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]

Core Viewpoint - Coinbase experienced a significant data breach involving an outsourcing company, which led to an extortion attempt by cybercriminals demanding $20 million [1][3][6]. Group 1: Incident Details - Coinbase was informed in January about unauthorized data access by contractors but only recognized the extent of the breach after receiving an extortion demand on May 11 [2][6]. - The breach involved a small group of insiders who copied data from customer support tools, affecting less than 1% of Coinbase's monthly transacting users [3][4]. - Cybercriminals used the stolen data to impersonate Coinbase and deceive customers into giving up their cryptocurrency [5]. Group 2: Company Response - Coinbase rejected the extortion demand, terminated the involved employees, and reported them to law enforcement [4][7]. - The company initiated new customer safeguards and established a $20 million reward fund for information leading to the arrest of the criminals [4]. - The estimated remediation costs for the incident range from $180 million to $400 million, with ongoing investigations to determine the full impact [6].

Investment Rating - The report maintains a "Buy" rating for Hong Kong Exchanges (0388.HK) with a 12-month target price of HK$455.00, indicating an upside potential of 13.6% from the current price of HK$400.40 [1][2][10]. Core Insights - Despite a year-to-date share price increase of approximately 35%, the stock is considered undervalued relative to strong market activity levels. The listing pipeline is growing, with over 150 companies having submitted applications to list in Hong Kong [1][22][29]. - The introduction of new products, particularly weekly expiries for index options and stock options, is expected to drive growth in average daily volume (ADV) for options. Historical data from the US and India suggests that index options ADV could outperform cash market volumes by 40 to 50 percentage points [2][44][45]. - The report projects a 15% potential upside to cash equity average daily trading (ADT) from A-share companies listing in Hong Kong over the medium term, with adjustments made to FY26-27E ADT estimates [1][23][41]. Summary by Sections Financial Projections - Revenue estimates for FY25E, FY26E, and FY27E are projected at HK$25,721.8 million, HK$26,772.8 million, and HK$28,006.3 million respectively, reflecting an increase from previous estimates [4][10]. - EPS estimates have been raised by 2%, 9%, and 10% for FY25, FY26, and FY27 respectively, driven by higher volume expectations [2][10]. Market Activity - The report notes that HKEX has regained its position among the top five global IPO venues in Q1 2025, with around US$10 billion raised from IPOs year-to-date, nearly double the amounts raised in 2023 and 2024 [22][24]. - A-share companies listing H-shares for global expansion have accounted for over half of the IPO funds raised since 2024, with approximately 630 A-share companies identified as eligible to list H-shares [23][32]. Options Market - The introduction of zero-day-to-expiry (0DTE) options is anticipated to add approximately 10% to overall options ADV, based on successful models in the US and India [44][48]. - Currently, index options represent about 20% of total options ADV at HKEX, and the report suggests that this could lead to a significant increase in overall trading activity [2][44][60].

Core Points - Coinbase Global, Inc. experienced a significant cybersecurity incident on May 15, 2025, leading to a 7% drop in share price and raising concerns about its internal controls and disclosure processes [1][3] - Hagens Berman has initiated an investigation into potential securities law violations related to Coinbase's claims about its security measures and the adequacy of its cybersecurity risk management [2][5] Company Incident Details - The cybersecurity incident involved a threat actor gaining access to personal information of nearly 70,000 customers, raising questions about Coinbase's security protocols [3][4] - The threat actor reportedly acquired this data by bribing contractors or employees to extract it from Coinbase's systems, with estimated remediation and customer reimbursement costs potentially reaching $400 million [4] Industry Context - Following the incident, it was reported that rival exchanges Binance and Kraken faced similar hacking attempts but successfully protected customer data, which has led to further scrutiny of Coinbase's security measures and the timing of its disclosures [5] - Hagens Berman is investigating whether Coinbase misrepresented its security controls and delayed the disclosure of the cybersecurity incident [5]

Markets began 2025 on a strong footing but have since been gripped by heightened volatility because of the Trump administration’s tariff plans, which have resulted in ambiguity. The uncertainty has clouded expectations around the tariffs’ potential impact on the U.S. economy and the Federal Reserve’s monetary policy decisions. Amid this backdrop, investors are approaching the markets with increased caution.Therefore, the conventional method of selecting stocks is the need of the hour. One such way is choosi ...

Investment Rating - The investment rating for Hong Kong Exchanges & Clearing (HKEx) is Neutral [1][6][19]. Core Insights - The report highlights constructive takeaways from the Global China Summit 2025, indicating improvements in the IPO pipeline and opportunities for Connect over the medium term, which are seen as positives for Greater China equity markets [1][5]. - HKEx has experienced an increase in listing applications, reaching around 150, driven by interest from A-share companies and potential ADR homecoming [5]. - The report forecasts total securities average daily turnover (ADT) of HK$341 billion, HK$337 billion, and HK$367 billion for FY25, FY26, and FY27 respectively [10]. Summary by Sections Investment Thesis - The investment thesis remains Neutral on HKEx, reflecting a balanced view over the next 12 months [6][10]. Valuation - The price target for HKEx is set at HK$340, based on a dynamic P/E of 32.5x, which aligns with the mean [7][19]. Market Dynamics - The report notes that HKEx has delivered a 10% EPS CAGR since the launch of the Connect mechanism, which has facilitated cross-border capital flow [10]. - The report identifies that only a small portion of the 200 million onshore investors currently participate in Southbound trading, indicating potential for growth [5][10]. - The launch of MSCI A-share futures is expected to enhance HKEx's position in the equity derivatives market [10].

5月20日，60位投资者走进北交所。北交所工作人员带领投资者参观了仪式大厅、模拟体验了上市敲钟 仪式，并向投资者讲解了北交所的设立背景和市场发展现状。通过参观和学习，投资者进一步了解北交 所的发展历程。 5月21日，北交所投教基地联合中信建投证券投教基地面向中国人民大学经济学院师生进行授课，为在 校学生介绍多层次资本市场概况及新三板、北交所设立背景、市场定位及特色制度。同时，普及防范非 法证券活动知识，提升在校学生风险识别防范意识。 5月21日，北交所投教基地联合中信建投证券投教基地开展"投资者零距离"——走进广厦环能活动。20 余名投资者通过实地调研参观，了解公司发展情况，并与公司高管开展面对面的问答交流。通过本次活 动，投资者更加了解上市公司，也搭建了投资者与上市公司的良好沟通平台。 编辑 陈莉 校对 穆祥桐 新京报贝壳财经讯(记者张晓翀)5月29日，记者从北京证券交易所（简称"北交所")获悉，近日北交所举 办投资者服务北京站活动。 5月16日，北交所举办"讲述我与北交所的投资故事"——老股民座谈会，邀请8位资深投资者代表分享故 事，倡导理性投资理念，同时就加强投资者权益保护、促进北交所市场高质量发展方面 ...

27 May 2025 | 4:49AM EDT Intercontinental Exchange Inc. (ICE): Structural underpinnings within Energy + Improving growth in Mortgage leaves us bullish; mgmt We hosted meetings with Buy-rated ICE's CEO, Jeff Sprecher, President Ben Jackson, CFO Warren Gardiner, COO Stuart Williams, and President of Fixed Income & Data Services Chris Edmonds. We come away with a handful of positives from the meeting, which we believe will remain supportive of the stock's durable >10% EPS growth trajectory with healthy momentu ...

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].

NEW YORK, May 27, 2025 (GLOBE NEWSWIRE) -- At the end of the settlement date of May 15, 2025, short interest in 3,168 Nasdaq Global MarketSM securities totaled 13,735,568,588 shares compared with 13,300,707,903 shares in 3,156 Global Market issues reported for the prior settlement date of April 30, 2025. The mid-May short interest represents 2.41 days compared with 2.40 days for the prior reporting period. Short interest in 1,639 securities on The Nasdaq Capital MarketSM totaled 2,731,907,808 shares at the ...