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Zacks Estimate System
A service by Zacks Investment Research of Chicago which compiles earnings estimates and brokerage buy/hold/sell recommendations from more than 200 Wall Street research firms covering more than 4,500 stocks. Zacks tracks the number of analysts following each stock, how many analysts have raised or lowered their estimates and the high, low and average earnings estimated for each quarter and fiscal year. Zacks provides a multiple selection of data bases, print reports, and software for institutional and individual investors.

Zero Downtick
A sale that takes place at the same price as the previous sale but at a price lower than the last different price. For example, if a security trades at $40, $39 and $39, the last traded price was made at a zero-minus tick because it was made at the last traded price but at a price lower than the last different price. This is also referred to as a zero-minus tick.

Zero Uptick
A sale that takes place at the same price as the previous sale but at a price higher than the last different price. For example, if a security trades at $40, $41 and $41, the last traded price was made at a zero-up tick because it was made at the last traded price but at a price higher than the last different price. This is also referred to as a zero-plus tick.

Zero-Coupon Government Bonds
Government bonds that are purchased at a deep discount and pay no cash dividend, unlike regular bonds.

Zero-coupon Security
Refers to a security that is sold at a deep discount price and makes no periodic interest payments. Income is earned from the gradual appreciation of the security, which is redeemed at face value on a specified maturity date.

Zero-minus Tick
A sale that takes place at the same price as the previous sale but at a price lower than the last different price. For example, if a security trades at $40, $39 and $39, the last traded price was made at a zero-minus tick because it was made at the last traded price but at a price lower than the last different price. This is also referred to as a zero downtick.

Zero-plus Tick
A sale that takes place at the same price as the previous sale but at a price higher than the last different price. For example, if a security trades at $40, $41 and $41, the last traded price was made at a zero-plus tick because it was made at the last traded price but at a price higher than the last different price. This is also referred to as a zero uptick.

Zero-sum Game
A game in which the losses of the losers are matched by the gains of the winners. Futures and options trading are zero-sum games because for every investor holding a profitable contract there is another investor holding a losing contract. While the total amount of wealth held by all traders in zero-sum games remains the same, the wealth is shifted from some traders to other traders.

Zeta
The percentage change in an options price per 1% change in implied volatility.

Zigzag
In a bull market, an Elliott 3-wave pattern that subdivides into a 5-3-5 pattern with the top of wave B noticeably lower than the start of wave A. In a bear market, this pattern will be inverted.

Zombies
Refers to companies that continue operations even though they are insolvent and bankrupt. These companies may also be referred to as living dead or brain dead.

Zurich Stock Exchange
The largest of three Swiss stock exchanges. The Geneva, Basel and Zurich exchanges operate simultaneously and are linked by computers that allow orders to be executed on any of the three exchanges. Trading is by open outcry.

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