Jeremy used material non-public information.
Jeremy did not violate the Standards because he did not consult with his supervisor prior to issuing the opinion as this is not a specific violation of the Standards.
Jeremy did not violate the Standards because he should have first communicated the recommendation to the firm's larger clients ahead of the smaller clients. A member must never first communicate recommendations to the firm's larger clients ahead of the smaller clients.

A put option allows the buyer to sell a stock at a predetermined price at some specified date in the future. The purchaser of a put option profits by being able to purchase the stock at a low price and subsequently sell it at the higher exercise price.

Technical analysts believe that information does not arrive randomly and the market takes time to process it. With serial correlation in new information, trends develop that can be exploited. A trader does not have to be the first one to jump into the market as the price trend tells the trader which way the market is headed.

Economic profit is also known as abnormal or supernormal profit.