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.

Below is Validea's guru fundamental report for INTERCONTINENTAL EXCHANGE INC (ICE). Of the 22 guru strategies we follow, ICE rates highest using our Growth Investor model based on the published strategy of Martin Zweig. This strategy looks for growth stocks with persistent accelerating earnings and sales growth, reasonable valuations and low debt.
INTERCONTINENTAL EXCHANGE INC (ICE) is a large-cap growth stock in the Investment Services industry. The rating using this strategy is 69% based on the firm’s underlying fundamentals and the stock’s valuation. A score of 80% or above typically indicates that the strategy has some interest in the stock and a score above 90% typically indicates strong interest.
The following table summarizes whether the stock meets each of this strategy's tests. Not all criteria in the below table receive equal weighting or are independent, but the table provides a brief overview of the strong and weak points of the security in the context of the strategy's criteria.
Detailed Analysis of INTERCONTINENTAL EXCHANGE INC
More Information on Martin Zweig
About Martin Zweig: During the 15 years that it was monitored, Zweig's stock recommendation newsletter returned an average of 15.9 percent per year, during which time it was ranked number one based on risk-adjusted returns by Hulbert Financial Digest. Zweig has managed both mutual and hedge funds during his career, and he's put the fortune he's compiled to some interesting uses. He has owned what Forbes reported was the most expensive apartment in New York, a $70 million penthouse that sits atop Manhattan's Pierre Hotel, and he is a collector of all sorts of pop culture and historical memorabilia -- among his purchases are the gun used by Clint Eastwood in "Dirty Harry", a stock certificate signed by Commodore Vanderbilt, and even two old-fashioned gas pumps similar to those he'd seen at a nearby gas station while growing up in Cleveland, according to published reports.
Additional Research Links
Dividend Aristocrats 2025
About Validea: Validea is aninvestment researchservice that follows the published strategies of investment legends. Validea offers both stock analysis and model portfolios based on gurus who have outperformed the market over the long-term, including Warren Buffett, Benjamin Graham, Peter Lynch and Martin Zweig. For more information about Validea, click here
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Guru Fundamental Report for ICE - Martin Zweig

For Immediate Release
Chicago, IL – December 10, 2025 – Today, Zacks Investment Ideas feature highlights Intercontinental Exchange ICE, Circle Group CRCL, Nasdaq 100 Index ETF QQQ and CoreWeave CRWV.
Understanding the Concept of Price Action vs. News Failure
Want to Win? Follow the Money, Not the News
If there’s one thing that the 2024 Presidential election taught us, it’s that markets and real money on the line supersede opinions, predictions, and gut feel. For instance, the majority of polls, and highly followed political polls such as ‘The Hill,’ ‘Silver Bulletin’ and ‘Real Clear Politics,’ each had Democratic Presidential Candidate Kamala Harris winning the 2024 Presidential election. Conversely, betting markets such as Kalshi and Polymarket consistently had Donald Trump with an edge in the weeks and months leading up to the election.
In hindsight, betting markets beat antiquated polling methods which are often filled with opinion, bias, and the predictions from a handful of pollsters. The accuracy of betting markets such as Polymarket and Kalshi marked a turning point in how people set odds for elections, sports, and other events. In fact, Polymarket secured a $2 billion investment from legacy financial giant Intercontinental Exchange as a result, along with investments from other prominent venture capital firms like Peter Thiel’s ‘Founder’s Fund.’
Price Action is King Markets. Markets Will Talk if You’re Willing to Listen
On Wall Street, as in betting markets, determining signal over noise means looking at price action. Price action leaves out opinions and illustrates real money being put to work. In other words, price action is all signal.
The Concept of Price Action Versus News (News Failure)
The moment when price action screams the loudest is when news hits a stock. What investors will find is that it’s not so much the news that’s important, but instead, the market’s reactions to the news.
Below are two recent examples:
1. On July 18th, President Trump signed the GENIUS Act – a long-awaited legal framework for stablecoins. Circle Group, the largest US-based stablecoin provider, had been rallying in anticipation of the “bullish news.” However, the day the news finally hit, CRCL shares suffered a nasty bearish reversal and never looked back. In other words, despite the perceived good news, the price action hinted to investors to be cautious.
2. On April 7th, President Trump threatened further tariffs against China as the trade war escalated. However, the Nasdaq 100 Index ETF finished green for the session – a clear news failure or tell.
CoreWeave: A Bullish News Failure
On Monday morning, AI company CoreWeave announced it would raise $2 billion through convertible senior notes. Typically, stocks fall on news like this as it means dilution for shareholders. However, on Monday the stock finished nearly flat after initially falling ~8% on the news. Tuesday, the stock traded up 5%, and above where the news was announced – signaling a bullish news failure.
Bottom Line
Follow the money, not the noise. Whether in politics or equities, markets offer real-time truth-based signals from where capital is actually flowing.
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Media Contact
Zacks Investment Research
800-767-3771 ext. 9339
https://www.zacks.com
Past performance is no guarantee of future results. Inherent in any investment is the potential for loss. This material is being provided for informational purposes only and nothing herein constitutes investment, legal, accounting or tax advice, or a recommendation to buy, sell or hold a security. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. It should not be assumed that any investments in securities, companies, sectors or markets identified and described were or will be profitable. All information is current as of the date of herein and is subject to change without notice. Any views or opinions expressed may not reflect those of the firm as a whole. Zacks Investment Research does not engage in investment banking, market making or asset management activities of any securities. These returns are from hypothetical portfolios consisting of stocks with Zacks Rank = 1 that were rebalanced monthly with zero transaction costs. These are not the returns of actual portfolios of stocks. The S&P 500 is an unmanaged index. Visit https://www.zacks.com/performance for information about the performance numbers displayed in this press release.
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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.

Zacks Investment Ideas feature highlights: Intercontinental Exchange, Circle Group, Nasdaq 100 Index ETF and CoreWeave

Want to Win? Follow the Money, Not the News
If there’s one thing that the 2024 Presidential election taught us, it’s that markets and real money on the line supersede opinions, predictions, and gut feel. For instance, the majority of polls, and highly followed political polls such as ‘The Hill’, ‘Silver Bulletin’, and ‘Real Clear Politics’, each had Democratic Presidential Candidate Kamala Harris winning the 2024 Presidential election. Conversely, betting markets such as Kalshi and Polymarket consistently had Donald Trump with an edge in the weeks and months leading up to the election.
In hindsight, betting markets beat antiquated polling methods which are often filled with opinion, bias, and the predictions from a handful of pollsters. The accuracy of betting markets such as Polymarket and Kalshi marked a turning point in how people set odds for elections, sports, and other events. In fact, Polymarket secured a $2 billion investment from legacy financial giant Intercontinental Exchange (ICE) as a result, along with investments from other prominent venture capital firms like Peter Thiel’s ‘Founder’s Fund.’
Price Action is King Markets. Markets Will Talk if You’re Willing to Listen
On Wall Street, as in betting markets, determining signal over noise means looking at price action. Price action leaves out opinions and illustrates real money being put to work. In other words, price action is all signal.
The Concept of Price Action Versus News (News Failure)
The moment when price action screams the loudest is when news hits a stock. What investors will find is that it’s not so much the news that’s important, but instead, the market’s reactions to the news.
Below are two recent examples:
1. On July 18th, President Trump signed the GENIUS Act – a long-awaited legal framework for stablecoins. Circle Group (CRCL), the largest US-based stablecoin provider, had been rallying in anticipation of the “bullish news.” However, the day the news finally hit, CRCL shares suffered a nasty bearish reversal and never looked back. In other words, despite the perceived good news, the price action hinted to investors to be cautious.
Image Source: TradingView
2. On April 7th, President Trump threatened further tariffs against China as the trade war escalated. However, the Nasdaq 100 Index ETF (QQQ) finished green for the session – a clear news failure or tell.
Image Source: TradingView
CoreWeave: A Bullish News Failure
On Monday morning, AI company CoreWeave (CRWV) announced it would raise $2 billion through convertible senior notes. Typically, stocks fall on news like this as it means dilution for shareholders. However, on Monday the stock finished nearly flat after initially falling ~8% on the news. Tuesday, the stock traded up 5%, and above where the news was announced – signaling a bullish news failure.
Image Source: TradingView
Bottom Line
Follow the money, not the noise. Whether in politics or equities, markets offer real-time truth-based signals from where capital is actually flowing.
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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.

Understanding The Concept of Price Action Versus News (News Failure)

Looking today at week-over-week shares outstanding changes among the universe of ETFs covered at ETF Channel, one standout is the iShares U.S. Tech Independence Focused ETF (Symbol: IETC) where we have detected an approximate $110.2 million dollar outflow -- that's a 10.6% decrease week over week (from 10,400,000 to 9,300,000). Among the largest underlying components of IETC, in trading today Moody's Corp. (Symbol: MCO) is up about 0.9%, Verisign Inc (Symbol: VRSN) is down about 0.3%, and Intercontinental Exchange Inc (Symbol: ICE) is higher by about 0.6%. For a complete list of holdings, visit the IETC Holdings page » The chart below shows the one year price performance of IETC, versus its 200 day moving average:
Looking at the chart above, IETC's low point in its 52 week range is $64.06 per share, with $108.4724 as the 52 week high point — that compares with a last trade of $100.56. Comparing the most recent share price to the 200 day moving average can also be a useful technical analysis technique -- learn more about the 200 day moving average ».
Exchange traded funds (ETFs) trade just like stocks, but instead of ''shares'' investors are actually buying and selling ''units''. These ''units'' can be traded back and forth just like stocks, but can also be created or destroyed to accommodate investor demand. Each week we monitor the week-over-week change in shares outstanding data, to keep a lookout for those ETFs experiencing notable inflows (many new units created) or outflows (many old units destroyed). Creation of new units will mean the underlying holdings of the ETF need to be purchased, while destruction of units involves selling underlying holdings, so large flows can also impact the individual components held within ETFs.
Also see:
Funds Holding GLDI
GFF Historical PE Ratio
Top Ten Hedge Funds Holding ALDX
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

IETC, MCO, VRSN, ICE: ETF Outflow Alert

Looking today at week-over-week shares outstanding changes among the universe of ETFs covered at ETF Channel, one standout is the The Financial Select Sector SPDR Fund (Symbol: XLF) where we have detected an approximate $247 inflow -- that's a 0.5% increase week over week in outstanding units (from 1,,00,4,5,95,,427 to 1,,00,9,2,95,,427). Among the largest underlying components of XLF, in trading today Chubb Ltd (Symbol: CB) is up about 0.9%, Marsh & McLennan Companies Inc. (Symbol: MMC) is down about 0.1%, and Intercontinental Exchange Inc (Symbol: ICE) is lower by about 0.3%. For a complete list of holdings, visit the XLF Holdings page »
The chart below shows the one year price performance of XLF, versus its 200 day moving average:
Looking at the chart above, XLF's low point in its 52 week range is $42.21 per share, with $54.495 as the 52 week high point — that compares with a last trade of $52.33. Comparing the most recent share price to the 200 day moving average can also be a useful technical analysis technique -- learn more about the 200 day moving average ».
Exchange traded funds (ETFs) trade just like stocks, but instead of ''shares'' investors are actually buying and selling ''units''. These ''units'' can be traded back and forth just like stocks, but can also be created or destroyed to accommodate investor demand. Each week we monitor the week-over-week change in shares outstanding data, to keep a lookout for those ETFs experiencing notable inflows (many new units created) or outflows (many old units destroyed). Creation of new units will mean the underlying holdings of the ETF need to be purchased, while destruction of units involves selling underlying holdings, so large flows can also impact the individual components held within ETFs.
Also see:
OGXI Options Chain
Top Ten Hedge Funds Holding ITIP
KELYB Historical Stock Prices
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

XLF, CB, MMC, ICE: ETF Inflow Alert

For Immediate Release
Chicago, IL – November 10, 2025 – Today, Zacks Investment Ideas feature highlights Tesla TSLA, Intercontinental Exchange ICE, American Airlines AAL, United Airlines UAL, Delta Airlines DAL and The Nasdaq 100 Index ETF QQQ.
Why the Government Shutdown Will End in November
Earlier this week, I wrote about how, though the 2025 bull market remains intact, cracks began to appear in the market internals, particularly in breadth (which measures market participation). In the wake of a Supreme Court decision on President Trump’s tariffs and the ongoing government shutdown, the major indices have been incredibly resilient.
However, the indices have masked the ugly truth below the mask of the major indices. For instance, even though the S&P 500, Nasdaq, Russell 2000, and Dow Jones Industrial Average are within a stone’s throw of all-time highs, the number of stocks hitting 52-week lows in the S&P 500 Index recently hit the lowest levels since the April tariff panic – indicating a bifurcated, tricky market environment.
Government Shutdown Becomes the Longest in History
On October 1st, the government shutdown began when the US Congress failed to pass the budget laws needed to fund federal agencies (such as the FAA, the military, and the postal service, to name a few). Though stocks usually brush off government shutdowns (with a history of gaining ground during them), the longer they last, the more negatively they affect the economy and the stock market. Friday marks the 38th day the government has been shut down, the longest in US history. Below are three negative impacts government shutdowns have on the economy:
· GDP Slows: The Congressional Budget Office (CBO) estimates that the current government shutdown will slow down Q4 GDP by 1 to 2%.
· Consumers Spend Less: With hundreds of thousands of Federal employees furloughed or working without pay, consumer spending typically drops.
· Government Contracts Delayed: Estimates suggest that government spending is responsible for up to a quarter of GDP. Shutdowns lead to decreased government spending; thus, they take a toll on the economy.
Politicians on the left and the right do not seem confident of a resolution to the shutdown in the near-term. Nevertheless, the market tells a different story. Below are three reasons the government shutdown will end in November, including:
Betting Markets Suggest Government Shutdown Will End in November
Prediction markets like Polymarket have been highly accurate in predicting the future. For example, betting markets correctly predicted President Trump’s victory last November, Tesla CEO Elon Musk’s pay package being passed, and the government shutdown itself. Unlike politicians, who may have ulterior motives behind their rhetoric, betting markets reflect real-world wagers. Currently, bettors on Polymarket, which just received a significant investment from Intercontinental Exchange, assign a 92% chance that the government shutdown will end by November 30th.
Strength in Airline Stocks Suggests an End to the Government Shutdown
The Federal Aviation Administration (FAA) has an order to scale back flights nationwide in more than 40 airports ahead of Thanksgiving if the government shutdown cannot be resolved. Nevertheless, as Stanley Druckenmiller once proclaimed, “The inside of the stock market is the best economic indicator I know.”
Obviously, a prolonged scale back of flights would negatively impact airlines’ stocks. However, despite the carnage in stocks this week, airlines like American Airlines, United Airlines and Delta Airlines are all green – suggesting that investors do not believe a prolonged shutdown is in the cards.
Techical Action and Options Activity Suggests a Market Bounce is Imminent
The Nasdaq 100 Index ETF is retreating to its 10-week moving average. Since retaking the level in April, QQQ has held it all year long.
Additionally, VIX out-of-the-money put options are now more expensive than equidistant calls, a typical sign that a market bottom is imminent.
Bottom Line
While political gridlock continues to drag on the economy, markets are ready to look past the turmoil. Strength in airline stocks is a clue that the government shutdown may end soon.
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Media Contact
Zacks Investment Research
800-767-3771 ext. 9339
https://www.zacks.com
Past performance is no guarantee of future results. Inherent in any investment is the potential for loss. This material is being provided for informational purposes only and nothing herein constitutes investment, legal, accounting or tax advice, or a recommendation to buy, sell or hold a security. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. It should not be assumed that any investments in securities, companies, sectors or markets identified and described were or will be profitable. All information is current as of the date of herein and is subject to change without notice. Any views or opinions expressed may not reflect those of the firm as a whole. Zacks Investment Research does not engage in investment banking, market making or asset management activities of any securities. These returns are from hypothetical portfolios consisting of stocks with Zacks Rank = 1 that were rebalanced monthly with zero transaction costs. These are not the returns of actual portfolios of stocks. The S&P 500 is an unmanaged index. Visit https://www.zacks.com/performance for information about the performance numbers displayed in this press release.
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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.

Zacks Investment Ideas feature highlights Tesla, Intercontinental Exchange, American, United, Delta and QQQ

Earlier this week, I wrote about how, though the 2025 bull market remains intact, cracks began to appear in the market internals, particularly in breadth (which measures market participation). In the wake of a Supreme Court decision on President Trump’s tariffs and the ongoing government shutdown, the major indices have been incredibly resilient. However, the indices have masked the ugly truth below the mask of the major indices. For instance, even though the S&P 500, Nasdaq, Russell 2000, and Dow Jones Industrial Average are within a stone’s throw of all-time highs, the number of stocks hitting 52-week lows in the S&P 500 Index recently hit the lowest levels since the April tariff panic – indicating a bifurcated, tricky market environment.
Government Shutdown Becomes the Longest in History
On October 1st, the government shutdown began when the US Congress failed to pass the budget laws needed to fund federal agencies (such as the FAA, the military, and the postal service, to name a few). Though stocks usually brush off government shutdowns (with a history of gaining ground during them), the longer they last, the more negatively they affect the economy and the stock market. Friday marks the 38th day the government has been shut down, the longest in US history. Below are three negative impacts government shutdowns have on the economy:
· GDP Slows: The Congressional Budget Office (CBO) estimates that the current government shutdown will slow down Q4 GDP by 1 to 2%.
· Consumers Spend Less: With hundreds of thousands of Federal employees furloughed or working without pay, consumer spending typically drops.
· Government Contracts Delayed: Estimates suggest that government spending is responsible for up to a quarter of GDP. Shutdowns lead to decreased government spending; thus, they take a toll on the economy.
Politicians on the left and the right do not seem confident of a resolution to the shutdown in the near-term. Nevertheless, the market tells a different story. Below are three reasons the government shutdown will end in November, including:
Betting Markets Suggest Government Shutdown Will End in November
Prediction markets like Polymarket have been highly accurate in predicting the future. For example, betting markets correctly predicted President Trump’s victory last November, Tesla (TSLA) CEO Elon Musk’s pay package being passed, and the government shutdown itself. Unlike politicians, who may have ulterior motives behind their rhetoric, betting markets reflect real-world wagers. Currently, bettors on Polymarket, which just received a signficant investment from Intercontinental Exchange (ICE), assign 92% chance that the government shutdown will end by November 30th.
Image Source: Polymarket
Strength in Airline Stocks Suggests an End to the Government Shutdown
The Federal Aviation Administration (FAA) has an order to scale back flights nationwide in more than 40 airports ahead of Thanksgiving if the government shutdown cannot be resolved. Nevertheless, as Stanley Druckenmiller once proclaimed, “The inside of the stock market is the best economic indicator I know.” Obviously, a prolonged scale back of flights would negatively impact airlines’ stocks. However, despite the carnage in stocks this week, airlines like American Airlines (AAL), United Airlines (UAL), and Delta Airlines (DAL) are all green – suggesting that investors do not believe a prolonged shutdown is in the cards.
Techical Action and Options Activity Suggests a Market Bounce is Imminent
The Nasdaq 100 Index ETF (QQQ) is retreating to its 10-week moving average. Since retaking the level in April, QQQ has held it all year long.
Image Source: TradingView
Additionally, VIX out-of-the-money put options are now more expensive than equidistant calls, a typical sign that a market bottom is imminent.
Bottom Line
While political gridlock continues to drag on the economy, markets are ready to look past the turmoil. Strength in airline stocks is a clue that the government shutdown may end soon.
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Tesla, Inc. (TSLA) : Free Stock Analysis Report
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This article originally published on Zacks Investment Research (zacks.com).
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Why the Government Shutdown will End in November

Key Points
Reduced holdings by 805,658 shares, with an estimated net position change of $10.84 million
Post-trade, the fund holds zero Avantor shares, with a reported stake value of $0
The stake previously represented 2.67% of fund AUM in the prior quarter
Wilson Asset Management (International) Pty Ltd fully exited its position in Avantor (NYSE:AVTR), cutting 805,658 shares for a value change of $10.84 million.
What happened
According to a filing with the U.S. Securities and Exchange Commission dated November 6, 2025, Wilson Asset Management (International) Pty Ltd sold all 805,658 shares of Avantor. The estimated value of this transaction, based on quarterly average prices, was $10.84 million. Following the trade, the fund reported no remaining exposure to Avantor in its 13F filing for the quarter ending September 30, 2025.
What else to know
This was a complete liquidation; Avantor now represents 0% of 13F assets under management. The stake previously represented 2.67% of fund AUM in the prior quarter.
Top holdings after the filing include:
GOOGL: $29.6 million (7.3% of AUM)
INTU: $27.6 million (6.8% of AUM)
PWR: $22.9 million (5.7% of AUM)
ICE: $20.97 million (5.2% of AUM)
MSCI: $19.76 million (4.9% of AUM)
As of November 5, 2025, Avantor shares were priced at $11.43, down 45.8% over the prior year, underperforming the S&P 500 by 60.3 percentage points.
Company Overview
Price (as of November 6, 2025)
$11.43
YTD performance
-45.8%
Dividend yield
N/A
Company Snapshot
Avantor provides materials and consumables, laboratory equipment and instrumentation, and specialized services for the biopharma, healthcare, education, government, and advanced technology sectors.
The company generates revenue primarily through the sale of high-purity chemicals, laboratory supplies, process chromatography products, and value-added services such as onsite lab management and biopharmaceutical material scale-up.
Avantor's main customers include biopharmaceutical companies, healthcare providers, academic institutions, government agencies, and organizations in advanced technology and applied materials industries worldwide.
Avantor, Inc. is a global supplier of mission-critical products and services supporting customers in life sciences, healthcare, and advanced technology markets. With a broad portfolio and integrated service offerings, the company enables scientific innovation and operational efficiency for its clients. Its scale, diversified customer base, and focus on high-growth end markets provide a competitive advantage in the specialized materials and laboratory solutions sector.
Foolish take
Wilson Asset Management just sold off its entire $10.8 million stake in Avantor, signaling a full retreat from what was once considered a promising company in the life sciences supply chain. This decision comes after a brutal year for the stock, with shares plummeting nearly 46%. That drop was likely driven by weaker demand from biopharma customers and a general trend of inventory destocking across the industry. For Wilson Asset, this exit likely means it’s reallocating its capital toward faster-growing sectors after dealing with this prolonged underperformance.
Avantor remains a critical player in the global life sciences market, supplying essential materials and lab services for research, diagnostics, and biomanufacturing. Its massive catalog of consumables and integrated lab solutions continues to help pharmaceutical, healthcare, and advanced technology customers run their operations efficiently. While these near-term challenges have dampened spirits, the company's diverse customer base and long-term exposure to biopharma innovation could set the stage for a recovery once industry conditions settle down. However, the fund's decision to leave now suggests it would rather exercise its patience with different investments.
Glossary
13F filing: A quarterly report required by the SEC, listing institutional investment managers' holdings of certain securities.
Assets under management (AUM): The total market value of investments managed by a fund or investment firm.
Complete liquidation: The process of selling all shares of a particular holding, reducing the position to zero.
Exposure: The amount of capital or percentage of a portfolio invested in a specific asset or sector.
Stake: The ownership interest or share held in a company by an investor or fund.
Quarterly average prices: The average price of a security over a three-month financial reporting period.
Biopharma: The sector focused on developing and manufacturing drugs using biological sources and processes.
Consumables: Products that are used up and need regular replacement, such as laboratory supplies.
Process chromatography: A technique for separating and purifying chemical mixtures, often used in biopharmaceutical manufacturing.
Onsite lab management: Services where a provider manages laboratory operations directly at a client's location.
Scale-up: Expanding production processes from laboratory to commercial scale, especially in biopharmaceuticals.
TTM: The 12-month period ending with the most recent quarterly report.
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Adam Palasciano has no positions in any of the stocks mentioned. The Motley Fool has positions in and recommends Alphabet, Intuit, MSCI, and Quanta Services. The Motley Fool recommends Intercontinental Exchange. The Motley Fool has a disclosure policy.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Wilson Asset Eliminates Stake In 805K AVTR Shares Valued At $10.8 Million

Flutter Entertainment Company Overview
Zacks Rank #5 (Strong Sell) company Flutter Entertainment (FLUT) is an Irish-American sports betting, gambling, and online gaming company. Flutter Entertainment is the world’s largest sports betting company and owns and operates well-known gambling brands like FanDuel, Betfair, Paddy Power, PokerStars, Sky Betting & Gaming, and Sportsbet. The company’s business is organized into four segments: United States, Australia, UK & Ireland, and International.
Flutter Expenses Soar Amid Regulatory Crackdown
Amid the recent worldwide explosion of online sports gambling, gambling addiction is becoming rampant. Total sports wagers skyrocketed from $4.9 billion in 2017 to $121.1 billion in 2023, with 94% of bets placed online. Although this may seem like a bullish trend on the surface for Flutter’s business, it is not without its downside. According to a 2025 UC San Diego study, gambling addiction search queries have spiked 23% in the US since the landmark Supreme Court sports betting decision in 2018.
As a result, global regulators are cracking down on gambling, increasing regulatory red tape, and making compliance far more expensive. Since 2021, Flutter’s annual expenses have soared from $8.75 billion to over $13 billion.
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Flutter: All-In-One Competition Poses a Significant Threat
One of the most celebrated sales pitches of all time occurred when then-Apple (AAPL) CEO Steve Jobs first unveiled the iPhone, which would eventually become the company – and the world’s – most impactful product. In a clever unveiling, Jobs began by telling the audience that “Today, Apple is going to reinvent the phone.” Next, in a lengthy and repetitive build-up, Jobs displayed a widescreen iPod with a touch screen, a new mobile phone, and an internet communications device. Finally, Jobs spilled the beans, saying, “Are you getting it? These are not three separate devices!”
Although the financial services industry is very different from the smartphone market, financial companies are following the same playbook. For instance, Robinhood (HOOD) has evolved into a full-service financial firm, offering its users equity and options trading, savings, credit, crypto and access to sports prediction markets. Meanwhile, Intercontinental Exchange (ICE), an energy, commodity, and data provider (among other offerings), recently made a bold $2 billion bet in Polymarket, allowing the company to enter the growing prediction market business. The rise of these integrated financial platforms poses a significant threat to Flutter as consumers opt for all-in-one apps rather than several siloed apps.
Analysts are Bearish on FLUT
Finally, according to Zacks Consensus Estimates, FLUT’s year-over-year EPS growth is likely to be negative over the next two quarters.
Image Source: Zacks Investment Research
Bottom line
Flutter, the world’s largest sports betting company, is facing significant headwinds, including rising expenses and competition from integrated financial platforms.
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This article originally published on Zacks Investment Research (zacks.com).
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	33.50 14.04
Price/Sales	10.38 2.06
P/B	3.50 1.18
P/FCF	24.65 10.56

Indicator	TTM Median
ROE	10.77 10.04
ROA	2.14 1.13
ROI	6.60 6.59
Net Worth	100.35 1.01
Quick Ratio	0.00 1.41
Current Ratio	1.01 0.97

Indicator	TTM Median
Net Profit Margin	31.00 16.00
Operating Margin	48.49 22.22
Gross Margin	98.34 68.96
Return on tangible equity	0.00 12.15

Indicator	TTM Median
EPS	1.72 0.60
EPS Forecast	1.70 0.62
Revenue	2.54B 87.00M
Gross Profit	2.50B —
EBITDA	1.69B —

Intercontinental Exchange Inc.

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