Core Insights - Investors should consider adding stocks with strong liquidity to their portfolios, as liquidity indicates a company's ability to meet short-term obligations and supports business expansion [1][2] - Four top-ranked stocks recommended for investment include EverQuote, Inc. (EVER), Amicus Therapeutics, Inc. (FOLD), Lam Research Corporation (LRCX), and Cboe Global Markets, Inc. (CBOE) [2][9] Liquidity Measures - Current Ratio: Measures current assets against current liabilities; a ratio below 1 indicates more liabilities than assets, while a range of 1-3 is ideal [4] - Quick Ratio: Indicates a company's ability to pay short-term obligations, with a desirable ratio of more than 1 [5] - Cash Ratio: The most conservative measure, focusing on cash and equivalents relative to current liabilities; a ratio greater than 1 is desirable but may indicate inefficiency [6] Screening Parameters - Asset Utilization: A measure of efficiency, calculated as total sales over the last 12 months divided by the average total assets; companies with a ratio higher than their industry average are considered efficient [7][8] - Growth Score: A proprietary score added to ensure that liquid and efficient stocks also have solid growth potential [8] Company-Specific Insights - **EverQuote, Inc. (EVER)**: Reported revenues of $173.9 million, a 20% year-over-year increase; projected fourth-quarter revenues between $174-$180 million [12][13] - **Amicus Therapeutics, Inc. (FOLD)**: Revenues of $169.1 million, a 19% year-over-year increase; expects total revenues to grow by 15-22% in 2025 [14][15] - **Lam Research Corporation (LRCX)**: Reported revenues of $5.32 billion, a 28% increase year-over-year; projects second-quarter revenues of $5.2 billion [16][17] - **Cboe Global Markets, Inc. (CBOE)**: Achieved record revenues of $605.5 million, a 14% year-over-year increase; raised 2025 organic revenue growth target to low double-digit to mid-teens [18][19]

Core Viewpoint - The commission is investigating whether companies allocated demand, coordinated prices, and shared commercially sensitive information [1] Group 1 - The investigation focuses on potential collusion among companies in the market [1] - Companies may have engaged in practices that could harm competition and consumer interests [1]

Core Points - The European Central Bank (ECB) will participate in Eurex's centrally-cleared repo market starting in the first quarter of 2026 [1] Group 1 - The announcement was made by Deutsche Boerse, the operator of the Eurex derivatives exchange [1]

Core Insights - Miami International Holdings, Inc. (MIAX) reported significant trading results for October 2025, highlighting a strong performance across its exchange subsidiaries [1][5]. Trading Volume and Market Share - The MIAX Exchange Group achieved a monthly average daily volume (ADV) record of 13.1 million contracts in October 2025, representing a 92.4% increase compared to October 2024 [5]. - The year-to-date (YTD) ADV reached a record of 9.4 million contracts, a 46.4% increase from the same period in 2024 [5]. - MIAX Futures recorded a YTD ADV of 13,828 contracts through October 2025, marking a 10.1% increase from the same period in 2024 [5]. Market Share Records - The MIAX Exchange Group set a monthly market share record of 19.4% in October 2025 [5]. - A daily market share record of 20.9% was achieved on October 14, 2025 [5]. - A daily volume record of 19.7 million contracts was reached on October 10, 2025 [5]. Comparative Performance - In October 2025, the U.S. Equity Options ADV was 67,193 contracts, a 51.6% increase from October 2024 [4]. - The MIAX Exchange Group's options market share was 19.4% in October 2025, compared to 15.3% in October 2024 [4]. - The industry average daily volume (ADV) for U.S. equities was 20,996 million, reflecting an 80.0% increase from October 2024 [4].

Core Insights - Intercontinental Exchange, Inc. (ICE) has a market cap of $83 billion and operates in market infrastructure, data services, and technology solutions for various entities [1] Performance Overview - ICE has underperformed the broader market, with stock prices declining 1.4% year-to-date and 4.9% over the past 52 weeks, while the S&P 500 Index gained 15.1% in 2025 and 18.5% over the past year [2] - The company also lagged behind the Financial Select Sector SPDR Fund, which saw an 8.5% increase in 2025 and 13.3% over the past 52 weeks [3] Q3 Results - Following the release of mixed Q3 results on October 30, ICE's stock price dropped 1.4% [4] - Exchange revenues fell by 4% year-over-year, while fixed income and data services revenues rose by 5.5%, and mortgage technology revenues increased by 3.7% [4] - Overall topline revenue increased by 2.6% year-over-year to $2.4 billion, slightly missing consensus estimates [4] Earnings Performance - Adjusted EPS increased by 10.3% year-over-year to $1.71, exceeding Street expectations by 5.6% [5] - ICE has generated record revenues and operating income over the past three quarters, returning over $1.7 billion to shareholders through repurchases and dividends [5] Future Outlook - For the full fiscal 2025, analysts expect an adjusted EPS of $6.87, reflecting a 13.2% year-over-year increase [6] - ICE has a strong earnings surprise history, surpassing bottom-line estimates in each of the past four quarters [6] - Among 19 analysts covering ICE, the consensus rating is a "Strong Buy," with 13 "Strong Buys," two "Moderate Buys," and four "Holds" [6] Analyst Ratings - The consensus rating has become slightly more optimistic compared to a month ago, when 12 analysts recommended "Strong Buy" [7] - On October 31, JP Morgan analyst maintained an "Overweight" rating on ICE but reduced the price target from $202 to $180 [7]

#行情 熔断后，韩国KOSPI跌超6%。韩国交易所在KOSDAQ 150期货下跌6%后，对KOSDAQ启用了熔断机制，程序化交易暂停5分钟。外汇交易员 (@myfxtrader):韩国交易所在韩国综合股价指数200期货下跌5%后，对KOSPI指数启用了熔断机制，程序化交易暂停5分钟。 ...

Group 1 - Nasdaq reported its monthly trading volumes for October 2025 on its Investor Relations website [1] - The data sheet containing this information is accessible online [1] Group 2 - Nasdaq is a leading global technology company that serves various financial market participants [2] - The company aims to enhance liquidity, transparency, and integrity in the global economy through its platforms [2] - Nasdaq offers a diverse range of data, analytics, software, and exchange capabilities to help clients achieve their business objectives [2]

Group 1 - Global efforts to reduce emissions are expected to accelerate significantly post-2030, according to an analysis by the London Stock Exchange Group (LSEG) [1] - LSEG's analysis indicates a potential additional reduction in greenhouse gas emissions of up to 18% over the next five years compared to existing 2030 targets [2] - Only 64 countries, accounting for about one-third of global emissions, submitted Nationally Determined Contributions (NDCs) by the September 30 deadline, raising concerns about the ambitious climate agenda at the upcoming COP30 summit [3] Group 2 - An inconclusive COP30 summit could derail the NDC process, while firm commitments from major actors could reinforce the Paris Agreement and the NDC mechanism [4] - The 2035 targets set by G20 economies, representing 71% of the group's emissions, indicate substantial new climate commitments, implying a reduction of 3.3 to 4.4 gigatons of carbon-dioxide equivalent compared to the 2030 NDCs [5] - Faster emissions reductions are primarily linked to progress in China and Turkey, while the European Union is still seeking consensus on its emissions plan [6] Group 3 - Progress on NDCs has significant implications for companies and investors, as they will face increased transition risks due to government efforts to accelerate the shift to a low-carbon economy, along with growing physical risks [7]

Core Insights - Brett Harrison, former president of FTX US, is launching a new perpetual futures exchange named Architect, which will not include crypto markets [1][3] - Harrison criticizes leveraged trading on volatile crypto assets as "irresponsible" and highlights concerns about excessive leverage in the crypto market following a significant market crash [2][5] Company Overview - Architect will offer perpetual futures on traditional stocks, foreign exchange markets, and rare metals, while allowing the use of stablecoins as collateral [3] - The exchange will initially be available to institutional investors, with plans to open to retail investors in the near future [3] Industry Context - Perpetual futures are derivative contracts with no expiration, allowing traders to leverage their positions on asset price movements [3][4] - High leverage ratios, such as 100 or 1000 times the initial capital, on volatile markets can lead to significant risks, including account liquidation [5][6]

Core Insights - Intercontinental Exchange (ICE) reported third-quarter 2025 adjusted earnings per share of $1.71, exceeding the Zacks Consensus Estimate by 5.6% and reflecting a year-over-year increase of 10.3% [1][9] - The company achieved record net revenues of $2.4 billion, marking a 2.6% increase year over year, although it slightly missed the Zacks Consensus Estimate by 0.1% [3][9] - ICE's performance across all three business segments demonstrated the strength of its diversified business model and strategic investments [2] Financial Performance - Total operating expenses decreased by 0.7% year over year to $1.2 billion, attributed to lower rent, occupancy, and administrative expenses [3] - Adjusted operating income rose by 1.9% year over year to $1.4 billion, with an adjusted operating margin remaining flat at 59% [4] - Cash and cash equivalents stood at approximately $2 billion, a 1% increase from the end of 2024, while total equity rose by 7.2% to $26.7 billion [8] Segment Performance - Exchanges segment net revenues reached $1.3 billion, up 1% year over year, with adjusted operating income increasing by 2.2% to $924 million [5] - Fixed Income and Data Services revenues grew by 5% to $618 million, with adjusted operating income rising by 7.2% to $282 million [6] - Mortgage Technology revenues increased by 4% to $528 million, with adjusted operating income up 23.6% year over year and a margin expansion of 700 basis points to 42% [7] Guidance and Future Outlook - For the third quarter of 2025, GAAP operating expenses are expected to range between $1.225 billion and $1.265 billion, while adjusted operating expenses are projected to be between $1.005 billion and $1.015 billion [10] - Full-year guidance indicates a recurring revenue growth expectation of 5% to 6% for the Exchanges segment, with GAAP operating expenses projected between $4.99 billion and $5 billion [11] Shareholder Returns - ICE repurchased $894 million of its common stock and paid $831 million in dividends during the first nine months of 2025 [12] - A dividend of 48 cents per share for the third quarter of 2025 has been approved, to be paid on December 31 to shareholders of record as of December 16 [12]