Stock market index

A stock index or stock market index is an index that measures a stock market, or a subset of the stock market, that helps investors compare current price levels with past prices to calculate market performance. It is computed from the prices of selected stocks. Two of the primary criteria of an index are that it is investable and transparent: The method of its construction are specified. Investors can invest in a stock market index by buying an index fund, which are structured as either a mutual fund or an exchange-traded fund, "track" an index; the difference between an index fund's performance and the index, if any, is called tracking error. For a list of major stock market indices, see List of stock market indices. Stock market indices may be classified in many ways. A'world' or'global' stock market index — such as the MSCI World or the S&P Global 100 — includes stocks from multiple regions. Regions may be defined geographically or by levels of income. A'national' index represents the performance of the stock market of a given nation—and by proxy, reflects investor sentiment on the state of its economy.

The most quoted market indices are national indices composed of the stocks of large companies listed on a nation's largest stock exchanges, such as the S&P 500 Index in the United States, the Nikkei 225 in Japan, the NIFTY 50 in India, the FTSE 100 in the United Kingdom. Many indices are regional, such as the FTSE Developed Europe Index or the FTSE Developed Asia Pacific Index. Indexes may be based on exchange, such as the NASDAQ-100 or groups of exchanges, such as the Euronext 100 or OMX Nordic 40; the concept may be extended well beyond an exchange. The Wilshire 5000 Index, the original total market index, includes the stocks of nearly every public company in the United States, including all U. S. stocks traded on NASDAQ and American Stock Exchange. The FTSE Global Equity Index Series includes over 16,000 companies. Indices exist; some examples include the Wilshire US REIT Index which tracks more than 80 real estate investment trusts and the NASDAQ Biotechnology Index which consists of 200 firms in the biotechnology industry.

Other indices may track companies of a certain size, a certain type of management, or more specialized criteria such as in fundamentally based indexes. Several indices are based on ethical investing, include only companies that meet certain ecological or social criteria, such as the Calvert Social Index, Domini 400 Social Index, FTSE4Good Index, Dow Jones Sustainability Index, STOXX Global ESG Leaders Index, several Standard Ethics Aei indices, the Wilderhill Clean Energy Index. In 2010, the Organisation of Islamic Cooperation announced the initiation of a stock index that complies with Sharia's ban on alcohol and gambling. Strict mechanical criteria for inclusion and exclusion exist to prevent market domination, such as in Canada when Nortel was permitted to rise to over 30% of the TSE 300 index value. Ethical indices have a particular interest in mechanical criteria, seeking to avoid accusations of ideological bias in selection, have pioneered techniques for inclusion and exclusion of stocks based on complex criteria.

Another means of mechanical selection is mark-to-future methods that exploit scenarios produced by multiple analysts weighted according to probability, to determine which stocks have become too risky to hold in the index of concern. Critics of such initiatives argue that many firms satisfy mechanical "ethical criteria", e.g. regarding board composition or hiring practices, but fail to perform ethically with respect to shareholders, e.g. Enron. Indeed, the seeming "seal of approval" of an ethical index may put investors more at ease, enabling scams. One response to these criticisms is that trust in the corporate management, index criteria, fund or index manager, securities regulator, can never be replaced by mechanical means, so "market transparency" and "disclosure" are the only long-term-effective paths to fair markets. From a financial perspective, it is not obvious whether ethical indices or ethical funds will out-perform their more conventional counterparts. Theory might suggest that returns would be lower since the investible universe is artificially reduced and with it portfolio efficiency.

On the other hand, companies with good social performances might be better run, have more committed workers and customers, be less to suffer reputation damage from incidents and this might result in lower share price volatility. The empirical evidence on the performance of ethical funds and of ethical firms versus their mainstream comparators is mixed for both stock and debt markets; some indices, such as the S&P 500 Index, have returns shown calculated with different methods. These versions can differ based on how the index components are weighted and on how dividends are accounted. For example, there are three versions of the S&P 500 Index: price return, which only considers the price of the components, total return, which accounts for dividend reinvestment, net total return, which accounts for dividend reinvestment after the deduction of a withholding tax; the Wilshire 4500 and Wilshire 5000 indices have five versions each: full capitalization total return, full capitalization price, float-adjusted total return, float-adjusted price, equal weight.

The difference between the full capitalization, float-adjusted, equal weight versions is in how index components are weighted. An index may be classified according to the method used to determine its price. In a price-weighted in

2015 U.S. Men's Clay Court Championships

The 2015 U. S. Men's Clay Court Championships was a tennis tournament played on outdoor clay courts, it was the 47th edition of the U. S. Men's Clay Court Championships, an ATP World Tour 250 event on the 2015 ATP World Tour, it took place at River Oaks Country Club in Houston, United States, from April 6 through April 12, 2015. Rankings are as of March 23, 2015; the following players received wildcards into the main draw: Lleyton Hewitt Feliciano López Janko TipsarevićThe following players received entry via the qualifying draw: Facundo Argüello Chung Hyeon Guilherme Clezar Rogério Dutra Silva Before the tournament Gaël Monfils →replaced by Go Soeda Bernard Tomic →replaced by Tim Smyczek Paolo Lorenzi Marinko Matosevic Rankings are as of March 23, 2015. The following pair received wildcards into the doubles main draw: Lleyton Hewitt / Matt Reid Philipp Petzschner / Janko TipsarevićThe following pairs received entry as alternates: Ričardas Berankis / Teymuraz Gabashvili Somdev Devvarman / Sanam Singh Before the tournament Ryan Harrison Marinko Matosevic Santiago González Jack Sock def.

Sam Querrey, 7–6, 7–6 Ričardas Berankis / Teymuraz Gabashvili def. Treat Huey / Scott Lipsky, 6–4, 6–4 Official website


Pitivi is an open-source, non-linear video editor for Linux developed by various contributors, with support available from Collabora. It is licensed under the terms of the GNU Lesser General Public License. Pitivi is designed to be intuitive video editing software that integrates well in the GNOME desktop environment. Edward Hervey started working on PiTiVi in December 2003 as an end-of-studies project at the EPITECH engineering school in Paris. Written in C, the PiTiVi codebase was first checked into version control in May 2004 and was rewritten in Python a year later. After his graduation, Hervey was hired by Fluendo to work on GStreamer for the following two years, after which Hervey co-founded Collabora's Multimedia division in order to improve Pitivi, GStreamer and the GNonlin plugins from 2008 to 2010. In the past there have been several video editors available for Linux, they were considered difficult to use. Ubuntu Community Manager Jono Bacon stated "Back in 2006, the video editing situation was looking far more exciting.

Michael Dominik was working on the hugely exciting Diva project and Edward Hervey was working on PiTiVi. Both combined exciting technologies, being built on the formidable foundations of GTK, GNOME, GStreamer, Cairo. Diva was developed using Mono, PiTiVi using Python. With the video buzz in the air and Edward both demoed their projects at the Villanova GUADEC to rapturous applause". Bacon noted that Pitivi has taken a long time to mature: "For Edward to have created the first incarnation of PiTiVi he needed to ensure that GStreamer and GNonLin were mature and stable enough to use for his application". In April 2010, with the launch of Ubuntu 10.04 Lucid Lynx, PiTiVi version 0.13.4 became the first default movie editor offered as part of the Ubuntu ISO CD. In May 2011, it was announced that Pitivi would be no longer part of the Ubuntu ISO, starting with Ubuntu 11.10 Oneiric Ocelot's release in October 2011. The reasons given for removing it included "poor user reception, lack of fit with the default user-case for Ubuntu, lack of polish and the application's lack of development maturity".

PiTiVi will not be replaced on the ISO with another video editor and will remain available to users for installation from the Ubuntu repositories. In response to this, Jeff Fortin, one of the project developers raised concerns regarding the reasons given for removing Pitivi from the set of default applications and voiced disappointment in Canonical/Ubuntu not supporting the application as they would have been expected to. Edward Hervey announced the availability of GStreamer Editing Services at the end of 2009. Further confirmations of intentions to migrate Pitivi to GES came at the Meego conference in 2011 but it was not until the 0.15 release in September 2011 that Thibault Saunier announced that the next Pitivi release would be based upon GES. The first version using GES was 0.91 "Charming Defects", released in October 2013. Due to the new engine, a lot of old code could be removed and the Pitivi codebase underwent massive reorganization and refactoring. Multiple architectural changes occurred during the time between the 0.15 and the 0.91 release, including three intertwined technological migrations: Porting the user interface to GTK 3 Porting from static Python bindings PyGTK to PyGObject, which uses GObject Introspection Porting from GStreamer 0.10 to GStreamer 1.0During the final stages of these changes leading to the 0.91 release, the timeline was ported from the Canvas "GooCanvas" to Clutter.

With the release of 0.91, PiTiVi was renamed Pitivi, without "V" capitalized. In February 2014 the project announced; the money was to be allocated, as follows: Phase 1 - €35,000 to improve stability for a version 1.0 release. Phase 2 - Improving features, €1,925 for adding a magnetic time-line, €4,400 for interfaces for multi-camera editing, €4,766 for porting to Mac OS X; the fundraising was conducted through the GNOME Foundation. The fundraiser did not meet its targeted amount, reaching above €23,000 as of 2015, allowing for funded development. Pitivi inherits its capabilities for importing and exporting media from the GStreamer framework, or plugins for the GStreamer framework. Pitivi supports simple media editing capabilities such as trimming, snapping and cutting of clips. Audio mixing is supported by curves, visualised as line segments drawn over an audio waveform. Pitivi has the ability to step through a piece of media using scrubbers or keyboard shortcuts. Audio and video clips can be linked together, treated as a single clip.

Initial support for video mixing is still under heavy work. A more exhaustive list of features can be found on the Pitivi website. Jean-François Fortin Tam gave a talk at Libre Graphics Meeting 2009, discussing how usability became a major focus for the Pitivi project, how design considerations impacted PiTiVi's user-interface, with examples such as the use of subtle gradients in timeline objects and drop importing and direct manipulation, native theme integration, reducing complexity by evaluating the need to impose preference choices onto users. Another talk, focused on the economics of open source video editors, was given by Jean-François at Libre Graphics Meeting 2011; the Pitivi project has a user manual that covers the usage of the application. Pitivi has been localized for several languages by the GNOME i18n teams. Through GStreamer, Pitivi is the first open source video editor to support the Material Exchange Format; as part of a Google Summer of Code project to "Permit Pitivi users to add effects t