Group 1 - CME Group Inc. has seen a stock price increase of 40% over the past year, reaching an all-time high of $290 [1] - The analysis emphasizes a focus on clear and disciplined breakdown of companies, highlighting the importance of following numbers and underlying business rather than narratives [1]

Investment Rating - The report maintains a "Buy" rating for Intercontinental Exchange Inc. (ICE) with a 12-month price target of $191, indicating an upside of 8.4% from the current price of $176.12 [33] Core Insights - ICE's Energy business is projected to continue its robust growth trajectory, supported by structural tailwinds such as the globalization of natural gas, increasing Brent dominance, and the U.S. administration's push for energy exports [2][4] - The Mortgage segment is showing signs of improvement, with management confident in capturing a larger share of the $14 billion revenue total addressable market (TAM) as industry headwinds diminish [24] - The Fixed Income & Data Services segment is expected to achieve over 5% growth driven by unique data offerings and increasing demand for analytics [29][31] Summary by Sections Energy Business - ICE's Energy revenues are on track for another record year, with over $2 billion in annual revenues, accounting for more than 20% of total revenues and over 25% of operating income [2] - Year-to-date growth in Energy revenues exceeds 20%, following a 25% growth last year and 29% growth in 2023 [2] - The firm anticipates continued growth in LNG and natural gas benchmarks, with TTF volumes up approximately 30% year-to-date [4][15] Mortgage Segment - The mortgage business has undergone significant transformation, with management seeing early signs of idiosyncratic growth that could outweigh broader industry challenges [24] - Recent improvements in origination volumes, with new purchases up 10% year-over-year and refinancing up 50% year-over-year, support a positive near-term outlook [24][27] Fixed Income & Data Services - The Fixed Income segment is experiencing steady growth, driven by demand for unique pricing content and analytics, with the index business contributing over $100 million in revenue [29][31] - Management expects continued growth in fixed income Active ETFs and further integration of unique data sets from the mortgage franchise [31] Data Centers and Connectivity - ICE is expanding its data center capabilities to support future connectivity revenue growth, driven by rising demand from various market participants [32] - The firm operates its private cloud, which is more cost-effective compared to outsourcing, enhancing operational efficiency and easing future M&A integration [32]

Summary of Key Points Core Viewpoint - The Q1 2025 earnings season for S&P 500 companies has been largely positive, with several companies, including Palantir, Cboe Global Markets, and Eaton, reporting record results, driven by strong demand and positive guidance for future growth [1][15]. Group 1: Palantir - Palantir reported a 39% year-over-year increase in sales, reflecting strong demand and raising its sales outlook for the current year significantly [2][4]. - The customer count grew nearly 40% year-over-year and 8% sequentially, with a record U.S. commercial total contract value of $810 million, up 180% year-over-year [3]. - Analysts have revised their sales expectations for Palantir, with the current Zacks Consensus estimate at $3.9 billion, up nearly 20% from last year, and a forecasted 37% year-over-year sales growth [4]. Group 2: Cboe Global Markets - Cboe Global Markets achieved record adjusted EPS of $2.37, a 21% increase year-over-year, and record net revenue of $562.5 million, up 13% year-over-year [5]. - The company reported record Options net revenue of $352.4 million, up 15% year-over-year, and global FX net revenue of $21.3 million, climbing 16% year-over-year [6]. - Following the strong results, analysts have notably revised their earnings expectations higher, indicating a favorable near-term earnings outlook [9]. Group 3: Eaton - Eaton posted record Q1 adjusted EPS of $2.72, a 13% increase year-over-year, and record Q1 sales of $6.4 billion, up 7% year-over-year, with segment margins reaching 23.9%, an 80 basis points increase year-over-year [10]. - The company has demonstrated a commitment to rewarding shareholders, with a 7% five-year annualized dividend growth rate, reflecting strong dividend growth over the last decade [13].

Summary of Key Points Core Viewpoint - The total short interest in Nasdaq securities has increased, indicating a growing bearish sentiment among investors as of the settlement date of May 15, 2025 Group 1: Nasdaq Global Market - Short interest in 3,168 Nasdaq Global Market securities totaled 13,735,568,588 shares, up from 13,300,707,903 shares in the previous reporting period [1] - The mid-May short interest represents an average of 2.41 days, slightly higher than the previous period's 2.40 days [1] Group 2: Nasdaq Capital Market - Short interest in 1,639 securities on The Nasdaq Capital Market reached 2,731,907,808 shares, an increase from 2,645,060,429 shares in the prior period [2] - The average daily volume for this segment remained stable at 1.00 day [2] Group 3: Overall Nasdaq Securities - Total short interest across all 4,807 Nasdaq securities amounted to 16,467,476,396 shares, compared to 15,945,768,332 shares in the previous reporting period [3] - This represents an average of 1.79 days of short interest, down from 1.92 days in the prior period [3] Group 4: Short Sale Definition - A short sale is defined as the sale of a security that the seller does not own, or any sale completed by delivering a borrowed security [4]

A month has gone by since the last earnings report for CME Group (CME) . Shares have added about 7.1% in that time frame, outperforming the S&P 500.Will the recent positive trend continue leading up to its next earnings release, or is CME due for a pullback? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at the most recent earnings report in order to get a better handle on the important catalysts.How Have Estimates Been Moving Since Then?It turns out, estimat ...

IntercontinentalExchange (ICE) appears an attractive pick, as it has been recently upgraded to a Zacks Rank #2 (Buy). This upgrade is essentially a reflection of an upward trend in earnings estimates -- one of the most powerful forces impacting stock prices.The sole determinant of the Zacks rating is a company's changing earnings picture. The Zacks Consensus Estimate -- the consensus of EPS estimates from the sell-side analysts covering the stock -- for the current and following years is tracked by the syst ...

Core Points - Nasdaq, Inc. has scheduled its 2025 Annual Meeting of Shareholders for June 11, 2025, at 8:00 AM ET [1] - Shareholders of record as of April 14, 2025, will be eligible to vote and participate in the Annual Meeting [2] - Nasdaq is a leading global technology company that serves various financial market participants, aiming to enhance liquidity, transparency, and integrity in the global economy [3] Company Information - Nasdaq provides a diverse range of data, analytics, software, and exchange capabilities to help clients optimize their business strategies [3] - The company emphasizes its commitment to delivering world-leading platforms for the financial system [3] Investor Relations - Nasdaq's 2025 Proxy Statement and 2024 Annual Report on Form 10-K are available for shareholders to review [2] - Media and investor relations contacts are provided for further inquiries [4]

Group 1 - Nasdaq supports Texas Senate Bill 29, which codifies the Business Judgment Rule and enhances corporate governance predictability, thereby improving Texas' competitiveness for incorporation and business growth [1][2] - The passage of SB 29 is seen as a significant step for corporate governance in Texas, promoting innovation-focused regulation and reinforcing Texas as a global center for capital formation [2] - Nasdaq has a long-standing commitment to advocating for clients and minimizing complexities in public markets, addressing various regulatory issues including climate disclosure and AI regulation [2] Group 2 - Nasdaq has been part of the Texas community for nearly two decades and is expanding its presence with a new regional headquarters in Dallas, which will serve as a hub for Texas-based clients [3] - The company currently hosts over 200 listed companies in Texas and generates over $750 million in revenues in the region, partnering with approximately 2,000 clients, around 800 of which are based in Texas [3]

Group 1: Palantir (PLTR) - Palantir experienced significant growth with sales increasing by 39% year-over-year, raising its current year sales outlook to an estimated $3.9 billion, suggesting a 41% growth year-over-year [2][4] - The customer count grew nearly 40% year-over-year and 8% sequentially, with the highest U.S. commercial total contract value of $810 million, reflecting a 180% year-over-year increase [4] - Analysts have revised their EPS expectations upward, indicating a positive outlook for near-term share performance [4] Group 2: Centene (CNC) - Centene reported adjusted EPS of $2.90 and sales of $46.6 billion, exceeding consensus estimates with earnings up 28% year-over-year [6] - The company raised its 2025 premium and service revenues guidance by $6.0 billion, reflecting a 17% year-over-year improvement [6] - Following the guidance upgrade, analysts expect Centene to post $178.7 billion in revenues for the current fiscal year [9] Group 3: Cboe Global Markets (CBOE) - Cboe posted record adjusted EPS of $2.37, up 21% year-over-year, and record net revenue of $562.5 million, up 13% year-over-year [11] - The company reported record Options net revenue of $352.4 million, reflecting a 15% year-over-year increase, and global FX net revenue of $21.3 million, up 16% year-over-year [12] - Analysts have revised their earnings expectations higher, indicating a favorable near-term earnings outlook [14]

Core Insights - Euronext reported a strong performance in Q1 2025, achieving record revenue and income of €458.5 million, a 14.1% increase compared to Q1 2024, driven by growth in non-volume-related revenue and exceptional market volatility [1][7][29] Financial Performance - Revenue and income for Q1 2025 reached €458.5 million, up from €401.9 million in Q1 2024, reflecting a 14.1% increase [3][24] - Adjusted EBITDA was €294.1 million, representing a 17.0% increase year-over-year, with an adjusted EBITDA margin of 64.1%, up 1.6 percentage points [3][26] - Net income attributable to parent company shareholders was €164.8 million, a 17.9% increase from €139.7 million in Q1 2024 [3][29] - Adjusted net income was €183.5 million, up 11.8% from €164.2 million in Q1 2024, with adjusted EPS (basic) at €1.80, a 13.9% increase [3][29] Revenue Breakdown - Non-volume-related revenue accounted for 57% of total revenue, covering 158% of underlying operating expenses [1] - Securities Services revenue grew to €83.4 million, a 6.8% increase, driven by growth in custody and settlement revenue [5][11] - Capital Markets and Data Solutions revenue increased to €157.4 million, up 6.6%, supported by the expansion of Euronext Corporate and Investor Solutions and Technology Services [5][14] - FICC Markets revenue reached €90.7 million, a 25.1% increase, driven by record performance in fixed income and commodities trading [5][19] - Equity Markets revenue grew to €108.4 million, an 18.0% increase, reflecting high volatility in cash equity trading [5][22] Strategic Initiatives - Euronext is implementing its "Innovate for Growth 2027" strategic plan, which includes consolidating settlement for equity trades in Amsterdam, Brussels, and Paris to enhance competitiveness [8][32] - The launch of a European Common Prospectus aims to facilitate access to capital markets and promote IPO activity across the EU [9][35] - The acquisition of Admincontrol is expected to accelerate the development of Euronext Corporate Solutions in the Nordics and increase subscription-based revenue [10][34] Market Conditions - The first quarter of 2025 experienced exceptional market volatility, which significantly contributed to the increase in trading volumes and revenues across various segments [1][2][7] - Average daily cash trading volumes reached €13.8 billion, up 31.8% compared to Q1 2024, indicating strong market activity [22]