Spooky Stock Market Terms

Halloween is just around the corner, which means it’s time to review some scary stock market terminology.

Halloween Effect: the seasonal phenomenon in that investors jump back in the market at the end of October after a summer of vacationing, the antithesis of “sell in May and go away.”

Winner’s Curse: the concept of overpaying for an auctioned item as a result of having incomplete information, often found in initial public offerings (IPOs) that have no set fair market value.

Dark Pools: private exchanges largely used by institutional investors for trading big blocks of securities without causing major price fluctuations.

Witching Hours: double, triple and quadruple witching happens whenever groups of financial contracts, typically options and futures, expire on the same day at the same time.

Phantom Stock: type of deferred employee compensation plan that allows employees to benefit from a company’s share price appreciation without actually issuing new shares that may dilute share price. Phantom shares track the market price of real shares.

Zombie Stocks: companies that can best be described as the “walking dead” — having shares that are insolvent and are either near or in bankruptcy.

Misery Index: released by the Bureau of Labor Statistics, this indicator is a compilation of the unemployment and inflation rates and determines how the average citizen is doing economically. The current rate is 6.541, down from its peak of 15.06 in April 2020 from the COVID-19 shutdowns.

Cockroach Theory: stipulates that when bad news hits, it’s usually only half the story, with more bad news waiting in the wings to make things much worse.

Dead Cat Bounce: a brief retracement of a declining stock, only to have the price drop back down again. Dead cats don’t bounce very well but they often find a support level and usher in a recovery phase.

Stagflation: the ultimate perfect storm where slow economic growth combines with high unemployment and high inflation.

Piker: someone typically working for a bottom-tier firm who pretends to know everything about Wall Street but really knows nothing.

Suicide Pill: a defense strategy used by acquisition targets to make themselves less attractive to a takeover, usually a hostile one at that. The target company may take on huge debt to scare off a suitor.

Zombie Debt: a bad debt that is so old that it is likely forgotten about.

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