Core Viewpoint - Growth investors are focused on stocks with above-average financial growth, but identifying such stocks can be challenging due to associated risks and volatility [1] Group 1: Growth Stock Identification - The Zacks Growth Style Score system aids in identifying growth stocks by analyzing a company's real growth prospects beyond traditional metrics [2] - Nasdaq (NDAQ) is currently recommended as a strong growth stock, possessing a favorable Growth Score and a top Zacks Rank [2] Group 2: Earnings Growth - Earnings growth is crucial for investors, with double-digit growth being a strong indicator of future stock price gains [4] - Nasdaq's projected EPS growth for this year is 16.4%, significantly higher than the industry average of 8.6% [5] Group 3: Cash Flow Growth - Higher-than-average cash flow growth is essential for growth-oriented companies, allowing them to expand without relying on external funding [6] - Nasdaq's year-over-year cash flow growth stands at 27.8%, surpassing the industry average of 14.1% [6] - The company's annualized cash flow growth rate over the past 3-5 years is 17%, compared to the industry average of 12.8% [7] Group 4: Earnings Estimate Revisions - Positive trends in earnings estimate revisions correlate strongly with near-term stock price movements [8] - Nasdaq's current-year earnings estimates have increased by 2.7% over the past month [8] Group 5: Overall Assessment - Nasdaq has achieved a Zacks Rank of 2 and a Growth Score of B, indicating its potential as an outperformer and a solid choice for growth investors [10]

NEW YORK, July 28, 2025 (GLOBE NEWSWIRE) -- The Green Impact Exchange (GIX) announced the appointment of five new board members across its parent company and to the board of the Green Impact Exchange. The new members bring extensive experience in information security operations, sustainability, market structure, and corporate governance. With backgrounds spanning both public and private sectors, this group has been pivotal in shaping the vision and infrastructure of GIX, the first stock market in the US ded ...

Core Insights - Nasdaq reported Q2 2025 results with GAAP revenue of $1.31 billion and non-GAAP EPS of $0.85, exceeding consensus estimates of $1.28 billion and $0.81 respectively [1][6] - Recurring revenue grew by 9%, and operating income (non-GAAP) increased at a double-digit rate, driven by strong client demand and innovations [1][6] - Rising costs and lengthening sales cycles in regulatory technology are areas to monitor moving forward [1] Financial Performance - Non-GAAP EPS increased by 24% year-over-year from $0.69 to $0.85 [2] - Revenue grew by 13% year-over-year from $1.16 billion to $1.31 billion [2] - Non-GAAP operating income rose by 16% to $721 million, with operating margin improving from 53% to 55% [2][6] - Annualized recurring revenue reached $2.93 billion, a 10% increase from the previous year [2][11] Business Segments - Solutions revenue, covering Capital Access Platforms and Financial Technology, grew by 10% year-over-year [7] - Financial Technology segment recorded 10% revenue growth, with annualized recurring revenue growing by 12% [8] - Capital Access Platforms saw 9% organic revenue growth, driven by a 17% increase in Index revenue [9] - Market Services achieved record net revenue of $306 million, a 22% increase, with U.S. equities and derivatives volumes hitting all-time highs [10] Strategic Focus - Nasdaq emphasizes recurring revenue, cloud and AI innovation, and international expansion [4] - Recent strategic initiatives include deepening cloud integration and increasing SaaS share in recurring revenue streams [4] - Technological innovation is highlighted, with new AI solutions and expanded partnerships with AWS [13] Capital Strategy - The company returned $155 million to shareholders via dividends and $100 million through stock buybacks, while repaying $400 million of debt [14] - The quarterly dividend was raised by 13% to $0.27 per share [15] Management Outlook - Non-GAAP operating expense guidance for FY2025 is maintained at $2.295–$2.335 billion [16] - No changes to medium-term revenue growth targets were announced, with confidence in the sales pipeline for Financial Technology products [16] - Delays in regulatory technology sales cycles and competition from new entrants are noted as potential risks [17]

Core Viewpoint - Nasdaq, Inc. (NDAQ) is anticipated to show improvements in both revenue and earnings for the second quarter of 2025, with revenues expected to reach $1.28 billion, reflecting a 10% year-over-year growth [1]. Revenue and Earnings Estimates - The consensus estimate for earnings is set at 80 cents per share, indicating a 15.9% increase year-over-year, although this estimate has decreased by 1.3% in the past 30 days [2]. - Nasdaq has an Earnings ESP of +0.47%, with the Most Accurate Estimate at 81 cents, suggesting a potential earnings beat [4]. Factors Influencing Performance - Continued organic revenue growth, new sales, and increased revenues from Financial Crime Management Technology are expected to positively impact Nasdaq's second-quarter performance [5]. - Non-trading revenues are likely to benefit from improved results in Capital Access Platforms, Financial Technology, and Market Services businesses [5]. Segment Performance - Capital Markets Technology revenues are projected to rise by 13.7% to $293.2 million, driven by higher subscription revenues and new client acquisitions [6]. - The Capital Access Platforms division is expected to see growth due to increased trading volumes and higher average AUM in exchange-traded products linked to Nasdaq indices [7]. Expense Outlook - Total expenses are anticipated to rise, with non-GAAP operating expenses expected to increase by 7.5% year-over-year due to higher professional and contract services expenses, among other factors [8]. Trading Volumes - Nasdaq reported a 23.3% year-over-year increase in U.S. equity options volume, totaling 957 million contracts, and a 3.3% increase in European options and futures volume [11]. - U.S. matched equity volume reached 158.2 billion shares, up 32.6% from the previous year, while European equity volume increased by 18% to $243 billion [12]. Listing Services - The total number of listings increased by 3.5% year-over-year to 5,386, although the number of listed companies decreased slightly from the previous year [12]. - Data and listing services revenues are expected to rise by 1.5% to $189.7 million in the upcoming quarter [12].

Core Viewpoint - Nasdaq is expected to report quarterly earnings of $0.80 per share, a 15.9% increase year-over-year, with revenues projected at $1.28 billion, reflecting a 10% year-over-year growth [1]. Earnings Estimates - The consensus EPS estimate has been revised upward by 1.6% in the last 30 days, indicating analysts' reassessment of their initial estimates [2]. - Revisions to earnings estimates are significant indicators for predicting investor actions regarding the stock, with empirical research showing a strong correlation between earnings estimate trends and short-term stock price performance [3]. Revenue Forecasts - Analysts forecast 'Net Revenues- Capital Access Platforms' to reach $521.43 million, an increase of 8.4% from the prior-year quarter [5]. - The consensus estimate for 'Net Revenues- Financial Technology' is $451.12 million, indicating a 7.4% increase year-over-year [5]. - 'Net Revenues- Other Revenues' is expected to reach $8.57 million, reflecting a 7.1% year-over-year change [5]. - 'Net Revenues- Financial Technology- Capital Markets Technology' is projected at $268.24 million, a 4% increase from the previous year [6]. - 'Net Revenues- Capital Access Platforms- Workflow and Insights revenues' is estimated at $133.06 million, indicating a 4.8% year-over-year change [6]. - 'Net Revenues- Capital Access Platforms- Index revenues' is expected to be $198.26 million, reflecting an 18.7% increase from the prior-year quarter [7]. - 'Net Revenues- Capital Access Platforms- Data and Listing Services revenues' is projected at $191.09 million, a 2.2% year-over-year change [7]. - 'Net Revenues- Financial Technology- Regulatory Technology' is expected to be $105.37 million, indicating a 10.9% year-over-year change [8]. Market Share and Trading Volume - The total matched market share executed on Nasdaq exchanges for Cash Equity Trading is expected to reach 15.2%, down from 16.1% in the same quarter last year [8]. - For Equity Derivative Trading and Clearing, the total matched market share is projected at 28.8%, down from 29.3% year-over-year [9]. - The total industry average daily volume for Equity Derivative Trading and Clearing is expected to reach 50.64 million, compared to 42.10 million a year ago [9]. - The total industry average daily share volume for Cash Equity Trading is projected to be 16.66 billion, up from 11.80 billion year-over-year [10]. Stock Performance - Nasdaq shares have increased by 3.8% in the past month, while the Zacks S&P 500 composite has risen by 5.4% [11]. - With a Zacks Rank 2 (Buy), Nasdaq is expected to outperform the overall market performance in the near term [11].

Investment Rating - The report indicates a positive outlook for Hong Kong's IPO market, suggesting potential investment opportunities in newly listed companies and sectors with high demand [2][3]. Core Insights - Hong Kong's IPO market has seen a resurgence with 51 companies listed year-to-date, raising HK$124 billion, compared to 77 listings raising HK$88 billion in 2024 [3][4]. - The increase in IPO activity is attributed to a robust market rally, a slowdown in A-share IPOs, and more accommodating listing rules by HKEX [2][4]. - Cornerstone investors contributed 42% of the capital raised in IPOs, with two-thirds coming from foreign investors, indicating strong international interest [42][43]. - Newly listed companies in 2024/25 have shown significantly higher post-IPO returns compared to previous years, driven by substantial cornerstone investor ownership and growth potential [52][53]. Summary by Sections 1. IPO Market Activity - The resurgence in Hong Kong's IPO market is driven by improved market performance, with HSI and HSTECH gaining 20% and 17% year-to-date [4][26]. - The IPO pipeline remains strong, with over 200 companies in the application process [3][4]. 2. Dual Listings - A-share companies are pursuing dual listings in Hong Kong to access overseas financing and mitigate delisting risks, with regulatory support encouraging this trend [8][10]. - Approximately 80% of US institutional investors in ADRs already have exposure to the Hong Kong market, facilitating smoother transitions for companies [10][12]. 3. Investor Participation - The participation of cornerstone investors has been significant, with their ownership ranging from under 10% to over 80% in recent IPOs [42][43]. - Retail interest in IPOs has reached a multi-year high, reflecting improved risk appetite among investors [47][49]. 4. Post-IPO Performance - Newly listed companies in 2024/25 have delivered an average return of 10% on the first trading day and 41% within the first three months [52][56]. - Companies with cornerstone investor ownership between 30% and 50% tend to outperform, highlighting the importance of investor confidence [53][57]. 5. Spillover Effects - Active IPOs in Hong Kong positively influence A-share market performance, with sectors experiencing new listings generally seeing their peers outperform [63][64]. - The correlation between robust IPO activity and favorable performance in A-share markets suggests a beneficial spillover effect [63][64]. 6. Index Inclusion and Liquidity - New listings that meet specific criteria are eligible for fast-track index inclusion, potentially attracting significant passive investment [66][67]. - Southbound inclusion allows Hong Kong-listed companies to access onshore liquidity, enhancing their market appeal [67][72].

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]

Group 1 - The Beijing Stock Exchange (BSE) has become a popular choice for companies seeking to go public, with 115 applications received for public offerings in the first half of 2025, resulting in 12 approvals from the listing committee and 7 registrations from the CSRC, leading to 6 successful listings with a total financing amount of 1.923 billion yuan [3] - The BSE has implemented strict self-regulatory measures in response to information disclosure violations and issues with intermediary institutions, including 1 public reprimand, 2 warning letters, and 10 verbal warnings, affecting 15 issuers and 10 sponsoring institutions [3] - The BSE emphasizes the importance of information disclosure quality, highlighting four key areas: accuracy of basic information, accuracy of financial information, compliance with document version and format standards, and completeness of response documents [3]

Core Insights - Euronext announced trading volumes for June 2025, highlighting its position as a leading European capital market infrastructure [1] Company Overview - Euronext operates across the entire capital markets value chain, including listing, trading, clearing, settlement, and custody services [2] - The company runs MTS, a prominent electronic fixed income trading market, and Nord Pool, the European power market [2] - Euronext provides clearing and settlement services through Euronext Clearing and its Securities CSDs in Denmark, Italy, Norway, and Portugal [2] Market Position - As of March 2025, Euronext's regulated exchanges host nearly 1,800 listed issuers with a market capitalization of €6.3 trillion [3] - Euronext is recognized as the largest global center for debt and fund listings, handling 25% of European lit equity trading [3] - The company offers a diverse range of products, including equities, FX, ETFs, bonds, derivatives, commodities, and indices [3]

Core Viewpoint - Euronext is in discussions to potentially acquire up to 100% of Hellenic Exchanges-Athens Stock Exchange S.A. (ATHEX), valuing ATHEX at €6.90 per share, which would amount to approximately €399 million for the entire share capital on a fully diluted basis [1][4]. Group 1: Euronext's Strategic Intent - Euronext aims to consolidate European capital markets through a potential combination with ATHEX, enhancing growth and synergy opportunities [2]. - The merger would promote the harmonization of European capital markets, utilizing a unified trading and post-trade technology framework [2]. Group 2: Market Position and Impact - Euronext manages about 25% of cash equity trading in Europe and operates in major financial hubs, which would allow Greek market participants access to a network of over 1,800 listed companies with a combined market capitalization exceeding €6 trillion [3][8]. - The integration of ATHEX into Euronext's infrastructure is expected to enhance the development and international attractiveness of Greek markets [3]. Group 3: Confidence in Greek Economy - Euronext's interest in ATHEX reflects confidence in the growth potential of the Greek economy and the integration of Greek capital markets into the Eurozone and EU [4].