📖 Glossary

Every entry from the Daily Bulletin's “Term of the day” library.

119 terms · Terms come from the Daily Bulletin's “Term of the day” library.

Adjusted Earnings · Düzeltilmiş Kâr

A company-defined earnings measure that excludes certain items, such as one-time charges or stock-based compensation, and differs from figures prepared under standard accounting rules.

Advance-Decline Line · Yükselen-Düşen Çizgisi

A running cumulative total of the daily number of advancing stocks minus declining stocks. It is a common breadth indicator compared against index levels.

After-Hours Trading · Seans Sonrası İşlemler

Trading that occurs after the regular session closes, through electronic networks. Liquidity is usually thinner, and prices can react to news released after the close, such as earnings reports.

Average Hourly Earnings · Ortalama Saatlik Kazanç

The average hourly pay of private-sector workers, published in the monthly employment report. It is watched as an indicator of wage growth and potential inflation pressure.

Basis Point · Baz Puan

A unit equal to one hundredth of a percentage point (0.01%), used to describe changes in interest rates and yields. A move of 100 basis points equals one full percentage point.

Benchmark · Karşılaştırma ölçütü (benchmark)

A standard, usually a market or sector index, against which the performance of a stock, fund, or portfolio is measured. Results are typically described as above, below, or in line with the benchmark.

Beta · Beta Katsayısı

A measure of how much a stock's price has tended to move relative to the overall market. A beta above 1 indicates historically larger swings than the market; below 1, smaller swings.

Bid-Ask Spread · Alış-Satış Makası

The difference between the highest price buyers are willing to pay (bid) and the lowest price sellers will accept (ask). Narrower spreads typically indicate higher liquidity.

Bond Yield · Tahvil Getirisi

The return an investor earns on a bond, expressed as an annual percentage. Bond prices and yields move in opposite directions: when a bond's price rises, its yield falls.

Book Value · Defter Değeri

Total assets minus total liabilities as recorded on the balance sheet, also called shareholders' equity. It reflects the accounting value attributable to owners, which can differ from market value.

Business Cycle · Ekonomik döngü (konjonktür)

The recurring pattern of expansion, peak, contraction, and recovery in overall economic activity. Different sectors have historically tended to lead or lag at different stages of the cycle.

Call Option · Alım Opsiyonu

A contract giving the buyer the right, but not the obligation, to buy an underlying asset at a set price before or on a specified date.

Circuit Breaker · Devre Kesici

A rule that temporarily halts trading across a market or in a single stock after an unusually sharp price move, intended to give participants time to absorb information.

Concentration Risk · Yoğunlaşma riski

The risk that arises when a large portion of a portfolio or index is tied to a single stock, sector, or theme. A setback in that area can then have an outsized effect on overall performance.

Consensus Estimate · Konsensüs Tahmini

The average or median of analysts' forecasts for a company's metric, such as earnings per share or revenue, for a given period. It serves as a common benchmark for judging reported results.

Consumer Price Index (CPI) · Tüketici Fiyat Endeksi (TÜFE)

A monthly measure of the average change in prices that urban consumers pay for a fixed basket of goods and services. It is one of the most widely followed gauges of US inflation.

Continuing Claims · Devam Eden İşsizlik Başvuruları

The number of people who continue to receive unemployment benefits after their initial claim. It indicates how easily unemployed workers are finding new jobs.

Core Inflation · Çekirdek Enflasyon

An inflation measure that excludes food and energy prices, which tend to be volatile. It is used to observe the underlying trend in price changes.

Correlation · Korelasyon

A statistical measure, ranging from -1 to +1, of how closely two assets or sectors move together. Low or negative correlation between holdings is a key ingredient of diversification.

Coupon Rate · Kupon Oranı

The fixed annual interest rate a bond issuer pays, stated as a percentage of the bond's face value. It usually stays the same for the life of the bond, regardless of market price changes.

Credit Spread · Kredi Spreadi

The difference in yield between a corporate or other riskier bond and a government bond of similar maturity. It reflects the extra compensation investors demand for taking on default risk.

Current Ratio · Cari Oran

Current assets divided by current liabilities. It gauges whether a company has enough short-term resources, such as cash and receivables, to cover obligations due within a year.

Cyclical Sector · Döngüsel sektör

A group of industries whose sales and profits tend to rise and fall with the overall economy, such as manufacturing, travel, or discretionary consumer goods. Their results are generally more sensitive to economic expansions and slowdowns.

Data Revision · Veri Revizyonu

A later update to a previously published economic figure as more complete information becomes available. Payrolls and GDP, for example, are routinely revised after their initial release.

Debt-to-Equity Ratio (D/E) · Borç/Özkaynak Oranı

Total debt, or total liabilities depending on the definition, divided by shareholders' equity. It indicates how much a company relies on borrowing versus owners' capital to finance its assets.

Defensive Sector · Defansif sektör

A group of industries, such as utilities, health care, and consumer staples, whose demand tends to stay relatively stable regardless of economic conditions. Their earnings are generally less sensitive to the business cycle.

Delta · Delta

An option measure showing how much the option's price is expected to change for a one-unit move in the underlying asset's price. Call deltas range from 0 to 1, put deltas from 0 to -1.

Diluted EPS · Seyreltilmiş EPS

Earnings per share calculated as if all convertible securities, stock options, and warrants were exercised, increasing the share count and generally lowering the per-share figure.

Diversification · Çeşitlendirme

Spreading investments across different assets, sectors, or regions so that a decline in any single holding has a smaller effect on the whole portfolio. It aims to reduce, but cannot eliminate, overall risk.

Dividend Yield · Temettü Verimi

Annual dividends per share divided by the share price. It expresses the cash income from dividends as a percentage of the stock's current price.

Dot Plot · Nokta Grafiği

A chart published by the Federal Reserve showing each FOMC participant's projection for the federal funds rate at the end of upcoming years. Each dot represents one official's view.

Drawdown · Geri çekilme (drawdown)

The decline in the value of an investment, sector, or portfolio from its previous peak to a subsequent low, usually expressed as a percentage. The largest such decline over a period is called the maximum drawdown.

Duration · Durasyon

A measure of how sensitive a bond's price is to changes in interest rates, expressed in years. The longer the duration, the more the price tends to move when rates change.

Earnings Beat · Beklenti Üstü Kâr

A result in which a company's reported earnings exceed the consensus estimate for that period.

Earnings Call · Bilanço Telekonferansı

A conference call, usually held soon after an earnings release, in which company executives discuss results and outlook and answer questions from analysts.

Earnings Guidance · Şirket Öngörüsü (Guidance)

Management's own projections of future financial figures, such as revenue or earnings per share, often given as a range for an upcoming quarter or fiscal year.

Earnings Miss · Beklenti Altı Kâr

A result in which a company's reported earnings fall short of the consensus estimate for that period.

Earnings per Share (EPS) · EPS (Hisse Başına Kâr)

A company's net income divided by its number of outstanding shares. It expresses profit on a per-share basis and is a key input for the price-to-earnings ratio.

Earnings Preannouncement · Erken Sonuç Duyurusu

A company statement issued before the scheduled earnings release that signals results will differ materially from prior guidance or expectations.

Earnings Release · Finansal Sonuç Duyurusu

A press statement in which a company publishes its results for a reporting period, typically including revenue, net income, earnings per share, and often management commentary or guidance.

Earnings Season · Bilanço Dönemi

The weeks after each calendar quarter ends, when most publicly traded companies report their quarterly financial results. Market attention often centers on how reported figures compare with expectations.

Earnings Surprise · Kâr Sürprizi

The difference between a company's reported earnings and the consensus estimate, expressed in absolute terms or as a percentage. It can be positive or negative.

EBITDA · FAVÖK

Earnings before interest, taxes, depreciation and amortization. It is a rough gauge of operating profitability that leaves out financing costs, taxes and certain non-cash expenses. It is not the same as cash flow.

Enterprise Value (EV) · Firma Değeri (FD)

A measure of a company's total value that adds debt to market capitalization and subtracts cash. It approximates what it would cost to acquire the whole business, including its obligations to lenders.

Equal-Weight Index · Eşit ağırlıklı endeks

An index in which every constituent carries the same weight regardless of its company size. Comparing it with a market-cap-weighted version shows whether gains are broad or concentrated in the largest companies.

Estimate Revision · Tahmin Revizyonu

A change an analyst makes to a previous forecast, such as raising or lowering an earnings-per-share estimate, often following new company information or guidance.

EV/EBITDA · FD/FAVÖK

A ratio comparing enterprise value to EBITDA. It includes debt and excludes differences in taxes and depreciation, so it is often used to compare companies with different capital structures.

Federal Funds Rate · Federal Fon Oranı

The interest rate at which US banks lend reserves to each other overnight. The Federal Reserve sets a target range for this rate, and it is the main tool of US monetary policy.

FOMC · FOMC

The Federal Open Market Committee, the Federal Reserve body that sets US monetary policy, including the federal funds rate target. It holds eight scheduled meetings per year.

Forward Earnings · İleriye Dönük Kâr

Projected earnings for a future period, usually the next twelve months or fiscal year, typically based on analyst estimates or company guidance.

Forward Guidance · İleriye Yönelik Yönlendirme

Communication by a central bank about the likely future path of its policy, such as interest rates. It aims to shape market expectations before any actual policy change takes place.

Free Cash Flow (FCF) · Serbest Nakit Akışı

Cash generated by operations minus capital expenditures. It represents the cash a company has left to repay debt, pay dividends, buy back shares or reinvest.

Gross Domestic Product (GDP) · Gayri Safi Yurt İçi Hasıla (GSYH)

The total market value of all final goods and services produced within a country over a period. US GDP is reported quarterly, usually as an annualized growth rate.

Gross Margin · Brüt Kâr Marjı

Revenue minus the cost of goods sold, expressed as a percentage of revenue. It shows how much of each sales dollar remains after direct production or purchasing costs.

Hedging · Riskten Korunma

Taking a position, often with options or futures, that is intended to offset potential losses in another holding. Hedging reduces risk but typically involves a cost or limits potential gains.

Historical Volatility · Tarihsel Volatilite

A measure of how much an asset's price has actually fluctuated over a past period, usually calculated as the annualized standard deviation of its returns.

Implied Volatility · Örtük Volatilite

The level of future price fluctuation that is implied by an option's current market price. Higher implied volatility means options are priced for larger expected moves in the underlying asset.

Initial Jobless Claims · İlk Kez İşsizlik Maaşı Başvuruları

The number of people filing for unemployment benefits for the first time, reported weekly. It is a timely indicator of layoffs in the labor market.

Initial Public Offering (IPO) · Halka Arz

The first sale of a private company's shares to the public, after which the shares begin trading on a stock exchange.

Inverted Yield Curve · Ters Getiri Eğrisi

A situation in which short-term bonds yield more than long-term bonds, the reverse of the usual pattern. It is widely watched because it has historically appeared before some economic slowdowns.

Labor Force Participation Rate · İşgücüne Katılım Oranı

The percentage of the working-age population that is either employed or actively seeking work. It helps explain changes in the unemployment rate.

Limit Order · Limit Emir

An instruction to buy at or below, or sell at or above, a specified price. It controls the price paid or received but may be filled only partially or not at all.

Liquidity · Likidite

How easily an asset can be bought or sold quickly without significantly moving its price. Highly liquid stocks usually have high trading volume and narrow bid-ask spreads.

Market Breadth · Piyasa Genişliği

A measure of how many stocks are participating in a market move, comparing the number of rising and falling issues. Broad participation versus narrow leadership by a few large stocks is a common distinction.

Market Capitalization · Piyasa Değeri

The total market value of a company's outstanding shares, calculated as share price multiplied by shares outstanding. Commonly used to classify companies as large-, mid- or small-cap.

Market Maker · Piyasa Yapıcı

A firm that continuously quotes both buy and sell prices for a security and stands ready to trade at them, helping provide liquidity and earning largely from the bid-ask spread.

Market Order · Piyasa Emri

An instruction to buy or sell immediately at the best available price. It prioritizes speed of execution, so the final fill price can differ from the last quoted price.

Monetary Policy · Para Politikası

Actions a central bank takes to influence interest rates, money supply and credit conditions. In the US, the Federal Reserve pursues maximum employment and stable prices, including a 2% inflation target.

Month-over-Month Change · Aylık Değişim

The percentage change in a data series compared with the previous month. Many macro releases, such as CPI and retail sales, report it alongside year-over-year figures.

Net Debt · Net Borç

Total debt minus cash and cash equivalents. It shows a company's borrowing after accounting for liquid funds that could pay it down. A negative figure means cash exceeds debt.

Net Profit Margin · Net Kâr Marjı

Net income divided by revenue, after all expenses including interest and taxes. It shows what share of total sales ends up as bottom-line profit.

Nonfarm Payrolls · Tarım Dışı İstihdam

The monthly change in the number of paid US workers, excluding farm workers, private household employees and a few other groups. It is a headline figure in the monthly employment report.

Open Interest · Açık Pozisyon

The total number of outstanding options or futures contracts that have not yet been closed, exercised, or expired. Unlike volume, it shows how many positions remain open.

Operating Margin · Faaliyet Kâr Marjı

Operating income divided by revenue. It reflects profitability from core business activities after production costs and operating expenses such as wages, rent and marketing, but before interest and taxes.

Option Premium · Opsiyon Primi

The price a buyer pays the seller for an option contract. It reflects the option's intrinsic value plus time value, which is heavily influenced by implied volatility.

Options Expiration · Opsiyon Vade Sonu

The date on which an options contract ends and must be exercised or allowed to lapse. Dates when many contracts expire at once can coincide with elevated trading activity.

Overweight · Endeks üstü ağırlık (overweight)

A position in which a portfolio holds a larger share of a sector or stock than its weight in the benchmark. The term describes the relative size of the holding compared with the reference index.

PCE Price Index · PCE Fiyat Endeksi

The Personal Consumption Expenditures price index tracks price changes across goods and services bought by households. The Federal Reserve uses it to define its 2% inflation target.

Pre-Market Trading · Seans Öncesi İşlemler

Trading that takes place before the regular session opens, through electronic networks. It typically has lower volume, wider spreads and larger price swings than regular hours.

Price-to-Book Ratio (P/B) · Piyasa Değeri/Defter Değeri Oranı (PD/DD)

Share price divided by book value per share. It compares the market's valuation of a company with the accounting value of its net assets.

Price-to-Earnings Ratio (P/E) · Fiyat/Kazanç Oranı (F/K)

A valuation ratio that divides a company's share price by its earnings per share. It shows how much investors pay for each dollar of profit and can use past (trailing) or estimated (forward) earnings.

Price-to-Sales Ratio (P/S) · Fiyat/Satış Oranı (F/S)

Market capitalization divided by annual revenue, or share price divided by sales per share. Because revenue is rarely negative, it is often used for companies with little or no profit.

Producer Price Index (PPI) · Üretici Fiyat Endeksi (ÜFE)

A monthly measure of the average change in selling prices received by domestic producers for their output. It reflects price pressures earlier in the supply chain than consumer price measures.

Purchasing Managers' Index (PMI) · Satın Alma Yöneticileri Endeksi (PMI)

A survey-based monthly index of business conditions in manufacturing or services. A reading above 50 indicates expansion and below 50 indicates contraction.

Put Option · Satım Opsiyonu

A contract giving the buyer the right, but not the obligation, to sell an underlying asset at a set price before or on a specified date. Puts are commonly used for hedging.

Put/Call Ratio · Put/Call Oranı

The volume or open interest of put options divided by that of call options over a given period. It is used as a gauge of whether options traders are positioned more defensively or more optimistically.

Quantitative Easing · Parasal Genişleme

A policy in which a central bank buys large amounts of government bonds or other securities to lower longer-term interest rates and add money to the financial system.

Quantitative Tightening · Parasal Sıkılaştırma

The reverse of quantitative easing: a central bank shrinks its balance sheet by selling bonds or letting them mature without reinvesting, which reduces money in the financial system.

Quarterly Report (Form 10-Q) · Çeyreklik Rapor (10-Q)

A filing that US public companies submit to securities regulators for each of the first three fiscal quarters, containing unaudited financial statements and management discussion.

Real GDP · Reel GSYH

GDP adjusted for changes in the price level, so it reflects changes in actual output rather than inflation. It is the standard basis for measuring economic growth.

Real Interest Rate · Reel Faiz Oranı

An interest rate adjusted for inflation, roughly the nominal rate minus the inflation rate. It shows the change in purchasing power a lender actually receives.

Rebalancing · Yeniden dengeleme

Adjusting a portfolio or index back to its target weights after market movements have shifted the allocation among assets or sectors. It may be done on a fixed schedule or when weights drift beyond set limits.

Regular Trading Hours · Normal İşlem Seansı

The main session during which major US stock exchanges operate, from 9:30 a.m. to 4:00 p.m. Eastern Time on business days. Most daily trading volume occurs in this window.

Relative Strength · Göreceli güç

A comparison of how a stock or sector has performed against another asset or a benchmark over the same period. It is often shown as a ratio line that rises when the asset outperforms and falls when it lags.

Retail Sales · Perakende Satışlar

A monthly measure of total receipts at retail and food service stores. It is a timely indicator of consumer spending, a major component of the US economy.

Return on Equity (ROE) · Özkaynak Kârlılığı (ROE)

Net income divided by shareholders' equity. It measures how much profit a company generates with the capital its owners have invested. High debt levels can inflate it.

Seasonal Adjustment · Mevsimsellikten Arındırma

A statistical technique that removes recurring calendar patterns, such as holiday shopping, from economic data. It makes figures from different months easier to compare.

Sector Rotation · Sektör rotasyonu

The movement of investor money from one group of industries to another, often linked to changing economic conditions, interest rates, or market sentiment. It is observed by comparing how different sectors perform over the same period.

Sector Weighting · Sektör ağırlığı

The share of an index or portfolio allocated to a particular sector, expressed as a percentage of the total value. It shows how much a sector's performance can influence the overall result.

Standard Deviation · Standart Sapma

A statistical measure of how widely returns are spread around their average. In finance, it is the most common way to quantify volatility.

Stock Exchange · Borsa

A regulated marketplace where buyers and sellers trade listed securities, such as stocks, under set rules for listing, trading and disclosure.

Stock Market Index · Borsa Endeksi

A statistical measure that tracks the combined price performance of a defined group of stocks to represent a market or segment. Constituents may be weighted by market value, by price or equally.

Stop-Limit Order · Stop-Limit Emir

An order that, once a trigger price is reached, becomes a limit order rather than a market order. It sets a price boundary but may go unfilled if the price moves past the limit.

Strike Price · Kullanım Fiyatı

The fixed price at which the holder of an option can buy (call) or sell (put) the underlying asset.

Ticker Symbol · Hisse Kodu

A short, unique combination of letters assigned to a publicly traded security to identify it on an exchange and in price quotations.

Total Return · Toplam getiri

The full gain or loss on an investment over a period, combining price change with income such as dividends or interest, usually assuming that income is reinvested. It gives a more complete picture than price change alone.

Tracking Error · İzleme hatası

A measure of how much a portfolio's returns vary from its benchmark's returns over time, usually calculated as the standard deviation of the return difference. A higher value means performance diverges more from the benchmark.

Trading Volume · İşlem Hacmi

The number of shares traded in a security or market during a given period, such as a day. It reflects trading activity and is often analyzed alongside price movements.

Trailing Twelve Months (TTM) · Son On İki Ay (TTM)

A measurement period covering the most recent twelve consecutive months of reported data, commonly used to show earnings or revenue on an annual basis regardless of fiscal year-end.

Treasury Securities · ABD Hazine Menkul Kıymetleri

Debt issued by the US government, including short-term bills, medium-term notes and long-term bonds. Their yields serve as a common benchmark for other interest rates.

Underweight · Endeks altı ağırlık (underweight)

A position in which a portfolio holds a smaller share of a sector or stock than its weight in the benchmark. The term describes the relative size of the holding compared with the reference index.

Unemployment Rate · İşsizlik Oranı

The share of the labor force that is jobless but actively looking for work. It is reported monthly alongside payroll data.

VIX · VIX

An index derived from option prices on a broad US large-cap stock index that estimates the market's expected volatility over the next 30 days. It is often called the market's 'fear gauge.'

Volatility Skew · Volatilite Çarpıklığı

The pattern in which options on the same asset and expiration show different implied volatilities across strike prices. In equities, lower-strike puts often carry higher implied volatility, reflecting demand for downside protection.

Whisper Number · Fısıltı Tahmini (Whisper Number)

An unofficial earnings expectation circulating among market participants that may differ from the published consensus estimate.

Working Capital · Net İşletme Sermayesi

Current assets minus current liabilities. It shows the short-term funds available to run a company's day-to-day operations.

Year-over-Year Growth · Yıllık Bazda Büyüme

The percentage change in a metric, such as revenue or earnings, compared with the same period one year earlier, which helps reduce seasonal distortions.

Yield Curve · Getiri Eğrisi

A line showing the yields of bonds with similar credit quality but different maturities, typically government bonds. Its shape reflects market expectations about future interest rates, growth and inflation.

Yield to Maturity · Vadeye Kadar Getiri

The total annualized return a bond would deliver if bought at its current price and held until it matures, assuming all coupon payments are made as scheduled and reinvested at the same rate.