Key Takeaways Cboe Global Markets, AngloGold, SK Telecom and Sasol screen for low beta amid market volatility.Cboe benefits from strong options trading, rising fees and solid finances with low debt.AngloGold boosts earnings via cash flow, higher margins and disciplined capital allocation.Investor sentiment has been weighed down by concerns over risky private loans and rising oil prices stemming from escalating tensions between the United States and Iran, according to CNBC.Thus, the stock market will remain ...

Revenue and Currency Impact - For the year ended December 31, 2025, foreign-denominated revenues less cost of revenues were 6.6% in Euros, 3.1% in British Pounds, and 1.4% in Canadian Dollars[483]. - A 10% adverse currency fluctuation would impact revenues less cost of revenues by $16.0 million in Euros, $7.6 million in British Pounds, and $3.3 million in Canadian Dollars[483]. Operating Expenses - Operating expenses for the same period were 8.4% in Euros, 9.6% in British Pounds, and 4.8% in Canadian Dollars[483]. Equity and Investment - The net equity investment as of December 31, 2025, was $222.5 million in Euros, $596.3 million in British Pounds, and $214.7 million in Canadian Dollars[485]. - A 10% adverse currency fluctuation would affect consolidated equity by $22.2 million in Euros, $59.6 million in British Pounds, and $21.5 million in Canadian Dollars[485]. Credit Risk Management - The company is exposed to credit risk from third parties, including customers and counterparties, which may default on obligations due to various reasons[486]. - Cboe Clear Europe holds significant amounts of clearing member collateral to mitigate credit risk, including cash and non-cash deposits[493]. - The company does not have counterparty credit risk for trades matched on its exchanges in the U.S., Canada, and Europe due to central counterparty arrangements[488]. Liquidity and Financial Management - As of December 31, 2025, Cboe Clear Europe held €1.2 billion in a committed syndicated multicurrency revolving and swingline credit facility to finance unsettled amounts and liquidity requirements[494]. - Cash and cash equivalents and financial investments were $2,252.6 million as of December 31, 2025, with $424.4 million held outside the United States[497]. - Cboe Clear Europe monitors liquidity requirements closely to mitigate liquidity risk and maintain access to funds[494]. - Cboe Clear U.S. may not meet payment obligations in a timely manner if there is a delay in payment or default by a clearing member[494]. Market Risk Management - The company has implemented policies to measure, manage, monitor, and report market risks, including foreign currency exchange rate risk, equity risk, credit risk, interest rate risk, and liquidity risk[481]. - Cboe Clear Europe is exposed to market risk if a clearing member defaults and market prices move adversely, necessitating collateral collection[496]. Debt and Interest Rate Exposure - As of December 31, 2025, Cboe Clear U.S. had $1,442.9 million in outstanding debt related to Senior Notes with fixed interest rates[498]. - Interest rate changes will not impact the interest paid on fixed-rate obligations, but the company is exposed to fluctuating rates under its credit facilities[498]. - A default under the Revolving Credit Agreement may limit the company's liquidity and financing activities due to cross-acceleration provisions[499].

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Core Insights - The article discusses the concept of momentum investing, emphasizing the strategy of buying stocks that are trending upwards with the hope of selling them at even higher prices. The focus is on the importance of price trends in making profitable trades [1]. Company Overview: CBOE Global - CBOE Global currently holds a Momentum Style Score of B, indicating a positive outlook based on its price change and earnings estimate revisions [2]. - The company has a Zacks Rank of 1 (Strong Buy), suggesting strong potential for outperformance in the market [3]. Price Performance - CBOE shares have increased by 0.64% over the past week, while the Zacks Securities and Exchanges industry has seen a decline of 0.14% during the same period [5]. - Over the past month, CBOE's price has risen by 4.52%, significantly outperforming the industry's 0.39% [5]. - In the last quarter, CBOE shares rose by 10.45%, and over the past year, they have increased by 37.28%. In comparison, the S&P 500 has only moved 2.88% and 13.25% respectively [6]. Trading Volume - CBOE's average 20-day trading volume is 904,695 shares, which serves as a bullish indicator when combined with rising stock prices [7]. Earnings Outlook - In the past two months, 9 earnings estimates for CBOE have been revised upwards, while none have been lowered, leading to an increase in the consensus estimate from $10.78 to $11.36 [9]. - For the next fiscal year, 7 estimates have also moved upwards with no downward revisions [9]. Conclusion - Given the positive momentum indicators and earnings outlook, CBOE Global is positioned as a strong buy candidate for investors seeking short-term opportunities [11].

With a market cap of $28.8 billion, Cboe Global Markets, Inc. (CBOE) is a global exchange operator providing trading, clearing, and market data services across options, equities, futures, FX, and digital assets in the United States and internationally. It operates a diversified platform spanning North America, Europe, and Asia Pacific, with strategic partnerships with leading index providers such as S&P Dow Jones Indices, FTSE Russell, and MSCI. The holding company's shares have outperformed the broader ...

Regulatory Changes in US Options Exchanges - Major US equity options exchanges, led by Cboe Global Markets (CBOE) and Nasdaq (NDAQ), are shifting to a new billing methodology based on prior-month trading activity instead of real-time volume [2][3] - This change, effective from early February 2026, aims to comply with SEC Regulation NMS Rule 610(d) and improve transparency while preventing exchanges from collecting fees for trades executed on competing platforms [3] Geopolitical Developments in Latin America - Mexican President Claudia Sheinbaum has ordered a temporary halt to oil shipments to Cuba to avoid potential tariffs from the Trump administration, causing internal conflict within Mexico's ruling Morena party [4][5] - This decision is significant as Mexico has recently become Cuba's primary oil supplier, surpassing Venezuela [5] Lebanon's Financial Stabilization Efforts - Lebanon's Prime Minister Nawaf Salam is advocating for the approval of the Financial Stabilization and Depositor Recovery (FSDR) law, which aims to address a funding gap exceeding $70 billion [6][7] - The proposed law includes provisions to repay small depositors up to $100,000 over four years, while larger deposits would be converted into tradable, asset-backed securities with maturities of up to 20 years [7] Infrastructure Development in Israel - The Israeli Cabinet has approved the construction of a new international airport, Tekuma Airport, near the Gaza periphery, with an estimated cost of NIS 7 billion [8] - This project is expected to create thousands of jobs and is seen as a strategic necessity to alleviate congestion at Ben Gurion Airport [8][9] Weather-Driven Economic Trends in the US - A severe winter in the Northeast has led to increased consumer spending on luxury winter apparel and spa services, benefiting retailers like Canada Goose (GOOS) and Columbia Sportswear (COLM) [11] - In contrast, California is facing a massive winter storm that could bring up to 8 feet of snow, prompting utilities like PG&E (PCG) to prepare for potential power outages and travel disruptions [12]

Core Viewpoint - US equity options exchanges are proposing a change in the regulatory fee structure, moving away from a long-standing practice that allows them to charge fees for transactions conducted on rival exchanges [1][6]. Group 1: Options Regulatory Fee (ORF) - The Options Regulatory Fee (ORF) is a collective fee charged by exchanges for options trading, which helps cover compliance costs like market surveillance [2]. - Currently, customers are charged ORF by both the exchanges that list their contracts and those that do not, leading to dissatisfaction in the options market [3][4]. - The fee per contract is minimal, typically just a fraction of a cent, but accumulates to significant costs for businesses, with estimates suggesting exchanges could earn between $181 million to $234 million from ORF in 2025 [4]. Group 2: Proposed Changes - Major exchanges, including Cboe Global Markets, Nasdaq, and Miami International Holdings, have filed with the SEC to implement a system where ORF is only charged on transactions conducted on their own platforms [6]. - The proposed model, referred to as "eat what you kill," aims to ensure that exchanges only assess fees on their own transactions, addressing the current inequity in fee collection [7]. - An example highlighted is that Cboe, which lists S&P 500 Index options, currently allows other exchanges to collect ORF fees on trades of its proprietary products [8].

Core Viewpoint - Cboe Global Markets has declared a quarterly cash dividend of $0.72 per share for the first quarter of 2026, reflecting the company's ongoing commitment to returning value to shareholders [1]. Group 1: Dividend Announcement - The quarterly cash dividend of $0.72 per share is set to be paid on March 13, 2026, to stockholders of record as of February 27, 2026 [1]. - This announcement indicates the company's strong financial position and ability to generate consistent returns for its investors [1]. Group 2: Company Overview - Cboe Global Markets is recognized as the world's leading derivatives and securities exchange network, providing advanced trading, clearing, and investment solutions globally [1]. - The company offers trading solutions across multiple asset classes, including equities, derivatives, and foreign exchange, in regions such as North America, Europe, and Asia Pacific [1]. - Cboe is dedicated to fostering a trusted and inclusive global marketplace, aiming to support individuals in achieving a sustainable financial future [1].

Core Viewpoint - CBOE Global has been upgraded to a Zacks Rank 1 (Strong Buy) due to an upward trend in earnings estimates, which is a significant factor influencing stock prices [1][3]. Earnings Estimates and Stock Price Impact - The Zacks rating system emphasizes the importance of changing earnings estimates, which are strongly correlated with near-term stock price movements [4][6]. - Institutional investors often adjust their valuations based on earnings estimates, leading to buying or selling actions that affect stock prices [4]. Business Outlook for CBOE - The upgrade reflects a positive outlook for CBOE's earnings, suggesting that the company's underlying business is improving, which could lead to increased stock prices [5][10]. - Analysts have raised their earnings estimates for CBOE, with the Zacks Consensus Estimate increasing by 6.1% over the past three months [8]. Zacks Rank System - The Zacks Rank system classifies stocks into five groups based on earnings estimates, with Zacks Rank 1 stocks historically generating an average annual return of +25% since 1988 [7]. - CBOE's upgrade to Zacks Rank 1 places it in the top 5% of Zacks-covered stocks, indicating strong potential for market-beating returns in the near term [9][10].

Core Insights - Cboe Global Markets, Inc. is a leading provider of market infrastructure and tradable products, including options, futures, and equities, operating one of the largest options exchanges globally [1] - RBC Capital has set a new price target for Cboe at $303, indicating a potential increase of about 9.85% from its current trading price of $275.82 [1][5] - The company's market capitalization is approximately $28.99 billion, reflecting its significant presence in the financial markets [3][5] Financial Performance - Cboe's stock is currently priced at $277.01, reflecting a 1.33% increase or $3.65, with trading occurring between $272.30 and $277.01 during the day [2] - Over the past year, Cboe's stock has experienced a high of $279.33 and a low of $200.88, indicating market volatility [2] Strategic Direction - Insights from C-suite executives during the recent Q4 2025 earnings call provide valuable perspectives on Cboe's future outlook and growth strategies [4] - The earnings call likely covered key financial metrics and operational highlights, essential for understanding Cboe's approach to maintaining its competitive edge in the market [3][4]