CNBC Television·2025-12-22 18:44CBOE Performance & Strategy - CBOE has underperformed relative to its industry and the financial sector despite good earnings [2] - The speaker decided to "ring the register" (sell) CBOE due to this underperformance, but believes it will be fine in 2026 [2][5] - Morgan Stanley has reiterated their underweight rating on CBOE [5] - The speaker still owns CME Group and NASDAQ [4] Market Outlook & Volatility - The speaker anticipates volatility will increase substantially in 2026, even in a bull market, suggesting not to be short volatility [3] - The VIX is currently near a low for the year, below 15 [2] Exchange Preferences & Drivers - The speaker favors NASDAQ, describing it as a "crown jewel" due to benefits from IPOs, data, listing activity, and trading [6][8] - Increased activity is seen as a key driver for exchanges, with volatility being particularly beneficial for CBOE [7] Analyst Ratings & Targets - Morgan Stanley reiterated overweight on NASDAQ with a target of $111 [6] - CME Group reiterated overweight with a target of $320 [6] - Schwab reiterated overweight with a target of $148 [6]