Core Points - Nasdaq, Inc. has declared a quarterly dividend of $0.27 per share on its outstanding common stock, payable on December 19, 2025, to shareholders of record as of December 5, 2025 [1] Company Overview - Nasdaq is a leading global technology company that serves corporate clients, investment managers, banks, brokers, and exchange operators, facilitating their interaction with global capital markets [2] - The company aims to deliver world-leading platforms that enhance liquidity, transparency, and integrity within the global economy [2] - Nasdaq offers a diverse range of data, analytics, software, exchange capabilities, and client-centric services to help clients optimize and execute their business strategies [2]

Core Insights - Nasdaq, Inc. reported strong financial results for Q3 2025, with net revenue reaching $1.3 billion, a 15% increase year-over-year, and 11% organic growth [2][8][11] - Solutions revenue surpassed $1 billion for the first time, contributing to an annual recurring revenue (ARR) of $3 billion, reflecting a 10% increase year-over-year [5][8] - The company achieved significant milestones in operational efficiency and shareholder returns, including $155 million returned through dividends and $115 million in stock repurchases [6][8] Financial Performance - Total net revenue for Q3 2025 was $1,315 million, up 15% from Q3 2024, with organic growth of 11% [2][11] - Solutions revenue was $1,003 million, a 15% increase year-over-year, with organic growth of 10% [2][11] - Market Services net revenue reached $303 million, reflecting a 14% increase year-over-year, or 13% on an organic basis [2][11] - GAAP diluted EPS grew by 38% to $0.73, while non-GAAP diluted EPS increased by 19% to $0.88 [2][11] Strategic Developments - Nasdaq extended its leadership in listings, welcoming the largest European IPO since 2022, and raised over $14 billion year-to-date in the U.S. listings franchise [15] - The company launched 30 new Index products in Q3, including 18 international products, contributing to record levels of assets under management (AUM) exceeding $800 billion [13][15] - Nasdaq's strategic priorities focus on integrating, innovating, and accelerating growth, with over $150 million in cost reductions achieved [15] Business Segments - Financial Technology revenue increased by 23% to $457 million, with a 12% increase in annualized SaaS revenue, representing 38% of ARR [8][12] - Capital Access Platforms revenue was $546 million, up 9% year-over-year, driven by strong demand in data and listing services [11][29] - Market Services revenues were $946 million, with transaction-based expenses impacting net revenue [29] Expense Management - GAAP operating expenses for Q3 2025 were $729 million, a 4% increase year-over-year, primarily due to higher compensation and technology investments [11][12] - Non-GAAP operating expenses were $583 million, reflecting a 5% organic increase driven by investments in technology and personnel [11][12] - The company updated its 2025 non-GAAP operating expense guidance to a range of $2,305 million to $2,335 million [9]

Core Insights - SRK Fund I, LP achieved a return of 46.94% in the first half of 2025, significantly outperforming the S&P 500 and Russell 2000, which returned 6.20% and -1.78% respectively [2][3] - Since its inception on May 1, 2018, the fund has appreciated 1200.66%, compared to 162.30% for the S&P 500 and 55.46% for the Russell 2000 [2][3] - The fund manager emphasizes the importance of long-term performance evaluation rather than short-term results [4] Portfolio Updates - **Innovative Solutions & Support (ISSC)**: Contributed significantly to the fund's performance with a 104% revenue increase and Ebitda margins reaching 35%. The company is expanding through strategic acquisitions and has increased its manufacturing capacity [6][7] - **ImmuCell Corporation (ICCC)**: Reported record first-quarter results with gross margins expanding to 42%. The company is targeting further growth and has received investigational use authorization for its product Re-Tain, which is pending FDA approval [8][9][10] - **Soléance (SLSN)**: Experienced a 53% revenue growth in the first half of the year despite lower margins due to onboarding costs. The company resolved litigation issues and uplisted to Nasdaq, which positively impacted its stock price [11] - **Sanuwave Health, Inc. (SNWV)**: Achieved 51% revenue growth without a national sales presence. The company has now established a national sales force and is pursuing debt refinancing options [12][13] Closing Thoughts - The strong returns in the first half of the year are viewed as a recovery from the previous year's poor performance. The fund has increased its cash reserves to capitalize on future investment opportunities [14]

Core Insights - Nasdaq, Inc. is a leading global technology company known for operating the Nasdaq Stock Market, providing a comprehensive suite of services in capital markets [1] - The company is set to announce its third-quarter earnings on October 21, 2025, with projected EPS of $0.84 and revenue of approximately $1.3 billion, reflecting a 12.5% year-over-year revenue increase and a 13.5% growth in EPS [2][3] Financial Performance - The optimistic earnings forecast is driven by increased subscription revenues, higher trading volumes, and growth in analytics revenues, supported by Nasdaq's focus on organic growth and client acquisition [3] - Analysts have raised the consensus EPS estimate by 2.1% in the past 30 days, indicating a positive reevaluation of the company's performance [4] - Nasdaq's current financial metrics include a P/E ratio of approximately 33.73, a price-to-sales ratio of about 6.27, and an enterprise value to sales ratio of 7.36, reflecting a robust valuation landscape [4] - The enterprise value to operating cash flow ratio is around 25.33, with an earnings yield of approximately 2.97%, and a debt-to-equity ratio of roughly 0.82, indicating financial stability [4] - The current ratio stands at approximately 0.96, further highlighting the company's financial health [4]

Core Viewpoint - Warren Buffett and Berkshire Hathaway have a strong track record in identifying undervalued stocks, with Berkshire's stock generating a compound annual gain of nearly 20% from 1965 to 2024, significantly outperforming the S&P 500 index [2] Company Overview - Berkshire Hathaway has been purchasing shares of Sirius XM Holdings, increasing its stake to 37% of outstanding shares after investing $106 million in August [5] - Sirius XM Holdings has faced a decline in stock value, down approximately 63% over the past five years, raising questions about whether it represents a significant investment opportunity or a value trap [5] Market Position - Sirius XM holds a unique position as it is the only company licensed by the U.S. Federal Communications Commission to operate a satellite digital audio radio service, although competition from streaming services like Spotify has diminished the perceived value of this license [6] Subscriber Trends - Sirius XM has struggled with subscriber growth, experiencing a year-over-year decline in subscriptions for both Sirius and Pandora by the end of Q2 2024 [7] Management Strategy - The company has introduced a turnaround plan aimed at increasing revenue through advertising, enhancing focus on podcasting, and implementing new technology and pricing models, with a long-term goal of adding 10 million subscribers and increasing free cash flow by 50% to $1.8 billion [8] Analyst Sentiment - Despite the turnaround efforts, skepticism remains among Wall Street analysts, with three out of ten analysts maintaining a sell rating on the stock [9] Investment Considerations - Sirius XM offers a dividend yield of 5% and is trading at less than 8 times forward earnings, providing compensation for investors during the turnaround period [10] - The company's trailing-12-month free cash flow yield is close to 13%, indicating that the dividend is likely sustainable [11]

Core Viewpoint - Ondo Finance is advocating for the U.S. SEC to postpone a proposed Nasdaq rule change that would permit trading of tokenized securities due to concerns over transparency and fair market access [1][4]. Group 1: Nasdaq's Proposed Rule Change - Nasdaq plans to amend its rules to facilitate tokenized asset trading, with expectations that the Depository Trust Company (DTC) will manage post-trade settlement for these tokens, although specific details remain unclear [2][3]. - Ondo Finance highlights that the lack of direct evidence regarding DTC's process for settling tokenized securities undermines the SEC's ability to assess the rule change's compliance with the Securities Exchange Act of 1934 [3]. Group 2: Concerns Raised by Ondo Finance - Ondo argues that the current situation creates an information imbalance, favoring larger, established firms over smaller or newer companies that lack necessary data to adapt to market changes [3][4]. - The company expresses willingness to support Nasdaq's initiative if DTC publicly discloses its settlement process, but is currently requesting a formal SEC review that could result in disapproval of the proposed rule [4].

Core Points - Trading in Etoiles Capital Group Co., Ltd. (EFTY) has been halted by Nasdaq for additional information requested from the company [1] - The Securities and Exchange Commission (SEC) previously suspended trading in EFTY from October 6, 2025, to October 17, 2025 [1] - The last sale price of EFTY's ordinary shares was $15.02 [1] Company Information - Trading will remain halted until Etoiles Capital Group has fully satisfied Nasdaq's request for additional information [2] - For further news and information about the company, direct contact or checking under the company's symbol on the Nasdaq website is recommended [2]

Core Points - Trading in Platinum Analytics Cayman Limited (Nasdaq: PLTS) has been halted by Nasdaq for additional information requested from the company [1] - The Securities and Exchange Commission (SEC) previously suspended trading in PLTS from October 6, 2025, to October 17, 2025 [1] - The last sale price of PLTS ordinary shares was $17.50 [1] Summary by Sections - **Trading Suspension** - Nasdaq has halted trading in PLTS until the company provides the requested information [1][2] - The SEC's trading suspension lasted from 04:00 on October 6, 2025, to 23:59 on October 17, 2025 [1] - **Company Information** - For further details regarding the SEC's order, additional information can be found on the SEC's website [2] - Investors can check for news and updates about PLTS directly through the Nasdaq website [2]

Core Viewpoint - Trading in Pitanium Limited has been halted by Nasdaq for additional information requested from the company following a previous suspension by the SEC [1][2]. Group 1: Trading Suspension Details - The SEC suspended trading in Pitanium Limited from 04:00 on October 6, 2025, to 23:59 on October 17, 2025 [1]. - The last sale price of Pitanium Limited's ordinary shares was $10.39 [1]. Group 2: Information and Contact - Trading will remain halted until Pitanium Limited fully satisfies Nasdaq's request for additional information [2]. - For further news and information about the company, direct contact with the company or checking under the company's symbol on the Nasdaq website is recommended [2].

Core Viewpoint - Ondo Finance has requested the SEC to delay or reject Nasdaq's proposal for tokenized securities trading, citing concerns over undisclosed settlement details that may give large institutions an unfair advantage [1] Group 1: Regulatory Concerns - Ondo Finance emphasizes that both regulators and investors cannot fairly assess the proposal without understanding the DTC blockchain settlement mechanism [1] - The Nasdaq proposal is currently under review by the SEC, with a decision expected as early as November [1]