Key Takeaways ICE's top line is poised to improve on strength in global data services, index business and mortgage tech. Growth in pricing and reference data, ICE Global Network, feeds and derivatives analytics supports revenue. ICE expects Mortgage Technology revenue to grow in the low-to-mid single digits in 2026 on digital adoption. Intercontinental Exchange Inc. (ICE) shares are trading at a discount compared with the Zacks Securities and Exchanges industry. Intercontinental shares are trading at a forw ...

Core Viewpoint - S&P Global reported mixed fourth-quarter 2025 results, with earnings missing estimates while revenues exceeded expectations, leading to a mixed outlook for the company's stock performance going forward [3][4][8]. Financial Performance - Adjusted earnings per share (EPS) for Q4 2025 were $4.30, slightly below the Zacks Consensus Estimate, but represented a year-over-year increase of 14.1% [3]. - Revenues for the quarter reached $3.92 billion, surpassing consensus estimates and showing a 9% year-over-year growth [3]. - Adjusted operating profit was $1.90 billion, reflecting a 12% increase year-over-year, with an operating profit margin of 47.3%, up 60 basis points from the previous year [5]. Segment Performance - Marketing Intelligence revenues were $1.26 billion, a 7% increase from the previous year [4]. - Ratings revenues grew 12% to $1.19 billion [4]. - Revenues from Energy Organic were $576 million, up 6% year-over-year [4]. - Mobility and Indices segments saw increases of 8% and 14%, reaching $444 million and $498 million, respectively [4]. Balance Sheet and Cash Flow - The company ended Q4 2025 with cash and cash equivalents of $1.75 billion, up from $1.67 billion in Q4 2024 [6]. - Long-term debt increased to $12.37 billion from $11.39 billion year-over-year [6]. - Cash generated from operating activities was $1.75 billion, with capital expenditures of $46 million and free cash flow of $1.6 billion [6]. Shareholder Returns - In 2025, S&P Global returned $6.2 billion to shareholders, which included $1.2 billion in dividends and $5.0 billion in share repurchases [7]. 2026 Outlook - For 2026, S&P Global expects adjusted EPS to be between $19.40 and $19.65, with revenue growth guidance raised to 6-8% [8]. - Capital expenditure guidance is set at $215-$225 million, and the expected full-year tax rate is between 22-23% [8]. Market Position and Comparisons - S&P Global's stock has seen a downward trend in estimates since the earnings release, leading to a Zacks Rank of 4 (Sell) [9][12]. - In comparison, Nasdaq, a peer in the Securities and Exchanges industry, reported revenues of $1.39 billion for the last quarter, a year-over-year increase of 13.4%, and has a Zacks Rank of 2 (Buy) [13][14].

分组1 - OTC Markets Group Inc. reported quarterly earnings of $0.76 per share, exceeding the Zacks Consensus Estimate of $0.72 per share, and showing an increase from $0.60 per share a year ago, resulting in an earnings surprise of +5.56% [1] - The company posted revenues of $32.72 million for the quarter ended December 2025, surpassing the Zacks Consensus Estimate by 2.61%, and an increase from $28.45 million year-over-year [2] - OTC Markets Group has outperformed the S&P 500, with shares increasing by about 1.4% since the beginning of the year, while the S&P 500 has declined by 0.4% [3] 分组2 - The current consensus EPS estimate for the coming quarter is $0.61 on revenues of $32.33 million, and for the current fiscal year, it is $2.81 on revenues of $130.04 million [7] - The Zacks Industry Rank for Securities and Exchanges is currently in the top 17% of over 250 Zacks industries, indicating a favorable outlook for the industry [8]

Core Insights - The article discusses the concept of momentum investing, emphasizing the strategy of buying stocks that are trending upwards with the hope of selling them at even higher prices. The focus is on the importance of price trends in making profitable trades [1]. Company Overview: CBOE Global - CBOE Global currently holds a Momentum Style Score of B, indicating a positive outlook based on its price change and earnings estimate revisions [2]. - The company has a Zacks Rank of 1 (Strong Buy), suggesting strong potential for outperformance in the market [3]. Price Performance - CBOE shares have increased by 0.64% over the past week, while the Zacks Securities and Exchanges industry has seen a decline of 0.14% during the same period [5]. - Over the past month, CBOE's price has risen by 4.52%, significantly outperforming the industry's 0.39% [5]. - In the last quarter, CBOE shares rose by 10.45%, and over the past year, they have increased by 37.28%. In comparison, the S&P 500 has only moved 2.88% and 13.25% respectively [6]. Trading Volume - CBOE's average 20-day trading volume is 904,695 shares, which serves as a bullish indicator when combined with rising stock prices [7]. Earnings Outlook - In the past two months, 9 earnings estimates for CBOE have been revised upwards, while none have been lowered, leading to an increase in the consensus estimate from $10.78 to $11.36 [9]. - For the next fiscal year, 7 estimates have also moved upwards with no downward revisions [9]. Conclusion - Given the positive momentum indicators and earnings outlook, CBOE Global is positioned as a strong buy candidate for investors seeking short-term opportunities [11].

Core Insights - S&P Global Inc. (SPGI) reported mixed fourth-quarter 2025 results, with earnings missing the Zacks Consensus Estimate while revenues exceeded expectations [1][9] Financial Performance - Adjusted earnings per share (EPS) for SPGI was $4.30, missing the consensus mark by 0.5% but showing a year-over-year increase of 14.1% [1][9] - Revenues reached $3.92 billion, surpassing the consensus estimate by 0.5% and growing 9% year over year [1][9] - Adjusted operating profit was $1.90 billion, reflecting a 12% increase year over year, with an adjusted operating profit margin of 47.3%, up 60 basis points from the previous year [4] Segment Performance - Revenues from Marketing Intelligence were $1.26 billion, a 7% increase from the previous year [3] - Ratings revenues grew 12% to $1.19 billion [3] - Revenues from Energy Organic rose 6% to $576 million [3] - Mobility and Indices segments saw increases of 8% and 14%, reaching $444 million and $498 million, respectively [3] Balance Sheet & Cash Flow - At the end of Q4 2025, SPGI had cash, cash equivalents, and restricted cash of $1.75 billion, up from $1.67 billion in Q4 2024 [5] - Long-term debt increased to $12.37 billion from $11.39 billion year over year [5] - The company generated $5.65 billion in cash from operating activities, with capital expenditures of $195 million and free cash flow of $1.62 billion [5] Shareholder Returns - In 2025, SPGI returned $6.2 billion to shareholders, which included $1.2 billion in dividends and $5.0 billion in share repurchases [6] 2026 Outlook - For 2026, SPGI expects adjusted EPS to be between $19.40 and $19.65, with the Zacks Consensus Estimate at $17.85 [7] - Revenue growth guidance has been raised to 6-8% [7] - Capital expenditure guidance is set at $215-$225 million [7] - The expected full-year tax rate is projected to be between 22-23% [7]

分组1 - S&P Global reported quarterly earnings of $4.3 per share, missing the Zacks Consensus Estimate of $4.32 per share, but showing an increase from $3.77 per share a year ago, resulting in an earnings surprise of -0.36% [1] - The company posted revenues of $3.92 billion for the quarter ended December 2025, surpassing the Zacks Consensus Estimate by 0.54% and increasing from $3.59 billion year-over-year [2] - S&P Global has surpassed consensus EPS estimates three times over the last four quarters and topped consensus revenue estimates four times during the same period [2] 分组2 - The stock has underperformed the market, losing about 15% since the beginning of the year, while the S&P 500 gained 1.7% [3] - The company's earnings outlook is crucial for investors, as it includes current consensus earnings expectations for upcoming quarters and any recent changes to these expectations [4] - The current consensus EPS estimate for the coming quarter is $4.90 on revenues of $4.07 billion, and for the current fiscal year, it is $19.84 on revenues of $16.47 billion [7] 分组3 - The Zacks Industry Rank indicates that the Securities and Exchanges industry is currently in the top 12% of over 250 Zacks industries, suggesting a favorable outlook for stocks in this sector [8] - Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions, which can be tracked by investors or through tools like the Zacks Rank [5][6]

Core Insights - The Zacks Securities and Exchanges industry is benefiting from a diversified product portfolio, increased trading volumes, and the adoption of crypto assets, which is expected to drive revenues for key players like S&P Global, Intercontinental Exchange, CME Group, Nasdaq, and Cboe Global Markets [1][4][5] - The industry is experiencing a shift towards non-trading revenue sources, including market technology and data services, which enhances business dynamism and stability [1][6] - Mergers and acquisitions are becoming more prevalent as companies seek to innovate and adapt to changing market conditions [3][7] Industry Overview - The Zacks Securities and Exchanges industry includes companies that operate electronic marketplaces for trading various financial instruments, generating revenue from fees and data services [4] - The industry is witnessing a growing adoption of crypto assets, although regulatory compliance remains a challenge [4] Trends Impacting the Industry - Volatility in financial markets is driving trading volumes, which in turn boosts transaction and clearing fees, a primary revenue driver [5] - Companies are diversifying into recurring revenue sources to reduce reliance on trading income, focusing on data services and technology platforms [6] - Continuous investment in technology, including AI and blockchain, is enhancing operational efficiency and competitiveness [8] Performance Metrics - The Zacks Securities and Exchanges industry has underperformed compared to the broader Zacks Finance sector and the S&P 500, with a year-to-date gain of 0.6% versus 13% and 17% respectively [13] - The industry is currently trading at a trailing P/E ratio of 23.31, higher than the S&P 500's 22.6 and the sector's 17.5 [16] Earnings Outlook - The Zacks Industry Rank for the Securities and Exchanges industry is 48, placing it in the top 20% of 243 Zacks industries, indicating positive near-term prospects [9][10] - Aggregate earnings estimates for the industry have increased by 8.8% over the past year, reflecting growing analyst confidence [11] Notable Companies - **Cboe Global Markets**: Expected to grow with a 6.1% increase in 2026 EPS and a long-term growth rate of 16.5% [20][21] - **S&P Global**: Anticipated 11.4% increase in 2026 EPS, supported by ongoing service launches [24][26] - **Nasdaq**: Projected 8.9% and 12.3% increases in 2026 and 2027 EPS respectively, with a focus on non-trading revenue [28][29] - **CME Group**: Expected to see 4.5% and 5.3% increases in 2026 and 2027 EPS, driven by product expansion [31][33] - **Intercontinental Exchange**: Forecasted 9.3% increase in 2026 EPS, benefiting from digitization in the mortgage industry [35][36]

Core Insights - CBOE Global reported quarterly earnings of $3.06 per share, exceeding the Zacks Consensus Estimate of $2.93 per share, and up from $2.1 per share a year ago [1] - The company achieved a revenue of $671.1 million for the quarter, surpassing the Zacks Consensus Estimate by 1.75%, and an increase from $524.5 million year-over-year [3] Earnings Performance - The earnings surprise for the quarter was +4.52%, following a previous surprise of +5.53% in the last quarter [2] - CBOE has consistently surpassed consensus EPS estimates over the last four quarters [2] Stock Performance - CBOE shares have increased approximately 9.7% since the beginning of the year, contrasting with a 0.7% decline in the S&P 500 [4] Future Outlook - The current consensus EPS estimate for the upcoming quarter is $2.73, with expected revenues of $624.11 million, and for the current fiscal year, the EPS estimate is $11.19 on revenues of $2.52 billion [8] - The Zacks Rank for CBOE is currently 2 (Buy), indicating expectations for the stock to outperform the market in the near future [7] Industry Context - The Securities and Exchanges industry, to which CBOE belongs, is currently ranked in the top 20% of over 250 Zacks industries, suggesting a favorable outlook for stocks within this sector [9]

Core Insights - IntercontinentalExchange (ICE) reported quarterly earnings of $1.71 per share, exceeding the Zacks Consensus Estimate of $1.67 per share and up from $1.52 per share a year ago [1] - The company achieved a revenue of $2.5 billion for the quarter, surpassing the Zacks Consensus Estimate by 1.23% and increasing from $2.32 billion year-over-year [3] Earnings Performance - The earnings surprise for the quarter was +2.25%, and ICE has surpassed consensus EPS estimates in all four of the last quarters [2] - The company also delivered a surprise of +5.56% compared to the previous quarter's expected earnings of $1.62 per share [2] Future Outlook - The current consensus EPS estimate for the upcoming quarter is $1.86, with expected revenues of $2.61 billion, and for the current fiscal year, the EPS estimate is $7.56 on revenues of $10.51 billion [8] - The Zacks Rank for ICE 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 ICE belongs, is currently ranked in the top 12% of over 250 Zacks industries, suggesting a favorable outlook compared to lower-ranked industries [9] - Another company in the same industry, S&P Global (SPGI), is expected to report quarterly earnings of $4.32 per share, reflecting a year-over-year increase of +14.6% [10]

Momentum investing revolves around the idea of following a stock's recent trend in either direction. In "long context," investors will be essentially be "buying high, but hoping to sell even higher." With this methodology, taking advantage of trends in a stock's price is key; once a stock establishes a course, it is more than likely to continue moving that way. The goal is that once a stock heads down a fixed path, it will lead to timely and profitable trades.While many investors like to look for momentum i ...