Red Herring

From Reuters Financial Glossary

US term for the preliminary prospectus for a new issue, which may be used to obtain an indication of the market's interest in that security. Key figures are left blank, such as issue price, profit and dividend forecast. Business is not conducted on the basis of a preliminary statement and in the US the law demands a red notice be printed to that effect on the face of the document, giving rise to the phrase 'red herring'.