


Written By
Paul Tracy
Updated September 30, 2020

What is Unchanged?

In the stock world, unchanged means that the closing quote at the end of a trading day for a particular stock is the same as the closing price for the stock the day before.

How Does Unchanged Work?

For example, let's say that on Monday, Company XYZ closes at $45 a share. On Tuesday, many people trade Company XYZ — some trades are at $45.50, some are at $44, some are at $45.25, and some are at $45. The last trade of the day, however, is at $45, making it the closing price for Company XYZ on Tuesday. Because this price is the same as the closing price the day before, we say that Company XYZ is closing unchanged.

Why Does Unchanged Matter?

Unchanged implies that a stock price isn't showing much movement among investors, but as the example shows, this can be a dangerous assumption. A stock can trade at a variety of prices throughout the trading day, and its price can be quite volatile in that time. Additionally, the closing quote does not necessarily mean the end of all trading in a security for the day. It simply means the floor of the exchange is closed. After-hours markets remain open, as do other exchanges in other countries and time zones, which provides opportunity for the price to change.

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