2011. december
2011. dec. 13.
#25
The main difference between the Beats by Dr. Dre Solo headphones and the Monster Beats by Dr. Dre headphones seems to be, for lack of a better word, update. Monster Beats has a better audio quality and is more stylish version of it's predecessor, but if money is your main concern then read this comparison review between the Beats Solo and Monster Beats.Beats by Dr. Dre Studio High Definition Powered Isolation Headphones (Kobe Bryant Limited Edition) is arrived on beatsbydreseller.com, and it is only $199.
The Beats by Dr. Dre Solo headphones does have a pretty slick and stylish design (the beats logo is on the side). The ear muffs are incredibly comfortable. They're "on ear" muffs and are more compact than the original Beats headphones. They have soft padding and a pivot easily and pretty securely. It's constructed much like the Logitech's ClearChat, with sturdy metal coated in soft plastic with some padding at the top to help with comfort. After about an hour and a half, it started to get a little uncomfortable.
Unfortunately the audio is just not that great. It sounds a bit inaudible and even mushy. This is most likely due to over-super-powering low end. Anything that's heavy on the beat isn't probably going to sound good with these headphones. Soft music sounded great, however.
The Monster Beats Dr. Dre headphones are much more stylish than the Beats headphones. The headband is thick and glossy and is also padded at the top for comfort. The Beats logo on the headphones actually acts like a mute button with the on and off switch for the noise canceling feature right underneath (which have to be used in order to use the headphones).
The ear the cuffs are "on ear" as well and are pretty comfortable. The sound quality is a more stable and crisp than the Beats headphones (actually the sound is shockingly clear). The bass definitely moves but the Monster Beats by Dr. Dre headphones are more balanced. Heavy based headphones normally add unclear audio quality but these sound really good. The headphones do leak however, so people will definitely hear the audio.
In the end if dollar amounts are a big deal, the Beats by Dr. Dre headphones might be for you - but I don't think the sound quality is worth the money. On the other hand, the Monster Beats by Dr. Dre headphones are very
clear sound quality and look even more stylish than the Beats Solo headphones. If you're going to spend this kind of money, you might as well save it for the Monster Beats headphones.
At end , the prices:
Beats by Dr. Dre Studio: Offical price is $349.95, and beatsbydreseller price is В $159
Beats Solo HD : В В В В В В В offical price is $229.95, and beatsbydreseller price is $189.
2011. dec. 13.
#24
"Let's barbecue!" I said to Vivian.
Silence.
Hello, hello?
I knew the source of this lack of enthusiasm. The last time we cooked together, I stood over the grill drinking beer while she chopped vegetables for an hour.
"Are these pieces small enough?" she asked.
"Smaller."
"How about now?"
"The book says 'finely diced'. That looks more like 'coarsely diced'."
"You tell Bobby Flay to go fry himself!" she yelled.
Bobby Flay is the chef/ author of "Boy Meets Grill", my grilling Bible. It has dishes like "Grilled swordfish tostada with black bean and mango salsa" or "Barbecued ribs with chipotle-peanut sauce and corn-tomatillo relish."
When my dad ran the barbecue he cooked burgers and hotdogs. A few times he cooked chicken- on special occasions. The only way a swordfish would have appeared on our grill would be if he walked out of the ocean and jumped up there himself shouting, "Goodbye cruel world!"
To my dad the whole art of barbecue centered on the stacking of the briquettes. He claimed he learned briquette stacking from a Shaolin monk he met on the side of the road while traveling through the Orient. He followed the monk to a monastery and ended up spending six months there. He learned martial arts, calligraphy and how to stack briquettes. He would stack them in a pyramid like cannon balls. Then he wetted them precisely with lighter fluid. He then struck one, and only one, match and applied it to strategic positions in the pyramid for uniform burning.
My method is more direct. I pour the briquettes into a pile that resembles a sample left over by the horse in front of you during trail rides at summer camp. I pour half a can of lighter fluid on top. Then I light a match and throw it at the grill. As the match arcs in the air I run for cover by jumping into a concrete bunker. After a deafening explosion I look up to see the flames leaping in the air, setting the surrounding trees on fire. The briquettes are grey in 22 seconds.
I was tired of hamburgers. Vivian and I settled on "Grilled Chicken Cobb Salad with Smoked Chile- Buttermilk Dressing." First we had to go to the store for real food. I live alone. The only thing in my fridge was an Amstel Light that somehow evaded consumption by sneaking into a shelf on the refrigerator door.
This dish called for a special barbecue sauce made from scratch. Seems alright until you can't find the ingredients at the grocery. I couldn't find the ancho chile powder or pasilla chile powder anywhere. Why do you need two kinds of chile powder, anyway?
Looking closer at the fine print in the cookbook, it did say that these chile powders are available by mail order from Kitchen Market in New York. "Dinner is going to be little late, folks, we have to wait a few days for the chile powder to arrive from New York."
But the biggest problem was the avocados. The book said:
"4 avocados, peeled, halved, and thinly sliced."
There was a color picture of the salad with beautiful avocado slices on top. Easy! Unfortunately, Vivian wouldn't attempt to cut them because she said she had never seen them before in her home country of China. It sounded dubious that someone had never seen an avocado but then again, there are probably things in China I have never seen before.
So I tackled the avocados. The book said "peeled" so I began to peel them like a potato. But the meat stuck to the skin and so I was "peeling" half an inch deep. Having completed this damage, I attempted to "half" them. The knife ran into the seed in the middle. An avocado seed is the size of a racquetball. It wouldn't just pop out so I tried to cut all around it and pull one half off. But avocado kind of sticks, so to get the seed out I had to pry it out with my fingers. Avocado was all over my hands. The remaining halves were just lumpy clumps. I tried to slice them like in the book but they became smaller lumpy clumps. Finally I just scraped all the clumps on top of the salad and tried to spread it around like hard butter.
I told my mangled avocado story to some people at work. They told me there is a secret to avocado opening. You don't peel it first. First you cut it in half. Then you expose the racquetball in the middle and whack it with your knife. A quick flick of the wrist will pop it right out. Then you slice the halves nice and neat. Then you easily separate each little slice from its skin. That way it looks like the picture in the book.
Right.
(c) Joe Ditzel
2011. dec. 13.
#23
I like the hinge of these Dr Dre in ear Headphones because they are comfortable as heck. I can adjust them to a certain extent. I kind of feel limited in this area but it's not really a big deal since I don't have a big head. The Beats By Dr Dre phones are some what tight on my ears which bothers me at times. The allies of Zionism should know this," said the Monster Beats Studio message, which stayed on the Web sites for about six hours on Thursday. "Dreams of destroying the foundation of the family will lead straight to the graveyard."В It only bothers me because my ears get to sweating and so I have to take them off for a while. My favorite feature is the built in microphone. I am able to hook this up to my iphone and listen to my music without worrying about missing a phone call. The Iranian authorities appear to be particularly unnerved by the Beats By Dre Headphones entrance of Mr. Murdoch, who is not just an aggressive businessman but also a politically active one. If I just so happen to get a call, then all I have to do is push the mute button and talk, I can talk through the built in microphone. beats by dre This week, a long-running campaign led by the Iranian government to undermine the channel, Farsi1, took a menacing turn: A group calling itself the Monster Dr Dre Headphones, as well as several sites owned by the Mohseni family, and posted a cryptic but sinister warning.It's not unlike the way a remote control works. The problem with this is that the signal is line of sight, which means that it moves in a straight line and it cannot be interrupted by anything, even a person walking by.
2011. dec. 13.
#22
"The stress-free way to enjoy the holidays is to plan, take one step at a time, and have a sense of humor.” Beth Tabak
Can you feel the holiday jitters beginning? Suddenly there it is right around the corner. Relax! Take time to plan well today and ease into the holidays with a big smile. Grab your journal and pen, and let’s get started.
1- Reminisce over previous holidays- In your journal create two columns and label them What Works and Not That Again. Under What Works list activities that come naturally, bring you joy, and ease into place. Under Not That Again list challenges. Jot down energy draining activities that bring you down. What changes will you make to delegate, dump, or modify the items in the Not That Again column and embrace more of what is in the What Works column?
2- Choose a theme that motivates you- What is most important this holiday? Base your theme on that. If you want to cut out traveling consider “Home for the Holidays”. If your budget is tight ponder “Simply Sensational”. Your theme keeps you focused. One that honors your spirituality could be "Faith and Family First". Or choose a favorite quote such as Mahatma Gandhi's “Be the Change You Wish to see in the World”. Be creative, have fun, and write it down.
3- Set your top 4 priorities- Base them on what you really want which connects with your theme. Get crystal clear. Write them down. When you know your priorities you are able to respond easily to a request and set boundaries. When someone asks you to get involved look at your priorities and see if it serves them. If it does, consider it. If not, the answer is likely no.
4- Create a Map- If you took a big trip without planning you would likely get lost, waste time, and experience anxiety. It makes sense to plan at the holidays when so many areas of our lives are affected: time, energy, personal care, relationships, physical environment, and finances. Consider creating a task list thru the end of the year. It takes a block of time but saves time and stress. It will rescue you from running in circles, going back and forth to the same place, and trying to remember what is next. In the past I have had hundreds of items on my task list. No wonder we get stressed when we attempt to keep it in our heads.
Here's a tool to help. Pick up a holiday task list at the website below or create your own. On your computer create a chart with 4 columns. Use your theme for the header. Under your theme list your priorities horizontally. Label the columns in a way that is helpful to you. I use Business, Personal, Holiday, and Need List. Use small font and minimal margin space to fit as many rows as possible. Print your map. List your tasks and add on as they come to you. Keep your map with you at all times. Schedule blocks of time to carry out the tasks. Have fun and build momentum as you make progress. Remember to save it for next year.
5- Simplify- Every task must be handled. You can do it, delegate it, or dump it. Eliminate what does not serve your priorities. What can you get help on? Get rid of those items on your Not That Again list. Hire out when possible. Ask guests to bring a dish instead of you doing it all. Get your family involved and remember that things do not have to be perfect. Let go! This will give you the freedom to embrace what you truly enjoy this season.
6- Set a budget- Develop a budget that feels good. There are lots of ways to have a special holiday without adding stress to the budget. Show people they are appreciated. Plan family fun and activities. Let someone know what is special about them in a card, letter, cassette, or video. Be creative. Hide gifts, wrap up boxes with little clues inside, and let the kids have a scavenger hunt. Don't let a tight budget steal your joy. Make it fun and begin 2007 stress-free.
7- Set boundaries- Decide now what you will not tolerate. Write it down. Remember your Not That Again list? Is there someone who ropes you into things you don't want to do? Have the conversation that is overdue. Be compassionate, and no is no. If someone keeps asking after you have said no they are trying to control you. Setting boundaries is about educating others on how they can treat you. Is there someone you need to educate?
8- Schedule time for planning and yourself- When is a good time to update your plan? When can you take time for you? Put it on your calendar each week thru the end of the year. Keep the appointments. Add this line to your day timer as a reminder: "I have an appointment in honor of myself this _________ (day) at __:__ (time) to do something special for me because I sooooooo deserve it!"
9- Give in a way that gives you joy vs. obligation- When you give in a way that comes naturally, you stay authentic to yourself. Thereby, you are able to share your own special gifts with others. When you are doing what you love, life clicks. If there is a situation you are dreading, think about how you can tweak it to handle it in a way that would bring you more joy.
10- Take action now- Begin today so that you are tying up your last bows well before the pitter patter of hoofs on the rooftop. Keep your holiday journal and map close at hand. The sooner you complete your tasks, the sooner you can prop your feet up, sip your favorite hot beverage, and enjoy the atmosphere you created this season!
What I want for you is to take the first step...Starting Now!
Please send your thoughts and comments. I would love to hear from you. Copyright 2002 (Revised 2006), Beth A. Tabak. All rights reserved.
2011. dec. 13.
#21
About the diameter of a human finger, the spinal cord is connected to the brain and is an important part of the human anatomy. The vertebral column protects the spinal cord as it descends along the middle of the back. The Cerebral Spinal Fluid is responsible for protecting the nerve fibres from damage due to friction or impact with the vertebrae. The spinal cord itself, along with the brain forms the central nervous system of the body. These are the parts which a spinal cord diagram will indicate to you.
Regions and Spinal Nerves
A spinal cord diagram will show you 4 distinct regions. These are the cervical region, thoracic region, the lumbar region and the sacral region from top to bottom. The cervical region is connected to the eye, lachrymal glands, sweat glands, hair follicles, blood vessels of arms, head and neck and salivary glands. The cervical nerves are also connected to biceps, deltoids, wrist extenders, hand and triceps. The thoracic region is connected to heart, lungs, stomach, duodenum, pancreas, liver and kidney. The thoracic nerves are also connected to chest muscles and abdominal muscles. The lumbar region is connected to rectum, bladder, colon and external genitalia. The lumbar nerves are connected to the leg muscles. The sacral region is connected to blood vessels of lower limbs and perineum, hair follicles and sweat glands.
Numbering System
Another thing you will observe on a spinal cord diagram is the spinal cord level numbering system which is similar to that of the vertebrae. The spinal cord ends at the conus medullaris near the lumbar nerves referred to as L1 and L2. All in all there are 31 spinal nerve pairs which branch off to various parts of the body. Spinal nerves leaving from the spinal cord are numbered based on the vertebra at which they exit the spinal column.
A spinal cord diagram will therefore show nerves C1 – C8 which are related to the upper aspects of vertebral organisms. Similarly there is T1 – T12, where T4 spinal nerve is on level with the nipple line while T6 is level with the sternum bottom. T10 is level with the abdomen while T12 is level with pubic bone. Then there are lumbar nerves L1 – L5 whose sensation is over the legs. The Sacral nerves are numbers S1 – S5. The perineal genital area sensation is related to S3, S4 and the S5 nerves.
2011. dec. 13.
#20
Introduced to DJ's and radio staff in 1919, the headphone was created. Primitive early earphones covered the entire outer ear and appeared to be quite heavy, even with the headband made to reduce the minor discomfort. Users of these early headsets understood that putting on these types of contraptions for long periods of time would cause painful ears, extreme sweating from the ears, and even some severe headaches.
Thank goodness, today's headphone's have made great strides! Modern headphones tend to be an important part of an electronic marketplace that changes consistently. It isn't uncommon for yesterday's trendy headphone to become today's old news. It's fascinating to check out these fast-paced marketplace developments; specifically just after knowing that it all began with headphones that could jolt an user for trying to adjust it to be more comfortable.In case you are interested in headphones today, you can find a large variety of headphones that incorporate cutting-edge technologies. From very small earbuds to high-priced, noise-canceling headphones, there are headphones to fit every purpose and every situation. So let's take a look at these two types of headphones to find out just what exactly can be right for you.
The 3rd headphone design that a lot of people may possibly have encountered would be the pot or "can" design. These headphones are generally referred to as circumaural because their speakers fit close to the ear, entirely surrounding it. These are an exceptional selection for headphone comfort and quality of audio. Circumaural headphones appear as possibly open or sealed cups. The two designs are available with advantages and disadvantages. If you're looking for an listening experience like that with the noise-canceling headphones, then you certainly may possibly want to look at sealed earcups. They're really superior at keeping external sounds out and provide maximum listening enjoyment for anyone looking to filter out the world. The sound quality given by closed ear cups isn't as organic as a set of open ear cups.
These days, nonetheless, producers have created these earphone much more comfy, creating these in-ear headphones to become even a lot more compact. They're made with gentle, pliable rubber padding which molds to most ears. Because of new advances in elements used to make them, these varieties of very small earpieces remain within your ears far better, and therefore are much more natural. You can uncover this technology within earbuds supplied by Bose, JVC, Senheiser, and numerous additional suppliers.
With regard to certain folks that don't love to fly, the whine of aircraft propulsion is all it normally takes to skyrocket their stress and anxiety! For company people who take airline journeys every week, on the other hand, this continual white audio can pose really genuine risks to their hearing over time. Noise-canceling headphones, consequently, are a fantastic asset for people who travel on airplanes often.
Two types of these are on the market - passive and active sound-reducing headphones. Passive noise-reduction headphones are frequently a far more comfortable throwback to the old-fashioned headphones that go over the whole ear. The key element to these passive designs always keeping out ambient sound is how they're insulated.
Rather than insulation, headphones with active noise reduction engineering use a noise-reducing sound approach that cancels out the existing background noise. Active noise-reduction earphones are generally a lot more productive at eliminating white noise and guarding hearing, but passive noise-reduction headphones often also block out a wide array of noises – not merely the drone from the airplane engines, but also the screaming babies, the chit chat, plus the incessant "ding!". It is possible to get active noise canceling in-ear earphones, but passive noise reduction engineering isn't on the market in in-ear earphones.
Since many individuals are wearing them these days, not simply sound clarity, but looks can be really critical, too, and we're possibly spending a lot more to have what we prefer. People prefer their earphones to be as pleasing on the eye as the Audio players and ipods they're plugged into. Folks simply want a good quality product that's far more stylish, and are generally prepared to pay out much more to acquire it. In reality, aesthetically pleasing headphones will sell sooner than regular ones, though they are generally more expensive.
2011. dec. 13.
#19
Sound quality
All of us are unique and have different preferences when it comes to buying headphones. Dynamic-driver headsets and static-driver headphones are the two basic types of headphones. Although both types of headsets have a good sound quality, static headphones deliver better sound. If you are looking for an economical yet a decent quality option, dynamic headsets are the right choice for you. But if you are ready to shell out more pennies for exceptional quality of sound, static headphones or high-end models of dynamic headsets will be the best choice for you.
Headphones designs
In order to make a right choice, it is necessary to be informed about the various designs of headphones available in the market. You can choose the one that best suits your comfort level and interest. Sealed headphones are strong and heavy. They do not allow the external voices to disrupt your music and also avoid the sound leakage from your headset. Open air headphones are a lightweight option for those who are not very keen on blocking outside noises. Ear phones and canal phones are two other types of headphones available in the market.
Portability and comfort
Before you buy headphones, don't forget to take a trial by putting them on your ears. It is not just about the sound quality but also about comfort. Some headphones cause irritation or pain in the ears after sometime. They may also not fit into your ears comfortably. Make sure that you feel comfortable after wearing your selected headphones for a longer duration. Another important point is portability. More portable a headphone is, better it is for you. Open-air headphones, canal headsets, and ear-buds are popular as the most portable headphones. They are lightweight and can be easily carried anywhere you go.
Other points
Impedance of headphones is another point to consider before selecting a headset. Headsets with low impedance are more efficient in transforming the electrical energy into sound. You should also enquire about the sensitivity of the headsets before buying it. This is necessary to know the sound pressure these headphones will exert on your ears. Another criterion to choose a headphone is to select between a wire and wireless headset.
Information on all the above points should be gathered in order to buy a headset that best suits your requirements.
2011. dec. 13.
#18
>!-- homeTab End--convert/import htc evo 4g video to wmv mpg avi windows movie maker?
Took some videos with HTC Evo 4Gand want to import them to Windows Movie Maker? You'll need HTC EVO 4G video converter to convert mpeg-4(.mp4) file recorded from HTC EVO 4G to avi wmv mpg windows movie maker compatible format, movie maker doesn't import HTC EVO mpeg-4, HD MPEG-4 file format without conversion.
Best HTC EVO 4g video converter re-encode HD MPEG-4 to avi wmv, mpg for publish in Windows Movie Maker
AVI file or a Windows Media Video (WMV) file is your best choice in order to publish your movie in the Windows movie maker. HTC EVO 4g video converter helps convert HD mpeg-4(1080p), HD MP4(720p) and mp4 from HTC EVO 4G to HD( AVI, WMV, MPG)or standard avi mpg wmv depending on what format you plan to use to watch your movie.
HTC video to windows movie maker Converter is the quick and simple software to convert HTC Evo 4G, HTC Hero, HTC hd2, Desire and HTC Supersonic mp4 video to Windows Movie Maker WMV movie, with the HTC EVO 4G video converter, you can easily convert HTC Evo 4G video to avi ,wmv, mpg Windows Movie maker
How to convert and import video mp4 from HTC Evo 4G to Windows Movie maker step by step instruction
1. Free Download and run HTC Evo 4G video Converter Software
2. Hit Convert from top. Click Add to load HTC Evo mp4 Video.
3. Click Profile pull down list to select output video format.
Select WMV, AVI or MPG for import to Windows movie maker
Select mpeg-4(.mp4) foramt from Common Video list for upload video to HTC Evo 4G phone, or sync to iTunes, then to iPhone, iPod Apple TV.
Select .FLV to publish onto Youtube or Facebook.
Select .Mov format from Common Video list for play video with QuickTime
4. Click Start Button at the bottom of the Window to start WMM export to HTC Evo 4G Phone.
5. Click Open on the bottom middle to find the converted files.
2011. dec. 13.
#17
There are several products, which could be integrated with Microsoft Dynamics GP, where you have such WMS business logic as Order Fulfillment, Inventory Replenishment, Merchandise Count and Transfer between sites. В However you may need some features to be customized in existing Warehouse Management automation product or in WMS extensions for Dynamics GP. В Custom programming in such areas as Supply Chain Management, Retail/POS, Warehouse Automation might be too challenging, as you have to program Laser Barcode Scanners (such as call its driver functions, program batch level document scanning and following upload to Great Plains to give you few challenging areas) and other barcoding, WMS and POS devices. В Direct programming would be the most difficult if you pick external Warehouse Management System, which integrates to Dynamics GP via integration module or the set of connectors. В It might be a bit easier to tailor WMS logic, if you are taking the route of implementing WMS extensions for Dynamics GP, where programming could be done directly in Microsoft Dexterity in most of the cases, plus if WMS extensions has WMS client, running directly on the barcoding scanner, then the programming should be done accordingly on the micro OS level. В Now let's review WMS programming options:
1. External WMS and Custom Features. В Here you have some of the structural communication dilemma, as external WMS is typically purchased directly through its Software Development Company, while Microsoft Dynamics GP you acquire and implement via GP Partner network. В If you decide to have custom features in Dynamics GP forms and have this customization to be applied on the Warehouse Management System level, the coordination might be a challenge. В In our opinion the best approach here is to establish very reliable (personal shake hands) connections with key decision makers in both WMS software vendor and your Dynamics GP Reseller (well, this might look like very old fashioned wisdom, typically acquired in the college on BBA route or in MBA track of your Master degree, but it is the reality, as you have to deal with at least two subcontractors). В In any case, this is not the end of the story of the something to be considered necessary as negative. В Let's review other options
2. Dynamics GP Warehouse Management Extensions. В There are Dynamics GP Technology Partners (often positioning themselves as ISV) with Dynamics GP WMS extensions, working directly out of Great Plains tables and enabling GP forms for Barcode Scanning. В Let us give you example of Alba Spectrum Dynamics GP WMS extensions module. В It is open for custom programing, and the provider considers the module as the solution (open for customization, reporting, enabling support for new barcoding devices). В As this publication goes to open press, we do not want to overload it with advertising, but feel free to contact us directly
3. If I don't need complete Warehouse Management System, could you enable just several Great Plains forms for Barcode Scanning, POS devices and give me cheap EDI (Electronic Document Interchange) interface. В This is typical request from small or mid-size customer, be sure that you have selected Dynamics GP Technology Partner with expertise in Great Plains Dexterity, eConnect, VBA (in case if you are deploying Integration Manager or Modifier, where VBA scripts are the way to alter standard logic)
4. Older versions of Great Plains Dynamics and WMS implementation thoughts. В Warehouse Management System is often associated with Barcode scanning technology. В In our opinion the cost to be reenrolled back into Microsoft Business Solutions Dynamics GP annual enhancement program is fraction of the cost for the WMS to be implemented. В We could partially stand behind the announcement, that all the versions of Great Plains Dynamics (as well as Great Plains Accounting for DOS, Windows, Mac) are upgradeable to current version Microsoft Dynamics GP 2010 (also referred as version 11.0). В This is the list of Dynamics GP, Great Plains Dynamics/eEnterprise and GPA versions: В Dynamics GP 8.0, 7.5, Microsoft Great Plains 7.5, 7.0, Great Plains on Pervasive SQL 2000/Btrieve and Ctree: 7.5, 7.0, 6.0, 5.5, 5.0, 4.0, 3.2 and earlier. В Great Plains eEnterprise was available on MS SQL Server 2000, 7.0, 6.5 (earlier version was known as Dynamics C/S+). В Great Plains Accounting for DOS, Windows and Macintosh was technically based on different code base, but by its business functionality it looks like predecessor of Great Plains Dynamics
5. To request further support, please call us 1-866-528-0577, help@albaspectrum.com We need to discuss your cards in order to recommend you the best solutions, which is not contingent to our preferences. В We serve you USA/Canada nationwide via remote support (web sessions and phone/Skype conferences). В Local service is available in Western Michigan, Chicagoland, Southern California (LA, Orange County, San Diego), Houston area of the state of Texas
В
2011. dec. 13.
#16
Here is a question most of the Mac users concern about: does Mac get keylogger virus? There are a lot of discussions out there but few people exactly explain this question.
The answer to this question is certainly "yes, there are keylogger viruses on the Macintosh". But the amount of viruses on Mac is much less than viruses on PC (the proportion of PC viruses to Mac viruses is about one hundred to two). So the chances you get keylogger virus on your Mac are few and far between.
The most dangerous things at the moment are small USB devices (Hardware Keylogger) that can be installed to keyboard and computer and record everything. Mac OS X can't protect you because the whole key logging happens outside the computer. Of course it is possible that someone physically get at your computer, install the keylogger and pick it up again later. And Mac Books / MacBook Pros are safe as long as you don't use an external keyboard.
But you can install a keylogger program yourself on your own Mac if you wish to do so, so you can find out what others type on your computer. Or someone else can install it if they have your administrator password and access to your computer. The only way to install a keylogger on Mac is if you have physical access to the Mac. It cannot be done remotely.
Guardians or employers are most interested in this kind of Mac Keylogger programs. Nowadays Mac Keyloggers are much more powerful in logging keystrokes, websites and chat conversations. Since the keylogger is used in these legitimate ways, it will help you a lot in practice.
To sum up, Mac is relatively more secure than PC, but there is a possibility that you get a virus on your Mac. Remember to exclude legitimate Keylogger for Mac programs from your worry-about list.
Aobo Keylogger for Mac: http://aobo.cc/aobo-mac-os-x-keylogger.html
2011. dec. 13.
#15
The Shure SE425 sound isolating earphones are designed to meet the demanding audio specifications of live performance. В The new SE425's build on the company's legacy of developing earphones with a comfortable, secure fit for professional monitoring and personal listening applications.
The Shure SE425′s walk the line between being rugged and reliable enough for professional use, and portable and stylish enough to appeal to savvy consumers.  With the new models, they packed enhanced sound signatures and premium speaker technology into small, lightweight, universal fitting earbud headphones.
Designed to meet the demanding audio specifications of live performance, these new over-the-ear earphones feature a unique detachable cable reinforced with Kevlar, formable wires at the earpieces for a custom fit, superior sound isolation, and durable construction. В It delivers the maximum performance out of dual high-definition microdrivers for a clear and pristine extended audio range both on-stage and on the go. В The SE425 in-ear headphones uses a dedicated tweeter and woofer for perfectly balanced sound packed with detail, clear treble and deep, rich bass.
Sound isolating earphones were originally developed as personal monitor systems to allow musicians to hear their own performances in loud onstage environments. В The tips, which provide up to 37 dB of isolation, come in every conceivable size and are comfortable and well-isolating.
Specs:
* Speaker Type: Dual High-Definition MicroDrivers
* Sensitivity (1kHz) 109 dB SPL/mW
* Impedance (1kHz) 22 О©
* Noise Attenuation: Up to 37 dB
* Frequency Range: 20Hz – 19kHz
* Input Connector: Gold-plated 3.5 mm (1/8″)
* Cable: 64″ Detachable (at ear) with wireform fit
* Color: Available in Clear or Metallic Silver
What's in the box:
* Shure SE425 noise-isolating earphones
* Durable and compact carrying case
* Three sizes (S, M, L) of the flex and black foam sleeves
* 1 pair of triple flange sleeves
* 1 pair of universal fit yellow foam sleeves
* 1/8″ (3.5 mm) to 1/4″ converter
The Shure SE425's are the perfect complement to stage and studio monitoring systems and portable listening devices.
В© 2010-2011 Earbud Headphones Review All Rights Reserved
2011. dec. 13.
#14
Turntables have evolved from the old classic type to the most modern USB turntable versions. These offer amazing features including the capability to allow classic media materials to output digital audio quality.
With the development of the latest digital players such as MP3 players, CD players and cassettes, vinyl records have been dethroned and started to die. This is not the case with DJs and some collectors of these old fashion records even though LPs have been obsolete to some extent. They still love to play these records and want to archive it into modern players. As a consequence, converting these rare pieces of records into good sounding digital audio files became a problem.
This difficulty is solved with the availability of USB turntables. USB turntables offer a combination of a computer audio and phono to line preamplifier with buddle software for recording. With the revolutionary technology, it is now possible to convert these formats to the most latest digital audio formats and store it for future archiving.
Stanton T.90 Turntable
The Stanton T.90 turntable is a model with sleek design and great quality. It measures 17 inches in width and 14.5 inches in depth as well as 5.5 inches tall. The exterior is made up of high grade plastic, which makes it more impressive. The Stanton T.90 model has more features compared to its predecessors. It comes with a selector switch that allows you to choose from 33 and 45 to 78 RPMs. It also has a dual start/stop brake, reverse button, pitch control, and key lock mode. At the back of the turntable is the USB port used for connecting it to a computer. It also has the following features:
В•S/PDIF digital coaxial output;
В•switch for phono or line impedance;
В•stereo RCA output; and
В•a power switch.
This turntable model is bundled with Audacity and Cakewalk Pyro 5. These 2 software applications are ideal for audio recording and editing. Pyro 5 is just right for archiving music collections from LPs, CDs, DVDs, and cassettes. It is also capable of recording the entire content of an LP and later on can be exported as different audio formats like WAV, MP3, and WMA file.
When tested in a Windows XP system, it successfully installed its USB audio drivers without any problem. The sound quality is excellent with its built in audio card. It can record 16 bit at 44.1 kHz and can even be increased up to 48 kHz. Since this device is capable of recording and playing back audio, you can virtually play the digitized recorded vinyl through its RCA output. It is also capable of mixing a computer's audio and the turntable's audio - combining analog and digital in the process.
With all the features that this turntable offers, it is highly recommended for professional hobbyists or disc jockeys.
USB Turntable with iPod Dock
Currently, it is achievable to directly transfer vinyl records into an iPod without using a computer. The most up to date innovation of turntables comes with an integrated iPod dock. You simply attach your iPod to the docking station, turn on your vinyl record, and press the record button. It will then seamlessly transfer your most precious collection into your player. Whenever you decide to connect it to your computer, you just have to switch track in any play list you want. It will also automatically acquire an ID for your collection through the Gracenote program. You can also directly hook the turntable to your sound system and listen to your vinyl records.
Product Features & Specifications:
В•Classic styling is enabled by plastic dust cover
В•Promptly transfer your soundtrack to iPod, or write them to CD. This needs iTunes software which can be downloaded for free.
В•Rip vinyl at once to WAV or MP3 audio format
В•Ships using Audacity software (goes well together with Macintosh and PC) for eliminating hiss, clicks, and other unwanted qualities of vinyl
В•Audacity software backups express recording that can send music back to previous playback pace afterwards
В•Audacity has the power to export to MP3 and WAV format
В•33.33 & 45 RPM replay speeds
В•Integrated with all needed lines to interconnect with a stereo playback mechanism and PC
В•Backups the recording of 78 RPM records
В•RCA line outputs with built-in pre-amp allow direct connection to existing audio system.
В•Plug and Play USB goes well with Macintosh Operating System and Windows XP, 2000, and Vista
2011. dec. 13.
#13
The laptops are an excellent investment. Now laptops are coming in different styles and sizes.В Some laptops are more conventional, slightly larger and heavier, which work perfectly well for those who want to file and save as much work as possible and still be able to enjoy other activities such as games in the same device. Some laptops are small and light unique to those working on the go. Owing to the Laptops people can work any where without any problem. Previously, people settled for ordinary notebook bags, and gadgets that usually come with it. But now it's time to stop this habit. You should to get the most out of your laptop in terms of function and warranty, you must first choose the appropriate laptop bag that meets your needs change.
Large laptop bag is important requirement to the safety of laptop, if your bag does not have the ability to protect your laptop, it's as if you do not recover the money you've invested. A great laptop bag should always have a safety strap to keep the laptop in place. Other factor of a great laptop bag is that has enough storage space for all your other personal effects aside from your laptop. A regular bag will not do much good for the safety of the laptop. Who says you can carry your laptop in your laptop bag? Laptop bags and cases are specially designed to properly store all your gadgets and your belongings in appropriate locations without compromising the security of its main component of the notebook.
A third factor that is specific to the bags and cases is the durability of the material used. The most common style is the brief bag notebook bag that bag offers a semi-formal means of carrying your laptop if you do not want to appear too relaxed or too professional.В It is understandable that you should keep it in a bag that is durable and can withstand all terrain, whatever the weather. An example of such durable material is a new style laptop bags that is waterproof, perfect for moments of rain that you come unprepared.
The durability of the material used for laptop bags must also include the ability to clearly separate the gadget from another. It is used to store your different commands in one bag if the mobile equipment cannot stop such factors as the resistance that could ruin not only the laptop, but also all other gadgets that you might wear. A laptop bag that has thick center padding could help you achieve that goal. The largest laptop bags and cases in the market are both stylish and functional! Another style that the basket of top-loading laptop. This bag gives you easier access to your laptop and all your other gear inside, especially useful if you have stopped going through security on your way to work and back.
Notebook Bags stock are a good option, the notebook bag stock keeps your equipment safe and protected inside despite the circumstances going on outside. The types of casual laptop bag are the backpack and laptop bag messenger style laptop. If you do not want others to know these gadgets very important that you might be carrying inside, then these types of bags are the way to go.
You can choose to ladies Cheap Laptops or laptop bags for men. If you are a woman and do not want your femaleness being compromised by all those excess baggage, ladies notebook bag is perfect for you. If you are a man, on the other, and want to maintain your masculinity and professionalism, bags for laptops and men are suitable for you.
2011. dec. 13.
#12
Apple iPhone is first one in the series from Apple which is truly unbelievable smart gadget. This product is making a wonderful image among the mobile lovers and the great Apple iPhone contract deals coming with it are making it even more wonderful.
Mobile phones are becoming more and more advance now days, need comes from mobile users of new generation that looks more for entertainment along with communication. Thus, mobile companies are facing tough competition to provide the mobile users with the mobile phones that can fulfill all their needs. Apple is among one of the top mobile companies that are in row to innovate sophisticated products for its users. Apple iPhone is one among them. This mobile phone is having 3.5" TFT touch screen that has ability to display 16 million colors. It is one of the smart phones providing great performance.
This handset is having scratch resistant surface. Apple iPhone has various versions in the market where the internal memory range starts from 4, 8 and 16GB. With latest Apple iPhone Contract Deals are so cheap that it looks like consumer is getting the mobile phone for free. User can get the Apple iPhone Deals by gaining all the valuable information from the comparison portals and decide what suits best for him. The known network providers of UK like Virgin, T Mobile, Vodafone, Orange are dealing into the business. They are offering free gifts to the customers like LCD, laptops and others. There are also mind blowing offers like free text messages, free calling minutes, reduced calling rates that are enough to bring customers to buy the deal.
The monthly cost starts from ВЈ33.28 only. The monthly rental depends upon the time period of contract, larger the contract less will be the monthly rental. They are easy to purchase from the market or more easily you can buy them online, just have a look at the deals available on the websites, compare them and go ahead to purchase them looking at your needs. Fulfill your dreams with smart Apple iPhone.
2011. dec. 13.
#11
To fulfill the desires of fashion-conscious mobile users, Sony Ericsson started launching mobile phones with stunning looks and well-exquisite shiny casings. To add more credit to its fame, it has recently released the Sony Ericsson Xperia series mobile phones in the market. The Sony Ericsson XPERIA X1 is the first windows based mobile phone that belongs to the family of Xperia series. To be known as the high-end features gadget, it comes with the Windows Mobile 6.1 Operating system and supports Java ME. One more fascinating feature of this sophisticated phone is its arch-slider mechanism, which adds more style to it. This smart looking phone is especially known for its elegant and touchscreen features. It is available in two attractive colours such as Solid Black and Steel Silver. Having the dimensions of 110.5 x 52.6 x 17 mm and a weight of 145 grams, the Sony Ericsson XPERIA X1 Mobile Phone offers great flexibility to its users, while using and carrying it.
To enjoy hassle-free access and to view the best quality pictures on it, the Xperia X1 phone from Sony Ericsson comes with a large 3.0 inches TFT touchscreen display that comes along with QWERTY keyboard and Optical track pad features. So that, this can be used by all types of mobile users. If you are not interested to operate the functions of the phone by using finger tips, you can operate with the help of its user-friendly QWERTY keyboard. Its vibrant screen offers an exceptional resolution of 800 x 480 pixels and supports nearly 65K multiple colours. The Qualcomm MSM7200 528MHz processor of this stylish handset delivers seamless mobile performance and solutions. This innovative smart phone comes embedded with an internal memory of 256 MB of RAM, 512 MB of ROM and has a microSD (TransFlash) memory card. If you want to download your favourite movies and videos via the Internet, You can use this card to expand the external memory of the phone.
The Sony Ericsson XPERIA X1 device acts like a navigator and helps you to reach your destinations without any hassles as it comes preloaded with a built-in GPS receiver that supports A-GPS function. The Pocket Office feature of this wonderful phone assists the business mobile users by allowing them to find all the window format files like Word, Excel, PowerPoint, One Note and PDF viewer whenever they want. So that, the businessmen are no need to spend a lot of time in front of the Internet. Besides latest multiple messaging and browsing options like SMS, MMS, Email, Push email, IM, WAP 2.0/HTML (IE) Internet browser and RSS feeds, this modern touchscreen handset comes embedded with a superb quality camera and music player. Its 3.2 mega pixels digital camera offers a high image resolution and allows the users to take picture in a perfect way. Auto-focus, video (VGA@30fps) recorder, Picture editor/blogging, flash and secondary video call camera are some of the camera additional features of this phone. To offer high sound quality to its users, the music player features of the Sony Ericsson XPERIA X1 gadget supports several popular format files like MP3, AAC and MPEG4.
The data transfer features of the Sony Ericsson XPERIA X1 mobile phone include class 10 GPRS, EDGE, 3G-HSDPA, WLAN-Wi-Fi 802.11b/g, wireless Bluetooth v2.0 with A2DP connectivity and miniUSB support. All these features allow you to download your favourite songs and movies in an easy and quick way. This phone is introduced in the market with a standard rechargeable battery of Li-Po 1500 mAh (BST-41) that delivers an approximate standby and talk time of 833 and 10 hours, respectively.
To know more details about this smart window Sony Ericsson XPERIA X1 , you can visit the official website of Sony Ericsson over the Internet.
2011. dec. 13.
#10
There is an increasing awareness towards obesity and obesity-related health risks today. Many health-conscious people are working out to shed those extra pounds. If you are one of them, then take heart. You are not alone in your quest; you have the perfect partner, the Seca digital weigh scale, offering accurate results. This weigh scale from Seca, a market leader among medical scale manufacturers, tops in all aspects, from function to design. Seca digital medical scales are developed with the help of practitioners and scientists, so you can trust them completely. They are not only precise but also durable.
The Seca 703 Digital Medical Column Scale is used in hospitals as well as in homes for personal use. Even if you use it on a daily basis, this heavy-duty weigh scale will still give you accurate results. While the big low platform renders stability, the cast-iron built ensures the scale’s capacity to weigh up to 550 lbs/250 kgs. This aspect makes this Seca digital weigh scale an ideal choice for overweight patients.
In addition to the strong exterior, the Seca 703 Digital Medical Column Scale is built-in with the Seca 220 measuring rod. This means you can not only know your weight but also measure your height too! Besides determining your weight in a few seconds, this Seca digital medical scale also calculates your BMI. Using this function you get a rough estimate of the amount of fat in your body. With the Seca 703 Digital Medical Column Scale you will know how much weight you need to lose.
This Seca digital weight scale is powered by a single set of batteries, which offers up to 16,000 weighings. As it does not require AC power, you have the freedom to place the Seca 703 Digital Medical Column Scale anywhere you want.
2011. dec. 13.
#9
Are you an artist who struggles with color? Do you find yourself unable to achieve color harmony in your artwork? Well you are not alone. Did you know that over 70% of artists admit that color is one of their biggest obstacles? Chances are that you are amongst those 70% or you would not be reading this article right now.
If you take the time to work on the exercise below, you will have a new appreciation and understanding of color, and it won't take years of practice either. You can become more knowledgeable about color after only one session.
What exactly am I talking about?
I am talking about an exercise that will greatly increase your understanding of the properties and interactivity of the colors on your palette. I am talking about creating color charts and lots of them.
You see, the problem with many artists, myself included at one time, is that we tend to just jump right into our work haphazardly without learning proper foundational skills. This will only create frustration and waste lots of your time and materials.
So how will creating color charts benefit you as an artist?
Well apart from understanding how colors interact when mixed with one another, you will also have a resource or tool that you can reference over and over again.
Lets say you have a particular color scheme in mind...say a complimentary scheme of red and green. Just pull out your red and green color charts and you will instantly know what colors you could use and how to mix them. No more guesswork or wasted paint!
You will also be introduced to color mixtures that you never thought were possible. Far too often, we fall into the habit of using the same colors over and over again when something else may work better. Why limit yourself when you have an almost limitless palette of colors at your disposal?
Ok lets create our first color chart...
Here is what you will need:
1. Paint - It doesn't matter what colors you choose to begin with. When I did my first color chart, I wanted to start with greens. I love landscape painting, so I wanted to see how many different versions of green I could create from various combinations of yellow, blue, black, red and orange.
2. Support - I like to use canvas boards for my color charts. They are inexpensive and strong and will last a long time if you take good care of them.
3. Brush or Palette Knife - I prefer to use a palette knife to make the swatches if I am using oil or acrylic paint. This way you can just wipe the knife clean when creating a new swatch. Obviously if you are using watercolor, you will need to use a brush.
That's all you are going to need to get started.
Step 1
To begin with, we need to create a grid on our canvas board. You can use a ruler or other straight edge to create the grid. Make the grid so that it is divided into one inch squares with five rows. Leave some room at the bottom of each column so that you can label it with the specific colors that you used or take other notes.
Step 2
Next, lets pick a color as our starting point. As I said earlier, it doesn't matter what colors you start with, but for arguments sake, lets begin with Cadmium Yellow Light. Hopefully you have this color in your palette, if not, just use whatever light yellow you have.
Step 3
With your palette knife, fill in the top left square of your grid with your light yellow, straight from the tube.
Step 4
Next fill in the very bottom square of the same column with a mixture of titanium white and a touch of light yellow.
Step 5
Now create a mixture of light yellow and titanium white with a value that is half way between the top and bottom values and put that in the middle square.
Step 6
Now create a mixture of light yellow and white with a value that is half way between the first and third squares and put that mixture in the second square.
Step 7
Repeat the same process for the remaining squares and you have your first column of color swatches completed. You now have five different values of light yellow.
Step 8
Now you can move on to the next column. This time try mixing light yellow with another color from your palette, like orange for instance, with the light yellow predominating slightly. Then you adjust the values of each swatch with white like you did for the first column.
Then just continue the process using all of the colors on your palette. You will now have a ton of new colors that you never knew existed before to breathe life into your next painting.
Enjoy!
2011. dec. 13.
#8
Are Cheaper iPhones A Good Move for Apple? 
Apple is expected to release a cheaper version of the iPhone during 2011.These models could be half the size of the iPhone 4, and would presumably be available for half the price of standard iPhones. Apple primarily competes with Research in Motion, Motorola Mobility, (Motorola HNN9008A Two Way Radios Battery) and Nokia in the mobile phone market.
On the face of it, this move should present the opportunity for Apple to sell more iPhones and further establish itself in the highly competitive smartphone market. Google Android OS-based smartphones have seen tremendous adoption growth over the past year, and the recent partnership agreement between Nokia and Microsoft could pose another long-term threat to Apple (see Nokia Partnership Provides Upside for Microsoft Stock).
The move to offer cheaper iPhones should help Apple gain smartphone market share, but this could come alongside lower average pricing and reduced profit margins. Below we analyze this effect in relation to our $420 price estimate for Apple stock, which is roughly 20% above market price.
iPhone Sales are Key for Apple
Apple's smartphone market share has stagnated over the past few quarters, with Google's Android making rapid strides and recently surpassing Apple's iPhone in U.S. market share according to ComScore data.В However, we do expect an increase in iPhone's global market share from around 3% in 2010 to 12% by the end of our forecast period.
The cheaper iPhones could certainly help Apple target developing markets, where the company's premium products may not yet have fully established a customer base. Developing markets, especially emerging markets, tend to be more price sensitive. Another issue with these markets is that consumers are accustomed to buying mobile products without a contract from telecom providers.
Long-term contracts allow telecom providers to absorb premium pricing and pass subsidized pricing along to consumers. This means that Apple's premium products sold without contract are always priced much higher than its competitors' offerings. Hence, the introduction of cheaper iPhones makes a lot of sense for developing markets. To demonstrate the sensitivity of Apple's equity value to this metric, we note that a scenario in which Apple is able to grow its global market share to around 25% by the end of our forecast period (vs. our 12% base forecast) would imply 60% upside to our price estimate for Apple stock. Clearly, this metric is critical to Apple's valuation.
Reduced Pricing and Margins Could Present Downside
According to a report from The Wall Street Journal, the cheaper iPhones could be available for half the price of standard models.The average iPhone pricing for 2010 was around $610, and although we expect the pricing to decline to around $410 by the end of our forecast period, this decline could accelerate if the cheaper iPhones become a big hit.
Pricing cuts would hurt profit margins on the iPhone. Apple generates substantial value from its ability to generate high margins on iPhone sales (over 50% as of 2010). Although we already expect iPhone gross margins to decline to around 39% by the end of our forecast period, the reduced average pricing would add further pressure to this metric.
There could be a downside of 25% to our price estimate for Apple's stock if average pricing and gross profit margins both decline to half of their current levels, reaching $300 and 25% respectively by the end of our forecast period.
Overall, potential reductions in average iPhone pricing and gross profit margins would be more than offset by expected increases in iPhone sales. In aggregate, the scenarios mentioned above would imply net upside of 8% to our $420 price estimate for Apple stock.
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2011. dec. 13.
#7
Contents
1. Market place
2. Trading on the stock exchange floor
3. Securities. Categories of common stock
3.1 Growth stocks
3.2 Cyclical stocks
3.3 Special situations
4. Preferred stocks
4.1 Bonds-corporate
4.2 Bonds-U.S. government
4.3 Bonds-municipal
4.4 Convertible securities
4.5 Option
4.6 Rights
4.7 Warrants
4.8 Commodities and financial futures
5. Stock market averages reading the newspaper quotations
5.1 The price-earnings ratio
6. European stock markets–general trend
6.1 New ways for old
6.2 Europe, meet electronics
7. New issues
8. Mutual funds. A different approach
8.1 Advantages of mutual funds
8.2 Load vs. No-load
8.3 Common stock funds
8.4 Other types of mutual funds
8.5 The daily mutual fund prices
8.6 Choosing a mutual fund
1. MARKET PLACE
The stock market. To some it’s a puzzle. To others it’s a source of profit and endless fascination. The stock market is the financial nerve center of any country. It reflects any change in the economy. It is sensitive to interest rates, inflation and political events. In a very real sense, it has its fingers on the pulse of the entire world.
Taken in its broadest sense, the stock market is also a control center. It is the market place where busi-nesses and governments come to raise money so that they can continue and expend their operations. It is the market place where giant businesses and institutions come to make and change their financial commitments. The stock market is also a place of individual opportunity.
The phrase “the stock market” means many things. In the narrowest sense, a stock market is a place where stocks are traded – that is bought and sold. The phrase “the stock market” is often used to refer to the biggest and most important stock market in the world, the New York Stock Exchange, which is as well the oldest in the US. It was founded in 1792. NYSE is located at 11 Wall Street in New York City. It is also known as the Big Board and the Exchange. In the mid-1980s NYSE-listed shares made up approximately 60% of the total shares traded on organized national exchanges in the United States.
AMEX stands for the American Stock Exchange. It has the second biggest volume of trading in the US. Located at 86 Trinity Place in downtown Manhattan, the AMEX was known until 1921 as the Curb Exchange, and it is still referred to as the Curb today. Early traders gathered near Wall Street. Nothing could stop those outdoor brokers. Even in the snow and rain they put up lists of stocks for sale. The gathering place became known as the outdoor curb market, hence the name the Curb. In 1921 the Curb finally moved indoors. For the most part, the stocks and bonds traded on the AMEX are those of small to medium-size companies, as con-trasted with the huge companies whose shares are traded on the New York Stock Exchange.
The Exchange is non-for-profit corporation run by a board of directors. Its member firm are subject to a strict and detailed self-regulatory code. Self-regulation is a matter of self-interest for stock exchange members. It has built public confidence in the Exchange. It also required by law. The US Securities and Exchange Commission (SEC) administers the federal securities laws and supervises all securities exchange in the coun-try. Whenever self-regulation doesn’t do the job, the SEC is likely to step in directly. The Exchange doesn’t buy, sell or own any securities nor does it set stock prices. The Exchange merely is the market place where the public, acting through member brokers, can buy and sell at prices set by supply and demand.
It costs money it become an Exchange member. There are about 650 memberships or “seats” on the NYSE, owned by large and small firms and in some cases by individuals. These seats can be bought and sold; in 1986 the price of a seat averaged around $600,000. Before you are permitted to buy a seat you must pass a test that strictly scrutinizes your knowledge of the securities industry as well as a check of experience and character.
Apart from the NYSE and the AMEX there are also “regional” exchange in the US, of which the best known are the Pacific, Midwest, Boston and Philadelphia exchange.
There is one more market place in which the volume of common stock trading begins to approach that of the NYSE. It is trading of common stock “over-the-counter” or “OTC”–that is not on any organized ex-change. Most securities other than common stocks are traded over-the-counter. For example, the vast market in US Government securities is an over-the-counter market. So is the money market–the market in which all sorts of short-term debt obligations are traded daily in tremendous quantities. Like-wise the market for long-and short-term borrowing by state and local governments. And the bulk of trading in corporate bonds also is accomplished over-the-counter.
While most of the common stocks traded over-the-counter are those of smaller companies, many sizable corporations continue to be found on the “OTC” list, including a large number of banks and insurance compa-nies.
As there is no physical trading floor, over-the-counter trading is accomplished through vast telephone and other electronic networks that link traders as closely as if they were seated in the same room. With the help of computers, price quotations from dealers in Seattle, San Diego, Atlanta and Philadelphia can be flashed on a single screen. Dedicated telephone lines link the more active traders. Confirmations are delivered electronically rather than through the mail. Dealers thousands of miles apart who are complete strangers exe-cute trades in the thousands or even millions of dollars based on thirty seconds of telephone conversation and the knowledge that each is a securities dealer registered with the National Association of Securities Dealers (NASD), the industry self-regulatory organization that supervises OTC trading. No matter which way market prices move subsequently, each knows that the trade will be honoured.
2. TRADING ON THE STOCK EXCHANGE FLOOR
When an individual wants to place an order to buy or sell shares, he contacts a brokerage firm that is a member of the Exchange. A registered representative or “RR” will take his order. He or she is a trained pro-fessional who has passed an examination on many matters including Exchange rules and producers.
The individual’s order is relayed to a telephone clerk on the floor of the Exchange and by the telephone clerk to the floor broker. The floor broker who actually executes the order on the trading floor has an exhaust-ing and high-pressure job. The trading floor is a larger than half the size of football field. It is dotted with mul-tiple locations called “trading posts”. The floor broker proceeds to the post where this or that particular stock is traded and finds out which other brokers have orders from clients to buy or sell the stock, and at what prices. If the order the individual placed is a “market order”–which means an order to buy or sell without delay at the best price available–the broker size up the market, decides whether to bargain for a better price or to accept one of the orders being shown, and executes the trade–all this happens in a matter of seconds. Usually shares are traded in round lots on securities exchanges. A round lot is generally 100 shares, called a unit of trading, anything less is called an odd lot.
When you first see the trading floor, you might assume all brokers are the same, but they aren’t. There are five categories of market professionals active on the trading floor.
Commission Brokers, usually floor brokers, work for member firms. They use their experience, judg-ment and execution skill to buy and sell for the firm’s customer for a commission.
Independent Floor Brokers are individual entrepreneurs who act for a variety of clients. They execute orders for other floor brokers who have more volume than they can handle, or for firms whose exchange members are not on the floor.
Registered Competitive Market Makers have specific obligations to trade for their own or their firm’s accounts–when called upon by an Exchange official–by making a bid or offer that will narrow the existing quote spread or improve the depth of an existing quote.
Competitive Traders trade for their own accounts, under strict rules designed to assure that their activi-ties contribute to market liquidity.
And last, but not least, come Stock Specialists. The Exchange tries to preserve price continuity– which means that if a stock has been trading at, say, 35, the next buyer or seller should be able to an order within a fraction of that price. But what if a buyer comes in when no other broker wants to sell close to the last price? Or vice versa for a seller? How is price continuity preserved? At this point enters the Specialist. The specialist is charged with a special function, that of maintaining continuity in the price of specific stocks. The specialist does this by standing ready to buy shares at a price reasonably close to the last recorded sale price when someone wants to sell and there is a lack of buyers, and to sell when there is a lack of sellers and someone wants to buy. For each listed stock, there are one or more specialist firms assigned to perform this stabilizing function. The specialist also acts as a broker, executing public orders for the stock, and keeping a record of limit orders to be executed if the price of the stock reaches a specified level. Some of the specialist firms are large and assigned to many different stocks. The Exchange and the SEC are particularly interested in the spe-cialist function, and trading by the specialists is closely monitored to make sure that they are giving prece-dence to public orders and helping to stabilize the markets, not merely trying to make profits for themselves. Since a specialist may at any time be called on to buy and hold substantial amounts of stock, the specialist firms must be well capitalized.
In today's markets, where multi-million-dollar trades by institutions (i. e. banks, pension funds, mutual funds, etc.) have become common, the specialist can no longer absorb all of the large blocks of stock offered for sale, nor supply the large blocks being sought by institutional buyers. Over the last several years, there has been a rapid growth in block trading by large brokerage firms and other firms in the securities industry. If an institution wants to sell a large block of stock, these firms will conduct an expert and rapid search for possible buyers; if not enough buying interest is found, the block trading firm will fill the gap by buying shares itself, taking the risk of owning the shares and being able to dispose of them subsequently at a profit. If the institu-tion wants to buy rather than sell, the process is reversed. In a sense, these firms are fulfilling the same func-tion as the specialist, but on a much larger scale. They are stepping in to buy and own stock temporarily when offerings exceed demand, and vice versa.
So the specialists and the block traders perform similar stabilizing functions, though the block traders have no official role and have no motive other than to make a profit.
3. SECURITIES. CATEGORIES OF COMMON STOCK
There is a lot to be said about securities. Security is an instrument that signifies (1) an ownership posi-tion in a corporation (a stock), (2) a creditor relationship with a corporation or governmental body (a bond), or (3) rights to ownership such as those represented by an option, subsription right, and subsription warrant.
People who own stocks and bonds are referred to as investors or, respectively, stockholders (sharehold-ers) and bondholders. In other words a share of stock is a share of a business. When you hold a stock in a cor-poration you are part owner of the corporation. As a proof of ownership you may ask for a certificate with your name and the number of shares you hold. By law, no one under 21 can buy or sell stock. But minors can own stock if kept in trust for them by an adult. A bond represents a promise by the company or government to pay back a loan plus a certain amount of interest over a definite period of time.
We have said that common stocks are shares of ownership in corporations. A corporation is a separate legal entity that is responsible for its own debts and obligations. The individual owners of the corporation are not liable for the corporation's obligations. This concept, known as limited liability, has made possible the growth of giant corporations. It has allowed millions of stockholders to feel secure in their position as corpo-rate owners. All that they have risked is what they paid for their shares.
A stockholder (owner) of a corporation has certain basic rights in proportion to the number of shares he or she owns. A stockholder has the right to vote for the election of directors, who control the company and ap-point management. If the company makes profits and the directors decide to pay part of these profits to share-holders as dividends, a stockholder has a right to receive his proportionate share. And if the corporation is sold or liquidates, he has a right to his proportionate share of the proceeds.
What type of stocks can be found on stock exchanges? The question can be answered in different ways. One way is by industry groupings. There are companies in every industry, from aerospace to wholesale dis-tributers. The oil and gas companies, telephone com¬panies, computer companies, autocompanies and electric utilities are among the biggest groupings in terms of total earnings and market value. Perhaps a more useful way to distinguish stocks is according to the qualities and values investors want.
3.1 Growth Stocks.
The phrase "growth stock" is widely used as a term to describe what many investors are looking for. People who are willing to take greater-than-average risks often invest in what is often called "high-growth" stocks—stocks of companies that are clearly growing much faster than average and where the stock com-mands a premium price in the market. The rationale is that the company's earnings will continue to grow rap-idly for at least a few more years to a level that justifies the premium price. An investor should keep in mind that only a small minority of companies really succeed in making earnings grow rapidly and consistently over any long period. The potential rewards are high, but the stocks can drop in price at incredible rates when earn-ings don't grow as expected. For example, the companies in the video game industry boomed in the early 1980s, when it appeared that the whole world was about to turn into one vast video arcade. But when public interest shifted to personal computers, the companies found themselves stuck with hundreds of millions of dol-lars in video game inventories, and the stock collapsed.
There is less glamour, but also less risk, in what we will call—for lack of a better phrase—"moderate-growth" stocks. Typically, these might be stocks that do not sell at premium, but where it appears that the company's earnings will grow at a faster-than-average rate for its industry. The trick, of course, is in forecast-ing which companies really will show better-than-average growth; but even if the forecast is wrong, the risk should not be great, assuming that the price was fair to begin with.
There's a broad category of stocks that has no particular name but that is attractive to many investors, especially those who prefer to stay on the conservative side. These are stocks of companies that are not glam-orous, but that grow in line with the economy. Some examples are food companies, beverage companies, pa-per and packaging manufacturers, retail stores, and many companies in assorted consumer fields.
As long as the economy is healthy and growing, these companies are perfectly reasonable investments; and at certain times when everyone is interested in "glamour" stocks, these "non-glamour" issues may be ne-glected and available at bargain prices. Their growth may not be rapid, but it usually is reasonably consistent. Also, since these companies generally do not need to plow all their earnings back into the business, they tend to pay sizable dividends to their stockholders. In addition to the real growth that these companies achieve, their values should adjust upward over time in line with inflation—a general advantage of common stocks that is worth repeating.
3.2 Cyclical Stocks.
These are stocks of companies that do not show any clear growth trend, but where the stocks fluctuate in line with the business cycle (prosperity and recession) or some other recognizable pattern. Obviously, one can make money if he buys these near the bottom of a price cycle and sells near the top. But the bottoms and tops can be hard to recognize when they occur; and sometimes, when you think that a stock is near the bottom of a cycle, it may instead be in a process of long-term decline.
3.3 Special Situations.
There’s a type of investment that professionals usually refer to as “special situations”. These are cases where some particular corporate development–perhaps a merger, change of control, sale of property, etc.– seems likely to raise the value of a stock. Special situation investments may be less affected by general stock market movements than the average stock investment; but if the expected development doesn’t occur, an in-vestor may suffer a loss, sometimes sizable. Here the investor has to judge the odds of the expected develop-ment’s actually coming to pass.
4. PREFERRED STOCKS
A preferred stock is a stock which bears some resemblances to a bond (see below). A preferred stock-holder is entitled to dividends at a specified rate, and these dividends must be paid before any dividends can be paid on the company's common stock. In most cases the preferred dividend is cumulative, which means that if it isn't paid in a given year, it is owed by the company to the preferred stockholder. If the corporation is sold or liquidates, the preferred stockholders have a claim on a certain portion of the assets ahead of the common stockholders. But while a bond is scheduled to be redeemed by the corporation on a certain "maturity" date, a preferred stock is ordinarily a permanent part of the corporation's capital structure. In exchange for receiving an assured dividend, the preferred stockholder generally does not share in the progress of the company; the preferred stock is only entitled to the fixed dividend and no more (except in a small minority of cases where the preferred stock is "participating" and receives higher dividends on some basis as the company's earnings grow).
Many preferred stocks are listed for trading on the NYSE and other exchanges, but they are usually not priced very attractively for individual buyers. The reason is that for corporations desiring to invest for fixed income, preferred stocks carry a tax advantage over bonds. As a result, such corporations generally bid the prices of preferred stocks up above the price that would have to be paid for a bond providing the same income. For the individual buyer, a bond may often be a better buy.
4.1 Bonds-Corporate
Unlike a stock, a bond is evidence not of ownership, but of a loan to a company (or to a government, or to some other organization). It is a debt obligation. When you buy a corporate bond, you have bought a portion of a large loan, and your rights are those of a lender. You are entitled to interest payments at a specified rate, and to repayment of the full "face amount" of the bond on a specified date. The fixed interest payments are usually made semiannually. The quality of a corporate bond depends on the financial strength of the issuing corporation.
Bonds are usually issued in units of $1,000 or $5,000, but bond prices are quoted on the basis of 100 as "par" value. A bond price of 96 means that a bond of $1,000 face value is actually selling at $960 And so on.
Many corporate bonds are traded on the NYSE, and newspapers carry a separate daily table showing bond trading. The major trading in corporate bonds, however, takes place in large blocks of $100,000 or more traded off the Exchange by brokers and dealers acting for their own account or for institutions.
4.2 Bonds-U. S. Government
U.S. Treasury bonds (long-term), notes (intermediate-term) and bills (short-term), as well as obligations of the various U. S. government agencies, are traded away from the exchanges in a vast professional market where the basic unit of trading is often $ 1 million face value in amount. However, trades are also done in smaller amounts, and you can buy Treasuries in lots of $5,000 or $10,000 through a regular broker. U. S. gov-ernment bonds are regarded as providing investors with the ultimate in safety.
4.3 Bonds-Municipal
Bonds issued by state and local governments and governmental units are generally referred to as "mu-nicipals" or "tax-exempts", since the income from these bonds is largely exempt from federal income tax.
Tax-exempt bonds are attractive to individuals in higher tax brackets and to certain institutions. There are many different issues and the newspapers generally list only a small number of actively traded municipals. The trading takes place in a vast, specialized over-the-counter market. As an offset to the tax advantage, inter-est rates on these bonds are generally lower than on U. S. government or corporate bonds. Quality is usually high, but there are variations according to the financial soundness of the various states and communities.
4.4 Convertible Securities
A convertible bond (or convertible debenture) is a corporate bond that can be converted into the com-pany's common stock under certain terms. Convertible preferred stock carries a similar "conversion privilege". These securities are intended to combine the reduced risk of a bond or preferred stock with the advantage of conversion to common stock if the company is successful. The market price of a convertible security generally represents a combination of a pure bond price (or aure preferred stock price) plus a premium for the conver-sion privilege. Many convertible issues are listed on the NYSE and other exchanges, and many others are traded over-the-counter
4.5 Options
An option is a piece of paper that gives you the right to buy or sell a given security at a specified price for a specified period of time. A "call" is an option to buy, a "put" is an option to sell. In simplest form, these have become an extremely popular way to speculate on the expectation that the price of a stock will go up or down. In recent years a new type of option has become extremely popular: options related to the various stock market averages, which let you speculate on the direction of the whole market rather than on individual stocks. Many trading techniques used by expert investors are built around options; some of these techniques are in-tended to reduce risks rather than for speculation.
4.6 Rights
When a corporation wants to sell new securities to raise additional capital, it often gives its stockholders rights to buy the new securities (most often additional shares of stock) at an attractive price. The right is in the nature of an option to buy, with a very short life. The holder can use ("exercise") the right or can sell it to someone else. When rights are issued, they are usually traded (for the short period until they expire) on the same exchange as the stock or other security to which they apply.
4.7 Warrants
A warrant resembles a right in that it is issued by a company and gives the holder the option of buying the stock (or other security) of the company from the company itself for a specified price. But a warrant has a longer life—often several years, sometimes without limit As with rights, warrants are negotiable (meaning that they can be sold by the owner to someone else), and several warrants are traded on the major exchanges.
4.8 Commodities and Financial Futures
The commodity markets, where foodstuffs and industrial commodities are traded in vast quantities, are outside the scope of this text. But because the commodity markets deal in "futures"—that is, contracts for de-livery of a certain good at a specified future date— they have also become the center of trading for "financial futures", which, by any logical definition, are not commodities at all.
Financial futures are relatively new, but they have rapidly zoomed in importance and in trading activity. Like options, the futures can be used for protective purposes as well as for speculation. Making the most head-lines have been stock index futures, which permit investors to speculate on the future direction of the stock market averages. Two other types of financial futures are also of great importance: interest rate futures, which are based primarily on the prices of U.S. Treasury bonds, notes, and bills, and which fluctuate according to the level of interest rates; and foreign currency futures, which are based on the exchange rates between foreign currencies and the U.S. dollar. Although, futures can be used for protective purposes, they are generally a highly speculative area intended for professionals and other expert inve¬stors.
5. STOCK MARKET AVERAGES READING THE NEWSPAPER QUOTATIONS
The financial pages of the newspaper are mystery to many people. But dramatic movements in the stock market often make the front page. In newspaper headlines, TV news summaries, and elsewhere, almost every-one has been exposed to the stock market averages.
In a brokerage firm office, it’s common to hear the question “How’s the market?” and answer, “Up five dollars”, or “Down a dollar”. With 1500 common stocks listed on the NYSE, there has to be some easy way to express the price trend of the day. Market averages are a way of summarizing that information.
Despite all competition, the popularity crown still does to an average that has some of the qualities of an antique–the Dow Jones Industrial Average, an average of 30 prominent stocks dating back to the 1890s. This average is named for Charles Dow–one of the earliest stock market theorists, and a founder of Dow Jones & Company, a leading financial news service and publisher of the Wall Street Journal.
In the days before computers, an average of 30 stocks was perhaps as much as anyone could calculate on a practical basis at intervals throughout the day. Now, the Standard & Poor’s 500 Stock Index (500 leading stocks) and the New York Stock Exchange Composite Index (all stocks on the NYSE) provide a much more accurate picture of the total market. The professionals are likely to focus their attention on these “broad” mar-ket indexes. But old habits die slowly, and someone calls out, “How’s the market?” and someone else answers, “Up five dollars,” or “Up five”–it’s still the Dow Jones Industrial Average (the “Dow” for short) that they’re talking about.
The importance of daily changes in the averages will be clear if you view them in percentage terms. When the market is not changing rapidly, the normal daily change is less than ½ of 1%. A change of ½% is still moderate; 1% is large but not extraordinary; 2% is dramatic. From the market averages, it’s a short step to the thousands of detailed listings of stock prices and related data that you’ll find in the daily newspaper finan-cial tables. These tables include complete reports on the previous day’s trading on the NYSE and other leading exchanges. They can also give you a surprising amount of extra information.
Some newspapers provide more extensive tables, some less. Since the Wall Street Journal is available world wide, we’ll use it as a source of convenient examples. You’ll find a prominent page headed “New York Stock Exchange Composite Transactions”. This table covers the day’s trading for all stocks listed on the NYSE. “Composite” means that it also includes trades in those same stocks on certain other exchanges (Pa-cific, Midwest, etc.) where the stocks are “dually listed”. Here are some sample entries:
52 Weeks Yld P-E Sales Net
High Low Stock Div % Ratio 100s High Low Close Chg.
52 7/8 37 5/8 Cons Ed 2.68 5.4 12 909 49 3/8 48 7/8 49 1/4 +1/4
91 1/8 66 1/2 Gen El 2.52 2.8 17 11924 91 3/8 89 5/8 90 -1
41 3/8 26 1/4 Mobil 2.20 5.4 10 15713 41 40 1/2 40 7/8 +5/8
Some of the abbreviated company names in the listings can be a considerable puzzle, but you will get used to them.
While some of the columns contain longer-term information about the stocks and the companies, we'll look first at the columns that actually report on the day's trading. Near the center of the table you will see a column headed "Sales 100s". Stock trading generally takes place in units of 100 shares and is tabulated that way; the figures mean, for example, that 90,900 shares of Consolidated Edison, 1,192,400 shares of General Electric, and 1,571,300 shares of Mobil traded on January 8. (Mobil actually was the 12th "most active" stock on the NYSE that day, meaning that it ranked 12th in number of shares traded.)
The next three columns show the highest price for the day, the lowest, and the last or "closing" price. The "Net Chg." (net change) column to the far right shows how the closing price differed from the previous day's close—in this case, January 7.
Prices are traditionally calibrated in eighths of a dollar. In case you aren't familiar with the equivalents, they are:
1/8 =$.125
1/4=$.25
3/8 =$.375
1/2 =$.50
5/8 =$.625
3/4=$.75
7/8 =$.875
Con Edison traded on January 8 at a high of $49.375 per share and a low of $48 875, it closed at $49.25, which was a gain of $0.25 from the day before. General Electric closed down $1.00 per share at $90 00, but it earned a "u" notation by trading during the day at $91 375, which was a new high price for the stock during the most recent 52 weeks (a new low price would have been denoted by a "d").
The two columns to the far left show the high and low prices recorded in the latest 52 weeks, not includ-ing the latest day. (Note that the high for General Electric is shown as 91 1/8, not 91 3/8.) You will note that while neither Con Edison nor Mobil reached a new high on January 8, each was near the top of its "price range" for the latest 52 weeks. (Individual stock price charts, which are published by several financial ser-vices, would show the price history of each stock in detail.)
The other three columns in the table give you information of use in making judgments about stocks as investments. Just to the right of the name, the "Div." (dividend) column shows the current annual dividend rate on the stock — or, if there's no clear regular rate, then the actual dividend total for the latest 12 months. The dividend rates shown here are $2.68 annually for Con Edison, $2.52 for GE, and $2.20 for Mobil. (Most com-panies that pay regular dividends pay them quarterly: it's actually $0.67 quarterly for Con Edison, etc.) The "Yid." (Yield) column relates tie annual dividend to the latest stock price. In the case of Con Edison, for ex-ample, $2.68 (annual dividend)/$49.25 (stock price) ==5.4%, which represents the current yield on the stock.
5.1 The Price-Earnings Ratio
Finally, we have the "P-E ratio", or price-earnings ratio, which represents a key figure in judging the value of a stock. The price-earnings ratio—also referred to as the "price-earnings multiple", or sometimes simply as the "multiple"—is the ratio of the price of a stock to the earnings per share behind the stock.
This concept is important. In simplest terms (and without taking possible complicating factors into ac-count), "earnings per share" of a company are calculated by taking the company's net profits for the year, and dividing by the number of shares outstanding. The result is, in a very real sense, what each share earned in the business for the year — not to be confused with the dividends that the company may or may not have paid out. The board of directors of the company may decide to plow the earnings back into the business, or to pay them out to shareholders as dividends, or (more likely) a combination of both; but in any case, it is the earnings that are usually considered as the key measure of the company's success and the value of the stock.
The price-earnings ratio tells you a great deal about how investors view a stock. Investors will bid a stock price up to a higher multiple if a company's earnings are expected to grow rapidly in the future. The multiple may look too high in relation to current earnings, but not in relation to expected future earnings. On the other hand, if a company's future looks uninteresting, and earnings are not expected to grow substantially, the market price will decline to a point where the multiple is low.
Multiples also change with the broad cycles of the stock market, as investors become willing to pay more or less for certain values and potentials. Between 1966 and 1972, a period of enthusiasm and specula-tion, the average multiple was usually 15 or higher. In the late 1970s, when investors were generally cautious and skeptical, the average multiple was below 10. However, note that these figures refer to average multiples–whatever the average multiple is at any given time, the multiples on individual stocks will range above and be-low it.
Now we can return to the table. The P-E ratio for each stock is based on the latest price of the stock and on earnings for the latest reported 12 months. The multiples, as you can see, were 12 for Con Edison, 17 for GE, and 10 for Mobil. In January 1987, the average multiple for all stocks was very roughly around 15. Con Edison is viewed by investors as a relatively good-quality utility company, but one that by the nature if its business cannot grow much more rapidly that the economy as a whole. GE, on the other hand, is generally given a premium rating as a company that is expected to outpace the economy.
You can't buy a stock on the P-E ratio alone, but the ratio tells you much that is useful. For stocks where no P-E ratio is shown, it often means that the company showed a loss for the latest 12 months, and that no P-E ratio can be calculated. Somewhere near the main NYSE table, you'll find a few small tables that also relate to the day's NYSE-Composite trading. There's the table showing the 15 stocks that traded the greatest number of shares for the day (the "most active" list), a table of the stocks that showed the greatest percentage of gains or declines (low-priced stocks generally predominate here); and one showing stocks that made new price highs or lows relative to the latest 52 weeks.
You'll find a large table of "American Stock Exchange Composite Transactions", which does for stocks listed on the AMEX just what the NYSE-Composite table does for NYSE-listed stocks. There are smaller ta-bles covering the Pacific Stock Exchange, Boston Exchange, and other regional exchanges.
The tables showing over-the-counter stock trading are generally divided into two or three sections. For the major over-the-counter stocks covered by the NASDAQ quotation and reporting system, actual sales for the day are reported and tabulated just as for stocks on the NYSE and AMEX. For less active over-the-counter stocks, the paper lists only "bid" and "asked" prices, as reported by dealers to the NASD.
It is worth becoming familiar with the daily table of prices of U.S. Treasury and agency securities. The Treasury issues are shown not only in terms of price, but in terms of the yield represented by the current price. This is the simplest way to get a bird's-eye view of the current interest rate situation—you can see at a glance the current rates on long-term Treasury bonds, intermediate-term notes, and short-term bills.
Elsewhere in the paper you will also find a large table showing prices of corporate bonds traded on the NYSE, and a small table of selected tax-exempt bonds (traded OTC). But unless you have a spe¬cific interest in any of these issues, the table of Treasury prices is the best way to follow the bond market.
There are other tables listed. These are generally for more experi¬enced investors and those interested in taking higher risks. For example, there are tables showing the trading on several different exchanges in listed options—primarily options to buy or sell common stocks (call options and put options). There are futures prices— commodity futures and also interest rate futures, foreign currency futures, and stock index futures. There are also options relating to interest rates and options relating to the stock index futures.
6. EUROPEAN STOCKMARKETS–GENERAL TREND
Competition among Europe’s securities exchanges is fierce. Yet most investors and companies would prefer fewer, bigger markets. If the exchanges do not get together to provide them, electronic usurpers will.
How many stock exchanges does a Europe with a single capital market need? Nobody knows. But a part-answer is clear: fewer than it has today. America has eight stock exchanges, and seven futures and options exchanges. Of these only the New York Stock Exchange, the American Stock Exchange, NASDAQ (the over-the-counter market), and the two Chicago futures exchanges have substantial turnover and nationwide preten-sions.
The 12 member countries of the European Community (EC), in contrast, boast 32 stock exchanges and 23 futures and options exchanges. Of these, the market in London, Frankfurt, Paris, Amsterdam, Milan and Madrid–at least–aspire to significant roles on the European and world stages. And the number of exchanges is growing. Recent arrivals include exchanges in Italy and Spain. In eastern Germany, Leipzig wants to reopen the stock exchange that was closed in 1945.
Admittedly, the EC is not as integrated as the United States. Most intermediaries, investors and compa-nies are still national rather than pan-European in character. So is the job of regulating securities markets; there is no European equivalent of America’s Securities and Exchange Commission (SEC). Taxes, company law and accounting practices vary widely. Several regulatory barriers to cross-border investment, for instance by pension funds, remain in place. Recent turmoil in Europe’s exchange rate mechanics has reminded cross0border investors about currency risk. Despite the Maastricht treaty, talk of a common currency is little more than that
Yet the local loyalties that sustain so many European exchanges look increasingly out-of-date. Coun-tries that once had regional stock exchanges have seen them merged into one. A single European market for financial services is on its way. The EC's investment services directive, which should come into force in 1996, will permit cross-border stockbroking without the need to set up local subsidiaries. Jean-Francois Theodore, chairman of the Paris Bourse, says this will lead to another European Big Bang. And finance is the multina-tional business par excellence: electronics and the end of most capital controls mean that securities traders roam not just Europe but the globe in search of the best returns.
This affects more than just stock exchanges. Investors want financial market that are cheap, accessible and of high liquidity (the ability to buy or sell shares without moving the price). Businesses, large and small, need a capital market in which they can raise finance at the lowest possible cost If European exchanges do not meet these requirements, Europe's economy suffers.
In the past few years the favoured way of shaking up bourses has been competition. The event that trig-gered this was London's Big Bang in October 1986, which opened its stock exchange to banks and foreigners, and introduced a screen-plus-telephone system of securities trading known as SEAQ. Within weeks the trading floor had been abandoned. At the time, other European bourses saw Big Bang as a British eccentricity. Their markets matched buy and sell orders (order-driven trading), whereas London is a market in which dealers quote firm prices for trades (quote-driven trading). Yet many continental markets soon found themselves forced to copy London's example.
That was because Big Bang had strengthened London's grip on international equity-trading. SEAQ's in-ternational arm quickly grab¬bed chunks of European business. Today the London exchange reckons to handle around 95% of all European cross-border share-trading It claims to handle three-quarters of the trading in blue-chip shares based in Holland, half of those in France and Italy and a quarter of those in Germany—though, as will become clear, there is some dispute about these figures.
London's market-making tradition and the presence of many international fund managers helped it to win this business. So did three other factors. One was stamp duties on share deals done in their home coun-tries, which SEAQ usually avoided. Another was the shortness of trading hours on continental bourses. The third was the ability of SEAQ, with market-makers quoting two-way prices for business in large amounts, to handle trades in big blocks of stock that can be fed through order-driven markets only when they find counter-parts.
A similar tussle for business has been seen among the ex¬changes that trade futures and options. Here, the market which first trades a given product tends to corner the business in it. The European Options Ex-change (EOE) in Amsterdam was the first derivatives exchange in Europe; today it is the only one to trade a European equity-index option. London's LIFFE, which opened in 1982 and is now Europe's biggest deriva-tives exchange, has kept a two-to-one lead in German government-bond futures (its most active contract) over Frankfurt's DTB, which opened only in 1990. LIFFE competes with several other European exchanges, not always successfully: it lost the market in ecu-bond futures to Paris's MATIF.
European exchanges armoured themselves for this battle in three ways. The first was to fend off foreign competition with rules. In three years of wrangling over the EC's investment-services directive, several member-countries pushed for rules that would require securities to be traded only on a recognized exchange. They also demanded rules for the disclosure of trades and prices that would have hamstrung SEAQ's quote-driven trading system. They were beaten off in the eventual compromise, partly because governments realized they risked driving business outside the EC. But residual attempts to stifle competition remain. Italy passed a law in 1991 requiring trades in Italian shares to be conducted through a firm based in Italy. Under pressure from the European Commission, it may have to repeal it.
6.1 New Ways for Old
The second response to competition has been frantic efforts by bourses to modernize systems, improve services and cut costs. This has meant investing in new trading systems, improving the way deals are settled, and pressing governments to scrap stamp duties. It has also increasingly meant trying to beat London at its own game, for instance by searching for ways of matching London's prowess in block trading.
Paris, which galvanized itself in 1988, is a good example. Its bourse is now open to outsiders. It has a computerized trading system based on continuous auctions, and settlement of most of its deals is computer-ized. Efforts to set up a block-trading mechanism continue, although slowly. Meanwhile, MATIF, the French futures exchange, has become the continent's biggest. It is especially proud of its ecu-bond contract, which should grow in importance if and when monetary union looms.
Frankfurt, the continent's biggest stock-market, has moved more ponderously, partly because Germany's federal system has kept regional stock exchange in being, and left much of the regulation of its markets at Land (state) level. Since January 1st 1993 all German exchanges (including the DTB) have been grouped un-der a firm called Deutsche Borse AG, chaired by Rolf Breuer, a member of Deutsche Bank’s board. But there is still some way to go in centralizing German share-trading. German floor brokers continue to resist the in-roads made by the bank’s screen-based IBIS trading system. A law to set up a federal securities regulator (and make insider-dealing illegal) still lies becalmed in Bonn.
Other bourses are moving too. Milan is pushing forward with screen-based trading and speeding up its settlement. Spain and Belgium are reforming their stock-markets and launching new futures exchanges. Am-sterdam plans an especially determined attack on SEAQ. It is implementing a McKinsey report that recom-mended a screen-based system for wholesale deals, a special mechanism for big block trades and a bigger market-making role for brokers.
Ironically, London now finds itself a laggard in some respects. Its share settlement remains prehistoric; the computerized project to modernize it has just been scrapped. The SEAQ trading system is falling apart; only recently has the exchange, belatedly, approves plans draw up by Arthur Andersen for a replacement, and there is plenty of skepticism in the City about its ability to deliver. Yet the exchange’s claimed figures for its share of trading in continental equities suggest that London is holding up well against its competition.
Are these figures correct? Not necessarily: deals done through an agent based in London often get counted as SEAQ business even when the counterpart is based elsewhere and the order has been executed through a continental bourse. In today’s electronic age, with many firms members of most European ex-changes, the true location of a deal can be impossible to pin down. Continental bourses claim, anyway, to be winning back business lost to London.
Financiers in London agree that the glory-days of SEAQ’s international arm, when other European ex-changes were moribund, are gone. Dealing in London is now more often a complement to, rather than a substi-tute for, dealing at home. Big blocks of stock may be bought or sold through London, but broken apart or as-sembled through local bourses. Prices tend to be derived from the domestic exchanges; it is notable that trad-ing on SEAQ drops when they are closed. Baron van Ittersum, chairman of the Amsterdam exchange, calls this the “queen’s birthday effect”: trading in Dutch equities in London slows to a trickle on Dutch public holi-days.
Such competition-through-diversity has encourage European exchanges to cut out the red tape that pro-tected their members from outside competition, to embrace electronics, and to adapt themselves to the wishes of investors and issuers. Yet the diversity may also have had a cost in lower liquidity. Investors, especially from outside Europe, are deterred if liquidity remains divided among different exchanges. Companies suffer too: they grumble about the costs of listing on several different markets.
So the third response of Europe’s bourses to their battle has been pan-European co-operative ventures that could anticipate a bigger European market. There are more wishful words here than deeds. Work on two joint EC projects to pool market information, Pipe and Euroquote, was abandoned, thanks mainly to hostility from Frankfurt and London. Eurolist, under which a company meeting the listing requirements for one stock exchange will be entitled to a listing on all, is going forward–but this is hardly a single market. As Paris’s Mr Theodore puts it, "there is a compelling business case for the big European exchanges building the European-regulated market of to-morrow" Sir Andrew Hugh-Smith, chairman of the London ex¬change has also long ad-vocated one European market for profes¬sional investors
One reason little has been done is that bourses have been coping with so many reforms at home. Many wanted to push these through before thinking about Europe. But there is also atavistic nationalism. London, for example, is unwilling to give up the leading role it has acquired in cross-border trading between institu-tions; and other exchanges are unwilling to accept that it keeps it. Mr. Theodore says there is no future for the European bourses if they are forced to row in a boat with one helmsman. Amsterdam's Baron van Ittersum also emphasises that a joint European market must not be one under London's control.
Hence the latest, lesser notion gripping Europe's exchanges: bilateral or multilateral links. The futures exchanges have shown the way. Last year four smaller exchanges led by Amsterdam's EOE and OM, an op-tions exchange based in Sweden and London, joined together in a federation called FEX In January of this year the continent's two biggest exchanges, MATIF and the DTB, announced a link-up that was clearly aimed at toppling London's LIFFE from its dominant position Gerard Pfauwadel, MATIF's chairman, trumpets the deal as a precedent for other European exchanges. Mr Breuer, the Deutsche Borse's chairman, reckons that a network of European exchanges is the way forward, though he concedes that London will not warm to the idea. The bourses of France and Germany can be expected to follow the MATIF/DTB lead.
It remains unclear how such link-ups will work, however. The notion is that members of one exchange should be able to trade products listed on another. So a Frenchman wanting to buy German government-bond futures could do so through a dealer on MATIF, even though the contract is actually traded in Frankfurt. That is easy to arrange via screen-based trading: all that are needed are local terminals. But linking an electronic market such as the DTB to a floorbased market with open-outcry trading such as MATIF is harder Nor have any exchanges thought through an efficient way of pooling their settlement systems
In any case, linkages and networks will do nothing to reduce the plethora of European exchanges, or to build a single market for the main European blue-chip stocks. For that a bigger joint effort is needed It would not mean the death of national exchanges, for there will always be business for individual investors, and in se-curities issued locally Mr Breuer observes that ultimately all business is local. Small investors will no doubt go on worrying about currency
risk unless and until monetary union happens. Yet large wholesale investors are already used to hedging against it. For them, investment in big European blue-chip securities would be much simpler on a single wholesale European market, probably subject to a single regulator
More to the point, if investors and issuers want such a market, it will emerge—whether today's ex-changes provide it or not. What, after all, is an exchange? It is no more than a system to bring together as many buyers and sellers as possible, preferably under an agreed set of rules. That used to mean a physically supervised trading floor. But computers have made it possible to replicate the features of a physical exchange electronically. And they make the dissemination of prices and the job of applying rules to a market easier.
Most users of exchanges do not know or care which exchange they are using: they deal through brokers or dealers. Their concern is to deal with a reputable firm such as S. G. Warburg, Gold-man Sachs or Deutsche Bank, not a reputable exchange. Since big firms are now members of most exchanges, they can choose where to trade and where to resort to off-exchange deals—which is why there is so much dispute over market shares within Europe This fluidity creates much scope for new rivals to undercut established stock exchanges.
6.2 Europe, Meet Electronics
Consider the experience of the New York Stock Exchange, which has remained stalwartly loyal to its trading floor. It has been losing business steadily for two decades, even in its own listed stocks. The winners have included NASDAQ and cheaper regional exchanges. New York's trading has also migrated to electro¬nic trading systems, such as Jeffries & Co's Posit, Reuters's Instinct and Wunsch (a computer grandly renamed the Arizona Stock Exchange).
Something similar may happen in Europe. OM, the Swedish options exchange, has an electronic trading system it calls Click. It recently renamed itself the London Securities and Derivatives Exchange. Its chief ex-ecutive, Lynton Jones, dreams of offering clients side-by-side on a screen a choice of cash products, options and futures, some of them customised to suit particular clients The Chicago futures exchanges, worried like all established exchanges about losing market share, have recently launched "flex" contracts that combine the vir-tues of homogeneous exchange-traded products with tailor-made over-the-counter ones.
American electronic trading systems are trying to break into European markets with similarly imagina-tive products Instinet and Posit are already active, though they have had limited success so far. NASDAQ has an international arm in Europe. And there are homegrown systems, too. Tradepoint, a new electronic order-driver trading system for British equities, is about to open in London. Even bond-dealers could play a part. Their trade association, ISMA, is recognized British exchange for trading in Eurobonds; it has a computerized reporting system known as TRAX; most of its members use the international clearing-houses Euroclear and Cedel for trade settlement. It would not be hard for ISMA to widen its scope to include equities or futures and options. The association has recently announced a link with the Amsterdam Stock Exchange.
Electronics poses a threat to established exchanges that they will never meet by trying to go it alone. A single European securities market (or derivatives market) need not look like an established stock exchange at all. It could be a network of the diverse trading and settlement systems that already exists, with the necessary computer terminals scattered across the EC. It will need to be regulated at the European level to provide uni-form reporting; an audit trail to allow deals to be retraced from seller to buyer; and a way of making sure that investors can reach the market makers offering the best prices. Existing national regulators would prefer to do all this through co-operation; but some financiers already talk of need for a European SEC. An analogy is European civil aviation’s reluctant inching towards a European system of air-traffic control.
Once a Europe-wide market with agreed regulation is in place, competition will window out the winners and losers among the member- bourses, on the basis of services and cost, or of the rival charms of the immedi-acy and size of quote-driven trading set against the keener prices of order-driven trading. Not a cosy prospect; but if the EC’s existing exchanges do not submit to such a European framework, other artists will step in to deny them the adventure.
7. NEW ISSUES
Up to now, we have talked about the function of securities markets as trading markets, where one inves-tor who wants to move out of a particular investment can easily sell to another investor who wishes to buy. We have not talked about another function of the securities markets, which is to raise new capital for corpora-tions–and for the federal government and state and local governments.
When you buy shares of stock on one of the exchanges, you are not buying a “new issue”. In the case of an old established company, the stock may have been issued decades ago, and the company has no direct in-terest in your trade today, except to register the change in ownership on its books. You have taken over the in-vestment from another investor, and you know that when you are ready to sell, another investor will buy it from you at some price.
New issues are different. You have probably noticed the advertisements in the newspaper financial pages for new issues of stocks or bonds–large advertising which, because of the very tight restrictions on ad-vertising new issues, state virtually nothing except the name of the security, the quantity being offered, and the names of the firms which are “underwriting” the security or bringing it to market.
Sometimes there is only a single underwriter; more often, especially if the offering is a large one, many firms participate in the underwriting group. The underwriters plan and manage the offering. They negotiate with the offering company to arrive at a price arrangement which will be high enough to satisfy the company but low enough to bring in buyers. In the case of untested companies, the underwriters may work for a prear-ranged fee. In the case of established companies, the underwriters usually take on a risk function by actually buying the securities from the company at a certain price and reoffering them to the public at a slightly higher price; the difference, which is usually between 1% and 7%, is the underwriters’ profit. Usually the underwrit-ers have very carefully sounded out the demand is disappointing–or if the general market takes a turn for the worse while the offering is under way–the underwriters may be left with securities that can’t be sold at the scheduled offering price. In this case the underwriting “syndicate” is dissolved and the underwriters sell the securities for whatever they can get, occasionally at a substantial loss.
The new issue process is critical for the economy. It’s important that both old and new companies have the ability to raise additional capital to meet expanding business needs. For you, the individual investor, the area may be a dangerous one. If a privately owned company is “going public” for the fist time by offering securities in the public market, it is usually does so at a time when its earnings have been rising and everything looks particularly rosy. The offering also may come at a time when the general market is optimistic and prices are relatively high. Even experienced investors can have great difficulty in assessing the real value of a new offering under these conditions.
Also, it may be hard for your broker to give you impartial advice. If the brokerage firm is in the under-writing group, or in the “selling group” of dealers that supplements the underwriting group, it has a vested in-terest in seeing the securities sold. Also, the commissions are likely to be substantially higher than on an ordi-nary stock. On the other hand, if the stock is a “hot issue” in great demand, it may be sold only through small individual allocations to favored customers (who will benefit if the stock then trades in the open market at a price well above the fixed offering price)
If you are considering buying a new issue, one protective step you can take is to read the prospectus The prospectus is a legal document describing the company and offering the securities to the public. Unless the of-fering is a very small one, it can't be made without passing through a registration process with the SEC. The SEC can't vouch for the value of the offering, but it does act to make sure that essential facts about the com-pany and the offering are disclosed in the prospectus.
This requirement of full disclosure was part of the securities laws of the 1930s and has been a great boon to investors and to the securities markets. It works because both the underwriters and the offering com-panies know that if any material information is omitted or misstated in the prospectus, the way is open to law-suits from investors who have bought the securities.
In a typical new offering, the final prospectus isn't ready until the day the securities are offered. But be-fore that date you can get a "preliminary prospectus" or "red herring"—so na¬med because it carries red letter-ing warning that the prospectus hasn't yet been cleared by the SEC as meeting disclosure require¬ments
The red herring will not contain the offering price or the final underwriting arrangements But it will give you a description of the company's business, and financial statements showing just what the company's growth and profitability have been over the last several years It will also tell you something about the man-agement. If the management group is taking the occasion to sell any large percentage of its stock to the public, be particularly wary.
It is a very different case when an established public company is selling additional stock to raise new capital. Here the company and the stock have track records that you can study, and it's not so difficult to make an estimate of what might be a reasonable price for the stock The offering price has to be close to the current market price, and the underwriters' profit margin will generally be smaller But you still need to be careful. While the SEC has strict rules against promoting any new offering, the securities industry often manages to create an aura of enthusiasm about a company when an offering is on the way On the other hand, the knowl-edge that a large offering is coming may depress the market price of a stock, and there are times when the of-fering price turns out to have been a bargain
New bond offerings are a different animal altogether. The bond markets are highly professional, and there is nothing glamorous about a new bond offering. Everyone knows that a new A-rated corporate
bond will be very similar to all the old A-rated bonds. In fact, to sell the new issue effectively, it is usu-ally priced at a slightly higher "effective yield" than the current market for comparable older bonds—either at a slightly higher interest rate, or a slightly lower dollar price, or both. So for a bond buyer, new issues often of-fer a slight price advantage.
What is true of corporate bonds applies also to U.S. government and municipal issues. When the Treas-ury comes to market with a new issue of bonds or notes (a very frequent occurrence), the new issue is priced very close to the market for outstanding (existing) Treasury securities, but the new issue usually carries a slight price concession that makes it a good buy. The same is true of bonds and notes brought to market by state and local governments; if you are a buyer of municipals, these new offerings may provide you with mod-est price concessions. If the quality is what you want, there's no reason you shouldn't buy them—even if your broker makes a little extra money on the deal.
8. MUTUAL FUNDS. A DIFFERENT APPROACH
Up until now, we have described the ways in which securities are bought directly, and we have dis-cussed how you can make such investments through a brokerage account.
But a brokerage account is not the only way to invest. For many investors, a brokerage has disadvan-tages–the difficulty of selecting an individual broker, the commission costs (especially on small transactions), and the need to be involved in decisions that many would prefer to leave to professionals. For people who feel this way, there is an excellent alternative available—mutual funds.
It isn't easy to manage a small investment account effectively. A mutual fund gets around this problem by pooling the money of many investors so that it can be managed efficiently and economically as a single large unit. The best-known type of mutual fund is probably the money market fund, where the pool is invested for complete safety in the shortest-term income-producing investments. Another large group of mutual funds invest in common stocks, and still others invest in long-term bonds, tax-exempt securities, and more special-ized types of investments.
The mutual fund principle has been so successful that the funds now manage over $400 billion of inves-tors' money—not including over $250 billion in the money market funds.
8.1 Advantages of Mutual Funds
Mutual funds have several advantages. The first is professional management. Decisions as to which se-curities to buy, when to buy and when to sell are made for you by professionals. The size of the pool makes it possible to pay for the highest quality management, and
2011. dec. 13.
#6
The mortgage brokers, bankers and loan officers are three distinguished entities with differentiated features, so make sure while applying for a mortgage loan or mortgage refinance, that you are distinguishing between brokers, bankers, and loan officers.
The distinguished properties between brokers, bankers, and loan officers may leads to reduction of cost and improvement in level of services offered to you. The beginning of a mortgage application requires understanding what type of professional is serving for you.
It cannot be stated that bankers are better than brokers, or that brokers are having a much experienced hand than a loan officer. But still the differences are significant and important to be recognized by the consumers.
The realistic dissimilarity can be only clarified by a closer comparison, where these may assist you when you're looking for a specific type of loan or service.
Loan officers
The banks employees some persons in order to carry out their processes properly and these persons are termed as loan officers. A full range of products in order to fetch the required mortgage needs is explained by the loan officers, where mortgage needs are based credit rating and financial goals of yours. The loan officers personally listen your requirements and also offer usage of your local bank as per your convenience and help you out to qualify for better interest rates.
Mortgage brokers
The versatile offers from different lending institutions are catered to you by a mortgage broker. The mortgage broker gets intact with group of financial institutions, including banks and non-bank lenders to find the best deal.
Mortgage lenders offer competitive terms to first home buyers, self employed and other categories of people requiring loan and is brought to you efficiently by a mortgage broker. Mortgage broker analyses your requirement through proper tools and try to arrange the best competitive term available in the market. The contemptible home loan from one of most competitive home loan in present scenario of market is arranged by an efficient mortgage broker.
The mortgage brokers fight with different lenders for your convenience and cater you following your own strict guidelines.
Mortgage bankers
The third category is last, but not the least, and is mortgage bank. The mortgage bank is a state-licensed financial institution having no depositors, where mortgage bank deals only in mortgages. It is much beneficial to get loan from them, since they offer a lower rate then any other, due to non-splitting of any benefit.
The differences are marginal and it is up to you to choose the best channel suiting your need.
2011. dec. 13.
#5
There were many rumors the last half year about a tablet PC apple was going to announce. Like before at almost every big Apple release or announcement like a new iPod or the iPhone, the internet was flooded by “top secret” information about features and reports on Apples purchases of component parts etc. The new product has been hyped long before its release. And at the day of the official announcement Apple always matched the high expectation, except this time.
When Steve Jobs presented their new baby, the iPad, everyone waited for the unexpected feature Jobs would name soon. But there was no super stunning feature. Though the iPad seemed cool, it was not the revolutionary tablet PC everybody was waiting for.
One of the reasons for this is, that the OS of the tablet will be a pimped iPhone OS, not a adjusted version of Mac OS Snow Leopard as hoped by many potential customers. The iPad seems to be just a really big iPhone or iPod touch. Another critic point is that Apples new mini computer won't support Flash. Apple don't like to support Flash, because they think it's an outdated format and caused many errors on the OS. Especially with the slowly upcoming HTML 5 which is meant to replace flash, Apple had a reason to ignore it. While many customers are upset about Apple's ignorance on flash, others are more than happy with this decision. The dependency of a lot of content in the internet just from a privet company like Adobe isn't a good solution, so some people see Apples's politics as a chance to make Flash dispensable.
Additionally criticized points for the iPad are the leak of multitasking for most applications (the ability to open several programs at the same time), a missing cam for video chat and the fact that only software from the App Store will run on the iPad.
People expected a equivalent to all the netbooks out there, just with Apple's and Jobs' touch, but got something else. Apple didn't try to make a better netbook with touchscreen, they are going to offer a whole new product. The iPad was a disappointment for those who expected a real mini computer like a windows or mac PC. If you look at the iPad from a neutral perspective it's not that bad at all.
The iPad is a product that's made for a market which grew just in the last years. It's a simple gate to the portable internet, to information and fun everywhere. And that's what it's meant to be, the iPad is made to offer people an easy access to the internet. If you have to look up something quickly, if you're sitting on the couch and like to surf or if you just want to read newspaper articles or ebooks, the iPad is a great solution. Especially the last feature mentioned above is something Apple tries to improve with their tablet computer. The New York Times already announced an application to offer paid content you normally only get with their printed media. Apple also tries to beat Amazon's popular ebook-reader Kindle.
So you have to think about all this and for what reason you like to have an iPad to be clear if it's something for you. But one thing is for sure, the iPad will sell as almost all Apple products do. At least the hype and the design will contribute enough to make this true.
2011. dec. 13.
#4
The secret behind SUNNO A880: Doubtless, you are able to visit this website, read my article reviews and perfectly understand everything about the SUNNO A880. We are just showing you how splendid is the new SUNNO A880 and its fantastic features, but somebody who is a direct supplier in China and know very well the Chinese market can talk with authority about the quality of this equipment. That’s why because I can sell you directly from China so you can buy the latest super price. And both understand English as well as Mandarin Chinese, you can make business with me if you're interested, welcome to those who wish to become distributors and start earning money. Very important news is that our SUNNO A880 not only is a touch screen and Windows 6.5 operating system and 460 MHz CPU, Marvel so the price is a bit more expensive than normal W71 without touch screen and no operating system. I personally think that you are doing a great thing if you are able to purchase this impressive mobile phone. In the next lines I am going to show not only its secret but the features that are part of this useful and beautiful mobile phone. В
What about the SUNNO A880?
Using this mobile phone make me feel more comfortable and it price is very affordable if you compare with other mobile phones in the market. Despite of this, it is a very beautiful cell phone that is gorgeous and contemporary. In order you can be well informed about the SUNNO A880 cell phone, this fresh release from SUNNO comes with amazing features that we are going to describe in the following lines.
-SUNNO A880’s shape and design: I like a lot the design of this SUNNO A880 because is very curved and elegant. Its design is very propel for girls and people that are lovers of modernist designs in mobile phones.
-Screen and display: The SUNNO A880 comes with 3.2” HQVGA screen with remarkable colors and relaxed and high quality vision.
-Memory features: The memory is one of the most important features that we often are evaluating when we attempt to purchase a mobile phone. In the case of the SUNNO A880 we should consider that. You can even add more memory through the use of a MINI SD device for enhance your capabilities.
-WI-FI and connectivity and Camera: This is a great feature that you can enjoy in the SUNNO A880 which is available for high speed internet connection as well as GPS for navigation and positioning and 5.0 Mega pixel Camera with Flashlight
-Software and operating system: Furthermore, you will able to run in your SUNNO A880 cell phone most of the products of Microsoft such as Excel, PowerPoint and Word; everything in a single mobile device.
-SUNNO A880’s performance: This mobile phone has an excellent performance thanks to its processor running to 460 MHZ and with 128MB RAM.
-Audio and Video: This is a perfect media player for both video and audio with the best quality you ever expected and supporting the most popular audio and video formats.
2011. dec. 13.
#3
So in this blog post, we're going to take a look at how to use the combo box editor to change the data for a field and then save that change back to the database. Here I'm assuming the presence of a DXGrid for Silverlight control bound to the "Products" table of the sample Northwinds database. The "ProductName" column should have a combobox in-place editor as well. If you are just starting out, I recommend reading the following posts first before you proceed further:
Silverlight Grid Control - Data Binding using RIA
ServicesSilverlight Grid Control – How to Embed Editors
В
Updates do not occur automatically, so to save each change, I need a mechanism where the whole process is correctly automated. I'll do this by handling theВ HiddenEditor andВ RowUpdated events of theВ TableView.
dxg:GridControl Name="gridControl1" dxg:GridControl.View dxg:TableView AutoWidth="True" Name="tableView" HiddenEditor="tableView_HiddenEditor"RowUpdated="tableView_RowUpdated" / /dxg:GridControl.View dxg:GridControl.Columns dxg:GridColumn FieldName="ProductName" Header="Product Name" dxg:GridColumn.EditSettings dxe:ComboBoxEditSettings DisplayMember="ProductName" ValueMember="ProductName" / /dxg:GridColumn.EditSettings /dxg:GridColumn dxg:GridColumn FieldName="UnitPrice" Header="Unit Price" / dxg:GridColumn FieldName="UnitsInStock" Header="Units in Stock" / dxg:GridColumn FieldName="UnitsOnOrder" Header="Units on Order" / /dxg:GridControl.Columns /dxg:GridControl
В
The HiddenEditor event is invoked every time an editor is closed. So in this case, when an item in the combo box is selected and the editor is closed, the HiddenEditor event will be triggered.
The RowUpdated event is where we'll submit the changes back to the database.
Here's the code I'll add to handle saving and submitting the data:
private void tableView_HiddenEditor(object sender, DevExpress.Xpf.Grid.EditorEventArgs e) { if (e.Column.FieldName !=В "ProductName")В return; gridControl1.View.CommitEditing(); } private void tableView_RowUpdated(object sender, DevExpress.Xpf.Grid.RowEventArgs e) { _productsContext.SubmitChanges(OnSubmitCompleted,В null); } private void OnSubmitCompleted(SubmitOperation so) { if ((so.HasError)) { MessageBox.Show(string.Format("Save Failed: {0}", so.Error.Message)); so.MarkErrorAsHandled(); } else { MessageBox.Show("Data Saved"); } }
The code in the OnSubmitCompleted method is purely for demonstration and error handling purposes.
And that's it! You can now run the application and use the combo box to select and update the values in the "ProductName" column of the grid.
В
2011. dec. 13.
#2
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Powerful Audio Mechanism
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Accessible Controls Set
Indeed, you don't need to get yourself into trouble with problematic buttons. Instead, you can encounter well-engineered command controls featuring easy-access buttons. And you can be able to indulge into easily accessible keys that ensure fast and effortless adjustment. What's even more exciting is that logitech freepulse headphones are inclusive of this easy-to-use controls set! This way, you can make use of these keys especially the ones for volume level adjustment not to point out the Bass boost mode. Find out more onВ logitech freepulse review.