Core Insights - Cboe Global Markets, Inc. (CBOE) shares have increased by 35.1% over the past year, outperforming the industry growth of 27.9%, the Finance sector's return of 20.7%, and the Zacks S&P 500 composite's appreciation of 11.2% [1] - CBOE has outperformed peers such as Intercontinental Exchange Inc. (ICE), S&P Global Inc. (SPGI), and OTC Markets Group Inc. (OTCM), with respective share gains of 32%, 16.4%, and 2.8% in the past year [1] Company Performance - CBOE has a market capitalization of $23.69 billion, with an average trading volume of 0.9 million shares over the last three months [4] - The company has a solid track record of beating earnings estimates in three of the last four quarters, with an average beat of 1.95% [4] - CBOE shares are currently trading at a forward price-to-earnings ratio of 23.19X, which is lower than the industry average of 25.89X, indicating that the shares are undervalued [5] Technical Analysis - CBOE shares closed at $226.30, trading above the 50-day and 200-day simple moving averages of $221.41 and $210.75, respectively, suggesting strong upward momentum [6] Growth Projections - The Zacks Consensus Estimate for CBOE's 2025 earnings per share indicates a year-over-year increase of 10.3%, with revenues projected at $2.25 billion, reflecting an 8.4% year-over-year improvement [10] - Long-term earnings growth is expected to be 10.5%, surpassing the industry average of 10.1% [11] - CBOE's organic net revenue growth for Data Vantage is anticipated to be in the mid to high single-digit range in 2025 [9][16] Analyst Sentiment - Recent analyst activity shows one analyst has raised estimates for 2025 and another for 2026, resulting in a 0.5% and 0.2% increase in the Zacks Consensus Estimate for those years, respectively [12] Valuation and Capital Management - The average price target from 15 analysts for CBOE is $225.00 per share, suggesting a potential upside of 0.9% from the last closing price [13] - CBOE has a strong capital management strategy, with $644.5 million remaining under its current share repurchase authorization and a history of increasing dividends for 13 consecutive years [20]

Core Viewpoint - Cboe Global Markets has successfully migrated its Financially Settled Bitcoin (FBT) and Financially Settled Ether (FET) futures to the Cboe Futures Exchange (CFE), consolidating all U.S. futures products onto one exchange, which is expected to enhance customer access and efficiency [1][8]. Group 1: Migration and Technology - The migration of FBT and FET futures to CFE occurred on June 9, 2025, allowing all of Cboe's U.S. futures products to trade on a single exchange powered by a unified technology platform [1][8]. - Cboe Titanium technology, which supports trading across all of Cboe's global markets, is designed to provide a seamless trading experience and handle nearly 24-hour trading [5][6]. Group 2: Product Offerings - The cash-settled FBT and FET futures were initially launched on Cboe Digital Exchange in January 2024 and are based on the Cboe Kaiko Rate Index [3][8]. - FBT and FET futures will be available for trading nearly 24 hours a day, Monday through Friday, providing extended trading hours for managing exposure to bitcoin and ether [6][8]. Group 3: Clearing and Market Position - FBT and FET futures will continue to be centrally cleared through Cboe Clear U.S., establishing a direct clearing relationship that enhances Cboe's global clearing capabilities [4][8]. - CFE has a history of innovation in volatility trading and aims to meet the diverse trading needs of various market participants with its expanded product suite [2][8].

Core Insights - The Zacks Securities and Exchanges industry is benefiting from a diversified product portfolio, increased trading volumes, and the adoption of crypto assets, with companies like Intercontinental Exchange (ICE), CME Group (CME), Nasdaq Inc. (NDAQ), and Cboe Global Markets (CBOE) expected to gain from these trends [1][3]. Industry Overview - The Zacks Securities and Exchanges industry includes companies that operate electronic marketplaces for trading stocks, options, bonds, and commodity contracts, generating revenue from fees and providing data and listing services [2]. - The industry is experiencing a rise in crypto asset adoption, but companies must navigate various regulatory requirements [2]. Trends Shaping the Industry - Trading volume is driven by volatility, with transaction and clearing fees being significant revenue sources. A pro-crypto environment under Trump's potential second term is expected to further increase trading activity [3]. - The securities exchanges market is projected to reach $49.6 billion by 2028, growing at a CAGR of 12.1% [3]. - Mergers and acquisitions are on the rise as companies seek to enhance growth through strategic partnerships and technology acquisitions [4]. - Continuous investment in technology, particularly in AI and blockchain, is crucial for improving trading efficiency and reducing risks [5]. Industry Performance - The Zacks Securities and Exchanges industry ranks 10, placing it in the top 4% of 251 Zacks industries, indicating strong near-term prospects [6][7]. - The industry has outperformed the broader Zacks Finance sector and the S&P 500, gaining 17.3% year-to-date compared to the sector's 3.9% increase and the S&P 500's decline of 1.8% [10]. Valuation Metrics - The industry currently trades at a trailing P/E of 24.69X, higher than the S&P 500's 21.36X and the sector's 16.03X, with historical trading ranges between 19.02X and 27.94X over the past five years [13]. Company Highlights - **Intercontinental Exchange (ICE)**: A leading global operator with a strong portfolio and risk management services, expected to benefit from digitization in the mortgage industry. EPS estimates for 2025 and 2026 indicate year-over-year increases of 14.3% and 10.7%, respectively [17][18]. - **CME Group (CME)**: The largest futures exchange globally, focusing on expanding product offerings and strong liquidity, with EPS estimates for 2025 and 2026 showing increases of 8.7% and 3.3% [21][22]. - **Cboe Global Markets (CBOE)**: A major stock exchange operator with a growing product line and recurring revenues, projecting EPS increases of 9.8% and 6.2% for 2025 and 2026 [25][26]. - **Nasdaq (NDAQ)**: A key provider of trading and marketplace technology, focusing on non-trading revenue growth, with EPS estimates for 2025 and 2026 indicating increases of 13.1% and 11.7% [29][30].

Group 1: Palantir (PLTR) - Palantir experienced significant growth with sales increasing by 39% year-over-year, raising its current year sales outlook to an estimated $3.9 billion, suggesting a 41% growth year-over-year [2][4] - The customer count grew nearly 40% year-over-year and 8% sequentially, with the highest U.S. commercial total contract value of $810 million, reflecting a 180% year-over-year increase [4] - Analysts have revised their EPS expectations upward, indicating a positive outlook for near-term share performance [4] Group 2: Centene (CNC) - Centene reported adjusted EPS of $2.90 and sales of $46.6 billion, exceeding consensus estimates with earnings up 28% year-over-year [6] - The company raised its 2025 premium and service revenues guidance by $6.0 billion, reflecting a 17% year-over-year improvement [6] - Following the guidance upgrade, analysts expect Centene to post $178.7 billion in revenues for the current fiscal year [9] Group 3: Cboe Global Markets (CBOE) - Cboe posted record adjusted EPS of $2.37, up 21% year-over-year, and record net revenue of $562.5 million, up 13% year-over-year [11] - The company reported record Options net revenue of $352.4 million, reflecting a 15% year-over-year increase, and global FX net revenue of $21.3 million, up 16% year-over-year [12] - Analysts have revised their earnings expectations higher, indicating a favorable near-term earnings outlook [14]

Core Insights - Cboe Global Markets is expanding its Data Vantage business in the Asia Pacific region by hiring Junichi Nakagawa and Samuel Zou as Sales Directors, reflecting the increasing demand for market data and analytics from Asia Pacific investors [1][9] Group 1: Business Expansion - The new hires will focus on market data sales and analytics growth in Japan and Singapore, respectively, indicating a strategic move to enhance Cboe's presence in the region [1][4] - Cboe operates 27 markets across five asset classes globally, including leading equity trading venues in Australia and Japan, which supports its Data Vantage business [2][8] Group 2: Market Demand - In Q1 2025, 55% of Data Vantage's new data sales came from clients outside the U.S., showcasing the international expansion strategy and the growing interest from Asia Pacific investors [3] - Cboe's Data Vantage products are increasingly sought after by Asia Pacific investors looking for enhanced access to global markets, highlighting the region's significance for Cboe's growth [4][9] Group 3: Product Offerings - Cboe plans to offer 24-hour trading in U.S. equities five days a week to meet the rising demand from Asia Pacific investors, pending regulatory approvals [5] - The company has made its Global Indices Feed available on Snowflake Marketplace, providing a straightforward way for global customers to access high-quality market data [4]

Core Insights - The Q1 2025 earnings cycle is progressing rapidly, with many S&P 500 companies already reporting results, and more reports expected in the coming weeks [1][13] Eaton - Eaton reported record Q1 adjusted EPS of $2.72, reflecting a 13% year-over-year increase [2] - The company achieved record Q1 sales of $6.4 billion, up 7% year-over-year, and record segment margins of 23.9%, an 80 basis points increase year-over-year [2] - Organic sales growth reached 9%, exceeding previous guidance [2] - Backlog growth in the Electrical segment improved by 6% year-over-year, while the Aerospace backlog surged by 16% [3] Cboe Global Markets - Cboe Global Markets posted record adjusted EPS of $2.37, a 21% increase year-over-year, and record net revenue of $562.5 million, up 13% year-over-year [4] - The company reported record Options net revenue of $352.4 million, a 15% year-over-year increase, and Global FX net revenue of $21.3 million, climbing 16% year-over-year [5] - Cboe raised its 2025 organic revenue growth guidance, indicating a positive outlook [4] Upwork - Upwork achieved record Q1 revenue of $193 million, with net income of $37.7 million, also a quarterly record [10] - The company increased its FY25 adjusted EBITDA guidance and reiterated its sales outlook [10] - Upwork's CEO highlighted the positive impact of AI investments on customer productivity and engagement, contributing to market share expansion and ongoing profitability [10] - The stock experienced a significant rise, with shares up 30% over the last month, outperforming the S&P 500 [10]

Core Insights - CBOE Global Markets reported strong Q1 2025 earnings, demonstrating resilience during market volatility [1] Company Overview - CBOE Global Markets operates as an options exchange and clearing corporation with a global presence and various adjacent business segments [1]

Core Viewpoint - Momentum investing focuses on following a stock's recent price trends, aiming to buy high and sell higher, with the expectation that established trends will continue [1] Company Overview: CBOE Global - CBOE Global currently holds a Momentum Style Score of B, indicating potential as a solid momentum pick [3][12] - The company has a Zacks Rank of 2 (Buy), which historically outperforms the market when combined with a Style Score of A or B [4] Price Performance - CBOE shares have increased by 5.99% over the past week, outperforming the Zacks Securities and Exchanges industry, which rose by 5.31% [6] - Over the past month, CBOE's price change is 11.77%, slightly below the industry's performance of 12.5% [6] - In the last quarter, CBOE shares rose by 10.47%, and over the past year, they gained 26.69%, while the S&P 500 saw declines of -6.46% and gains of 11.69%, respectively [7] Trading Volume - CBOE's average 20-day trading volume is 1,001,255 shares, which serves as a bullish indicator when combined with rising stock prices [8] Earnings Outlook - In the past two months, 10 earnings estimates for CBOE have been revised upwards, with no downward revisions, increasing the consensus estimate from $8.99 to $9.51 [10] - For the next fiscal year, 9 estimates have moved higher, while 1 has been revised downwards [10]

Core Insights - CBOE Global reported revenue of $565.2 million for Q1 2025, a 12.6% year-over-year increase, with EPS of $2.50 compared to $2.15 a year ago, exceeding Zacks Consensus Estimates [1] - The company achieved a revenue surprise of +1.54% and an EPS surprise of +5.93% compared to analyst expectations [1] Financial Performance Metrics - Average Revenue Per Contract for Futures was $1.74, slightly below the $1.76 estimate [4] - Average Daily Volume for Multi-listed options was 13.41 million, exceeding the 12.99 million estimate [4] - Access and capacity fees generated $97.80 million, surpassing the $96.55 million estimate, reflecting an 8.6% year-over-year increase [4] - Market data fees totaled $77.80 million, above the $75.92 million estimate, with an 8.1% year-over-year increase [4] - Other revenue was $25 million, below the $28.23 million estimate, representing a -5.3% change year-over-year [4] - Net transaction and clearing fees reached $832.60 million, exceeding the $788.83 million estimate, with a 15.9% year-over-year increase [4] - Regulatory fees surged to $161.80 million, significantly above the $90.18 million estimate, marking a 222.3% year-over-year increase [4] Stock Performance - CBOE shares returned -2% over the past month, compared to a -0.5% change in the Zacks S&P 500 composite [3] - The stock currently holds a Zacks Rank 2 (Buy), indicating potential outperformance in the near term [3]

CBOE Global (CBOE) came out with quarterly earnings of $2.50 per share, beating the Zacks Consensus Estimate of $2.36 per share. This compares to earnings of $2.15 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 5.93%. A quarter ago, it was expected that this holding company for the Chicago Board Options Exchange would post earnings of $2.13 per share when it actually produced earnings of $2.10, delivering a surprise of -1.41% ...