Core Insights - S&P Global reported quarterly earnings of $4.73 per share, exceeding the Zacks Consensus Estimate of $4.4 per share, and up from $3.89 per share a year ago, representing an earnings surprise of +7.50% [1][2] - The company achieved revenues of $3.89 billion for the quarter ended September 2025, surpassing the Zacks Consensus Estimate by 1.39% and increasing from $3.58 billion year-over-year [2] - S&P Global has consistently surpassed consensus EPS estimates over the last four quarters [2] Earnings Outlook - The sustainability of S&P Global's stock price movement will depend on management's commentary during the earnings call and future earnings expectations [3][4] - The current consensus EPS estimate for the upcoming quarter is $4.12 on revenues of $3.8 billion, and for the current fiscal year, it is $17.29 on revenues of $15.16 billion [7] Industry Context - The Securities and Exchanges industry, to which S&P Global belongs, is currently ranked in the top 18% of over 250 Zacks industries, indicating a favorable outlook [8] - Empirical research suggests a strong correlation between near-term stock movements and trends in earnings estimate revisions, which can be tracked by investors [5]

Core Viewpoint - CME Group reported quarterly earnings of $2.68 per share, exceeding the Zacks Consensus Estimate of $2.63 per share, with earnings remaining unchanged from the previous year [1][2] Financial Performance - The earnings surprise for the quarter was +1.90%, and the company has surpassed consensus EPS estimates in all four of the last quarters [2] - CME posted revenues of $1.54 billion for the quarter ended September 2025, which was 0.81% above the Zacks Consensus Estimate, although it represents a decline from year-ago revenues of $1.58 billion [3] - The company has exceeded consensus revenue estimates three times in the last four quarters [3] Stock Performance - CME shares have increased approximately 15.7% since the beginning of the year, outperforming the S&P 500's gain of 14.5% [4] Future Outlook - The company's earnings outlook is crucial for investors, with current consensus EPS estimates for the upcoming quarter at $2.64 on revenues of $1.6 billion, and for the current fiscal year at $11.05 on revenues of $6.47 billion [8] - The estimate revisions trend for CME was unfavorable prior to the earnings release, resulting in a Zacks Rank 4 (Sell) for the stock, indicating expected underperformance in the near future [7] Industry Context - The Securities and Exchanges industry, to which CME belongs, is currently ranked in the bottom 30% of over 250 Zacks industries, suggesting potential challenges ahead [9]

Group 1 - The stock of Intercontinental Exchange, Inc. (ICE) is experiencing significant attention due to high implied volatility in the options market, particularly for the Jan. 16, 2026 $80 Call option [1] - Implied volatility indicates the market's expectation of future price movement, suggesting that investors anticipate a significant price change or an upcoming event that could lead to a major rally or sell-off [2] - Currently, Intercontinental Exchange holds a Zacks Rank of 4 (Sell) in the Securities and Exchanges industry, which is in the bottom 34% of the Zacks Industry Rank, with recent downward revisions in earnings estimates from analysts [3] Group 2 - The high implied volatility surrounding Intercontinental Exchange may indicate a developing trading opportunity, as options traders often seek to sell premium on options with high implied volatility to capture decay [4] - The Zacks Consensus Estimate for the current quarter has decreased from $1.72 per share to $1.64 due to analysts revising their earnings estimates downward [3]

Core Insights - Nasdaq reported quarterly earnings of $0.88 per share, exceeding the Zacks Consensus Estimate of $0.84 per share, and showing an increase from $0.74 per share a year ago, resulting in an earnings surprise of +4.76% [1] - The company achieved revenues of $1.32 billion for the quarter ended September 2025, surpassing the Zacks Consensus Estimate by 1.75% and up from $1.15 billion year-over-year [2] - Nasdaq shares have increased approximately 14.9% year-to-date, slightly outperforming the S&P 500's gain of 14.5% [3] Earnings Outlook - The future performance of Nasdaq's stock will largely depend on management's commentary during the earnings call and the company's earnings outlook [4][5] - The current consensus EPS estimate for the upcoming quarter is $0.87 on revenues of $1.34 billion, and for the current fiscal year, it is $3.36 on revenues of $5.17 billion [7] Industry Context - The Securities and Exchanges industry, to which Nasdaq belongs, is currently ranked in the bottom 37% of over 250 Zacks industries, indicating potential challenges ahead [8] - IntercontinentalExchange (ICE), a competitor in the same industry, is expected to report quarterly earnings of $1.62 per share, reflecting a year-over-year change of +4.5% [9]

Core Viewpoint - CME Group is anticipated to report a year-over-year decline in earnings and revenues for the quarter ended September 2025, which could significantly influence its stock price depending on the actual results compared to estimates [1][2]. Earnings Expectations - The upcoming earnings report is expected to be released on October 22, with a consensus estimate of $2.64 per share, reflecting a -1.5% change year-over-year. Revenues are projected to be $1.54 billion, down 2.7% from the previous year [3][2]. Estimate Revisions - Over the last 30 days, the consensus EPS estimate has been revised 1.15% lower, indicating a reassessment by analysts [4]. The Most Accurate Estimate matches the Zacks Consensus Estimate, resulting in an Earnings ESP of 0% [12]. Earnings Surprise Prediction - The Zacks Earnings ESP model suggests that a positive or negative reading indicates the likely deviation of actual earnings from the consensus estimate, with a positive reading being a strong predictor of an earnings beat, especially when combined with a strong Zacks Rank [9][10]. Historical Performance - CME has beaten consensus EPS estimates in the last four quarters, with the most recent quarter showing a surprise of +1.72% [13][14]. Industry Comparison - In contrast, Nasdaq is expected to report earnings of $0.84 per share for the same quarter, indicating a +13.5% year-over-year change, with revenues expected to rise by 12.2% [18]. Nasdaq's consensus EPS estimate has been revised 1.8% higher, resulting in an Earnings ESP of +2.15%, suggesting a likely earnings beat [19].

Group 1 - The stock of Intercontinental Exchange, Inc. (ICE) is experiencing significant attention due to high implied volatility in the options market, particularly for the Jan 16, 2025 $80 Call option [1] - Implied volatility indicates the market's expectation of future price movement, suggesting that investors anticipate a significant price change or an upcoming event that could lead to a rally or sell-off [2] - Currently, Intercontinental Exchange holds a Zacks Rank of 4 (Sell) in the Securities and Exchanges industry, which is in the bottom 34% of the Zacks Industry Rank [3] Group 2 - Over the past 30 days, no analysts have raised their earnings estimates for the current quarter, while five analysts have lowered their estimates, resulting in a decrease of the Zacks Consensus Estimate from $1.72 to $1.64 per share [3] - The high implied volatility may indicate a developing trading opportunity, as options traders often seek to sell premium on options with high implied volatility to capture decay [4]

Core Insights - The Zacks Securities and Exchanges industry is benefiting from a diversified product portfolio, increased trading volumes, and the growing adoption of crypto assets, which is expected to enhance revenues for key players like S&P Global, Intercontinental Exchange, CME Group, Nasdaq Inc., and Cboe Global Markets [1][2] - The industry is focusing on non-trading revenue sources, including market technology and information services, to create stable cash flows and reduce reliance on trading income [4][5] Industry Overview - The Zacks Securities and Exchanges industry includes companies that operate electronic marketplaces for trading stocks, options, bonds, and commodity contracts, generating revenue from fees and providing data services [2] - The industry is experiencing increased adoption of crypto assets, but faces challenges due to regulatory compliance [2] Trends Shaping the Industry - Trading volume is driven by volatility, with a projected market size of $49.6 billion by 2028, growing at a CAGR of 12.1% [3] - Companies are diversifying into recurring revenue sources to stabilize income amidst fluctuating market volumes [4] - Mergers and acquisitions are on the rise, helping companies expand their market reach and product offerings [5] - Continuous investment in technology, particularly AI and blockchain, is enhancing operational efficiency and competitiveness [6][7] Industry Performance - The Zacks Securities and Exchanges industry ranks 24, placing it in the top 10% of Zacks industries, indicating strong near-term prospects [8][9] - The industry has outperformed the broader Zacks Finance sector and the S&P 500, gaining 15% year-to-date compared to 10.7% and 9.5% respectively [12] Valuation Metrics - The industry is currently trading at a trailing P/E of 26.32X, higher than the S&P 500's 22.85X and the sector's 16.89X [15] Company Highlights - **Nasdaq**: Focused on maximizing non-trading revenue and technology services, with a projected EPS growth of 17.4% and 11.5% for 2025 and 2026 respectively [19][20] - **S&P Global**: Positioned to benefit from growing demand for business information services, with EPS growth estimates of 9.2% and 11% for 2025 and 2026 [22][23] - **Intercontinental Exchange**: A leading operator with a strong portfolio and expected EPS growth of 15% and 10.8% for 2025 and 2026 [25][26] - **CME Group**: The largest futures exchange, focusing on expanding product offerings, with EPS growth estimates of 8.6% and 3.8% for 2025 and 2026 [28][29] - **Cboe Global Markets**: Expanding product lines and geographic reach, with EPS growth projections of 11.5% and 5.9% for 2025 and 2026 [32][33]

Core Insights - OTC Markets Group Inc. reported quarterly earnings of $0.6 per share, missing the Zacks Consensus Estimate of $0.62 per share, but showing an increase from $0.56 per share a year ago, resulting in an earnings surprise of -3.23% [1] - The company posted revenues of $30.51 million for the quarter ended June 2025, surpassing the Zacks Consensus Estimate by 0.91% and increasing from $27.56 million year-over-year [2] - OTC Markets Group shares have increased approximately 10.3% since the beginning of the year, outperforming the S&P 500's gain of 7.1% [3] Earnings Outlook - The current consensus EPS estimate for the upcoming quarter is $0.64 on revenues of $29.48 million, and for the current fiscal year, it is $2.44 on revenues of $120.34 million [7] - The estimate revisions trend for OTC Markets Group was mixed ahead of the earnings release, resulting in a Zacks Rank 3 (Hold) for the stock, indicating expected performance in line with the market [6] Industry Context - The Securities and Exchanges industry, to which OTC Markets Group belongs, is currently ranked in the top 12% of over 250 Zacks industries, suggesting a favorable outlook compared to lower-ranked industries [8]

Company Performance - CBOE Global reported quarterly earnings of $2.46 per share, exceeding the Zacks Consensus Estimate of $2.42 per share, and up from $2.15 per share a year ago [1] - The earnings surprise for this quarter was +1.65%, following a previous quarter surprise of +5.93% where actual earnings were $2.50 compared to an expected $2.36 [2] - The company achieved revenues of $587.3 million for the quarter ended June 2025, surpassing the Zacks Consensus Estimate by 2.63% and increasing from $513.8 million year-over-year [3] Market Performance - CBOE shares have increased approximately 23.4% since the beginning of the year, significantly outperforming the S&P 500's gain of 7.8% [4] Future Outlook - The current consensus EPS estimate for the upcoming quarter is $2.29 on revenues of $558.16 million, and for the current fiscal year, it is $9.58 on revenues of $2.26 billion [8] - The Zacks Rank for CBOE is currently 3 (Hold), indicating expected performance in line with the market in the near future [7] Industry Context - The Securities and Exchanges industry, to which CBOE belongs, is currently ranked in the top 10% of over 250 Zacks industries, suggesting a favorable outlook compared to lower-ranked industries [9]

Core Viewpoint - IntercontinentalExchange (ICE) reported quarterly earnings of $1.81 per share, exceeding the Zacks Consensus Estimate of $1.77 per share, and showing an increase from $1.52 per share a year ago [1][2] Financial Performance - ICE's quarterly revenue reached $2.54 billion, surpassing the Zacks Consensus Estimate by 0.71%, and up from $2.32 billion year-over-year [3] - The company has outperformed consensus EPS estimates three times in the last four quarters [2][3] Stock Performance - ICE shares have increased approximately 24.7% since the beginning of the year, compared to an 8.2% gain in the S&P 500 [4] - The stock currently holds a Zacks Rank 3 (Hold), indicating expected performance in line with the market in the near future [7] Future Outlook - The current consensus EPS estimate for the upcoming quarter is $1.75 on revenues of $2.51 billion, and for the current fiscal year, it is $7.00 on revenues of $10.03 billion [8] - The outlook for the Securities and Exchanges industry is strong, with the industry currently ranking in the top 10% of over 250 Zacks industries [9] Competitor Insights - CBOE Global, a competitor in the same industry, is expected to report quarterly earnings of $2.42 per share, reflecting a year-over-year increase of 12.6% [10] - CBOE Global's anticipated revenues are projected to be $572.24 million, up 11.4% from the previous year [11]