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]

Core Insights - Euronext has completed the acquisition of Admincontrol for an enterprise value of NOK 4,650 million, which aligns with its capital allocation policy and is expected to yield a return on capital employed (ROCE) exceeding the weighted average cost of capital (WACC) within three to five years post-acquisition [1][2][3] Group 1: Acquisition Details - Admincontrol will be integrated into Euronext Corporate Solutions, enhancing its presence in the Nordics and the UK, and significantly scaling up Euronext's SaaS offerings [2][4] - The acquisition is expected to more than double the size of Euronext's governance offering and broaden its capabilities with advanced solutions for critical workflows [2][4] Group 2: Financial Performance - Admincontrol has demonstrated strong financial performance with double-digit annual growth over the past five years, reporting NOK 452 million in revenues and NOK 200 million in EBITDA with a 44% EBITDA margin in 2024 [3] - From Q2 2025, Admincontrol's revenue will be incorporated into Euronext's Corporate and Investor Solutions and Technology Services, which generated €170.8 million in 2024 [3] Group 3: Strategic Implications - The acquisition positions Euronext Corporate Solutions as a leader in the governance SaaS market, expanding its client base in the Nordics and leveraging Euronext's extensive network and expertise across Europe [4] - Both Euronext and Admincontrol's leadership express optimism about the growth potential and synergies that will arise from this acquisition, emphasizing the importance of excellent governance for their network of issuers and customers [4]

Group 1 - The trading activity on the Tradeweb European ETF marketplace reached an all-time record in total traded volume [3]

Financial Data and Key Metrics Changes - In 2024, CME Group achieved record revenue of $6.1 billion, a 10% increase compared to 2023, driven by strong average daily volume (ADV) of 26.5 million contracts per day, up 9% from the previous year [17][18] - Adjusted operating income for 2024 was $4.2 billion, reflecting a 12% year-over-year increase, with an adjusted operating margin of 68.3% [17] - The company reported adjusted net income of $3.7 billion, up 10% from 2023, and diluted earnings per share (EPS) of $10.26, the highest in its history [18] - For Q1 2025, CME Group's ADV reached 29.8 million contracts per day, setting a new record, with revenue surpassing $1.6 billion, a 10% increase year-over-year [19] Business Line Data and Key Metrics Changes - CME Group saw annual ADV records across its interest rate, foreign exchange, metals, and agricultural complexes in 2024 [17] - The company reported a year-to-date ADV of 31 million contracts per day in 2025, an 18% increase from the same period in 2024, with growth across all six asset classes [17] Market Data and Key Metrics Changes - CME Group's market position remains strong, with 99.99% of the business in SOFR contracts, despite competition from new exchanges like FMX, which has negligible trading volume [35][36] - The company continues to create significant efficiencies for clients, generating approximately $24 billion in daily savings in interest rates alone [36] Company Strategy and Development Direction - CME Group emphasizes its commitment to providing risk management tools and growing earnings for shareholders, focusing on operational efficiencies and client value propositions [28][36] - The company has a flexible capital return policy, including a quarterly dividend of $1.25 per share, up 9% from the previous year, and a share repurchase program of up to $3 billion [19][20] Management's Comments on Operating Environment and Future Outlook - Management highlighted that 2024 was the best year in CME Group's history, driven by global market participants seeking stability amid economic uncertainty [16] - The company remains optimistic about its future, with strong performance continuing into 2025 and a robust capital return strategy in place [21][20] Other Important Information - CME Group has returned over $28 billion to shareholders since adopting its variable dividend policy in 2012, including $3.8 billion in the last year [20] - The company plans to align its annual variable dividend timing with the Q1 regular dividend payment starting in 2026 [19] Q&A Session Summary Question: Impact of Passive Mutual Funds on Corporate Governance - A shareholder raised concerns about the growing ownership concentration of passive index funds and its implications for long-term corporate planning [24][25] - Management responded that they do not see inherent conflicts of interest and focus on providing risk management tools and growing earnings for shareholders [26][28] Question: Competition from New Exchanges - A shareholder inquired about the competition from FMX and its impact on CME Group [35] - Management noted that FMX's trading volume is minimal and emphasized CME's strong market position and efficiency in risk management [36] Question: Future Tax Proposals in Chicago - A shareholder asked about potential future tax proposals affecting trading [40] - Management clarified that the city of Chicago lacks the legal authority to impose such taxes, and state officials have opposed any transaction taxes on exchanges [41] Question: Status of Ongoing Litigation - A shareholder inquired about the status of a lawsuit involving the company [41] - Management indicated that the litigation is ongoing, with a court date set for July 7, and expressed confidence in their position [42]