证券英语的特别语法现象(3)

        ４. 形容词当名词用
        The series of “lower highs” and “lower lows” is lower than the former ones, which is a tell tale sign of a stock in a down trend. In other words, each time the stock edged lower,it went lower than its previous relative low price. The sequence of lower lows and lower highs is broken, which is the indication that the down trend is at least pausing and possibly ending. At this time we would likely stop actively selling the stock. （相继一系列下降的价格波峰和波谷都对应地低于前一个波峰和波谷，那么市场就处于下降趋势中。波动下跌的趋势被打破、逆转，这表示至少下降趋势就要停止、可能就要结束。这时我们就不会卖掉股票。）
        Convertibles earn interest even when the stock is trading down or sideways, but when the stock price rises, the value of the convertible increases.（当股市走低或者横盘整理时，可转换债券可赢利，可转换债券的价值增值。）
        这里的convertible 等于convertible bonds。
        With an increase of US $ 2 billion in trading volume over the previous week, the Dow Jones Industrial Average closed 45 points up at 14,698.6 points, hitting a new high for two years.（随着交易量比前周放大２０亿美元，道• 琼斯工业平均指数本周上扬４５点，以１４６９８．６０点抱收，创两年新高。）
        ５. 名词作形容词用
        It is often said that earnings are the
        bottom - line when it comes to valuing a company’s stock, and indeed fundamental analysis places much emphasis upon a company’s earnings.（当评估公司股票时，人们通常认为公司的收益最重要。的确，基本面分析非常重视公司的赢利能力。）

        bottom 通常是“ 垫底、最落后” 的意思。
        bottom-line 净利润／亏损。在财务报表中最后一行显示净利润或亏损。所以是一个借代修辞格，也有最终结果的意思。当作形容词用时，它又表示“最主要的、最重要的”。
        The console is getting no IPO allotment may be a blessing in disguise. After all, IPOs may prove too risky for individual investors. In the days of dot-com mania, investors could throw money into an IPO and be almost guaranteed killer returns. Now the tech bubble burst and the IPO market returned to normal.（令人宽慰的是，错过首发，安知非福。毕竟首次公开发行公司对个人投资者来说是太有风险了。在追捧互联网公司的狂热的日子里，投资者把钱投到首发公司，几乎得到的是令人瞠目结舌的回报。如今科技股泡沫破裂，首发市场从新回到正常化轨道。）
        International direct investment commonly involves the movement of production factors, while in the case of international portfolio investment, investors simply purchase shares or bonds issued by a foreign company, which can be liquidated at market prices at any time.（国际直接投资往往涉及生产要素的移动，而在国际证券投资中，投资者只是购买某一外国公司发行的股票或债券，而这些股票和债券往往随时可按市场价格兑成现金。）