Intercontinental Exchange, Inc., together with its subsidiaries, engages in the provision of market infrastructure, data services, and technology solutions for financial institutions, corporations, and government entities in the United States, the United Kingdom, the European Union, Singapore, India, Abu Dhabi, Israel, and Canada. It operates through three segments: Exchanges, Fixed Income and Data Services, and Mortgage Technology. The company operates regulated marketplaces for listing, trading, and clearing an array of derivatives contracts and financial securities, such as commodities, interest rates, foreign exchange, and equities, as well as corporate and exchange-traded funds; and trading venues, including regulated exchanges and clearing houses. It also offers energy, agricultural and metals, and financial futures and options; and cash equities and equity options, and over-the-counter and other markets, as well as listings and data and connectivity services. In addition, the company provides fixed income data and analytic, fixed income execution, CDS clearing, and other multi-asset class data and network services. Further, it offers proprietary and comprehensive mortgage origination platform, which serves residential mortgage loans; closing solutions that provides customers connectivity to the mortgage supply chain and facilitates the secure exchange of information; data and analytics services; and Data as a Service for lenders to access data and origination information. Intercontinental Exchange, Inc. was founded in 2000 and is headquartered in Atlanta, Georgia.

Intercontinental Exchange Inc. демонстрирует сильные финансовые показатели, такие как чистая прибыль, которая значительно превышает медиану отрасли, а также высокие маржи прибыли. Однако, мультипликаторы, такие как P/E, P/B и P/S, значительно превышают средние значения по отрасли, что может указывать на переоцененность акций. Долговая нагрузка, выраженная через коэффициент долга к капиталу, также выше медианы, что создает некоторые риски. При этом прогнозируемая прибыль на акцию и рост выручки остаются на высоком уровне, что позитивно влияет на оценку компании. Тем не менее, отсутствие дивидендных выплат также может снизить привлекательность акций для некоторых инвесторов. В целом, несмотря на сильные показатели, в свете высоких мультипликаторов и долговой нагрузки, целевая цена может быть подвержена коррекции, чтобы отразить текущее положение дел в компании.

Intercontinental Exchange Inc.

The upcoming report from IntercontinentalExchange (ICE) is expected to reveal quarterly earnings of $2.22 per share, indicating an increase of 29.1% compared to the year-ago period. Analysts forecast revenues of $2.88 billion, representing an increase of 16.6% year over year.
Over the past 30 days, the consensus EPS estimate for the quarter has been adjusted upward by 3.8% to its current level. This demonstrates the covering analysts' collective reassessment of their initial projections during this period.
Before a company announces its earnings, it is essential to take into account any changes made to earnings estimates. This is a valuable factor in predicting the potential reactions of investors toward the stock. Empirical research has consistently shown a strong correlation between trends in earnings estimate revisions and the short-term price performance of a stock.
While investors typically rely on consensus earnings and revenue estimates to gauge how the business may have fared during the quarter, examining analysts' projections for some of the company's key metrics often helps gain a deeper insight.
With that in mind, let's delve into the average projections of some ICE metrics that are commonly tracked and projected by analysts on Wall Street.
Analysts' assessment points toward 'Revenues- Exchanges Segment (less transaction-based)' reaching $1.76 billion. The estimate indicates a change of +28.6% from the prior-year quarter.
According to the collective judgment of analysts, 'Revenues- Fixed Income and Data Services Segment' should come in at $648.23 million. The estimate indicates a change of +8.8% from the prior-year quarter.
Analysts expect 'Revenues- Mortgage Technology Segment' to come in at $533.46 million. The estimate indicates a change of +4.6% from the prior-year quarter.
It is projected by analysts that the 'Revenues- Exchanges Segment- Energy futures and options' will reach $812.72 million. The estimate suggests a change of +45.9% year over year.
The consensus estimate for 'Average Daily Volume of contracts traded (ADV) in Lots - Energy futures and options' stands at 6.83 million. Compared to the current estimate, the company reported 5.43 million in the same quarter of the previous year.
The collective assessment of analysts points to an estimated 'Average Daily Volume of contracts traded (ADV) in Lots - Financial futures and options' of 6.10 million. Compared to the current estimate, the company reported 4.07 million in the same quarter of the previous year.
The average prediction of analysts places 'Average Daily Volume of contracts traded (ADV) in Lots - Total Futures & Options' at 13.50 million. Compared to the present estimate, the company reported 9.97 million in the same quarter last year.
Analysts predict that the 'Average Daily Volume of contracts traded (ADV) in Lots - Agricultural and metals futures and options' will reach 573.69 thousand. The estimate is in contrast to the year-ago figure of 470.00 thousand.
The consensus among analysts is that 'Number of contracts traded - Total' will reach 804 . The estimate compares to the year-ago value of 615 .
The combined assessment of analysts suggests that 'Number of contracts traded - Financial futures and options' will likely reach 365 . Compared to the present estimate, the company reported 255 in the same quarter last year.
Analysts forecast 'Number of contracts traded - Agricultural and metals futures and options' to reach 37 . The estimate compares to the year-ago value of 29 .
Based on the collective assessment of analysts, 'Number of contracts traded - Energy futures and options' should arrive at 437 . The estimate is in contrast to the year-ago figure of 331 .
View all Key Company Metrics for ICE here>>>
Over the past month, ICE shares have recorded returns of +3.8% versus the Zacks S&P 500 composite's +9.3% change. Based on its Zacks Rank #3 (Hold), ICE will likely exhibit a performance that aligns with the overall market in the upcoming period. You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>> .
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Gear Up for ICE (ICE) Q1 Earnings: Wall Street Estimates for Key Metrics

Nasdaq NDAQ posted non-GAAP earnings of 96 cents per share for the first quarter of fiscal 2026, up 22% from 79 cents a year ago. The figure beat the Zacks Consensus Estimate by 3.23%.
Net revenues came in at $1.407 billion, up 13.7% year over year. Revenues topped the Zacks Consensus Estimate of $1.367 billion by 2.9%. The quarter was powered by double-digit growth across the company’s three divisions, alongside continued expansion in recurring revenues.
The Nasdaq stock market welcomed 176 new company listings in the first quarter of 2026, including 63 initial public offerings. The number of listed companies was 4,570 at the end of the quarter.
Nasdaq, Inc. Price, Consensus and EPS Surprise
NDAQ Solutions Strength Led the Growth Mix
Solutions revenues reached $1.082 billion, up 14% on both a reported and organic basis, showing that demand remained solid across Nasdaq’s higher-value, recurring businesses. Solutions also continued to represent a large share of the company’s revenue profile, reflecting the strategy of leaning into technology, data and analytics offerings.
Within Capital Access Platforms, revenues rose to $565 million, supported by gains across Data and Listing Services, Index and Workflow and Insights. The division benefited from higher data sales and net usage, a healthy listings environment, and strength in analytics tools, including eVestment and Data Link, even as the company noted that prior-year delistings partially offset growth in Data and Listing Services.
Nasdaq FinTech Momentum
Financial Technology delivered $517 million of revenues, climbing 20% year over year and 18% on an organic basis. Management pointed to sustained demand for mission-critical platforms and strong sales execution, with ACV bookings increasing more than 50% from the prior-year period and cloud-based solutions representing 80% of ACV bookings.
Operationally, the division signed 64 new clients, one cross-sell and 85 upsells during the quarter. Financial Crime Management Technology remained a standout performer, as Nasdaq Verafin added 58 new small-and medium-sized bank clients and also completed enterprise renewals and an expansion. Management also highlighted the growing adoption of Verafin’s Agentic AI Workforce, with more than 500 clients using the first agents in production, underscoring the company’s push to pair compliance workflows with AI-driven automation.
NDAQ Market Services Benefit From Volume and Innovation
Market Services net revenues were $317 million, rising 13% year over year and 10% on an organic basis. The quarter featured record U.S. cash equities and U.S. equity options volumes, and Nasdaq said index options revenues more than doubled year over year, helped by both market activity and product traction.
The company also emphasized leadership positions across key markets. In the U.S. multi-listed options market, Nasdaq reported a 30.1% executed matched share, while traded-listed U.S. cash equities saw Nasdaq serve as a large single venue of liquidity. In Europe, Nasdaq maintained the top share in Nordic cash equities markets, supported by elevated volumes. Management tied the performance to a combination of volume, market share and continued product innovation, including enhancements around short-dated options and other derivatives offerings.
Nasdaq Profitability Improved Alongside Capital Returns
Non-GAAP operating income increased to $799 million, translating to a 57% non-GAAP operating margin, up from 55% in the year-ago period. Non-GAAP operating expenses were $608 million, reflecting higher compensation and ongoing investments in people and technology, partly offset by lower regulatory and merger-related costs.
Cash generation remained a key feature of the quarter. Cash flow from operations totaled $689 million, supporting a meaningful pace of shareholder returns. Nasdaq paid $153 million in dividends and repurchased $548 million of common stock during the quarter, highlighting management’s continued emphasis on balancing reinvestment, deleveraging and capital returns.
The board of directors raised the quarterly dividend by 14.8% to 31 cents. The dividend will be paid out on June 26, 2026, to shareholders of record at the close of business on June 12, 2026.
Financial Update
Nasdaq had cash and cash equivalents of $564 million as of March 31, 2026, which decreased from $814 million at the end of 2025. Long-term debt was $8.5 billion, as of March 31, 2026, flat from the end of 2025.
NDAQ Updates 2026 Expense Guidance After Q1 Execution
For full-year fiscal 2026, Nasdaq updated its non-GAAP operating expense outlook to a range of $2.485 billion to $2.545 billion. The company maintained its non-GAAP tax rate guidance at 22.5% to 24.5%, signaling steady expectations for the remainder of the year despite continued investment to support product development and growth initiatives.
On the strategic front, Nasdaq continued advancing market modernization efforts. Management highlighted progress on its Always-On market initiative, including regulatory approvals tied to tokenized settlement capabilities and expanded trading access, which remain central to the firm’s longer-term push to upgrade market infrastructure and broaden participation.
Zacks Rank
NDAQ currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Peer Release
CME Group CME delivered first-quarter 2026 adjusted earnings per share of $3.36, up 20% from the year-ago quarter’s $2.80. The bottom line was just shy of the Zacks Consensus Estimate of $3.37, a miss of 0.3%.
Revenues rose 14% year over year to $1.9 billion but missed the consensus mark of $1.914 billion by 1.8%. The quarter’s standout driver was heavier client activity, with average daily volume reaching 36.2 million contracts, up 22% from the first quarter of 2025.
Upcoming Releases
Cboe Global Markets, Inc. CBOE is set to release first-quarter 2026 earnings on May 1. The Zacks Consensus Estimate for first-quarter earnings per share is pegged at $3.19, indicating an increase of 27.6% from the year-ago reported figure.
CBOE delivered an earnings surprise in each of the last four reported quarters.
Intercontinental Exchange Inc. ICE is set to release first-quarter 2026 earnings on April 30. The Zacks Consensus Estimate for first-quarter earnings is pegged at $2.19 per share, indicating an increase of 27.3% from the year-ago reported figure.
ICE delivered an earnings surprise in each of the last four reported quarters.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Nasdaq Q1 Earnings & Revenues Beat Estimates, Dividend Raised

CME Group CME delivered first-quarter 2026 adjusted earnings per share of $3.36, up 20% from the year-ago quarter’s $2.80. The bottom line was just shy of the Zacks Consensus Estimate of $3.37, a miss of 0.3%.
Revenues rose 14% year over year to $1.9 billion but missed the consensus mark of $1.914 billion by 1.8%. The quarter’s standout driver was heavier client activity, with average daily volume (ADV) reaching 36.2 million contracts, up 22% from first-quarter 2025.
CME Group Inc. Price, Consensus and EPS Surprise
CME Clearing Fees Power the Quarter’s Top-Line Lift
CME’s revenue growth was led by clearing and transaction fees, which climbed to $1,542.6 million in the first quarter of 2026 from $1,337.3 million a year ago. The performance underscores the benefit of elevated risk-management demand flowing through the company’s core derivatives franchise.
Pricing held up as well. The total average rate per contract was 65.2 cents for the quarter, helping translate stronger activity into fee revenues even as product and venue mix continued to shift across asset classes.
CME Group Market Data Gains Add Another Growth Engine
CME Group also posted solid growth in market data and information services, with revenues rising to $224.1 million from $194.5 million in the year-ago period. Alongside transaction-driven fees, the expansion in market data contributed to broader revenue diversification during an active trading environment.
CME Volume Strength Shows Up Across Product Categories
Beyond the headline increase in overall activity, CME’s operating statistics point to broad-based volume participation. Interest rates remained the largest product line at 18.674 million contracts in quarterly average daily volume, while equity indexes reached 8.655 million and energy climbed to 3.985 million.
Other categories also contributed. Foreign exchange averaged 1.193 million, agricultural commodities 2.042 million and metals 1.682 million, reflecting active trading conditions across the complex. By venue, CME Globex averaged 33.633 million contracts, with open outcry at 1.241 million and privately negotiated volume at 1.357 million.
CME Group Profitability Holds as Capital Return Continues
On the cost side, total expenses increased to $570.4 million in the first quarter of 2026 from $534.3 million in the year-ago quarter, while operating income rose to $1,309.7 million from $1,108 million. On an adjusted basis, operating income was $1,368.4 million, supported by adjusted total expenses of $511.7 million.
CME ended March 31, 2026, with $2.6 billion in cash and $3.4 billion of debt, and returned significant capital during the quarter, paying approximately $2.7 billion in dividends and repurchasing $536 million of common shares.
Zacks Rank
CME Group currently carries a Zacks Rank #3 (Hold).
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Upcoming Releases
Nasdaq, Inc. NDAQ is set to release first-quarter 2026 earnings on April 23. The Zacks Consensus Estimate for first-quarter earnings per share is pegged at 93 cents, indicating an increase of 17.7% from the year-ago reported figure.
NDAQ delivered an earnings surprise in each of the last four reported quarters.
Cboe Global Markets, Inc. CBOE is set to release first-quarter 2026 earnings on May 1. The Zacks Consensus Estimate for first-quarter earnings per share is pegged at $3.19, indicating an increase of 27.6% from the year-ago reported figure.
CBOE delivered an earnings surprise in each of the last four reported quarters.
Intercontinental Exchange Inc. ICE is set to release first-quarter 2026 earnings on April 30. The Zacks Consensus Estimate for first-quarter earnings is pegged at $2.19 per share, indicating an increase of 27.3% from the year-ago reported figure.
ICE delivered an earnings surprise in each of the last four reported quarters.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

CME Group's Q1 Earnings and Revenues Miss Estimates, ADV Rises Y/Y

MarketAxess Holdings Inc. MKTX recently announced that in the first quarter of 2026, it recorded a total trading average daily volume (ADV) of $49.8 billion, a 16% year-over-year increase. Growth in U.S. Government Bond Rates (+14%) and Agencies and Other Government Bond Rates (+58%) boosted the total volume. Its electronic trading platform facilitated $1.1 trillion in total credit trading volume in the quarter, increasing 17% year over year.
MarketAxess’ Eurobonds and Emerging markets credit businesses witnessed 20% and 30% year-over-year growth, respectively, in ADV. New initiatives in the client-initiated, portfolio trading and dealer-initiated channels have driven growth. High-grade markets saw an 11% increase in ADV from the year-ago period.
Moreover, total credit average variable transaction fees per million (“FPM”) declined 5% year over year in the quarter due to product and protocol mix, while the same for total rates grew 9% year over year due to client mix. The number of trading days in the United States and the U.K. were 61 and 63, respectively, in the first quarter. Its estimated market share of U.S. credit portfolio trading came at 19.8%, rising from 18.8% a year ago.
MarketAxess is expanding both its trading footprint and technology platform as it pushes deeper into global electronic fixed-income markets. The first quarter figures indicate rising client adoption of its electronic marketplace. It also announced a DirectBooks integration to streamline primary issuance workflows for buy-side traders and brought in a new Chief Technology Officer to accelerate AI, platform modernization and data-driven tools.
How MKTX’s Peers Are Expanding
CME Group CME is expanding its operations through growth initiatives globally, product innovation and retail client and technology enhancements. It is rolling out new micro products and equity index options enhancements. CME has been deepening its geographic footprint in Asia-Pacific and EMEA, and diversifying into crypto and short-dated options.
Bigger peer Intercontinental Exchange, Inc. ICE is evolving beyond a traditional exchange operator into a full-stack market infrastructure and data platform. It is growing its data and technology business, including analytics and network solutions. Synergies from acquisitions such as Ellie Mae and Black Knight are major drivers.
MarketAxess’ Price Performance, Valuation and Estimates
Shares of MarketAxess have declined 15.8% over the past year against the industry’s growth of 47.2%.
Image Source: Zacks Investment Research
From a valuation standpoint, MarketAxess trades at a forward price-to-earnings ratio of 20.92X, higher than the industry average. MKTX carries a Value Score of D.
Image Source: Zacks Investment Research
The Zacks Consensus Estimate for MarketAxess’ first-quarter 2026 earnings implies an 11.2% increase year over year. The consensus mark for full-year earnings predicts a 10.4% increase from a year ago.
Image Source: Zacks Investment Research
The stock currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

MarketAxess 1Q26 Sneak Peek: ADV Climbs on Eurobond, EM Momentum

In trading on Monday, shares of Intercontinental Exchange Inc (Symbol: ICE) crossed above their 200 day moving average of $166.78, changing hands as high as $166.86 per share. Intercontinental Exchange Inc shares are currently trading up about 2.4% on the day. The chart below shows the one year performance of ICE shares, versus its 200 day moving average:
Looking at the chart above, ICE's low point in its 52 week range is $143.17 per share, with $189.35 as the 52 week high point — that compares with a last trade of $166.97. The ICE DMA information above was sourced from TechnicalAnalysisChannel.com
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Also see:
Selling Puts For Income
ELBM YTD Return
Chemicals Dividend Stocks
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Intercontinental Exchange (ICE) Shares Cross Above 200 DMA

In the latest look at the underlying components of the S&P 500 ordered by largest market capitalization, Williams Cos Inc (Symbol: WMB) has taken over the #119 spot from Intercontinental Exchange Inc (Symbol: ICE), according to The Online Investor.
Market capitalization is an important data point for investors to keep an eye on, for various reasons. The most basic reason is that it gives a true comparison of the value attributed by the stock market to a given company's stock. Many beginning investors look at one stock trading at $10 and another trading at $20 and mistakenly think the latter company is worth twice as much — that of course is a completely meaningless comparison without knowing how many shares of each company exist. But comparing market capitalization (factoring in those share counts) creates a true "apples-to-apples" comparison of the value of two stocks. In the case of Williams Cos Inc (Symbol: WMB), the market cap is now $90.16 billion, versus Intercontinental Exchange Inc (Symbol: ICE) at $89.06 billion.
Below is a chart of Williams Cos Inc versus Intercontinental Exchange Inc plotting their respective size rank within the S&P 500 over time (WMB plotted in blue; ICE plotted in green):
Below is a three month price history chart comparing the stock performance of WMB vs. ICE:
Another reason market capitalization is important is where it places a company in terms of its size tier in relation to peers — much like the way a mid-size sedan is typically compared to other mid-size sedans (and not SUV's). This can have a direct impact on which mutual funds and ETFs are willing to own the stock. For instance, a mutual fund that is focused solely on Large Cap stocks may for example only be interested in those companies sized $10 billion or larger. Another illustrative example is the S&P MidCap index which essentially takes the S&P 500 index and "tosses out" the biggest 100 companies so as to focus solely on the 400 smaller "up-and-comers" (which in the right environment can outperform their larger rivals). So a company's market cap, especially in relation to other companies, carries great importance, and for this reason we at The Online Investor find value to putting together these rankings daily.
Examine the full WMB market cap history vs. the full ICE market cap history.
At the closing bell, WMB is up about 0.5%, while ICE is down about 0.5% on the day Thursday.
Also see:
Canada Stock Channel
Top Ten Hedge Funds Holding SMI
Past Earnings
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Williams Now #119 Largest Company, Surpassing Intercontinental Exchange

Thursday, March 26, 2026
The Zacks Research Daily presents the best research output of our analyst team. Today's Research Daily features new research reports on 16 major stocks, including Netflix, Inc. (NFLX), Advanced Micro Devices, Inc. (AMD) and SAP SE (SAP), as well as a micro-cap stock, MIND Technology, Inc. (MIND). These research reports have been hand-picked from roughly 70 reports published by our analyst team today.
You can see all of today’s research reports here >>>
Today's Featured Research Reports
Netflix’s shares have underperformed the Zacks Broadcast Radio and Television industry over the past year (-5.5% vs. +3.3%). Per the Zacks analyst, concerns include regulatory hurdles and potential fallout following the proposed Warner Bros. Discovery acquisition. Elevated debt and content obligations add leverage risk, while intensifying competition from major streaming rivals could pressure subscriber growth and long-term momentum.
However, Netflix benefits from a strong and expanding subscriber base driven by localized and foreign-language content. High engagement supports retention, while a diversified strategy spanning international programming, live events, and gaming strengthens its long-term growth outlook.
(You can read the full research report on Netflix here >>>)
Advanced Micro Devices’ shares have outperformed the Computer - Integrated Systems industry over the past year (+106.5% vs. +99.4%). The Zacks analyst believes that the company benefits from strong EPYC demand driven by cloud, enterprise, and AI workloads. Growing hyperscaler adoption, rising need for compute infrastructure, and traction for Instinct accelerators enhance prospects. New system-level capabilities and a broad partner ecosystem further support growth.
Yet, intense competition from NVIDIA and Intel could limit market share gains and pressure overall momentum in the highly competitive chip industry.
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SAP’s shares have underperformed the Zacks Computer - Software industry over the past six months (-36.0% vs. -31.2%). The Zacks analyst believes that the company faces pressure from deal mix and longer sales cycles, delaying near-term revenue recognition. Weak software license and services revenues add to headwinds, while certain enterprise contract structures weigh on cloud backlog visibility.
However, SAP is benefiting from strong Cloud ERP growth and rising adoption of Rise with SAP and Grow with SAP solutions. Momentum in Business Data Cloud and AI innovations, along with solid bookings, supports long-term growth, margin expansion and robust cash flow outlook.
(You can read the full research report on SAP here >>>)
MIND Technology’s shares have outperformed the Zacks Technology Services industry over the past year (+40.6% vs. +14.5%). The Zacks analyst believes that the company is benefiting from improving visibility backed by a recent seismic contract and facility expansion supporting higher-margin work. Greater capital flexibility and exposure to a resilient global marine seismic market, along with a diversified footprint, strengthen growth prospects and strategic agility.
Yet, declining revenue and backlog signal demand volatility, while rising reliance on aftermarket sales may cap long-term upside. Profitability is also pressured by increasing operating expenses.
(You can read the full research report on MIND here >>>)
Other noteworthy reports we are featuring today include PepsiCo, Inc. (PEP), Equinor ASA (EQNR) and Intercontinental Exchange, Inc. (ICE).
Mark Vickery
Senior Editor
Note: Sheraz Mian heads the Zacks Equity Research department and is a well-regarded expert of aggregate earnings. He is frequently quoted in the print and electronic media and publishes the weekly Earnings Trends and Earnings Preview reports. If you want an email notification each time Sheraz publishes a new article, please click here>>>
Today's Must Read
Featured Reports
Key Acquisitions, Rising Air Travel Demand Boost AAR Corp. (AIR)
Per the Zacks analyst, AAR Corp. is expected to see strong growth in its parts supply business, supported by rising air travel demand. Disciplined acquisition strategy will also boost its growth.
Gartner (IT) Thrives on Expertise Despite Rising Talent Cost
Per the Zacks analysts, Gartner's domain expertise is key to providing insights and decision-support solutions for an informed decision-making process. A competitive talent market remains a concern.
PepsiCo's (PEP) International Business Appears Encouraging
Per the Zacks analyst, PepsiCo sees international momentum, with consistent organic revenue growth across global markets. PEP's international business delivered over 4% organic revenue growth in Q4.
Intercontinental (ICE) Banks on Acquisitions Amid High Costs
Per the Zacks analyst, Intercontinental Exchange is set to grow on a number of acquisitions and cost synergies, which in turn, position it well for growth. However, rising expenses weigh on margins.
Essential Retail Leasing Supports Realty Income (O) Despite High Debt
Per the Zacks Analyst, focus on leasing to service, non-discretionary and low price-based retailers selling essential goods bodes well for Realty Income. Yet, substantial debt burden add to its woes.
Penumbra (PEN) Rides on Solid Vascular Sales Amid Tough Competition
Per the Zacks analyst, differentiated technologies of Lightning Flash and Bolt 7 leading to strong patient outcomes is a key growth driver for Penumbra. Yet, stiff competition remains a concern.
Global dialysis growth, FME25 boost Fresenius Medical Care (FMS)
Per the Zacks analyst, Fresenius Medical leverages global dialysis leadership, innovation and FME25 efficiency gains while navigating volume pressures, rising costs and regulatory headwinds.
New Upgrades
Equinor (EQNR) to Benefit From Output Growth and Renewable Expansion
Per the Zacks analyst, Equinor's renewable expansion, combined with production growth led by contributions from the Norwegian Continental Shelf and higher U.S. gas output, will boost profitability.
Nursing Program Demand and Cost Reduction Aid American Public (APEI)
Per the Zacks analyst, American Public is benefiting from increased demand for nursing and allied health programs, alongside its operational efficiency and cost reduction efforts.
DRAM and HBM Growth Continues to Aid Formfactor's (FORM) Prospects
Per the Zacks analysis, DRAM and HBM demand growth, rising test intensity, and HBM4 transition strength are expected to support FormFactor's margins and long-term prospects.
New Downgrades
Litigation Costs, Generic Competition Weigh on Bayer (BAYRY)
Per the Zacks analyst, significant litigation costs from the glyphosate-related trials, pipeline setbacks and rising competition pressure Bayer's growth's outlook, while high debt adds strain.
Escalating Costs and Operating Expenses Hurts Griffon (GFF)
Per the Zacks analyst, Griffon's revenue growth and operational efficiencies are being dampened by a steep rise in operating costs and expenses, which is hurting the company's bottom line.
Molson Coors (TAP) Americas Sales Stay Under Pressure
Per the Zacks analyst, Molson Coors' Americas segment remains weak as falling U.S. brand volumes, lower shipments and higher costs drag results, raising concerns over near-term earnings momentum.
Zacks Names #1 Semiconductor Stock
This under-the-radar company specializes in semiconductor products that titans like NVIDIA don't build. It's uniquely positioned to take advantage of the next growth stage of this market. And it's just beginning to enter the spotlight, which is exactly where you want to be.
With strong earnings growth and an expanding customer base, it's positioned to feed the rampant demand for Artificial Intelligence, Machine Learning, and Internet of Things. Global semiconductor manufacturing is projected to explode from $452 billion in 2021 to $971 billion by 2028.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Top Analyst Reports for Netflix, Advanced Micro Devices and SAP

(RTTNews) - New York Stock Exchange, part of Intercontinental Exchange Inc. (ICE), on Tuesday said it has signed a memorandum of understanding with Securitize to support the development of tokenized securities markets.
Under the agreement, Securitize will serve as the first digital transfer agent eligible to mint blockchain-native securities for corporate and ETF issuers on an upcoming NYSE-affiliated Digital Trading Platform.
The collaboration will focus on building digital transfer agent infrastructure to enable on-chain settlement of securities transactions, while also establishing standards for regulatory, operational, and technological requirements.
"The NYSE continues to lead the industry in responsible innovation," said Lynn Martin, President, NYSE Group. "As we explore how tokenization can enhance capital markets, it is critical that new infrastructure is developed in a way that preserves the trust, transparency, and protections investors expect. Securitize brings deep experience in digital asset infrastructure and transfer agency, making them a strong partner in helping design this next generation of market structure."
Securitize Markets is also expected to become a broker-dealer participant on the platform, supporting trading and market structure development.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

NYSE, Securitize Sign MOU To Advance Tokenized Securities Platform

Shares of Nasdaq, Inc. NDAQ have gained 11.6% in the past year, outperforming the industry's decline of 1.4% and the Finance sector’s return of 8.7%.
With a market capitalization of $48.78 billion, the average volume of shares traded in the last three months was 4.4 million. NDAQ has a solid track record of beating earnings estimates in each of the last four quarters, with an average of 4.78%.
Image Source: Zacks Investment Research
NDAQ Shares are Undervalued
Nasdaq shares are trading at a discount to the Zacks Securities and Exchange industry. Its forward price-to-earnings of 21.81X is lower than the industry average of 22.14X.
Shares of Intercontinental Exchange Inc. ICE are also trading at a discount to the industry average, while Cboe Global Markets, Inc. CBOE and CME Group Inc. CME shares are trading at a multiple higher than the industry average.
Image Source: Zacks Investment Research
NDAQ’s Growth Projection Encourages
The Zacks Consensus Estimate for Nasdaq’s 2026 earnings per share indicates a year-over-year increase of 9.7%. The consensus estimate for revenues is pegged at $5.66 billion, implying a year-over-year improvement of 7.9%.
The consensus estimate for 2027 earnings per share and revenues indicates an increase of 12.4% and 7.8%, respectively, from the corresponding 2026 estimates.
The long-term earnings growth is expected to be 14.3%, better than the industry average of 11.2%.
Optimist Analyst Sentiment on NDAQ
Three of the 12 analysts covering the stock have raised estimates for 2026, and four analysts have raised the same for 2027 over the past 30 days. Thus, the Zacks Consensus Estimate for 2025 and 2026 earnings has moved up 0.2% and 0.4%, respectively, in the past 30 days.
Average Target Price for NDAQ Suggests Upside
Based on short-term price targets offered by 16 analysts, the Zacks average price target is $112.13 per share. The average suggests a potential 29.6% upside from the last closing price.
Image Source: Zacks Investment Research
Nasdaq’s Favorable Return on Capital
Return on equity in the trailing 12 months was 16.9%, better than the industry average of 15.2%. This highlights the company’s efficiency in utilizing shareholders’ funds.
Also, the return on invested capital (ROIC) has been increasing over the last few quarters as the company raised its capital investment over the same time frame, reflecting NDAQ’s efficiency in utilizing funds to generate income. ROIC in the trailing 12 months was 7.6%, better than the industry average of 7.3%.
What's Aiding NDAQ's Performance?
Nasdaq’s organic growth has also been aided by its strategy of accelerating its non-trading revenue base, which includes Trading Services and Marketplace Technology businesses, Data & Listing Services, Index and Workflow & Insights businesses and Anti-Financial Crime business, thereby infusing dynamism in its business profile.
Growth in non-trading segments was driven by Index revenue growth, demand for IR and ESG solutions and steady analytics solutions sales to asset managers and growth in recurring data revenues. Anti-Financial Crime revenues should continue to gain from solid demand for fraud detection and anti-money laundering solutions, as well as the SaaS-based surveillance solutions.
Nasdaq focuses on cross-selling multiple products to existing clients and integrating acquisitions to broaden its solutions portfolio, increasing customer stickiness and revenue visibility.
Nasdaq has grown meaningfully over the years through a number of strategic expansions. These acquisitions have helped the company gain direct access to the Canadian equities market, expand its technology offering and improve its market surveillance techniques.
Nasdaq boasts a healthy balance sheet and cash position along with modest operating cash flow from its diverse business model. A healthy balance sheet ensures the distribution of wealth to shareholders in the form of dividend hikes and share repurchases.
End Notes
Nasdaq is set to grow on impressive organic growth, an increasing on-trading revenue base and strategic buyouts to capitalize on market opportunities. Nasdaq’s focus on Market Technology and Information Services businesses helps explore vast opportunities through its developmental strategies.
NDAQ’s dividend story is impressive. Per its growth strategy, Nasdaq will bring the payout ratio of 35% to 38% by 2027 and resume share buybacks to offset dilution due to the Adenza buyout.
Higher return on capital, favorable growth estimates and attractive valuations should continue to benefit NDAQ over the long term.
It is, therefore, wise to hold on to this Zacks Rank #3 (Hold) stock at present. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Quantum Computing Stocks Set To Soar
Artificial intelligence has already reshaped the investment landscape, and its convergence with quantum computing could lead to the most significant wealth-building opportunities of our time.
Today, you have a chance to position your portfolio at the forefront of this technological revolution. In our urgent special report, Beyond AI: The Quantum Leap in Computing Power, you'll discover the little-known stocks we believe will win the quantum computing race and deliver massive gains to early investors.
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Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

NDAQ Outperforms Industry, Trades at a Discount: How to Play the Stock

Intercontinental Exchange Inc. ICE shares are trading at a discount compared with the Zacks Securities and Exchanges industry. Intercontinental shares are trading at a forward price-to-earnings of 20.03X, lower than the industry average of 22.52X and the Zacks S&P 500 composite’s 21.63X.
Shares of Nasdaq, Inc. NDAQ are also trading at a discount to the industry average, while Cboe Global Markets, Inc. CBOE and CME Group Inc. CME shares are trading at a multiple higher than the industry average.
Image Source: Zacks Investment Research
With a market capitalization of $89.60 billion, the average volume of shares traded in the last three months was 3.72 million.
ICE Price Performance
Shares of Intercontinental Exchange have lost 2.9% year to date compared with the industry and the Finance sector’s decline of 4.7% and 4.5%, respectively.
Image Source: Zacks Investment Research
ICE’s Growth Projection Encourages
The Zacks Consensus Estimate for Intercontinental Exchange’s 2026 earnings per share indicates a year-over-year increase of 10.2%. The estimate for 2026 revenues is pegged at $10.60 billion, implying a year-over-year improvement of 6.7%.
The consensus estimate for 2027 earnings per share and revenues indicates an increase of 11% and 5.4%, respectively, from the corresponding 2026 estimates.
Average Target Price for ICE Suggests Upside
Based on short-term price targets offered by 18 analysts, the Zacks average price target is $198.07 per share. The average suggests a potential 23.1% upside from the last closing price.
Image Source: Zacks Investment Research
Factors Acting in Favor of ICE Stock
ICE’s top line is poised to improve on strength in global data services and index business, growth in pricing and reference data business, and strength in ICE Global Network offering, solid desktop, feeds, and derivatives analytics. The company has been achieving expense synergies from strategic acquisitions, which have also strengthened its portfolio and expanded its presence.
ICE boasts the largest mortgage network across the United States and thus remains well-positioned to benefit from accelerated digitization in the residential mortgage industry.
Continued adoption of digital solutions, MSP mortgage servicing system revenues and default management revenues are expected to drive Mortgage Technology’s revenues. For 2026, the company expects total revenue growth in the Mortgage Technology revenues in the low-to-mid single digits. The company continues to make strategic investments across the business for future profitable growth opportunities.
ICE continuously engages in strategic investments supported by a healthy and minimal risk-based balance sheet, which also offers stability and buoyancy over the medium to long term.
Risks for ICE
However, operating expenses have been increasing over the last several years, weighing on margin expansion. With continuous growth initiatives like product launches and technology upgrades, we believe that expenses are likely to remain elevated in the near term.
Though the debt balance declined, its leverage, as well as times interest earned, compares unfavorably with the industry average.
Conclusion
ICE is poised for growth, banking on the strength of its compelling portfolio and expansive risk-management services, which also ensure revenue flow, as well as strategic buyouts, a solid balance sheet, and effective capital deployment. Its dividend history is impressive. It has more than doubled its dividends in the last six years.
Favorable growth estimates, as well as attractive valuations, should continue to benefit ICE over the long term.
It is, therefore, wise to hold on to this Zacks Rank #3 (Hold) stock at present. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Quantum Computing Stocks Set To Soar
Artificial intelligence has already reshaped the investment landscape, and its convergence with quantum computing could lead to the most significant wealth-building opportunities of our time.
Today, you have a chance to position your portfolio at the forefront of this technological revolution. In our urgent special report, Beyond AI: The Quantum Leap in Computing Power, you'll discover the little-known stocks we believe will win the quantum computing race and deliver massive gains to early investors.
Access the Report Free Now >>
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Indicator	TTM Median
P/E	30.60 13.54
Price/Sales	9.35 2.13
P/B	3.26 1.22
P/FCF	23.02 10.71

Indicator	TTM Median
ROE	11.61 10.44
ROA	2.35 1.19
ROI	7.17 6.98
Net Worth	94.38 1.04
Quick Ratio	0.00 1.37
Current Ratio	1.02 0.97

Indicator	TTM Median
Net Profit Margin	32.43 17.29
Operating Margin	49.63 23.38
Gross Margin	98.41 70.06
Return on tangible equity	0.00 12.56

Indicator	TTM Median
EPS	1.52 0.66
EPS Forecast	1.67 0.67
Revenue	2.50B 81.00M
Gross Profit	2.47B —
EBITDA	1.63B —

Intercontinental Exchange Inc.

Recent quarterly and TTM performance

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