Group 1 - Recent dividend activity included increased payouts from Sunoco (SUN) and Huntington Ingalls (HII) [2] - Companies such as General Motors (NYSE:GM) and Nasdaq (NASDAQ:NDAQ) have made dividend declarations [2] - Looking ahead, industry players like Morgan Stanley are expected to be active in the upcoming week [2]

Core Viewpoint - The collaboration between Nasdaq and Quant360 aims to provide high-quality data services for quantitative private equity firms in China, addressing challenges in the U.S. stock market data quality and depth [8][14][15]. Industry Overview - The quantitative private equity industry in China has seen rapid growth, with 45 firms reaching over 10 billion yuan in assets by August 2025, accounting for nearly half of the total number of such firms in the country [8]. - The number of registered quantitative products has doubled year-on-year, indicating a strong development trend in quantitative strategies [8]. Challenges Faced - Chinese quantitative private equity firms face two main challenges in the U.S. stock market data: 1. Data quality is inconsistent, making it difficult to ensure accuracy and completeness [9][14]. 2. Ordinary Level-2 data does not provide sufficient market depth information, which affects strategy precision [15]. Solution Provided - Nasdaq TotalView offers a comprehensive view of market supply and demand by disclosing detailed information on all buy and sell orders, helping investors assess market dynamics [14]. - Quant360 enhances this by providing high-quality, efficient, standardized, and customizable data technology services [14]. - The partnership will facilitate access to Nasdaq TotalView data through various integration methods, including API connections and Excel exports, supported by a dedicated technical support team [15]. Future Outlook - Nasdaq and Quant360 plan to deepen their collaboration to continuously provide quality data services for quantitative investment firms, promoting the growth of the quantitative investment industry in the global market [15].

Financial Performance - Total revenues for Q3 2025 reached $1,958 million, a 2.9% increase from $1,902 million in Q3 2024[23] - Operating income for Q3 2025 was $586 million, up 30.8% from $448 million in Q3 2024[23] - Net income attributable to Nasdaq for Q3 2025 was $423 million, compared to $306 million in Q3 2024, reflecting a 38.3% increase[23] - Basic earnings per share for Q3 2025 were $0.74, an increase from $0.53 in Q3 2024[23] - For the nine months ended September 30, 2025, Nasdaq reported a net income of $1,269 million, a 67% increase compared to $760 million for the same period in 2024[30] - For the three months ended September 30, 2025, total revenues were $1,315 million, an increase of 14.8% compared to $1,146 million for the same period in 2024[53] - For the nine months ended September 30, 2025, total revenues reached $3,857 million, up 12.7% from $3,422 million in 2024[53] - The company reported a comprehensive income of $445 million for Q3 2025, compared to $364 million in Q3 2024[25] Assets and Liabilities - Total assets as of September 30, 2025, were $30,654 million, slightly up from $30,395 million at the end of 2024[21] - Total liabilities decreased to $18,624 million as of September 30, 2025, down from $19,195 million at the end of 2024[21] - Cash and cash equivalents decreased to $470 million from $592 million at the end of 2024[21] - Nasdaq's retained earnings increased to $9,223 million as of September 30, 2025, up from $8,401 million at the end of 2024[21] - Total stockholders' equity as of September 30, 2025, was $12,030 million, up from $11,081 million in 2024, reflecting a year-over-year increase of 8.6%[28] - Total debt obligations decreased to $9,098 million as of September 30, 2025, down from $9,480 million at the end of 2024, reflecting repayments and repurchases of various notes[78] Cash Flow and Investments - The company reported net cash provided by operating activities of $1,630 million for the nine months ended September 30, 2025, compared to $1,234 million in 2024, marking a 32% increase[30] - Nasdaq's cash and cash equivalents at the end of the period were $4,441 million, down from $5,795 million at the end of September 2024, representing a decrease of 23.4%[30] - Financial investments decreased to $53 million as of September 30, 2025, down from $184 million at the end of 2024[68] - The company has $204 million in available liquidity from various European credit facilities, none of which was utilized as of September 30, 2025[91] Revenue Segments - Total revenues for the Capital Access Platforms segment for the three months ended September 30, 2025, were $546 million, compared to $501 million in 2024, reflecting an increase of 9.0%[180] - Total revenues for the Financial Technology segment for the three months ended September 30, 2025, were $457 million, up from $405 million in 2024, representing a growth of 12.9%[180] - Total revenues for the Market Services segment for the three months ended September 30, 2025, were $946 million, down from $1,022 million in 2024, indicating a decline of 7.4%[180] - Financial Crime Management Technology revenues for the three months ended September 30, 2025, were $84 million, up 22.0% from $69 million in 2024[219] - U.S. Equity Derivative Trading revenues for Q3 2025 were $416 million, up 11.4% from $374 million in Q3 2024[223] Shareholder Returns - The board declared cash dividends totaling $448 million during the first nine months of 2025, with a quarterly dividend of $0.27 per share approved for December 2025, estimated at $154 million[119][120] - Cash dividends declared per common share increased to $0.27 for the three months ended September 30, 2025, up 12.5% from $0.24 in 2024[200] - A total of 4,007,607 shares of common stock were repurchased for a total purchase price of $330 million at an average price of $82.34 per share for the nine months ended September 30, 2025[115] Market Activity - The total industry average daily volume for U.S. equity options in Q3 2025 was 55.8 million, compared to 44.5 million in Q3 2024, reflecting increased trading activity[224] - Nasdaq's total matched market share executed on its exchanges decreased to 28.5% in Q3 2025 from 30.2% in Q3 2024[224] - Transaction rebates in Q3 2025 increased by 24.1% to $637 million from $513 million in Q3 2024[222] Other Financial Metrics - The effective tax rate for the three months ended September 30, 2025, was 20.0%, up from 14.3% in the prior year, primarily due to a tax benefit related to payments made to former employees[164] - The restructuring program initiated post-Adenza acquisition is expected to yield over $150 million in net expense synergies by September 30, 2025[189] - The company expects to wind down commodities clearing and trading services by the end of the second quarter of 2026[183]

Core Points - Trading in NusaTrip Incorporated (Nasdaq: NUTR) has been halted by Nasdaq for additional information requested from the company [1] - The Securities and Exchange Commission (SEC) previously suspended trading in NUTR from October 9, 2025, to October 22, 2025 [1] - The last sale price of NusaTrip's ordinary shares was $9.00 [1] Additional Information - Trading will remain halted until NusaTrip has fully satisfied Nasdaq's request for additional information [2] - For further details regarding the SEC's order, a link to the SEC's documentation is provided [2] - For news and additional information about NusaTrip, direct contact with the company or checking under the company's symbol on the Nasdaq website is recommended [2]

Core Points - Trading in Empro Group Inc. has been halted by Nasdaq for additional information requested from the company [1] - The Securities and Exchange Commission previously suspended trading in Empro Group from October 9, 2025, to October 22, 2025 [1] - The last sale price of Empro Group's ordinary shares was $17.36 [1] Summary by Sections - **Trading Suspension** - Nasdaq has halted trading in Empro Group Inc. pending further information [1] - The SEC's trading suspension lasted from October 9, 2025, to October 22, 2025 [1] - **Company Information** - Additional information regarding the SEC's order can be found on the SEC's website [2] - Trading will remain halted until Empro Group satisfies Nasdaq's request for information [2]

Core Insights - Nasdaq, Inc. reported third-quarter revenue growth of 15% year over year to $1.315 billion, exceeding analyst consensus estimates of $1.297 billion [1] - The company achieved adjusted EPS of 88 cents, surpassing the analyst consensus estimate of 85 cents [1] Financial Guidance - Nasdaq updated its 2025 adjusted operating expense guidance to a range of $2.305 billion to $2.335 billion, an increase from the previous range of $2.295 billion to $2.335 billion [2] - The adjusted tax rate guidance for 2025 was lowered to a range of 22.5% to 23.5%, compared to the prior range of 22.5% to 24.5% [2] Market Reaction - Following the earnings announcement, Nasdaq shares fell by 2.5%, trading at $88.12 [2] Analyst Ratings - TD Cowen analyst Bill Katz maintained a Hold rating on Nasdaq and raised the price target from $94 to $96 [4] - Barclays analyst Benjamin Budish maintained an Overweight rating and increased the price target from $108 to $109 [4]

Group 1 - Nasdaq, Inc. (NASDAQ: NDAQ) reported impressive quarterly results, demonstrating the company's ability to meet and exceed its promises [1] - The focus is on identifying high-quality companies with a market capitalization of less than $10 billion, which present significant growth opportunities [1] - The ideal target companies should show a long-term capability of capital compounding with a high compound annual growth rate, potentially delivering tenfold returns or more [1] Group 2 - A conservative investment strategy is primarily adopted, with occasional pursuits of opportunities that offer a favorable risk-reward ratio [1] - The approach emphasizes maintaining a long-term perspective to achieve higher returns compared to market indices in a rapidly changing investment landscape [1]

Group 1 - Nasdaq, Inc. (NASDAQ: NDAQ) reported impressive quarterly results, demonstrating the company's ability to meet and exceed expectations [1] - The focus is on identifying high-quality companies with a market capitalization of less than $10 billion, which present significant growth opportunities [1] - The ideal companies should show a long-term capability of capital compounding with a high compound annual growth rate, potentially delivering tenfold returns or more [1] Group 2 - A conservative investment strategy is primarily adopted, with occasional pursuits of opportunities that have a favorable risk-reward ratio [1] - The approach emphasizes maintaining a long-term perspective to generate higher returns compared to market indices in a rapidly changing investment landscape [1]

Core Insights - Nasdaq's third-quarter profits exceeded Wall Street expectations, driven by increased trading volumes amid ongoing market volatility [1][3] - Nasdaq's CEO expressed confidence in the continued growth of the IPO market despite the government shutdown [4][5] Financial Performance - Nasdaq's market services trading revenue grew by 14%, reaching $303 million [3] - The company's adjusted profit for the three months ended September 30 was $511 million, or $0.88 per share, surpassing analyst expectations of $0.85 per share [8] - The fintech and software segment saw a revenue increase of 23.2%, totaling $457 million, while index business revenue rose by 13.2% to $206 million [8] IPO Market Outlook - The number of new listings on Nasdaq increased from 138 in the same period last year to 205 [6] - Analysts and bank executives remain optimistic about the IPO outlook, suggesting that any impacts from the government shutdown will be temporary [5] Strategic Focus - Nasdaq is shifting its strategic focus towards generating more predictable recurring revenue, which is less sensitive to market volatility [7]

Core Insights - Nasdaq reported third-quarter 2025 adjusted earnings per share of 88 cents, exceeding the Zacks Consensus Estimate by 4.8% and showing an 18.9% year-over-year improvement driven by higher revenues across three divisions and organic growth [1][8] Financial Performance - Nasdaq's net revenues reached $1.3 billion, marking a 15% increase year over year, with organic net revenue growth at 11%, surpassing the Zacks Consensus Estimate by 1.7% [2] - Annualized Recurring Revenue (ARR) grew 10% year over year to $3 billion, with organic growth at 9% [2] - Annualized SaaS revenues increased by 12%, accounting for 38% of ARR [2] Segment Performance - Capital Access Platforms' adjusted revenues were $546 million, up 9% year over year, driven by higher revenues across all business lines [3] - Financial Technology revenues adjusted to $457 million, reflecting a 23.2% increase, also supported by higher revenues from all business lines [3] - Solutions business revenues rose 15% year over year to $1 billion, fueled by strong growth in Index and Financial Technology [3] Operating Expenses and Income - Market Services' net revenues increased 7.4% year over year to $303 million, exceeding estimates [4] - Adjusted operating expenses were $583 million, up 7.4% from the previous year, reflecting increased investments in technology and personnel [4] - Adjusted operating income rose 14.9% year over year to $732 million, with an operating margin of 56%, expanding 200 basis points [5] Cash Flow and Capital Deployment - Nasdaq had cash and cash equivalents of $697 million as of September 30, 2025, an 11.9% increase from the end of 2024 [6] - Long-term debt decreased by 4.6% to $8.7 billion [6] - The company returned $155 million to shareholders through dividends and repurchased $115 million of common stock in the third quarter [7] Guidance and Outlook - Nasdaq raised its 2025 expense outlook to a range of $2.305 billion to $2.335 billion, reflecting ongoing investments in technology and talent [8][10] - The board approved a dividend of 27 cents per share, payable on December 19, 2025 [9]