新视野大学英语听说教程第三册unit10.pdf
UnitIOBasic Listening Practice1.ScriptW:Let me recommend my brother to you.Hes really done well in the stockmarket 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.ScriptM:Many investors jump on IPOs,hoping to get rich by getting into a stock earlybefore it goes up.W:But isnt that a bit like buying a book without reading it?I mean,what if itdoesnt go up?Q:What is the womans opinion?3.ScriptW:The Dow was down again today.Ifs hard to make money when high fuelprices are killing the stock market.M:Theres still money to be made.If you bought oil futures three months ago,youd be smiling right now.Q:What can we learn from the dialog?4.ScriptM:I cant wait to get back to my computer.Online share trading has totallychanged the stock market and the lives of investors.Hook up to the Internetand be your own broker!W:In other words you can cut out the middle man now.For about$500,youcan 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.ScriptM:Hold onto your hat!Well be rich.Tm buying shares in a new company.M:You cant buy IPO shares unless you have a big active with a broker.The dayof dot-com fortunes from I POs are over.Q:According to the conversation,what is the condition for buying I PO shares.1.D 2.C 3.A 4.B 5.CListening InTask 1:Tell me about the stock exchange.ScriptGeorge:Tm supposed to give a presentation on the stock exchange,but I don,tyet 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,letme give you a few tips.First of all,you need to define the stock exchange.Ifsan organization of brokers and investment bankers.In Europe it is often calleda 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 thelocation and the record-keeping devices.George:Can I go and trade there?Diana:It depends.You have to be a member of the exchange before you canbuy and sell shares there.They call it having“a seat5*on the exchange.George:Something they use the term ustock 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 to meet certain requirements.To be listed on the New York StockExchange last year,for example,a company had to have issued at least amillion shares of stock worth$16 and had to have had more than$2.5 millionnet income.George:Wow,thafs a huge sum!Small companies havent got a chance.Diana:Big companies have more influence on the stock prices after all.George:I see what you mean.Stock exchange a thing some tips define investmentbankers Europe a member stock market requirements a millionshares net incomeTask 2:Stockbroker helps Mr.Junkie to shortScriptABC stock reached$155.G$155n for a stock that should be valued at$100.Wow!Thats it,I said to myself.Mlfs time I make a decision.Tm going to shortthat stock.M I thought to myself,uThis stock is overvalued.It cant remain at thepresent level for long.This means money in the bank.”So I phoned my broker.“I want to place a trade.I want to short 1,500 shares of ABC.Im sorry,Mr.Junkie,he said,I cant process that for you.Your account iscash account.You need a margin account to short a stock.I can send you theapplication form or you nearest financial institution to fill out the forms.The minute I got of the phone,I heard out the door because time is money.I ranto the financial institution to fill out the form and sent it to the broker by expressmail service.Next morning I called him.“Hello,its Mr.Junkie.Did you get my application?“Yes.”“Great,I would like to short ABC then.”“One minute please.Jm sorry,Mr.Junkie,but you now need a shortersaccount.n“What!You mean the margin account isnt enough?”“No,you also need a shorters account.Any financial institution nearby has theforms/*Off I ran again.I completed the form and had a taxi deliver to my broker.In theafternoon I called again.“Hello,its Mr.Junkie.I want to short 1,500 shares of ABC at$155.MA few moments later he answered,Mr.Junkie,I am sorry,but I dont think thatis possible/)“Why not?”“Well,the last trade went through at$99.”F 1.The broker did not believe ABC stock could remain at$1 55 for long.T 2.Mr.Junkie wanted to short 1,500 shares of ABC.T 3.Mr.Junkie could get a margin account through either a financial institutionor his broker.T 4.To short a stock,one needs both a margin account and a shorter*s accountF 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?ScriptWhen a person buys stocks in a company,that person becomes a shareholder inthat company.Stockholder is another name for shareholder.A shareholder canalso 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 companysstock often increases.Thafs because more people may become interested ininvesting in the company.Sometimes,shareholders receive a dividend,which ispart 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 canmove up and down.Shareholders may make money or lose money by sellingstocks that they own,depending on whether the price has gone up or downsince they bought their shares.A companys stock price may be affected bymarket or economic conditions.For example,lefs say that BCD Enterprises is asoftware company that has introduced a new video game into the market.Ifthat 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 asan attractive investment and its stock price may go up as more people buy itsshares.On the other hand,lefs say the video game that BCD Enterprisesintroduced is a flop.Or,it could be a good time,but BCD introduced it at a timewhen people are spending less on leisure products,and hardly anyone is buyingthe game.So ifs reported that BCD is losing money because of this new product.Then the stock price for BCD Enterprises may go down if a number ofshareholders 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 others.3.What may affect a companys stock price?D)All of the above.4.According to the passage,which of the following is true if a companysproduct 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 principlesSpeaking OutMODEL 1 The stock market is driven by fear and greed.Chris:Nora!Nora:Hey Chris.Why the big grin?You look like the cat that swallowed thecanary.Chris:Even better.An uncle I hardly knew passes away and left an inheritanceof$100,000.So now l5m thinking of making some investments.Nora:Good idea,thouh it would be more fun if we spent it together.What sortof investment do you have in mind?Chris:The stock market is looking attractive.Ifs been a bear market for severalyears now,and I think stock prices are pretty depressed.Nora:The decling market has investors depressed,too.Chris:But all things work in cycles.A bear market will eventually be followed bya bull market.Nora:Thafs sure.Ive been reading that investors are coming back to themarket,and that will drive up the value of stocks.Chris:I believe the market is picking up.Nora:But theres still a risk.Wars,weather problems-all these impactincestors*confidence.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-thafs greed atwork.Nora:But along comes something to shake their confidence.Chris:Like a rise in interest rates,for example,and bingo,they become afraidthat they might lose their shares,so they pull out of the market.Now Your TurnA:Lve saved a lot of money over the past years,and now Id like to invest it fora profit.B:What sort of investment do you have in mind?A:The stock market is looking attractive.Ifs been a bear market for severalyears 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 abull market.B:Thafs true.When the market does touch its bottom,itll rebound.A:I hope the investors will soon come back to the market and drive it up.B:But therere still risks.Wars,weather problemsall these affect buyers5confidence.Were not sure if the market has reached its bottom.A:The bear market has lasted over four years;I think its time for it to pick up.B:Ifs really hard to say.The Japanese stock market has had a bear run of aboutten years.A:Really?B:And when NASDAQ fell from 5,000 points to 3,000 points,some peoplebelieve it was a golden opportunity to enter the market.Then the marketplunged.A:So the stock market is really risky.I may lose money.B:And maybe even your shirts.A:Well,perhaps Id 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 firstopened last year and,to be honest with you,Tm inclined in keeping in that way.Bill:But the market is changing rapidly,and we need to think long term andtake proactive measure;otherwise,w ell find ourselves behind the competition.Helen:Thafs a good point;perhaps I should be more openminded about this.Bill:Don,t you think youre a little short of funds at the moment?Helen:Thafs true.Bill:You simply cant afford to upgrade your facilities without considerableoutside investment.The bank won*t lend you the money.Helen:I havent tried it.Bill:Even if it did,the interest rate for that much capital would be more wecould afford.Tm convinced,the only way to generate the funds we need is to gopublic.Helen:What should I do then?Bill:A consultant will be coming in next week to explain the registrationprocedure for an IPO.Helen:Thafs great because I want to have a thorough understanding of whatthis entails before any decisions are made.Bill:The important point is that you have to demonstrate you,re financiallyqualified to be listed on the stock market.Now Your TurnA:Mr.Smith,though your company has grown fast few years,the market ischanging the rapidly.So you need to think the long term and take proactivemeasures;otherwise,youll find it behind the competition.B:You5re quite right,but can you be more specific about what we must do?A:Dont you think your company is a bit short of funds to expand production atthe moment.B:Thafs right.A:You simply cant afford to upgrade your facilities without large externalinvestments.B:Perhaps I have to borrow money from the bank.A:It wont lend you so much money.B:I haven*t tried it.A:Even if you got a loan,the interest rate for large sum would be more than youcan afford.Tm convinced,the only way to gather funds you need is to go topublic.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 this entailsbefore I make further decisions.A:The important point is that you have to demonstrate that you are financiallyqualified to be launched on the stock market.You must show you have a capitalof 50 million yuan.B:Our company does have that amount of money.Are there otherrequirements?A:You have to prove that the company has been making a profit in the pastthree years.Ifs also essential that there are no false financial reports.B:Ok,no problem.Til try to go through the Registration procedure to get ourcompany listed.MODEL 3 Nothing is certain n the stock marketSusan:Hey,Chris,have you read the paper today?Chris:No.why?Whafs 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:Lets see.thats a drop of three percent.Well,there goes the money Iwas going to use to buy a new car.Susan:Before you get upset,I think you should look at the stock listings fortoday.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 percentovernight!Thafs great!Susan:For now,anyway.It may plunge tomorrow.Chris:you5re right.Tm going to call my broker cash in my stocks.Tm not takingany more changes with my savings.Susan:Youre wisher than most people I know.Sometimes ifs better to play itsafe.Now Your TurnA:Hey,Jack,I hear you become a millionaire by investing in the stock market.But I always lose money in the market.Can you give me a few tips?B:First of all,lefs look at the stock listing in todays 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:Lefs see.Th at,s a drop of nearly five percent.A:Oh,there goes a lot of my money.Tm thinking about pulling out of themarket.B:Before you get upset,Td like to give you some advice.A:Whafs that?B:Well,the market is cyclical.Through youre losing money now,your stockmay gain in future.Personally,I believe your stock is a good one.Youd betterkeep it until it goes up one day.A:So I cant make money in a short time?B:Lefs look at XYZ stock.Ifs now a junk stock,but its been low for a long time.It may climb up at any moment.A:So,T H 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 youa profit.My basic principle is to buy at the bottom and sell at the peak.A:I see.Til 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.Lefs TalkGregory:Ive been thinking about getting into the stock market,but I dontknow where to start.What do you know about buying stocks?Sylvia:Well,I have a few investments,so I know a little about it.Now it isprobably a good time to invest.The market is low;prices are probably prettygood.Gregory:So you mean ifs high time to enter the market?What kind of stock doyou suggest?Sylvia:I wont recommend any specific stock.You have to make the decisionon 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:Isnt that risky?Stocks that go up fast also tend to go down fast.Sylvia:You just have to guess how high they,ll go,and then sell when youthink they are about to come down.If you guess right,you can make lots ofmoney in the blink of an eye.Gregory:But I hear that many people guess wrong.When they think the marketis already very low,they start to buy.Then the market continues to drop.Sylvia:In that case you will lose your shirt.But to make money,you have totake changes.Gregory:Hmm,Im not much of a gambler.Sylvia:So you probably want to stic
