often show up after the price has already moved.

Goodwill is the premium paid over the target's net assets when acquiring another company. If the acquired business does not earn as expected, its value is written down as an expense called an impairment. No cash goes out, but net income drops sharply.

Government bonds are issued by a government to borrow money, and corporate bonds by a company. Corporate bonds carry a higher risk of default than government bonds, so they pay more interest, and the better the credit rating, the lower the yield.

A service that lets customers rent GPUs by the hour instead of buying them. Rental prices and GPU utilization drive profit, so whether new chips cause older chips' rental rates to fall is a key thing to check.

Spreading the cost of expensive GPU servers over several years as an expense. Heavy AI investment raises expenses for years and can weigh on margins, and the number of years chosen (useful life) changes how profits look.

GPUs excel at massively parallel computing and are widely used for AI training, NPUs are chips dedicated to AI computation, and ASICs are custom chips designed for a specific customer or purpose. As Big Tech companies develop more of their own chips (ASICs), new demand arises for design partners and foundries.

Prices of grains such as wheat, corn and soybeans. They swing sharply with weather and conditions in exporting countries, and rising prices raise costs for food and feed companies and affect inflation.

Gross profit is revenue minus cost of goods sold; gross margin is that figure divided by revenue. It shows how profitable the product itself is and whether the company has pricing power.

Growth stocks trade at high prices on expectations that sales and earnings will grow fast in the future, more than on current profit. Value stocks trade cheaply relative to their earnings or assets. When interest rates rise, the value of distant future earnings shrinks, so growth stocks tend to be shaken more.

The company's own outlook for next quarter or the full year. Even with good results, the stock often falls if guidance is below what the market expected.

Hawks favor keeping rates high to fight inflation, and doves favor lower rates to support the economy. Hawkish remarks from Fed officials are often taken as negative for stocks and dovish remarks as positive.

Memory made by stacking multiple DRAM chips vertically so a large amount of data can move at once. It is attached to AI accelerators (GPUs) and is far more expensive than regular DRAM, so HBM supply and market share are key drivers of memory makers' earnings and stock prices.

A pattern with three peaks in which the middle one is highest: left shoulder, head and right shoulder. It is read as a sign that an uptrend is ending, and is considered complete once the price breaks below the neckline joining the lows under the shoulders. The inverted version is a bottom signal.

The price of the thick steel plate used to build ship hulls. It makes up a large part of construction cost, so when plate prices rise, profit falls on ships already contracted at fixed prices.

Taking an opposite position to reduce the risk of loss on an asset you own, such as holding a stock while buying a put option or selling index futures. Like insurance, it costs something but guards against big losses.

Cathode products with a higher nickel share. More nickel raises energy density and extends driving range, but thermal stability is harder to manage, so it takes strong technology and is regarded as a higher-value product.

A corporate bond with a low credit rating that pays high interest, also called a 'junk bond.' It is sensitive to the economy, so when high-yield bond prices fall and spreads widen, it is taken as a risk warning for stocks too.

Starts are the number of homes on which construction has actually begun, and permits are the number of homes approved for building. Permits move ahead of starts, so they serve as a leading indicator of the housing market and help gauge the earnings of builders and building materials companies.

The share of total sales made up of hybrids and electric vehicles. EVs carry high upfront development and battery costs, so you need to check whether a rising share improves or worsens the company's profitability.

An HEV combines an engine with a small battery, while a PHEV has a larger battery that can be charged externally. They carry less battery capacity than pure battery EVs (BEVs), so a growing hybrid share can slow the growth of battery demand.

An economic system that uses hydrogen as a fuel for power generation, transport and industry. Green hydrogen, made by splitting water with electricity, has almost no carbon but is still costly to produce, so there can be a big gap between expectations and actual revenue for related companies.

A giant cloud company that runs enormous data centers around the world. Their capital spending plans drive sales at AI chip and server makers, so the market watches them closely at earnings time.

An indicator developed in Japan that uses five lines (conversion line, base line, leading spans 1 and 2, and lagging span) and the cloud between the two leading spans to show trend, support and resistance together. A price above the cloud is read as an uptrend and below it as a downtrend.

A company that handles everything from chip design to manufacturing and sales on its own. Owning fabs means heavy investment and high fixed costs, but profits can rise sharply when the industry is strong.

The new insurance accounting standard applied to Korean insurers from 2023. It values insurance liabilities at market value and recognizes profit over the life of each contract, so reported earnings changed a lot compared with before.

The size of future price swings the market expects, as built into option prices. It tends to rise sharply just before earnings and fall quickly afterward.

An option that would be profitable to exercise right now is in the money (ITM), one that would not is out of the money (OTM), and one whose strike is about equal to the stock price is at the money (ATM). Out-of-the-money options are cheap but have a high chance of expiring worthless.

A table showing how much the company sold, how much it spent and how much profit it kept over a period (a quarter or a year). It starts with revenue and works down through operating income to net income.

A single number that bundles the prices of many stocks to show how a market or sector is moving. It serves as a benchmark for judging whether your stock did better or worse than the market.

Indexes such as the KOSPI 200 and S&P 500 change their constituents on a regular schedule. Funds tracking the index buy stocks being added and sell those being removed, so prices often move around the announcement.

The disease or condition for which a drug has been approved as effective. Even for the same drug, expanding indications widens the patient population and can raise sales, so news of indication expansion is read as a growth driver.

The number of people who filed for unemployment benefits for the first time in the U.S. in a week. Released every Thursday, it is used as the quickest read on changes in the job market.

Records of executives or major shareholders buying and selling their own company's stock. They are disclosed in the U.S. through SEC Form 4 and in Korea through reports on executive and major shareholder holdings, and Korea also has an advance disclosure rule for trades above a certain size. Sales under a preset plan (10b5-1) often mean little.

Operating income divided by interest expense. It shows how many times over the company can pay its interest from core earnings. Staying below 1x means the company cannot even cover its interest with what it earns.

The number of days it would take to sell off all inventory on hand. Longer inventory days at memory makers or their customers are often read as a sign of falling prices, and shorter days as a sign of a price rebound.

Shows how quickly goods brought in are sold. Fast turnover means less cash tied up in inventory and fewer discounts, which is good for profit. Slower turnover can cut margins through clearance discounts.

An accounting gain or loss from changes in the value of crude and product inventory a refiner bought earlier, caused by oil price moves. Rising prices create gains and falling prices create losses, so it should be separated from core operating performance.

Inventory is goods made or bought for sale. Inventory turnover shows how many times a year inventory is sold. If inventory builds faster than sales, it can signal weaker demand or coming price cuts.

Income a brokerage earns from arranging IPOs, bond issuance and M&A advice for companies. It grows strongly when capital markets are active, while riskier areas like real estate project financing can turn into losses when the economy worsens.

When a company sells shares to the general public for the first time and lists on an exchange. The shares you are allotted by subscribing are called IPO shares. On the first trading day the price often rises or falls sharply from the offer price.

Activities or events in which a company explains its business and strategy to investors. They include earnings presentations, investor days and briefings for foreign investors, and the materials are usually posted on the company website.

A tax credit created by the US Inflation Reduction Act (IRA) that gives tax benefits in proportion to output for producing battery cells, modules and other components in the US. The benefit is sometimes included in operating profit, so also look at 'real profit' excluding AMPC. Conditions have changed with later tax law revisions, so check the latest rules.

The price of the key raw material for steelmaking, which depends heavily on China's construction and steel sector. A steelmaker's earnings hinge on the spread between raw material prices and steel product prices.

An economic indicator built by asking company purchasing managers whether orders, production, employment and so on have improved. Above 50 means expansion and below 50 contraction, and it affects cyclical stocks such as semiconductors and industrials.

A section placed at the very top of a report when a recent event has had a major effect on the share price or earnings. It first shows what happened and what it means for the stock price and earnings.

An economic symposium held each year in late August in Jackson Hole, Wyoming. The Fed chair often hints at the future direction of monetary policy in a speech there, so the market watches closely.

A jobs report released by the U.S. Labor Department, usually on the first Friday of each month. The number of jobs added and the unemployment rate show how hot the economy is.

Overseas sales of Korean cosmetics and food. The Korea Customs Service publishes export statistics by item every month, giving an early read on the trend and a clue to related companies' earnings.

Korea's capital adequacy measure showing an insurer's ability to pay claims on time. A higher ratio means a sturdier balance sheet, and an insurer needs a cushion above the regulator's recommended level to raise dividends easily.

The tendency for Korean stocks to trade at lower multiples than similar foreign companies. Low dividends and shareholder returns, complex ownership structures and geopolitical risk are commonly cited reasons.

Monthly statistics on Korea's exports and imports. Korea relies heavily on exports, so changes in semiconductor exports in particular move the KOSPI and related stocks right away.

Selling Korean-made weapons such as tanks, self-propelled howitzers, fighter jets and warships overseas. Domestic military demand alone limits growth, so the size of export contracts is a key gauge of a defense stock's growth potential.

South Korea's two main stock markets. KOSPI is the main board dominated by large corporations; KOSDAQ is home to many small and venture companies in tech, biotech and similar fields. Each name is also used for the index tracking that market.

A classification by market capitalization. Large caps are big and tend to swing less in price. Small and mid caps have more room to grow but can be more volatile and trade in lower volume.

In Korea, anyone who comes to hold 5% or more of a company must disclose the holding within 5 business days, and again each time it changes by 1% or more. The U.S. has similar rules (Schedules 13D and 13G). They show who is building a stake.

A rocket that carries satellites or spacecraft into space. Launch success and launch frequency show a space company's technology and revenue, so related stocks get more volatile as a launch date nears.

All costs of building and operating a power plant divided by the electricity it produces over its lifetime. It is used to compare the economics of different generation methods, and as the value falls, that power source tends to spread faster.

An index that combines indicators that tend to show the economy's direction a few months ahead. Stocks tend to move ahead of the economy, so the point where the leading index changes direction gets attention.

A 0 to 5 scale set by SAE (the Society of Automotive Engineers). Level 2 is driver assistance where the driver keeps watching; from Level 3 the car takes responsibility for driving under set conditions; Levels 4 and 5 drive without a driver.

Investing more than your own money by using borrowed funds or derivatives. Gains are multiplied when prices rise, but losses are multiplied just as much when they fall.

Leveraged ETFs aim for 2x or 3x an index's daily return, and inverse ETFs aim for the opposite direction (such as -1x). Because the target is a daily return, holding them for a long time through ups and downs can leave results far from a simple multiple of the index's return.

A cathode material using iron and phosphate. It has lower energy density than ternary materials but is cheaper, longer-lasting and has a lower fire risk. Its growing share in entry-level EVs and ESS makes it a competitive threat to companies focused on ternary materials.

A contract in which the rights to a drug candidate or technology under development are handed to another pharma company in exchange for payment. It shares development costs and risk and taps the capabilities of large pharma companies, making it a main revenue model for Korean biotechs.

Charts and indicators are reference signals built from past prices and volume, and they do not guarantee future prices. Signals can easily fail in the face of big changes like earnings or news, so it is best to use several indicators together with an understanding of the company.

Liner ships run fixed routes on fixed schedules like a bus (mostly container ships); tramp ships (bulk carriers, tankers and so on) sail under contract whenever there is cargo. Tramp rates tend to react more sensitively to demand changes.

The amount of money circulating in the market, or how easily an asset can be turned into cash. When rates are low and money is plentiful, funds flow into risk assets like stocks and prices tend to rise.

When a company's shares are registered on an exchange so anyone can buy and sell them. A company must pass the exchange's review to list, and afterward it must regularly disclose earnings and important events.

Prices of key raw materials for EV batteries. Higher prices benefit miners and materials makers but raise costs for battery manufacturers, and the lag in passing them through to selling prices can make battery company earnings volatile.

A battery that charges and discharges as lithium ions move between the cathode and anode, and it is the mainstream secondary battery today. It is light and holds a lot of energy, so most EV batteries use this type.

An AI model trained on huge amounts of text so it can understand and produce language like a person. The bigger the model, the more computing power it needs for training and operation, which lifts demand for AI chips and data centers.

A ship that carries liquefied natural gas chilled to about minus 160 degrees Celsius. It needs special cargo-tank technology, is expensive and few yards can build it, making it a flagship high-value ship type for Korean shipbuilders.

An expense a bank sets aside in advance for loans it expects not to be repaid. When the economy weakens and provisions rise, profit shrinks, which weighs on financial stocks.

The gap between the interest rate on loans and the rate on deposits. The wider it is, the more a bank earns from lending, so it is the starting point of bank earnings.

An agreement that bars major shareholders, institutions and others from selling shares for a set period right after listing. The price can weaken ahead of the lock-up expiry on worries that selling will hit the market.

A candle with an unusually long body. A long bullish candle means buying pressure stayed strong all day; a long bearish candle means selling pressure did. With heavy volume, it is sometimes seen as the start of a trend.

A game product that gives a random item at set odds in exchange for money. It is a major revenue source for many game companies, but stricter regulation, such as mandatory disclosure of odds, can hit revenue.

The share of premiums collected that an insurer pays out as claims. A rising loss ratio cuts underwriting profit and weighs on property and casualty insurer stocks.

A satellite orbiting at a low altitude, roughly 2,000 km or less above Earth. Being close to the ground gives short communication delay, but each satellite covers a small area, so they are operated as constellations of hundreds to thousands.

A catch-all term for buying or merging with another company. Usually the target's stock rises on a takeover premium, while the buyer's stock can weaken on concerns that it overpaid.

An indicator that uses the gap between a short-term and a long-term moving average to gauge trend strength and direction. When the MACD line crosses above its signal line, it is read as a bullish signal.

Margin is the collateral you must put up to trade futures, options or borrowed funds. If losses push it below the required level, you get a demand to add money (a margin call), and if you cannot, the position is closed out by force.

The margin loan balance is the unpaid amount of borrowed money investors used to buy stock through a broker. When the price falls and collateral runs short, the broker sells the shares by force to recover the debt, which is called forced liquidation. A wave of forced liquidations can deepen a decline.

The cushion you get by buying at a price well below your estimated fair value. It helps limit losses if your valuation is wrong or something unexpected happens.

Buying stocks with money borrowed from your broker. If the price falls and the value of your collateral drops below a set ratio, the broker force-sells your shares (a margin call liquidation). When forced selling floods the market in a downturn, it can deepen the drop.

Escalating warning levels that the Korea Exchange attaches to stocks that have risen too sharply in a short time or show abnormal trading. At higher levels, margin trading may be blocked or trading may be briefly halted.

Share price multiplied by shares outstanding: the value the market puts on the whole company. It is the first thing to check when comparing company size within an industry.

A market order executes immediately at the best prices currently available, without you naming a price. A limit order sets the price you want and only executes at that price or better (at or below it to buy, at or above it to sell). A market order in a thinly traded stock can fill at a worse price than you expected.

MAU counts people who used a service at least once in a month; DAU counts those who used it in a day. Ad and payment revenue grow only if users grow, so these are the most basic growth metrics for platform companies.

Clinical data released at major medical conferences. Large meetings such as the American Society of Clinical Oncology (ASCO) feature a flood of new drug data, so expectations and volatility in related biotech stocks often rise before and after the presentations.

The approval process required to sell a medical device. In the US, these include the 510(k), which proves a device is similar to an existing one, and the PMA, required for new, higher-risk devices. The process is usually shorter than for new drugs, so it serves as a guide to when a device company's new product may launch.

The recurring pattern in which memory prices rise (upcycle) and fall (downcycle) with changes in supply and demand. Stock prices tend to move ahead of earnings, so judging the bottom and peak of the cycle is central to memory investing.

Memory chips store data (DRAM, NAND), while logic chips handle computing and control (CPUs, GPUs, communications chips and more). Memory prices swing widely, making earnings volatile, while logic chips cover many product types and tend to be relatively stable.

The fee a shop pays the card company on each card payment. It is the card companies' main revenue source, and in Korea the government adjusts the fee rate periodically, so each cut weighs on card company earnings.

Two or more companies combining into one. The key is whether the exchange ratio (how many shares of one company are given per share of the other) is favorable to each company's shareholders. Dissenting shareholders are sometimes given the right to demand that the company buy back their shares.

A contract method that adjusts battery and materials selling prices to raw material prices with a time lag. It lets companies pass cost burdens on to customers, but when mineral prices fall, selling prices fall too, lowering revenue, and expensive inventory can cut profits.

Even at the same unit sales, selling more expensive, higher-margin cars such as SUVs, luxury models and hybrids raises revenue and profit per car. This is called mix improvement and often explains why profit rises while volume is flat.

The interest rate on a home loan secured by the house. In the US the benchmark is mainly the 30-year fixed rate, which moves similarly to the 10-year Treasury yield. Falling mortgage rates boost home sales, which is good news for homebuilders, building materials and furniture stocks.

A line connecting the average closing price over a recent period. The 5-day and 20-day lines show short-term direction, the 60-day and 120-day lines the medium term, and the 200-day line the long term. A price above a moving average is stronger than that period's average.

Technology that delivers instructions telling the body's cells to make a specific protein. Widely known from vaccines, it is being researched for use in other diseases, such as cancer vaccines.

The business of inspecting, repairing and replacing parts on aircraft, warships and weapons while they are in use. Revenue keeps coming for decades rather than ending with one sale, so it is regarded as a stable earnings business.

A set of global stock indexes made by the U.S. firm MSCI, widely used as an investment benchmark by institutional money worldwide. Korea has long been classified as an emerging market, and whether it will be reclassified as developed is a constant topic because it could bring in more foreign money.

Using services from several cloud providers at the same time. As more companies try to avoid being locked into one vendor, software companies that manage multiple clouds in one place can benefit.

A catch-all name for metrics such as PER, PBR and EV/EBITDA that show how many times earnings or assets the share price or enterprise value represents. Comparing multiples of companies in the same industry helps estimate fair value.

Storage memory that keeps data even when power is off, used in SSDs, USB drives and smartphone storage. Competition over the number of stacked layers is intense, and like DRAM, profits swing widely with the price cycle.

Nasdaq and the New York Stock Exchange (NYSE) are the two major U.S. exchanges. The S&P 500 is an index of 500 large U.S. companies and is the most widely used gauge of the U.S. market. Many tech stocks are listed on Nasdaq.

Henry Hub, in Louisiana, is the pricing point for US natural gas and the benchmark for US gas prices. Gas prices affect power generation costs and the earnings of LNG exporters and chemical companies.

Natural gas is a fuel for power generation and heating; LNG is natural gas chilled to about minus 160 degrees Celsius to shrink its volume. It can be shipped to faraway countries that pipelines do not reach, so liquefaction facilities and export contracts drive growth for related companies.

Ternary cathode materials that combine nickel and cobalt with manganese (NCM) or aluminum (NCA). Their high energy density makes them common in long-range EVs, but raw material costs are high, so they tend to be expensive.

Filings submitted to the FDA to request marketing approval. Chemically synthesized drugs use an NDA, while biologic drugs such as antibodies use a BLA. Once the filing is accepted, a review schedule is set and approval expectations build in earnest.

A newer cloud company focused on renting out GPU servers for AI. Growth is fast, but many borrow heavily to buy GPUs and may depend on a few large customers, so risk needs to be weighed too.

Amount bought minus amount sold: positive is net buying, negative is net selling. When a group is a net buyer of a stock for several days in a row, it is read as steadily accumulating it.

The profit left after everything: interest, taxes and one-time gains and losses are all taken out of operating income. It can swing widely because of one-time items, so look at it together with operating income.

The part of consolidated net income that belongs to the parent company's shareholders, after subtracting the share belonging to other shareholders (non-controlling interests) of subsidiaries. This is usually the figure used to calculate PER and EPS.

The effect where a service becomes more valuable as more people use it, which in turn attracts more users. It creates a barrier that rivals struggle to overcome and is often cited to explain platform companies' high valuations.

A game company's earnings swing heavily on whether a new title becomes a hit. Live service means continuing updates and events after launch to keep earning for a long time, so both the launch schedule and how well existing games hold revenue matter.

Setting the highest price in a given period is a new high; setting the lowest is a new low. The period is usually named, as in a 52-week high or an all-time high (the highest since listing).

An index of the average price trend for newly built ships; the one published by UK research firm Clarksons is the best known. A rising index raises expectations for the profitability of ships to be delivered.

Interest a bank earns on loans minus the interest it pays on deposits, divided by its total interest-earning assets. It shows a bank's core profitability and has a big effect on bank stock prices.

Results recalculated by removing items such as stock-based compensation and one-time costs, at the company's own discretion, from the official numbers under accounting standards (GAAP). Many U.S. companies report them, and market expectations are usually set on this basis. Each company excludes different items, so read them alongside the official figures.

Gains and losses that do not come from the core business, such as interest income and expense, foreign-exchange gains and losses and valuation changes on investments. If operating income fell but net income rose, check non-operating items.

Compares what last year's customers spend this year with what they spent last year. Above 100% means existing customers are spending more, so revenue grows even without new customers, making it a quality measure for software companies.

EPC means one company takes on Engineering, Procurement and Construction together. A nuclear export deal is very large, so not only the prime contractor but also main equipment, construction and parts companies can benefit.

Generating electricity by boiling water with heat from uranium fission. It produces steady power around the clock regardless of weather with almost no carbon emissions, so it is getting renewed attention as a way to meet rising power demand and cut carbon together.

A running total that adds the volume of up days and subtracts the volume of down days. If the price is flat but OBV is rising, it can be read as quiet accumulation.

Occupancy is the share of total floor space that is leased, and vacancy is the share that is empty. Rising vacancy cuts rental income and directly affects the earnings and dividends of REITs and real estate companies.

An OEM assembles finished cars and sells them under its own brand; a parts supplier makes engines, transmissions, seats, electronics and the like for delivery to automakers. Supplier earnings depend heavily on customer production volume and price-cut demands.

The trend of consumer purchases moving from stores to online. Retailers focused on physical stores must make their stores more efficient and respond online, and delivery and logistics strength makes the difference between companies.

Huge facilities that extract or process oil and gas at sea. Each project is large, but design changes and schedule delays make losses likely, so offshore plants can bring both big profits and big losses to a shipbuilder.

Generating electricity with wind turbines built at sea. Sea winds are strong and steady, so output is high, but installation costs and interest burden are heavy, and projects can be delayed or canceled when interest rates or costs rise.

Special gains or costs that will not recur, such as restructuring costs, lawsuit settlements and gains on asset sales. Strip them out to see the company's true underlying performance.

A group of oil-producing countries made up of OPEC members plus other producers such as Russia. It decides at its meetings whether to raise or cut crude output, and those decisions can move oil prices and refiner and energy stocks sharply.

The number of futures or options contracts still outstanding, neither closed out nor expired. Rising open interest means new money is coming in, and large option positions piled at a particular strike can affect the stock price near expiry.

A section listing questions that are still unanswered but could affect the share price, along with the evidence for checking the answer. It does not hide the limits of the analysis and shows what remains uncertain.

The first traded price of the day (open), the last price (close), the highest price (high) and the lowest price (low). A single candlestick on a chart is drawn from these four prices. LightView reports use the previous trading day's closing price.

An AI model released so anyone can download, use and modify it. As strong open models spread, price competition can intensify for paid-model companies, while demand for chips and cloud capacity to run the models can grow.

Cash that actually came in from the core business. If a company shows accounting profit but operating cash flow stays negative, check whether sales are on credit or inventory is piling up.

Profit from the core business: revenue minus cost of goods and selling and administrative costs. Operating margin is operating income divided by revenue and shows how profitable the business model is.

The more fixed costs a company has that do not depend on sales, such as salaries and depreciation, the more operating income swings on even a small change in sales. Industries with large fixed costs, like semiconductors and airlines, see especially big profit swings between booms and busts.

A contract that trades a 'right' to buy or sell at a set price by a set date. The buyer can walk away if it is unfavorable and pays a premium for that right. Single-stock options trade very actively in the U.S.

The price paid to buy the option right. It depends on the gap between the strike and the stock price, the time remaining and expected volatility (implied volatility). The most an option buyer can lose is this premium.

The volume of long-term supply contracts with automakers that a battery or materials company has not yet delivered. It underpins future revenue, but if EV sales are weak, volumes can be cut or delayed at customers' request, so it does not translate directly into earnings.

The total value of contracts a construction company has won but not yet completed, which will become future revenue. A large backlog means several years of revenue are secured, so it is a measure of earnings stability.

The total volume of ships contracted but not yet built and delivered. A large backlog means work is secured for the next several years, and shipbuilders with plenty of work can pick new contracts at higher prices.

An originator drug is the first-developed, patented medicine, while a generic is a copy of an off-patent, chemically synthesized drug made with the same ingredients. Once generics arrive, price competition tends to quickly erode the originator drug's sales.

A designation for treatments of rare diseases with small patient populations. After approval it provides benefits such as a period of market exclusivity and support for development costs, so a company can secure a viable business through high prices and exclusivity even with few patients.

A company that specializes in packaging and testing chips on behalf of others. It grows along with demand for advanced packaging, but its earnings move with its customers' production volumes.

Fixing a car's software or adding new features over wireless communication without a visit to a service center. It can cut recall costs and is the foundation for selling features such as driver assistance as subscriptions.

Overbought means a price has risen so much in a short time that it looks due for a rest; oversold means it has fallen too far. Indicators like RSI and the stochastic oscillator are used to judge this, but in a strong trend the condition can last a long time.

Construction contracts a builder wins abroad, in places like the Middle East and Southeast Asia. They are a growth driver independent of the domestic housing market, so construction stocks can move sharply on news of large plant or nuclear power contracts.

Passive money is in funds and ETFs that simply track an index, and active money is managed by people who pick stocks to beat the index. The bigger passive money grows, the more index inclusion affects a stock's price.

The sharp drop in sales when a major drug's patent ends and generics flood in. It is a big risk for originator pharma companies but an opportunity for biosimilar and generic makers, so large pharma companies sometimes license in drugs or make acquisitions to secure new products.

A field that combines finance and technology to offer payments, transfers, loans and similar services mainly through apps. Payment companies earn fees in proportion to transaction volume, so investors watch consumer spending and the growth rate of payment volume together.

The share of net income paid out as dividends. If it is too high, the dividend may be cut when earnings fall; if it is low, there is room to reinvest profits or raise the dividend.

Share price divided by book value per share. Below 1x means the stock trades for less than the company's net assets. It is widely used for asset-heavy industries such as banks and insurers.

The personal consumption expenditures price index published by the U.S. Commerce Department. It is the gauge the Fed relies on most when judging its 2% inflation target, so the market watches it along with CPI.

The target date by which the FDA has committed to decide whether to approve a new drug. Stock prices can swing sharply on the outcome, so investors typically mark it on their calendars as a key event date.

Comparing the multiples and growth rates of competitors (peers) in similar businesses side by side. Average PER differs greatly by industry, so comparing against peers is more accurate than comparing across industries. The peer table in LightView reports works this way.

PER divided by the earnings growth rate (%). It reflects that even a high PER may not be expensive if earnings grow just as fast. Around 1x is the usual reference point for high versus low.

The subgroups of institutional investors. Pension funds are pensions and funds like the National Pension Service, investment trusts are asset managers running public funds, and private funds pool money from a small number of investors. Pension funds tend to think long term, while private funds act on shorter horizons.

Share price divided by earnings per share (EPS). It shows how many years of the company's earnings you are paying for in the price. Lower means cheaper relative to earnings, though fast-growing companies often keep a high PER.

The list of drug candidates a company is developing and the development stage of each. Biotech companies without revenue are often valued on their pipeline, so the number of candidates and their stages are central to company value.

A central bank changing direction, from hiking to cutting rates or the reverse. When expectations build for a pivot that ends tightening, stocks, and growth stocks in particular, often rise first.

The fee a platform charges for connecting sellers and users. It is the main income source, but if too high it can drive sellers away or invite regulatory pushback, so news of a fee increase can be read both ways.

A foundational technology that can be applied repeatedly to many drugs rather than just one. It can be licensed out multiple times to multiple pharma companies, so it is seen as having great growth scalability.

The benchmark interest rate set by a central bank. In the U.S. the FOMC sets it, and in Korea the Bank of Korea's Monetary Policy Board does. When rates rise, the present value of future earnings falls, which weighs especially on growth stocks.

Classifications by the outer shape of a battery cell. Pouch cells offer flexible design, prismatic cells are rigid and suit large capacity, and cylindrical cells excel in mass production and cost. The form a customer chooses shapes each company's order opportunities.

A long, strong run of demand for power equipment such as transformers, circuit breakers and cables, driven by replacing aging equipment, data centers and connecting renewable energy. As backlogs build and selling prices rise, related companies' profits can grow sharply.

Transmission sends electricity from power plants over long distances at high voltage; distribution steps it down to lower voltage and delivers it to homes and factories. Grid investment is growing because of aging equipment replacement and connecting new power sources.

A long-term contract in which a power producer and an electricity buyer agree to trade power at a set price. The producer secures stable income, and buyers such as big tech companies secure supply and help meet carbon reduction goals.

Shows price changes for goods and services at the production stage, between businesses. Rising production costs can feed into consumer prices over time, so PPI is seen as a leading signal for CPI.

An intermediate material made by mixing nickel, cobalt, manganese and other metals, one step before the cathode material. Vertical integration, handling everything from raw material sourcing through precursor and cathode production, is seen as a strategy that improves cost competitiveness and supply stability.

Rough results a company releases before the audit or review is finished. Large Korean companies often disclose preliminary sales and operating profit right after a quarter ends, with the final figures following later in a report.

The percentage by which an ETF or ETN's market price is above or below its actual value (net asset value, or NAV). A large gap means you could overpay or sell too cheaply, so it is worth checking before placing an order.

A stock is at a premium when its multiple is set higher than a comparison group and at a discount when it is lower. High growth and market dominance justify a premium; governance problems and low growth justify a discount.

The fair share price over the next 12 months set by a brokerage analyst. The average of targets from several brokerages is called the consensus. LightView shows third-party price targets for reference only.

Rules and policies that limit the use of cookies and advertising identifiers that track user behavior. If targeted ads become less accurate, ad prices can fall, which can burden companies that depend heavily on advertising.

Products a retailer plans itself and sells under its own name. Cutting out middle distribution steps usually gives higher margins than ordinary products, so a rising private brand share supports better retailer profitability.

The technology race to make circuits finer so more transistors fit in the same area. The number in a process name (for example, 3nm) no longer matches the actual line width, but a smaller number is seen as more advanced, offering better performance and power efficiency that helps attract customers.

Deliberately reducing output when oversupply pushes prices down. Shipments fall in the short run, but inventory clears and prices can rebound, so production cut announcements by major memory makers are sometimes read as a sign the industry has hit bottom.

Trading in which computers buy and sell many stocks at once under preset conditions. It splits into arbitrage trades that exploit price gaps between futures and stocks and non-arbitrage basket trades, and it has a large effect on large-cap prices.

Market cap divided by annual sales. It is used instead of PER to compare growth companies that are not yet profitable.

Total data center power divided by the power the servers actually use. The closer to 1, the less electricity is wasted on cooling and other overhead, so it shows operating efficiency in power-hungry AI data centers.

A short dip while a rising stock takes a breather. Investors who believe the uptrend is intact sometimes treat it as a buying opportunity, though it can also turn into a real downtrend.

Put option volume divided by call option volume. A reading above 1 means relatively more investors are protecting against or betting on a decline.

The day when index futures, index options, single-stock futures and single-stock options all expire together. In the U.S. it falls on the third Friday of March, June, September and December (it is also called 'triple witching' because single-stock futures no longer exist), and in Korea on the second Thursday of those months. Position-closing trades pile up, so volume jumps and prices can swing.

QE is a central bank buying government bonds and other assets to put money into the market, and QT is shrinking its bond holdings to pull money back out. QE adds liquidity and tends to support stocks, while QT can weigh on them.

Technology that uses qubits, which can be 0 and 1 at the same time, to solve certain problems much faster than conventional computers. It is still early in commercialization, so related stocks often swing on expectations rather than revenue.

Money spent developing new technologies and products. It reduces profit now but is an investment in future competitiveness, so tech and biotech companies are watched closely for their R&D as a share of revenue.

Re-rating is when the market raises the multiple it assigns to a company; de-rating is when it lowers it. Even with the same earnings, the share price can rise sharply if the market accepts that the business has fundamentally changed.

A way of lending based on the income a future development project is expected to generate, rather than on land or company collateral. If sales are weak, the debt cannot be repaid, and losses can spread to the builders that guaranteed it and to the brokerages and savings banks that lent the money.

The interest rate you see (the nominal rate) minus inflation. When real rates rise, the actual burden of borrowing grows, which works against growth stocks and assets like gold.

Returning your asset mix to its original target ratios after price moves have thrown it off. You sell some of what has risen a lot and buy what has lagged, which naturally means selling high and buying low.

An action in which a company repairs or replaces a product free of charge after a safety defect is found. Setting aside a provision for repair costs can reduce that quarter's profit, and a large recall can hurt brand trust.

A broad and sustained decline in economic activity. Two straight quarters of falling GDP is the common rule of thumb, but in the U.S. a separate body makes the official call by weighing many indicators. As recession fears grow, earnings forecasts drop and stocks tend to weaken.

Reconstruction means tearing down old apartments and building new ones, while redevelopment means rebuilding an entire run-down residential area. News of looser or tighter government regulation can change expectations for construction stocks and local real estate a great deal.

The date that determines which shareholders receive the dividend. You must be on the shareholder register that day. Because of settlement timing, you actually have to buy by a trading day before the record date. In Korea, each company can set its record date in its articles of incorporation, so check the disclosure.

Refiners buy crude oil, turn it into gasoline, diesel and other products, and earn the gap between product prices and crude prices (the refining margin). That gap, more than the oil price itself, drives refiners' operating profit.

The price of refined products such as gasoline and diesel minus the price of crude oil. It directly shows a refiner's profitability, so a rising margin lifts earnings expectations for refiner stocks.

The regular session is the exchange's standard trading time. U.S. stocks also trade in pre-market and after-hours sessions, so they react early to news such as earnings releases. Volume is thin outside regular hours, so prices can jump sharply. Korea also has extended-hours and alternative-exchange trading, and hours differ by market.

Companies that pool money from many investors, invest in real estate such as office buildings and logistics centers, and pay out the rental income as dividends. They must distribute most of their profit (in the US, at least 90% of taxable income), so income-seeking investors favor them, but their share prices tend to weaken when interest rates rise.

Energy made from replenishable resources such as sunlight and wind. Fuel costs are almost zero, but output varies with the weather, and related stocks react sharply to policy changes such as government subsidies and tax incentives.

A measure of changes in the total amount sold at stores and online. Because consumption is a large part of the U.S. economy, it is used to gauge the economic trend and the earnings of retail and consumer companies.

The three groups of traders in the Korean market. Retail means individual investors, foreign means overseas investors, and institutional means companies such as pension funds, asset managers, insurers and banks. Brokerage apps show net buying by group every day.

Recovering part of a rocket that used to be thrown away after one use and flying it again. It sharply cut launch costs, made it possible to put up many more satellites, and helped the whole space industry grow.

The total money a company earns from selling goods or services. For growth companies, how fast revenue is growing is the most important metric.

Paying passengers multiplied by distance flown, the main measure of air passenger demand. When it rises, revenue tends to rise not only at airlines but also at engine maintenance and parts companies.

Treats today's share price as correct and works backward to find how much the company must grow for that price to be justified. It is used to see what expectations the market holds and whether those expectations are realistic.

Combining several shares into one. It is often done when the price has become too low, and in the U.S. companies sometimes do it to stay above a minimum price and keep their listing. Company value does not change.

The number of oil and gas drilling rigs actually operating; the weekly count published by U.S. oilfield services company Baker Hughes is well known. More drilling signals higher production a few months later and shows demand for energy equipment and service companies.

When a company issues new shares and sells them for cash. It raises funds for the business but increases the share count and dilutes existing shareholders' stakes. How the money will be used (investment versus paying down debt) often decides how the stock reacts.

Net income divided by total assets. It shows how efficiently the company uses everything it owns to produce profit. Heavy borrowing can lift ROE while ROA stays low, so look at both.

A taxi service that carries passengers with self-driving technology and no human driver. Without driver labor costs the profit structure could change greatly, which fuels high expectations, but safety approvals and how fast service areas expand are the key variables.

Net income divided by shareholders' equity. It shows what percentage the company earned in a year on the money shareholders entrusted to it. A consistently high ROE is read as a sign of competitiveness.

After-tax operating profit divided by the capital actually invested in the core business (operating assets). If ROIC stays consistently above the cost of capital, the company is seen as creating more value as it grows.

Closing a futures or options contract near expiry and moving to the next contract. ETFs that hold commodity futures roll every month, and the price difference between contracts affects their returns.

The amount already contracted but not yet delivered, so it has not yet been recognized as revenue. It previews future revenue, so fast-growing RPO is read as evidence of future growth.

An indicator that compares recent gains and losses on a 0 to 100 scale. A reading above 70 is usually seen as overheated and below 30 as oversold.

A benchmark that treats a software company as healthy if revenue growth plus profit margin (usually operating or free cash flow margin) exceeds 40%. It lets you compare fast-growing but loss-making companies with slow but profitable ones using a single number.

The sale rate is the share of supplied homes that have been contracted, and unsold homes are those left without buyers. Rising unsold inventory can leave builders without construction payments on time and strain their finances. Homes still unsold after completion are seen as an especially serious warning sign.

Discounts and support money that automakers give dealers or buyers to sell more cars. Rising incentives can keep sales up while cutting profit per car, and can be read as a sign that demand is weakening.

Wholesale is the number of cars an automaker hands over to dealers; retail is the number dealers actually sell to consumers. Revenue is mostly booked on wholesale, so retail staying weaker than wholesale can signal inventory piling up.

Services that provide internet and phone connections through satellites. They work at sea, in mountains and on airplanes where there are no cell towers, so subscribers and terminal sales become recurring revenue for space companies.

A car designed so that software, more than hardware, determines its features and performance. Features can be added or sold for a fee after the sale, so it draws attention as a way for automakers to move from one-time sales to recurring revenue.

Seat-based pricing charges per employee using the software; usage-based pricing charges for the data or computing actually used. If AI replaces human work, seat counts can shrink, so a company's pricing model affects its growth outlook.

The main documents U.S. listed companies file with the SEC. The 10-K is the annual report, the 10-Q is the quarterly report, and the 8-K is a current report filed when something important happens, such as an acquisition or a management change. Business risk factors and detailed figures appear most fully in the 10-K.

A rechargeable battery that can be used many times, unlike a primary battery that is used once and discarded. It is used in everything from smartphones and laptops to EVs and energy storage systems, so the pace of EV adoption drives the industry's growth.

A grouping of companies that do similar business. Stocks in the same sector often move together on issues such as interest rates, raw materials and policy. LightView's main list is also organized by sector and industry group.

The amount of shares borrowed between brokers and institutions that has not yet been returned. Short selling requires borrowing shares first, so a rising lending balance is sometimes read as a sign that short selling may increase.

The industry supplying machines used in chipmaking (lithography, etching and deposition tools) and materials (wafers, gases, chemicals). Equipment makers' earnings tend to track chipmakers' capital spending, while materials makers' earnings track actual production volumes.

Policies, mainly from the US, that restrict exports of advanced chips and equipment to China. Each change in the scope of controls shakes earnings outlooks for equipment and chip companies with large China sales, driving stock price moves.

The day cash and shares actually change hands after a trade. Korean stocks settle two business days after the trade (T+2), and U.S. stocks settle one business day after (T+1). It matters for dividends, since you must be on the shareholder register as of the settlement date.

The costs of selling products and running the company, such as advertising, sales and administrative salaries and rent. Gross profit minus SG&A equals operating income.

Crude oil trapped in tight rock layers (shale) and extracted with horizontal drilling and hydraulic fracturing, making up a large part of U.S. crude output. Output can be raised or cut fairly quickly as prices move, which is seen as a factor capping global oil prices.

A buyback is when a company purchases its own shares in the market; cancellation is when it destroys the repurchased shares. Cancelling reduces the share count and raises value per share (EPS). A buyback without cancellation is seen as less effective, since the shares can be sold again later.

Delivery is handing the finished ship to the owner. In a heavy-tail contract most of the price is paid at delivery, so the shipbuilder must fund construction first and cash flow can get tight.

A contract to build a ship for a shipowner. Delivery usually takes years after the contract, so today's orders become revenue years later, and shipbuilder stocks react first to order news.

Short sellers buying shares back in the market to return the ones they borrowed. When this buying piles up, it can push the price higher.

Short interest is the amount of shorted shares not yet returned, and the short ratio is the share of total trading that is short selling. In the U.S., short interest as a percentage of float is widely watched, and a higher figure means more investors are betting on a decline.

Borrowing shares, selling them first, and buying them back later to return them. Because it profits when the price falls, a high short ratio means many investors are betting on a decline.

When a rising price hurts short sellers and they rush to buy back shares, and that buying pushes the price up even further. It is one reason heavily shorted stocks can surge in a short time.

Short vertical video content of around a minute. It quickly boosts time spent, but is harder to monetize with ads than long videos, so how well platforms turn short-form into ad revenue is the thing to watch.

A Korean rule that suspends program trading orders for 5 minutes when futures prices swing sharply. It is a milder warning than a circuit breaker and keeps futures turmoil from spreading to the stock market.

A nuclear reactor designed smaller than traditional large plants, with major components built as modules in a factory and assembled on site. Hopes are high that it cuts construction time and upfront cost, but there are few commercial examples so far, so licensing and real costs need to be checked.

A soft landing is when raising rates to tame inflation cools the economy gently without a sharp downturn; a hard landing is when it leads to a sudden recession. Which one the market expects greatly changes the mood in stocks.

A cell is a small plate that turns light into electricity; several cells combined into a panel make a module. Oversupply can quickly push prices down, so trade rules and incentives for local production greatly affect company profitability.

A next-generation battery that uses a solid electrolyte instead of a liquid one. Expectations are high because it has a lower fire risk and can raise energy density, but mass-production technology and cost remain challenges, so news on commercialization timing can move related stocks sharply.

A valuation method that values each business segment of a multi-segment company separately and adds them up. It is often used for holding companies and conglomerates that run very different businesses.

The push by countries to build and run their own AI using domestic data and infrastructure. As governments increase spending on data centers and AI models, chip and cloud companies are gaining a new customer group.

Ways of carving a business unit out of a company into a new one. In a spin-off (Korea's "personal split"), existing shareholders also receive shares of the new company in proportion to their holdings; in a vertical split (Korea's "physical split"), the original company keeps 100% of the new one. There is controversy that listing the subsidiary separately after a vertical split reduces value for the original shareholders.

Annual sales divided by shares outstanding. Dividing the share price by SPS gives PSR. It is used to gauge the size of a company on a per-share basis when it has no earnings yet.

The sales growth rate comparing only existing stores that have been open for over a year, excluding newly opened ones. It shows whether business is really doing well rather than growing just by adding stores, so it is a key metric for retail and restaurant companies.

A situation where the economy is stagnant while prices keep rising (inflation). Central banks find it hard to either cut or raise rates, so it is considered one of the worst environments for stocks.

An indicator that shows where the current price sits within the high-low range of a recent period, on a 0 to 100 scale. Above 80 is usually overbought and below 20 oversold, and crossings of the %K and %D lines are used as signals.

Giving employees and executives the right to buy company shares at a set price, or the shares themselves, as pay. It helps retain talent, but when shares are actually issued, existing shareholders are diluted. Tech companies in the U.S. have large stock compensation costs, which is why Non-GAAP results differ from GAAP.

Dividing one share into several. The price falls proportionally and the share count rises, so company value is unchanged. Companies do it when a single share is too expensive, to make it easier for individual investors to buy.

A certificate representing a small slice of ownership in a company. When you buy a share, you become a part-owner (shareholder) and can benefit from the company's growth through price gains and dividends.

Selling at a loss once the price falls to a level you set in advance. The goal is to cut a small loss before it becomes a big one. Many investors set the exit level before they buy.

The number of people paying for video or music streaming services. Subscriber growth, price increases and cancellation rates together decide revenue, and how much is spent on content determines profit.

A test that assumes bad scenarios, such as a recession or a sharp rate spike, to see whether a financial firm can withstand the losses. For large US banks, the results affect their dividend and buyback plans.

The preset price at which an option lets you buy or sell the stock. Even for the same stock, many separate options trade at different strike prices and expiration dates.

A strong dollar means the dollar is rising in value; a weak dollar means it is falling. A strong dollar tends to cut profits of US companies with large overseas sales and pull money out of emerging markets, while a weak dollar tends to do the opposite.

Converting a drug from a long intravenous (IV) infusion to a short injection under the skin (SC). It greatly improves patient convenience, and new formulation patents can effectively extend exclusivity, so originator pharma companies actively use it.

Revenue from customers who pay monthly or yearly to keep using a service. It is easier to forecast than one-time sales, so companies with a high subscription share often earn higher valuations in the stock market.

An indicator that uses the average price range (ATR) to show, with a single line, whether the trend is up or down. A price above the line is an uptrend and a price below it is a downtrend. LightView charts label it on the right with its name and price.

A support level is a price zone where a falling stock has often stopped; a resistance level is a zone where a rising stock has often been blocked. LightView reports show them in the price-zone section, together with moving averages and 52-week highs and lows.

The share of GMV that the platform actually keeps as revenue through fees, ads and so on. Even with the same GMV, a higher take rate means more revenue, so it shows the platform's pricing power.

A ship that carries crude oil or refined products such as gasoline and diesel. They split into large crude carriers (such as VLCCs) and smaller product carriers (PC ships), and freight rates swing widely with oil-producer output and shipping distances.

A telecom's average monthly revenue per subscriber (ARPU) and its total subscriber count. Subscriber numbers are hard to grow much, so the key to revenue growth is whether more people moving to pricier plans lifts ARPU.

Telecom revenue is steady regardless of the economy, so telecoms tend to pay stable dividends. Investors seeking income over growth often choose them, and when interest rates rise their relative appeal fades, which can affect their share prices.

Telecoms spend heavily on building base stations and buying the right to use spectrum from the government. Investment bunches up when a new generation starts, cutting profit, and cash flow improves as spending winds down. This cycle repeats.

A public announcement that a buyer will purchase a company's shares from shareholders within a set period at a set price. The price is usually above market, and the aim is typically to gain control or to delist the company.

Values that show how sensitive an option's price is to different factors. Delta measures sensitivity to the stock price, gamma how fast delta changes, theta the value lost as time passes, and vega sensitivity to changes in volatility.

A group of stocks that move together because they are tied to a particular issue, such as a policy, a new technology or a political figure. They often rise on expectations rather than earnings, so they can fall quickly once the buzz fades.

As an option nears expiration, the value tied to the time left shrinks. Even if the stock price stays put, the option loses a little value each day, and the loss speeds up right before expiry. It works against option buyers and in favor of sellers.

The small chunks into which an AI model splits text for processing. AI services are often priced by token count, so more tokens processed can lift revenue for both AI and cloud companies.

The first summary of key results released after a trial ends. It shows whether the primary endpoint was met, so stock prices often jump or drop sharply right after, and detailed data comes later at conferences or in journals.

How far an ETF's return strays from the index it tries to follow. It comes from fees, trading costs and the fund's methods, and the smaller it is, the better the ETF tracks its index.

When an exchange temporarily stops trading in a particular stock. A halt can happen ahead of an important disclosure, after abnormal price moves or when grounds for delisting arise. During a halt you cannot sell even if you want to.

A stretch where the price just moves up and down within a fixed band without breaking above or below it. The top of the band acts as resistance and the bottom as support.

The total money value of shares traded in a day, roughly volume multiplied by price. For stocks with very different share prices, trading value is a better way than volume to see where market attention is concentrated.

Training is the process of feeding data to an AI model to make it smarter; inference is using the finished model to produce answers. Training means large one-off spending, while inference creates steady demand as users grow, so each shapes revenue differently for related companies.

A device that raises or lowers electrical voltage, essential throughout the power grid. Large transformers are built to order and take a long time to make, so when demand surges, delivery times lengthen and prices tend to rise.

A straight line drawn through a chart's lows or through its highs. A rising line through lows is an uptrend line and a falling line through highs is a downtrend line; a price breaking out of the line is sometimes read as a trend change.

Technology that drills tiny holes through a chip to electrically connect the chips above and below. It is key to stacking chips vertically, as in HBM, so related equipment and process capability tie into HBM competitiveness.

PER calculated from the earnings the company actually made over the last four quarters (12 months). The figures are already confirmed, so it is accurate, but it does not reflect future growth.

The rate the U.S. government pays to borrow for 10 years, which serves as a benchmark for asset prices worldwide. When this yield rises, stocks, and especially growth stocks, look relatively less attractive.

The rate the U.S. government pays to borrow for 2 years. Its short maturity makes it most sensitive to expectations for the policy rate, so it is used to read market hopes for cuts or hikes.

Repairing and maintaining U.S. Navy ships at allied shipyards. With U.S. yards said to lack capacity, it is seen as an opportunity for overseas yards and a possible stepping stone to new shipbuilding orders.

The share of people willing to work who cannot find a job. A fast rise is read as a sign of economic slowing, which raises hopes for rate cuts but also worries about corporate earnings.

A trade in which you buy shares by paying only a deposit and must pay the rest by the settlement date. If you cannot, the broker force-sells the shares (a forced liquidation) to cover it. It is effectively a short-term loan, so the risk is high.

The three forms of payment in a licensing deal. The upfront is paid right at signing, milestones are paid as stages such as trials and approval are achieved, and royalties are a percentage of sales after launch. Headline totals are mostly conditional milestones, so also look at the size of the upfront payment.

The most a Korean stock can rise or fall in one day. On both KOSPI and KOSDAQ, a stock can move only 30% up or down from the prior close; hitting the top is called the upper limit and the bottom the lower limit. U.S. stocks have no such daily limit.

The percentage the current share price would need to rise to reach the average price target. Targets change often, so look at the direction (raised or cut) as well as the number itself.

Upstream is finding and extracting oil and gas; downstream is refining it into gasoline and other products and selling them. Upstream profit rises with oil prices, while downstream can be pressured by higher raw material costs.

The mineral used as nuclear fuel. Mines take a long time to develop, so supply is hard to increase quickly, and as plans for new reactors grow, uranium prices and earnings expectations for uranium miners tend to move together.

The amount of Korean won needed to buy one US dollar. When it rises (a weaker won), exporters' profits translated into won increase, but foreign investors may sell Korean stocks out of concern for currency losses.

Electric and gas companies are often regional monopolies, so a government or regulator approves their rates. Earnings are stable because a set return is allowed on invested equipment, but whether rate increases get approved determines profit.

The share of a fab's maximum production capacity that is actually being used. Chipmaking has large fixed equipment costs, so costs jump when utilization falls, and it is used as a leading indicator, especially for foundry earnings.

How much a battery plant is actually running relative to its maximum production capacity. A heavily expanded plant with low utilization easily runs losses because of fixed costs, making this a key metric for gauging earnings during demand slowdowns.

A stock that looks cheap on the numbers but whose business keeps getting worse, so the price never rises or falls further. Check whether the low PER simply reflects expected earnings declines.

A Korean mechanism that, when a single stock moves sharply and suddenly, switches to a call auction for about 2 minutes, collecting orders and matching them at one price. It is meant to cool sudden spikes and drops and give investors time to think.

A measure, calculated from S&P 500 option prices, of how much the market expects U.S. stocks to swing over the next 30 days. It jumps when stocks plunge or the mood turns anxious, which is why it is called the fear index. Korea has a similar measure, the VKOSPI.

The number of shares traded in a day. When the price moves a lot and volume is well above normal, the move is seen as having real force behind it.

The average of the day's trade prices weighted by volume. It shows the average price investors paid that day, and institutions and short-term traders widely use it as a trading benchmark.

A thin, round silicon disc on which semiconductor chips are made. Hundreds to thousands of chips are patterned on a single wafer and then cut apart. Output is often expressed as wafer starts per month.

Stocks whose profits rise when the USD/KRW rate goes up. Exporters with high overseas sales, such as semiconductors, autos and shipbuilders, are typical examples, while airlines, refiners and food companies that import raw materials in dollars can face higher costs.

A weapon system is a package that bundles the weapon itself with ammunition, training and maintenance. Deals are negotiated government to government and large contracts are often signed in stages, so it pays to distinguish a basic agreement from an actual execution contract.

Comics and novels serialized online and on mobile. They earn through per-episode payments and ads, and hit titles extend into video and game IP for extra revenue. Growing overseas users is the key growth variable.

The method for reaching the overall verdict of a LightView debate. Among 6 issues, 1 or 2 key issues count as 2 votes, and if 2 or more issues are put on hold, the leading side gets 1 extra vote. A gap of 2 or more votes between bull and bear gives BUY or SELL; a smaller gap gives HOLD.

The thin lines extending above and below a candle's body. A long upper wick means the price rose during the day but sellers pushed it back down; a long lower wick means it fell but buyers pushed it back up.

The benchmark prices for global oil. WTI is the price of US crude and Brent is the price of North Sea crude. Rising oil prices fuel inflation and raise costs for airlines and transport companies.

Borrowing low-interest yen to invest in assets in higher-yielding countries. If Japanese rates rise or the yen suddenly strengthens, the money can rush out all at once, causing global stocks to plunge.

The share of chips from a wafer that work properly. Higher yield means more chips to sell at the same cost, lowering unit costs, so news on yields for new processes and products moves stock prices right away.

Usually the long-term yield, such as the 10-year, minus the short-term yield, such as the 2-year. Normally long-term yields are higher, but an inversion, when short-term yields exceed long-term ones, has often appeared ahead of past recessions.

The change versus the same quarter a year earlier (YoY) and versus the immediately preceding quarter (QoQ). For industries with seasonal swings in results, year-over-year matters more.