they hope to earn. The incomes depend on dividends paid to stockholders, changes in the incomes they hope to earn. The incomes depend on dividends paid to stockholders, changes in the price of stock over time, and the expected return compared to the return on alternative investments.
On any given day in the stock market, there are orders to buy and orders to sell. The orders to buy constitute the quantity of a stock demanded at the current (or anticipated) price per share, while the orders to sell constitute the quantity supplied at that price. The chief influence on both the supply of and demand for stocks is the income potential of holding the stock compared to the income potential of holding alternative assets such as bonds, other types of securities, or real property like buildings and land.
On the New York Stock Exchange, trading in all stocks is continuous. A specialist is assigned to oversee trading in each stock. This specialist is a “broker’s broker” who tries to adjust the price of the stock so that quantity demanded equals quantity supplied. However, the specialist is also allowed to purchase the stock to hold as a personal investment if no buyer can be found. In this way the specialist can exert some influence on the supply of and demand for stocks, and will do
so if it’s profitable.
On October 19, 1987, there were hardly any buy orders, and the markets were flooded with sell orders. Because of the tremendous surplus of stocks at the prevailing prices, specialists and call clerks lowered prices until quantity demanded equaled quantity supplied. When Black Monday finally reeled to a close, many a portfolio had lost over a fifth of the value it had the day before. Section Three News News Item 1
Ex. A: Summarize the news
This news item is about the fact that Arctic is the warmest in two millennia.
Ex. B: Listen again and fill in the blanks.
Scientists have produced evidence showing dramatically that the current temperature rise there is highly unusual. For most of the last two thousand years, the Arctic slowly cooled, a consequence of variations in the Earth’s orbit.
But over the last century, the cooling abruptly reversed, and the region is now warmer than at any time in the 2,000 year record. Writing in the journal Science, the researchers say this shows how quickly the Arctic responds to climatic changes.
News Item 2
Ex. A: Listen to the news and complete the summary
This item is about WWF's accusation against European toilet and tissue paper manufacturers of contributing to global deforestation by not using enough recycled material.
Ex. B: Listen to the news again and answer the questions. 1. How many trees are being discarded as tissue paper each day?
More than a quarter of a million trees. 2. What did the report find?
The report found alarmingly low levels of recycled fibers in the vast majority of products by European toilet and tissue paper manufacturers.
3. Where are the fibers used by European toilet and tissue paper companies taken from?
The fibers are taken from natural forests in South Africa, Asia, Europe and across the Americas.
4. What have most of the toilet and tissue paper manufacturers failed to do?
Most of the companies have failed to take effective
measures to prevent illegal or controversial timber from being used in their products.
Script of News Item Two:
The international conservation group, WWF, has accused European toilet and tissue paper manufacturers of contributing to global deforestation by not using enough recycled material. A spokesman said more than a quarter of a million trees were in fact being flushed down toilets or discarded as rubbish each day.
The report found alarmingly low levels of recycled fibers in the vast majority of products and said the fibers were instead being taken from natural forests in South Africa, Asia, Europe and across the Americas. Using virgin forest to make toilet paper, says the report, is wasteful and unnecessary. The report also warns that illegal and unsustainable logging and conflicts over land rights still exist in many of these areas and that all but one of the companies have so far failed to take effective measures to prevent illegal or controversial timber from being used in their products. News Item 3
Ex. A: Listen and summarize the news item
This news item is about the warnings from specialists that climate change can drive some species of migrating animals towards extinction.
Ex. B Listen to the news and complete the following outline Findings: Climate change can drive some species of migrating animals towards extinction.
Reason: Birds, mammals and reptiles are finding it increasingly difficult to follow their usual migrating patterns. Examples:
1. The spreading Sahara Desert could make it impossible for swallows to make the epic journey from Southern Africa. 2. Rising sea levels will destroy many coastal habitats for turtles and wading birds.
3. Warmer oceans could lead to some turtle species becoming entirely female. Script of News Item 3
Scientists are warning that climate change could drive some species of migrating animals towards extinction. A report by European ornithologists and zoologists say that birds, mammals and reptiles are finding it increasingly difficult to follow their usual migration patterns.
施心远主编《听力教程》4-（第2版）Unit(00003)
