1. An agreement in which an investor may buy a certain amount of stock at a specific price within a limited time. The buyer hopes the price of the stock will rise above the agreed-upon purchase price. If it does, he or she may buy it at that lower price and then immediately sell it, thus making a profit. 2. A demand for payment made on holders of convertible bonds or convertible preferred stock to redeem the securities or else convert them to another type. Securities must be declared callable in order to be called. The opposite of a call is a put. 3. The ability on the part of a security’s issuer to redeem the security before its due date.