Securities and Advisory Services offered through First Allied Securities, Inc., A Registered Broker Dealer, Member FINRA/SIPC. An Advanced Equities Company.

• Last split
  After a stock split, the number of shares distributed for each share held, and the date of the distribution.
  
  
• Leading economic indicators
  A set of ten economic indicators that tend to rise or fall before the rest of the economy. Indicators include building permits, stock prices, real money supply, and vendor performance.
  
  
• Lease
  A long-term rental agreement, or a form of secured long-term debt.
  
  
• Lessee
  A person or organization that leases an asset from another.
  
  
• Lessor
  A person or organization that leases an asset to another.
  
  
• Leverage
  The use of fixed-rate debt financing to try to boost an investment's rate of return.
  
  
• Leveraged buyout (LBO)
  A strategy used to take a public corporation private financed through the use of debt funds (bank loans and bonds).
  
  
• Liabilities
  Claims against a corporation.
  
  
• Limit order
  An order to buy or sell a security at a customer's specified price or customer's order to buy or sell a specified number of shares of a security at a specific price.
  
  
• Line of credit
  A borrower receives a specified amount of unsecured credit for a specified period of time.
  
  
• Liquidation
  The process of selling off assets and paying creditors and shareholders after terminating a firm's business. Converting securities or property into cash.
  
  
• Liquidity
  The liquidity of a stock is the ease with which the market can absorb volume buying or selling without dramatic fluctuation in price.
  
  
• Listed stock
  A stock traded on an exchange.
  
  
• Load
  A sales charge associated with some mutual funds.
  
  
• Locked in
  Because of capital gains tax consequences, an investor does not sell a profitable investment.
  
  
• Long
  Stock ownership. One who has ownership of securities is in a 'long position.'