Core Viewpoint - The London Stock Exchange Group (LSEG) is considering extending trading hours to meet the growing demand from retail investors, potentially moving towards a 24-hour trading model [1][3][6]. Group 1: London Stock Exchange Considerations - LSEG is evaluating the feasibility of extending trading hours, including necessary technology and regulatory impacts [3][5]. - Discussions are ongoing regarding the potential implementation of 24-hour trading or extended trading hours, reflecting a broader conversation about new products and services [4][6]. - The initiative aims to enhance the attractiveness of the UK market and encourage investment from overseas and younger traders [6][9]. Group 2: Global Trends in Trading Hours - Nasdaq has applied to extend trading hours to 24/5, responding to increased interest from global investors, particularly in Asia [2][14]. - Other exchanges, such as the Indonesian Stock Exchange and the Chicago Board Options Exchange, are also exploring extended trading hours to boost market activity [11][15]. - The Tokyo Stock Exchange has already implemented a minor extension of trading hours to improve market efficiency [17]. Group 3: Market Challenges - The UK stock market is facing challenges, including declining trading volumes and a lack of new listings, raising concerns about its status as a global capital center [9][10]. - Recent data indicates a significant drop in IPO activity, with only five companies listed in the first half of the year, raising questions about the market's attractiveness [9][10]. - Traditional fund managers may resist extended trading hours due to complications in pricing and valuation based on closing prices [8].

Group 1 - Thomson Reuters Corp will be added to the Nasdaq-100 Index and the Nasdaq-100 Equal Weighted™ Index on July 28, 2025, replacing ANSYS, Inc. [1] - ANSYS, Inc. will be removed from multiple Nasdaq indices, including the Nasdaq-100 Tech Sector™ Index and the Nasdaq-100 ESG™ Index, on the same date [2] - Thomson Reuters Corp will also replace ANSYS, Inc. in the Nasdaq-100 Tech Sector™ Index and other related indices on July 28, 2025 [2] Group 2 - Nasdaq is a leading global technology company that provides services to corporate clients, investment managers, banks, brokers, and exchange operators [4] - The company aims to enhance liquidity, transparency, and integrity in the global economy through its diverse offerings, including data, analytics, and software solutions [4]

Group 1 - Nasdaq acknowledges the preliminary proxy filed by Invesco QQQ Trust and the proposals within it, indicating ongoing dialogue between the two entities [1][2] - The proposed change to the Trust structure will not affect Nasdaq's licensing arrangements with Invesco or the administration of the Nasdaq-100 Index, with Invesco set to pay the license fee from its unitary management fee instead of directly from QQQ [2] - Nasdaq remains committed to its strategic partnership with Invesco, emphasizing the importance of delivering a trusted benchmark for investors [2][3] Group 2 - Nasdaq is a leading global technology company that provides services to corporate clients, investment managers, banks, brokers, and exchange operators, aiming to enhance liquidity, transparency, and integrity in the global economy [3] - The company offers a diverse range of data, analytics, software, and exchange capabilities, enabling clients to execute their business strategies with confidence [3]

Core Viewpoint - The market anticipates Nasdaq (NDAQ) to report a year-over-year increase in earnings and revenues for the quarter ended June 2025, with actual results being crucial for stock price movement [1][2]. Earnings Expectations - Nasdaq is expected to post quarterly earnings of $0.80 per share, reflecting a year-over-year increase of +15.9% [3]. - Revenues are projected to be $1.27 billion, which is a 9.9% increase from the same quarter last year [3]. Estimate Revisions - The consensus EPS estimate has been revised 1.58% higher in the last 30 days, indicating a positive reassessment by analysts [4]. - The Most Accurate Estimate for Nasdaq is higher than the Zacks Consensus Estimate, resulting in an Earnings ESP of +0.83% [11]. Earnings Surprise Prediction - A positive Earnings ESP reading suggests a likely earnings beat, especially when combined with a Zacks Rank of 1 (Strong Buy), 2 (Buy), or 3 (Hold) [9]. - Nasdaq currently holds a Zacks Rank of 2, indicating a strong likelihood of beating the consensus EPS estimate [11]. Historical Performance - In the last reported quarter, Nasdaq exceeded the expected earnings of $0.77 per share by delivering $0.79, resulting in a surprise of +2.60% [12]. - Over the past four quarters, Nasdaq has consistently beaten consensus EPS estimates [13]. Industry Comparison - CME Group (CME), another player in the Securities and Exchanges industry, is expected to report earnings of $2.9 per share, a year-over-year increase of +13.3%, with revenues projected at $1.7 billion, up 11.2% from the previous year [17]. - CME has an Earnings ESP of +0.9% and a Zacks Rank of 3, indicating a likelihood of beating the consensus EPS estimate [18].

Group 1 - Trading for Bowen Acquisition Corp. was halted on July 15, 2025, at 17:45:19 Eastern Time due to a request for additional information from Nasdaq [1] - The last sale price of Bowen Acquisition Corp.'s ordinary shares was $9.19, rights at $0.2252, and units at $13.02 [3] - Trading will remain halted until Bowen Acquisition Corp. fully satisfies Nasdaq's request for additional information [1]

Core Viewpoint - The article identifies three undervalued stocks with strong potential for significant returns in a high-priced stock market environment, particularly within the Nasdaq bull market. Group 1: Sirius XM Holdings - Sirius XM operates as a legal monopoly in satellite radio, providing it with substantial subscription pricing power [7] - The company generates over 77% of its net sales from subscriptions, making its cash flow more stable compared to traditional advertising revenue [9] - Shares are currently valued at approximately 8.1 times forecast earnings per share (EPS) for 2026, significantly lower than its five-year average of 13.71, along with a 4.7% dividend yield [11] Group 2: BioMarin Pharmaceutical - BioMarin focuses on ultrarare diseases, which allows for high margins due to limited competition and high list prices [15] - The company's leading drug, Voxzogo, is projected to generate over $900 million in sales in 2025, contributing to a forecast of at least $4 billion in total sales by 2027, up from $2.85 billion in 2024 [17] - BioMarin shares are trading at 10.8 times forward-year EPS, a 67% discount from its average forward-year earnings multiple over the past five years [18] Group 3: Goodyear Tire & Rubber - The tire industry is cyclical, with historical recessions being short-lived, which benefits long-term demand for tires [20] - Goodyear is actively selling noncore assets to improve operational efficiency, including the sale of the Dunlop brand for $735 million and its off-the-road tire business for $905 million [22] - Shares are available at approximately 5.7 times forecast EPS for 2026, representing a 29% discount to its average forward P/E multiple since 2020 [24]

Summary of NASDAQ's Q1 2025 Conference Call Company Overview - **Company**: NASDAQ - **Quarter**: Q1 2025 - **Key Financials**: - Net revenues: $1.2 billion, up 12.5% year-over-year [2] - Operating income: Increased by 17% [2] - EPS: Grew by 24% [2] - Free cash flow: $674 million [3] Core Financial Performance - **Revenue Breakdown**: - Solutions revenues: $947 million, up 11% year-over-year [2] - Annual Recurring Revenue (ARR): $2.8 billion, up 9% year-over-year [2] - **Divisional Performance**: - Capital Access Platforms: 5% ARR growth, 11% revenue growth [2] - Financial Technology: 10% revenue growth, 12% ARR growth [2] - Market Services: 19% net revenue growth [2] Strategic Initiatives - **Efficiency Programs**: Targeting $140 million in net synergies from the Advanta transaction, with over $100 million actions completed by the end of Q1 [3] - **Cross-Selling**: 19 cross-sells delivered since the acquisition, with a target to surpass $100 million in run rate revenue by the end of 2027 [3] - **New Product Launches**: 30 new index products launched in Q1, contributing to 33% of net inflows over the last five years [5] Market Dynamics - **IPO Activity**: Welcomed 45 operating companies, raising approximately $5 billion [4] - **Listing Transfers**: Continued momentum with marquee switches, including Shopify and Thompson Reuters [4] - **Market Volatility**: Experienced record trading volumes, with five of the six highest trading days in U.S. cash equities history occurring in Q1 [8] Technology and Innovation - **Cloud Transition**: Enhanced ability to navigate market conditions through cloud infrastructure, improving scalability and resiliency [6] - **Partnership with AWS**: Focus on modernizing financial services infrastructure, with plans to serve market operators through hybrid cloud solutions [6] Regulatory and Compliance - **Financial Crime Management**: Robust demand for solutions, with a 25% increase in new client signings [6] - **Regulatory Technology**: Axiom SL signed a large digital bank as a new client, with strong demand for surveillance solutions [7] Capital Allocation and Shareholder Returns - **Dividends**: Paid a dividend of $0.24 per share, with a 13% increase announced to $0.27 per share [15] - **Debt Repurchases**: Repurchased $279 million in debt, reducing gross leverage ratio to 3.4 times [15] Outlook and Challenges - **Macro Environment**: Ongoing policy shifts and potential tariffs creating short-term volatility, impacting corporate decision-making [9] - **Sales Cycle Delays**: Noted delays in client decision-making due to macroeconomic uncertainties, particularly in the financial technology segment [22] Key Takeaways - NASDAQ demonstrated strong financial performance in Q1 2025, with double-digit growth across all divisions and significant free cash flow generation [2][3] - The company is focused on strategic initiatives to enhance efficiency, drive innovation, and expand its product offerings [3][5] - Market conditions remain volatile, but NASDAQ's diversified business model positions it well for continued growth [9][10]

U.S. Stock Market - U.S. stocks traded mixed, with the Nasdaq gaining over 100 points, while the Dow decreased by 0.57% to 44,204.33 and the S&P 500 rose by 0.01% to 6,269.15 [1] - Information technology shares increased by 1.6%, while materials stocks dipped by 0.9% [1] Wells Fargo Financial Results - Wells Fargo reported adjusted earnings of $1.54 per share, exceeding market estimates of $1.40 per share [2] - The company reported net interest income of $11.71 billion, down 2% year over year for Q2 2025 [2] Commodity Market - Oil prices fell by 0.5% to $66.66, gold decreased by 0.1% to $3,355.90, silver dropped by 1.2% to $38.280, and copper fell by 0.3% to $5.5320 [5] European Market Performance - European shares were lower, with the eurozone's STOXX 600 slipping by 0.09% and Spain's IBEX 35 Index falling by 1.16% [6] Asian Market Performance - Asian markets closed mixed, with Japan's Nikkei gaining 0.55% and Hong Kong's Hang Seng rising by 1.60%, while China's Shanghai Composite fell by 0.42% [7] Notable Stock Movements - Longevity Health Holdings, Inc. shares surged by 143% to $6.43 after a merger announcement [9] - Kairos Pharma, Ltd. shares increased by 87% to $1.2808 following positive trial results [9] - BloomZ Inc. shares rose by 57% to $0.2366 due to a partnership announcement [9] - Ryvyl Inc. shares dropped by 45% to $0.3552 after announcing a $6 million offering [9] - Rani Therapeutics Holdings, Inc. shares fell by 42% to $0.4058 after a direct offering announcement [9] - Simulations Plus, Inc. shares decreased by 19% to $14.15 following disappointing quarterly sales and a downgrade from Keybanc [9] Economic Indicator - The New York Empire State Manufacturing Index increased to 5.5 in July, compared to -16.0 in June, surpassing market estimates of -9.0 [10]

Market Performance - The Dow closed up +88 points (+0.20%), the S&P 500 increased by +8 points (+0.14%), the Nasdaq rose by +54 points (+0.27%) reaching a new all-time closing high, and the Russell 2000 gained +14 points (+0.67%) [1] Economic Reports and Earnings - No major economic reports or significant Q2 earnings results were released on Monday, with expectations set for Tuesday [2] - Consumer Price Index (CPI) numbers for June are anticipated, with a consensus expecting a rise to +2.7%, the highest since February [5] - Q2 earnings results are expected from JPMorgan (JPM), Citigroup (C), and Wells Fargo (WFC), with JPM and WFC projected to report a -0.2% year-over-year decline, while Citi is expected to show a +0.1% increase [6] Company Developments - Meta Platforms (META) is significantly expanding its AI data center operations with investments in multiple multi-gigawatt clusters, including the "Prometheus" and "Hyperion" data centers, which could scale up to 5 gigawatts over the coming years [2] - Occidental Petroleum (OXY) has noted that lowered production and falling oil prices may negatively impact its Q2 earnings, which will be reported in about four weeks [4] Cryptocurrency Market - Bitcoin reached a record high of $122.7K before settling at $119.9K, driven by expectations of future Federal Reserve rate cuts [3]

Mergers and Acquisitions - Monogram Technologies Inc. will be acquired by Zimmer Biomet Holdings, Inc. for $4.04 per share, totaling an equity value of approximately $177 million and an enterprise value of about $168 million. Shareholders may also receive a contingent value right worth up to $12.37 per share if certain milestones are met by 2030 [2] - Veritex Holdings, Inc. is set to be acquired by Huntington Bancshares Incorporated in a stock transaction where HBI will issue 1.95 shares for each Veritex share, implying a value of $33.91 per share and an aggregate transaction value of $1.9 billion [4] - ESSA Pharma Inc. will be acquired by XenoTherapeutics, Inc. for approximately $1.91 in cash per share, along with a contingent value right that could yield up to $0.06 per share within 18 months post-transaction [6] - Waters Corporation will merge with Becton, Dickinson and Company, with BD's shareholders expected to own about 39.2% and Waters' shareholders approximately 60.8% of the combined entity [8] Investigations - Investigations are ongoing regarding whether the boards of Monogram, Veritex, ESSA, and Waters breached their fiduciary duties by failing to conduct fair processes in their respective transactions and whether the deal considerations provide fair value to shareholders [2][4][6][8]