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1、Basic Listening Practice 1.Script W:Let me recommend my brother to you.Hes really done well in the stock market over the last few years.M:The real question is this:How have you dine by taking his advice?Q:What does the man mean?2.Script M:Many investors jump on IPOs,hoping to get rich by getting int
2、o a stock early before it goes up.W:But isn t that a bit like buying a book without reading it?I mean,what if it doesn t go up?Q:What is the woman s opinion?3.Script W:The Dow was down again today.It s hard to make money when high fuel prices are killing the stock market.M:There s still money to be
3、made.If you bought oil futures three months ago,you d be smiling right now.Q:What can we learn from the dialog?4.Script M:I can t wait to get back to my computer.Online share trading has totally changed the stock market and the lives of investors.Hook up to the Internet and be your own broker!W:In o
4、ther words you can cut out the middle man now.For about 500,you can open an account and begin buying and selling shares from your own home,24 hours a day.Q:Which of the following is true if they want to trade shares on the Internet?5.Script M:Hold onto your hat!We ll be rich.I m buying shares in a n
5、ew company.M:You cant buy IPO shares unless you have a big active with a broker.The day of dot-com fortunes from IPOs are over.Q:According to the conversation,what is the condition for buying IPO shares.1.D 2.C 3.A 4.B 5.C Listening InTask 1:Tell me about the stock exchange.Script George:I m suppose
6、d to give a presentation on the stock exchange,but I don t yet know a thing about it.Could you give me some tips?Diana:The problem with you is that you ve skipped too many classes.Now,let me give you a few tips.First of all,you need to define the stock exchange.Its an organization of brokers and inv
7、estment bankers.In Europe it is often called a bourse.George:Could you tell me more about it?Like,how does it work?Diana:It provides facilities for the trading of company stocks,mainly the location and the record-keeping devices.George:Can I go and trade there?Diana:It depends.Y ou have to be a memb
8、er of the exchange before you can buy and sell shares there.They call it having“a seat”on the exchange.George:Something they use the term“stock market”.Diana:Well,the trading of stock on stock exchanges is called the stock market.George:How can a company be listed on the stock exchange?Diana:It has
9、to meet certain requirements.To be listed on the New Y ork Stock Exchange last year,for example,a company had to have issued at least a million shares of stock worth 16 and had to have had more than 2.5 million net income.George:Wow,thats a huge sum!Small companies havent got a chance.Diana:Big comp
10、anies have more influence on the stock prices after all.George:I see what you mean.Stock exchange a thing some tips define investment bankers Europe a member stock market requirements a million shares net income Task 2:Stockbroker helps Mr.Junkie to short Script ABC stock reached 155.“155”for a stoc
11、k that should be valued at 100.Wow!“That s it,”I said to myself.“It s time I make a decision.I m going to short that stock.”I thought to myself,“This stock is overvalued.It can t remain at the present level for long.This means money in the bank.”So I phoned my broker.“I want to place a trade.I want
12、to short 1,500 shares of ABC.“Im sorry,Mr.Junkie,”he said,“Icant process that for you.Your account is cash account.You need a margin account to short a stock.I can send you the application form or you nearest financial institution to fill out the forms.”The minute I got of the phone,I heard out the
13、door because time is money.I ran to the financial institution to fill out the form and sent it to the broker by express mail service.Next morning Icalled him.“Hello,it s Mr.Junkie.Did you get my application?“Yes.”“Great,I would like to short ABC then.”“One minute please I m sorry,Mr.Junkie,but you n
14、ow need a shorter s account.”“What!Y ou mean the margin account isn t enough?”“No,you also need a shorter s account.Any financial institution nearby has the forms.”Off I ran again.I completed the form and had a taxi deliver to my broker.In the afternoon I called again.“Hello,it s Mr.Junkie.I want to
15、 short 1,500 shares of ABC at 155.”A few moments later he answered,“Mr.Junkie,I am sorry,but I don t think that is possible.”“Why not?”“Well,the last trade went through at 99.”F 1.The broker did not believe ABC stock could remain at 155 for long.T 2.Mr.Junkie wanted to short 1,500 shares of ABC.T 3.
16、Mr.Junkie could get a margin account through either a financial institution or his broker.T 4.To short a stock,one needs both a margin account and a shorters account.F 5.Mr.Junkie asked a taxi driver the forms for a margin account to the broker.Task 3:Who am I if I own stocks?Script When a person bu
17、ys stocks in a company,that person becomes a shareholder in that company.Stockholder is another name for shareholder.A shareholder can also be called an investor of the company.When that company makes money,which can also be called earned income or profit,the value of the company s stock often incre
18、ases.That s because more people may become interested in investing in the company.Sometimes,shareholders receive a dividend,which is part of the companys earned incomes,in the form of a cash payment.Some people try to make money by buying and selling stocks.Stock prices can move up and down.Sharehol
19、ders may make money or lose money by selling stocks that they own,depending on whether the price has gone up or down since they bought their shares.A company s stock price may be affected by market or economic conditions.For example,let s say that BCD Enterprises is a software company that has intro
20、duced a new video game into the market.If that game is a hit,sales of the video game could boost the companys earnings.Because of the potential for BCD Enterprises to grow,its stock may be viewed as an attractive investment and its stock price may go up as more people buy its shares.On the other han
21、d,lets say the video game that BCD Enterprises introduced is a flop.Or,it could be a good time,but BCD introduced it at a time when people are spending less on leisure products,and hardly anyone is buying the game.So its reported that BCD is losing money because of this new product.Then the stock pr
22、ice for BCD Enterprises may go down if a number of shareholders decide to sell their shares.1.What is the passage mainly concerned with?C)The influence of shareholders buying and selling on a company.2.Which of the following is NOT the same as a shareholder?B)A person selling shares on behalf of oth
23、ers.3.What may affect a company s stock price?D)All of the above.4.According to the passage,which of the following is true if a company s product is good?A)The companys stock price may go up.5.Why does the speaker mention BCD Enterprises?D)BCD is used as an example to illustrate the stock market pri
24、nciples Speaking Out MODEL 1 The stock market is driven by fear and greed.Chris:Nora!Nora:Hey Chris.Why the big grin?Y ou look like the cat that swallowed the canary.Chris:Even better.An uncle I hardly knew passes away and left an inheritance of 100,000.So now I m thinking of making some investments
25、.Nora:Good idea,thouh it would be more fun if we spent it together.What sort of investment do you have in mind?Chris:The stock market is looking attractive.It s been a bear market for several years now,and I think stock prices are pretty depressed.Nora:The decling market has investors depressed,too.
26、Chris:But all things work in cycles.A bear market will eventually be followed by a bull market.Nora:That s sure.I ve been reading that investors are coming back to the market,and that will drive up the value of stocks.Chris:I believe the market is picking up.Nora:But there s still a risk.Wars,weathe
27、r problems all these impact incestor sconfidence.Chris:I know what you mean.The stock market is driven by fear snd greed.When investors are cinfident od making of a fortune,they buy thats greed at work.Nora:But along comes something to shake their confidence Chris:Like a rise in interest rates,for e
28、xample,and bingo,they become afraid that they might lose their shares,so they pull out of the market.Now Your TurnA:I ve saved a lot of money over the past years,and now I d like to invest it for a profit.B:What sort of investment do you have in mind?A:The stock market is looking attractive.It s bee
29、n a bear market for several years now,and I think stock prices are pretty depressed.B:The falling market has discouraged many investors.A:But all things work in cycles.A bear market will eventually be followed by a bull market.B:That s true.When the market does touch its bottom,it ll rebound.A:I hop
30、e the investors will soon come back to the market and drive it up.B:But there re still risks.Wars,weather problems all these affect buyers confidence.Were not sure if the market has reached its bottom.A:The bear market has lasted over four years;I think it s time for it to pick up.B:It s really hard
31、 to say.The Japanese stock market has had a bear run of about ten years.A:Really?B:And when NASDAQ fell from 5,000 points to 3,000 points,some people believe it was a golden opportunity to enter the market.Then the market plunged.A:So the stock market is really risky.I may lose money.B:And maybe eve
32、n your shirts.A:Well,perhaps I d better put my money on the bank.The stock has to be launched.Helen:You know,this has been a privately owned company since we first opened last year and,to be honest with you,I m inclined in keeping in that way.Bill:But the market is changing rapidly,and we need to th
33、ink long term and take proactive measure;otherwise,we ll find ourselves behind the competition.Helen:Thats a good point;perhaps I should be more open minded about this.Bill:Dont you think youre a little short of funds at the moment?Helen:Thats true.Bill:You simply can t afford to upgrade your facili
34、ties without considerable outside investment.The bank wont lend you the money.Helen:I havent tried it.Bill:Even if it did,the interest rate for that much capital would be more we could afford.I m convinced,the only way to generate the funds we need is to go public.Helen:What should I do then?Bill:A
35、consultant will be coming in next week to explain the registration procedure for an IPO.Helen:That s great because I want to have a thorough understanding of what this entails before any decisions are made.Bill:The important point is that you have to demonstrate youre financially qualified to be lis
36、ted on the stock market.Now Your Turn A:Mr.Smith,though your company has grown fast few years,the market is changing the rapidly.So you need to think the long term and take proactive measures;otherwise,you ll find it behind the competition.B:Y oure quite right,but can you be more specific about what
37、 we must do?A:Don t you think your company is a bit short of funds to expand production at the moment.B:That s right.A:You simply can t afford to upgrade your facilities without large external investments.B:Perhaps I have to borrow money from the bank.A:It won t lend you so much money.B:I havent tri
38、ed it.A:Even if you got a loan,the interest rate for large sum would be more than you can afford.I m convinced,the only way to gather funds you need is to go to public.B:What should I do then?A:Let me explain the requirements for an IPO.B:Im all ears.I want to have a thorough understanding of what t
39、his entails before I make further decisions.A:The important point is that you have to demonstrate that you are financially qualified to be launched on the stock market.Y ou must show you have a capital of 50 million yuan.B:Our company does have that amount of money.Are there other requirements?A:Y o
40、u have to prove that the company has been making a profit in the past three years.It s also essential that there are no false financial reports.B:Ok,no problem.I ll try to go through the Registration procedure to get our company listed.MODEL 3 Nothing is certain n the stock market Susan:Hey,Chris,ha
41、ve you read the paper today?Chris:No.why?What s up?Susan:The store market has dropped again.Chris:Oh,no!Not again!How many points did it lose this time?Susan:One hundred.Chris:Let s see thats a drop of three percent.Well,there goes the money I was going to use to buy a new car.Susan:Before you get u
42、pset,I think you should look at the stock listings for today.Chris:What for?Susan:Well,some stocks actually gained,especially telecom stocks.Chris:Let me see that paper.Youre right!My stock went up five percent overnight!Thats great!Susan:For now,anyway.It may plunge tomorrow.Chris:youre right.I m g
43、oing to call my broker cash in my stocks.I m not taking any more changes with my savings.Susan:Youre wisher than most people I know.Sometimes its better to play it safe.Now Your Turn A:Hey,Jack,I hear you become a millionaire by investing in the stock market.But I always lose money in the market.Can
44、 you give me a few tips?B:First of all,let s look at the stock listing in today s newspaper.A:Wow,the stock market dropped again.B:What stock did you buy?A:BCD.B:How many points did it lose this time?A:More than a hundred.B:Let s see Thats a drop of nearly five percent.A:Oh,there goes a lot of my mo
45、ney.I m thinking about pulling out of the market.B:Before you get upset,I d like to give you some advice.A:What s that?B:Well,the market is cyclical.Through you re losing money now,your stock may gain in future.Personally,I believe your stock is a good one.Y oud better keep it until it goes up one d
46、ay.A:So I can t make money in a short time?B:Let s look at XYZ stock.Its now a junk stock,but it s been low for a long time.It may climb up at any moment.A:So,I ll buy it and wait for it to go up.B:And cash in your stock when it reaches a point that is high enough to give you a profit.My basic princ
47、iple is to buy at the bottom and sell at the peak.A:I see.I ll buy low and sell high.But what if XYZ plunges again after I buy it?B:You have to take changes.Theres always risk in the stock market.Lets Talk Gregory:I ve been thinking about getting into the stock market,but I dont know where to start.
48、What do you know about buying stocks?Sylvia:Well,I have a few investments,so I know a little about it.Now it is probably a good time to invest.The market is low;prices are probably pretty good.Gregory:So you mean it s high time to enter the market?What kind of stock do you suggest?Sylvia:I won t rec
49、ommend any specific stock.You have to make the decision on your own.If you want to make money quickly,you could try speculating.Gregory:What do you mean by speculating?Sylvia:You buy stocks that go up quickly for a fast profit.Gregory:Isn t that risky?Stocks that go up fast also tend to go down fast
50、.Sylvia:You just have to guess how high they ll go,and then sell when you think they are about to come down.If you guess right,you can make lots of money in the blink of an eye.Gregory:But I hear that many people guess wrong.When they think the market is already very low,they start to buy.Then the m