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.

ICE has very strong operating profitability, but the market is already pricing in noticeably more than for the average financial company. Revenue, EBITDA, operating profit, and net income look stable and generally grow over the years, which supports the quality of the business and reduces the risk of a sharp deterioration in valuation. The margins are impressive: gross margin is around 98.5%, operating margin above 51%, and net margin nearly 38%, confirming the high efficiency of the platform model. ROE, ROA, and ROI are at good levels and are also improving, indicating the company’s ability to generate profit from capital and assets. At the same time, valuation multiples remain high relative to the industry: P/E, P/S, P/B, and P/FCF are significantly above the median, meaning a quality premium is already embedded in the stock price. Such a premium is justified by strong margins and stability, but it limits the potential for further re-rating without faster earnings growth. The debt burden is moderate, however debt/equity is above the industry median, and long-term debt is at a noticeable level, which does not add arguments for aggressively raising the target. Liquidity looks borderline: the current ratio is around 1, but the quick ratio is zero, so the short-term flexibility buffer is weaker than desired. Dividend yield is effectively absent, so the investment case is built almost entirely on earnings growth and valuation multiples rather than shareholder cash flow. Overall, the fundamentals support the current high valuation more than they justify further expansion. For an investor, this means a high-quality, profitable, and resilient business, but with limited upside due to already expensive multiples and imperfect liquidity. Therefore, it is reasonable to slightly lower the target forecast while maintaining a positive view of the company itself, but with stricter consideration of valuation.

Intercontinental Exchange Inc.

Сильный индекс, значительно упал. Оптимистичный взгляд на свои позиции резко сменился на неуверенность.

Strong index, significantly down. An optimistic view of his position suddenly changed to uncertainty.

Слабый индекс, значительно упал. Медведи сохранили, но резко ослабили уверенность в своих позициях.

Weak index, significantly down. The bears retained but sharply weakened their confidence in their positions.

Сильный индекс, без изменений. Рынок не поддерживает быков.

Strong index, flat. The market does not support the bulls.

Слабый индекс, значительно упал. Рынок на стороне медведей.

Weak index, significantly down. The market is on the bears' side.

Средний индекс, без изменений. Отток средств из лонгов на высоком уровне.

Medium index, flat. Outflow of funds from longs at a high level.

Средний индекс, без изменений. Приток средств в шорты на высоком уровне.

Medium index, flat. Inflow of funds into shorts at a high level.

ICE is a high-margin and profitable business with strong momentum, but premium multiples and weak short-term liquidity limit the upside.

BGC Group’s BGC launch of Fenics AI marks another step in the company’s push to automate institutional trading and expand the technology component of its brokerage franchise. The platform recently completed BGC’s first fully AI-brokered institutional trade in listed equity derivatives, handling price discovery through execution for a Eurex-listed Swiss SMI options transaction.
More important than the individual trade, however, is the potential to deploy the technology across BGC’s large institutional client network and eventually across multiple asset classes. Fenics AI is expected to become available to clients in the fourth quarter of 2026.
The initiative fits well with BGC’s broader strategy of shifting more activity toward electronic and technology-enabled trading. Fenics AI is designed to automate routine execution processes while integrating with BGC’s existing brokerage infrastructure, which could allow brokers to concentrate on higher-value client interactions and complex transactions. BGC is also applying AI more broadly across its organization to improve client service and streamline workflows.
Fenics AI also adds another potential growth avenue to an already expanding Fenics franchise. In the second quarter of 2026, Fenics revenues increased 14.3% year over year to $186.2 million. Fenics Growth Platforms revenues climbed 22.9% to $33.4 million, aided by FMX, PortfolioMatch and Lucera. This performance suggests that BGC is already benefiting from demand for electronic marketplaces, trading infrastructure and data products, giving the company an established platform through which AI capabilities can potentially be commercialized.
In the near term, the contribution from Fenics AI is unlikely to be significant, particularly as the platform remains in the initial commercialization phase. Longer term, however, greater automation could support higher transaction capacity, lower incremental processing costs and better operating leverage as volumes scale. Improved trade processing and settlement accuracy could also reduce operational friction. These benefits would be meaningful for BGC, which generated record second-quarter 2026 revenues of $845.5 million, up 7.8% year over year, while pre-tax adjusted earnings increased 11.1% to $192.9 million.
BGC’s Competitive Landscape
BGC’s push into AI-enabled trading also comes as other major market operators increase investments in automation and AI-based workflows.
Intercontinental Exchange ICE has been expanding the use of AI across its market infrastructure and data businesses. In 2026, ICE made portions of its fixed-income data and methodologies accessible through leading AI platforms, allowing licensed clients to interact with its proprietary data through AI-powered applications. Intercontinental Exchange has also deployed AI across areas such as cybersecurity and operational infrastructure.
Tradeweb Markets TW, which provides a close comparison to BGC’s Fenics AI strategy, has been expanding automation through its AiEX execution platform and recently introduced TARA, an AI-powered research assistant aimed at improving liquidity discovery, pricing analysis and trading decisions for institutional credit clients. TW’s broader efforts toward AI-assisted execution underline the increasing role of automation across the trade lifecycle.
BGC’s Price Performance & Zacks Rank
Over the past six months, BGC shares have gained 32.3% compared with the industry’s 27.2% growth.
Currently, BGC carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
7 Best Stocks for the Next 30 Days
Just released: Experts distill 7 elite stocks from the current list of 220 Zacks Rank #1 Strong Buys. They deem these tickers "Most Likely for Early Price Pops."
Since 1988, the full list has beaten the market more than 2X over with an average gain of +23.9% per year. So be sure to give these hand picked 7 your immediate attention.
See them 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

Can Fenics AI Boost BGC's Trading Efficiency and Operating Leverage?

Nasdaq, Inc. NDAQ has completed its acquisition of Dasseti, an AI-powered due diligence and monitoring platform serving investment consultants, institutional investors and asset managers. Announced in July 2026 and completed on Sept. 2, the transaction expands Nasdaq’s institutional investment-technology capabilities, although financial terms were not disclosed.
Dasseti helps institutional investors automate the evaluation and ongoing monitoring of investment managers and funds. Its technology streamlines due-diligence questionnaires, RFPs and monitoring workflows, using AI to reduce manual processes and organize investment-related information more efficiently. Nasdaq plans to integrate Dasseti into eVestment, extending the platform beyond manager research and selection into due diligence and ongoing monitoring.
The acquisition also gives Nasdaq access to Dasseti’s ecosystem of roughly 17,000 asset managers and general partners representing $34 trillion in AUM, creating opportunities to broaden relationships with institutional clients. Nasdaq Ventures previously invested in Dasseti in 2022, providing Nasdaq with familiarity with the platform before the acquisition.
The deal is strategically positive for NDAQ because it strengthens the company’s Data & Technology Solutions franchise and supports its shift toward higher-value data, analytics, AI and workflow technology. By combining eVestment’s institutional investment data with Dasseti’s due-diligence and monitoring capabilities, Nasdaq can offer clients a more comprehensive investment-management workflow and potentially create additional recurring technology and data revenues through cross-selling. The key opportunity is not the near-term financial contribution from Dasseti, but its potential to make eVestment more deeply embedded in clients’ investment processes and enhance Nasdaq’s long-term growth in institutional data and technology.
What About Its Peers?
Cboe Global Markets, Inc.’s CBOE acquisitions have largely focused on building out market-data, analytics and trading-technology capabilities. For example, Cboe acquired Hanweck, FT Options and Trade Alert, combining volatility analytics, options data and real-time trading intelligence. Cboe says the acquisitions were designed to integrate complementary datasets and technology, strengthening its market-data offering and giving clients tools across the trading lifecycle. Cboe recently shifted toward core derivatives, data and emerging-market opportunities, while divesting non-core businesses such as Cboe Canada and Australia.
Intercontinental Exchange Inc.’s ICE strong example of an acquisition is Black Knight, which was completed in September 2023 for approximately $11.8 billion. Black Knight added mortgage software, data and analytics capabilities to ICE, complementing its earlier acquisitions of Ellie Mae, Simplifile and MERS and helping ICE build an end-to-end digital mortgage ecosystem. The combination brought together loan-origination, servicing, closing, consumer-engagement and data/analytics capabilities, allowing ICE to automate more of the mortgage lifecycle and generate additional recurring, technology-driven revenues.
NDAQ’s Price Performance
Shares of NDAQ have gained 2% in the past year, outperforming the industry.
NDAQ’s Overvaluation
The stock is overvalued compared with its industry. It is currently trading at a price-to-earnings multiple of 21.43, higher than the industry average of 21.42.
Estimate Movement for NDAQ
The Zacks Consensus Estimate for NDAQ’s third-quarter and fourth-quarter 2026 EPS has moved up 3% and 2.8%, respectively, in the past 60 days. The same for full-year 2026 and 2027 EPS has moved up 4.8% and 5.6%, respectively, in the past 60 days.
The consensus estimate for NDAQ’s 2026 and 2027 EPS and revenues indicates a year-over-year increase.
NDAQ stock currently carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Radical New Technology Could Hand Investors Huge Gains
Quantum Computing is the next technological revolution, and it could be even more advanced than AI.
While some believed the technology was years away, it is already present and moving fast. Large hyperscalers, such as Microsoft, Google, Amazon, Oracle, and even Meta and Tesla, are scrambling to integrate quantum computing into their infrastructure.
Senior Stock Strategist Kevin Cook reveals 7 carefully selected stocks poised to dominate the quantum computing landscape in his report, Beyond AI: The Quantum Leap in Computing Power.
Kevin was among the early experts who recognized NVIDIA's enormous potential back in 2016. Now, he has keyed in on what could be "the next big thing" in quantum computing supremacy. Today, you have a rare chance to position your portfolio at the forefront of this opportunity.
See Top Quantum Stocks 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
Nasdaq, Inc. (NDAQ) : Free Stock Analysis Report

NDAQ Boosts AI and Data-Driven Investment Technology With Dasseti

(RTTNews) - The New York Stock Exchange (NYSE) and Korea Exchange (KRX) have agreed to collaborate on settlement-cycle modernization, extended trading hours, exchange-traded funds, and market data and index products.
The memorandum of understanding aims to leverage the expertise of both exchanges to promote innovation across U.S. and Korean markets. NYSE President Lynn Martin said the agreement reflects a mutual commitment to making markets stronger and more accessible.
The NYSE also highlighted other market-related developments in its September 3 pre-market update, including expectations for investors ahead of the U.S. August jobs report. The Bureau of Labor Statistics was scheduled to release nonfarm payroll data before Friday's market open.
The update also noted that the U.S. 10-year Treasury yield had surpassed 4.81% early Wednesday, reaching its highest level since November 2023.
On the NYSE, shares of Intercontinental Exchange are currently gaining 2.62 percent, changing hands at $162.00.

NYSE, Korea Exchange Agree To Collaborate On Market Modernization

(RTTNews) - The New York Stock Exchange, part of Intercontinental Exchange, Inc. (ICE), and Korea Exchange, the sole securities exchange operator in South Korea, announced on Thursday that they have signed a memorandum of understanding to collaborate on business activities aimed at expanding access to global capital markets.
The exchanges said the collaboration will leverage their expertise to drive innovation across U.S. and Korean markets. They may establish a NYSE-KRX Joint Collaboration Council to support implementation of the memorandum's goals.
In pre-market activity on the NYSE, shares of Intercontinental Exchange were up 1.03 percent, changing hands at $159.49, after closing Wednesday's regular session 1.10 percent lower.

NYSE, Korea Exchange Sign Collaboration Memorandum

Shares of Intercontinental Exchange, Inc. ICE closed at $162.33 on Friday, an 8.3% discount to its 52-week high of $177.00.
ICE stock has lost 1.5% year to date compared with the industry’s decrease of 4.2%. The Finance sector has gained 7.9% and the Zacks S&P 500 composite has gained 12.2% in the same time frame. ICE shares are losing momentum despite resilient fundamentals, likely reflecting concerns over slower near-term growth, softer second-half guidance, weakness in energy trading and slower mortgage recovery.
ICE is a leading global operator of regulated exchanges, clearing houses and listings venues and a provider of data services for commodity, financial, fixed income and equity markets. A compelling portfolio, expansive risk-management services, strategic buyouts, solid balance sheet and effective capital deployment poise it well for growth.
ICE vs Industry, Sector, S&P 500
Shares of Nasdaq Inc NDAQ have gained 1.5% year to date, while those of CME Group CME have gained 5% in the same time frame.
Are ICE Shares Affordable?
The stock is undervalued compared with its industry. It is currently trading at a forward price-to-earnings multiple of 18.98, lower than the industry average of 21.6 and the median of 22.07 over three years.
ICE is relatively cheap compared to Nasdaq and CME Group.
The Case for ICE Stock
The planned MarketAxess acquisition extends Intercontinental Exchange’s network strategy into institutional credit execution while complementing its retail and wealth distribution, pricing, indices, analytics and clearing capabilities.
ICE remains well-positioned to benefit from continued digitization across the mortgage origination and servicing lifecycle. Management expects third-quarter recurring revenues to remain broadly stable as core growth and new client ramps build. The $3.4 billion in future performance obligations as of June 30, 2026, also provides strong longer-term revenue visibility.
With capabilities spanning execution, market data, clearing, and workflow solutions across major asset classes, ICE maintains a diversified business model that reduces reliance on any single activity driver. Its Fixed Income and Data Services segment continues to expand through pricing, reference data, indices, and network technology. Management raised 2026 recurring revenue growth guidance to 7%-8%, although second-half growth is expected toward the lower end due to tougher data-center comparisons.
ICE is also leveraging proprietary data in client decision-making tools. Its expanded ICE Model Context Protocol enables governed access to proprietary data within institutional AI workflows, while ICE Compass applies pricing and transaction data to pre-trade fixed-income analytics.
Finally, ICE’s $600 million investment in Polymarket highlights its confidence in prediction markets as an emerging, data-driven asset class. The investment could create synergies with ICE’s exchange and data businesses, broaden its addressable market, and position the company to benefit from growing regulatory acceptance and innovation in alternative financial markets.
However, ICE continues to increase spending on performance compensation, technology capacity and product development. Full-year 2026 adjusted operating expense guidance was increased to $4.190-$4.230 billion, while third-quarter adjusted expenses are expected in the range of $1.063-$1.073 billion.
Growth Projections for ICE
The Zacks Consensus Estimate for 2026 revenues indicates a 10.7% year-over-year increase, while that for earnings suggests a 16.6% year-over-year increase. The consensus estimate for 2027 revenues indicates a 5.1% year-over-year increase, while that for earnings suggests an increase of 8.4% year over year.
The expected long-term earnings growth rate is pegged at 12.7%.
Optimist Analyst Sentiment on ICE
The consensus estimate for 2026 and 2027 earnings has moved 6 cents and 3 cents north, respectively, in the past 30 days, reflecting analysts' optimism.
The consensus estimates for 2026 earnings of Nasdaq moved 2 cents north in the last 30 days.
The consensus estimates for 2026 earnings of CME witnessed no movement in the last 30 days.
Parting Thoughts on ICE Shares
Intercontinental Exchange benefits from a diversified exchange and a data and mortgage workflow portfolio that can perform across market cycles. Solid growth projections and optimistic analyst sentiment instill confidence.
However, higher operating and capital spending limiting near-term margin expansion keeps us on the sidelines. Therefore, it is better to adopt a wait-and-see approach on this Zacks Rank #3 (Hold) stock. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Zacks' Research Chief Names "Stock Most Likely to Double"
Our team of experts has just released the 5 stocks with the greatest probability of gaining +100% or more in the coming months. Of those 5, Director of Research Sheraz Mian highlights the one stock set to climb highest.
This top pick is a little-known satellite-based communications firm. Space is projected to become a trillion dollar industry, and this company's customer base is growing fast. Analysts have forecasted a major revenue breakout in 2025. Of course, all our elite picks aren't winners but this one could far surpass earlier Zacks' Stocks Set to Double like Hims & Hers Health, which shot up +209%.
Free: See Our Top Stock And 4 Runners Up
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
This article originally published on Zacks Investment Research (zacks.com).

ICE Stock Trades at 8.3% Discount to 52-Week High: More Upside Left?

Key Points
The disposition of 1,340 shares was executed at $161.16 per share, totaling approximately $216,000.
The transaction involved shares equal to 26% of the equity stake held before the filing.
The director continues to hold 3,747 shares directly, a balance that includes 1,698 restricted stock units.
This sale was conducted under a Rule 10b5-1 trading plan established on May 11, 2026.
Martha A. Tirinnanzi, Director of Intercontinental Exchange, Inc. (NYSE:ICE), sold 1,340 shares of common stock on Aug. 26, 2026, according to a recent SEC Form 4 filing.
Transaction summary
Shares sold (direct)
1,340
Transaction value
~$215,954
Post-transaction shares (directly held)
3,747
Post-transaction value
$606,714.24
Transaction value based on SEC Form 4 weighted average sale price ($161.16); post-transaction value based on Aug. 26, 2026 market close ($161.92).
Key questions
How does the Rule 10b5-1 plan impact the interpretation of this transaction?
Because the sale was executed under a Rule 10b5-1 trading plan adopted on May 11, 2026, it represents a scheduled disposition intended to satisfy diversification or liquidity needs without regard to material non-public information.
What is the composition of the director's remaining equity position?
Following the sale, Martha A. Tirinnanzi maintains direct ownership of 3,747 shares, which includes 1,698 restricted stock units scheduled to vest on May 18, 2027.
What is the insider's total ownership interest in the company?
The director's post-transaction holdings represent a 0.0007% ownership interest in the firm, which manages a global network of regulated exchanges and clearing houses.
How has the stock performed leading up to this filing?
Intercontinental Exchange shares generated a total return of -7% for the one year ending Aug. 26, 2026, the date the transaction was executed.
Company Overview
Share Price (as of market close 2026-08-27)
$161.24
Market Capitalization
$91.0 billion
Revenue (TTM)
$13.1 billion
Net Income (TTM)
$4.1 billion
Company Snapshot
Intercontinental Exchange operates a diversified portfolio of regulated financial venues, including exchanges, clearing houses, and listing platforms that generate revenue through transaction fees, market data licensing, connectivity services, and listing fees across commodities, equities, fixed income, and derivatives markets.
The company operates a mission-critical infrastructure business model that derives recurring revenue from transaction volumes, subscription-based data services, and clearing operations, while maintaining high barriers to entry through regulatory licensing and established relationships with market participants.
ICE serves institutional investors, asset managers, corporations, financial intermediaries, and market participants globally, with particular strength in North American and European markets, leveraging its comprehensive ecosystem of trading, clearing, and data solutions.
Intercontinental Exchange is a leading global operator of financial infrastructure with significant scale, operating one of the world's largest networks of regulated exchanges and clearing houses serving multiple asset classes.
The company's diversified revenue streams from trading, clearing, and data services provide resilience and recurring income characteristics typical of essential market infrastructure.
ICE maintains competitive advantages through its extensive regulatory licenses, established network effects, and integrated technology platform that connects thousands of market participants across geographies.
What this transaction means for investors
This sale represented a fairly large, although minor portion of the director's holdings in the company's stock. It was also completed under a pre-adopted plan, which shouldn't concern investors, as the Rule 10b5-1 plan is commonly used to allow insiders to execute sales for personal reasons, avoiding the appearance of acting on any view about the company's performance or valuation.
Importantly, the company continues to expand. TTM revenue grew nearly 11% year over year -- in line with its growth trajectory in recent years. Management raised its full-year guidance for fixed income and data services (FIDS) recurring revenue growth to 7%-8%.
The stock trades at a reasonable forward price-to-earnings multiple of 20, which seems supported by the consensus analyst estimate of ~12% long-term annualized earnings growth.
Should you buy stock in Intercontinental Exchange right now?
Before you buy stock in Intercontinental Exchange, consider this:
The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and Intercontinental Exchange wasn’t one of them. The 10 stocks that made the cut could produce monster returns in the coming years.
Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you’d have $440,710!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you’d have $1,335,252!*
Now, it’s worth noting Stock Advisor’s total average return is 978% — a market-crushing outperformance compared to 213% for the S&P 500. Don't miss the latest top 10 list, available with Stock Advisor, and join an investing community built by individual investors for individual investors.
*Stock Advisor returns as of August 31, 2026.
John Ballard has no position in any of the stocks mentioned. The Motley Fool recommends Intercontinental Exchange. The Motley Fool has a disclosure policy.

Intercontinental Exchange Director Sells Shares Worth $216,000

S&P Global Inc. SPGI is showing stronger profitability after the Mobility spin-off, supported by recurring revenues, benchmark strength and productivity gains. Those positives improve the long-term earnings case.
The near-term setup is less clean. A premium valuation, falling earnings estimates, elevated obligations and a Market Intelligence reset argue for patience until the risk-reward becomes more favorable.
SPGI's Q2 Profit Growth Strengthens the Bull Case
Adjusted earnings in the second quarter of 2026 rose 23% to $4.83 per share and beat the Zacks Consensus Estimate by 7.6%. Pro forma revenues increased 11% year over year, while recurring revenues advanced 8%.
Adjusted operating profit climbed 15%, and adjusted operating margin expanded 200 basis points to 54.3%. That leverage shows SPGI can convert revenue growth and productivity into faster profit growth.
S&P Global Still Trades at a Premium
SPGI trades at 22.3X forward 12-month earnings, above the 21X Securities and Exchanges sub-industry multiple and the S&P 500's 20.3X. The multiple is below SPGI's five-year median of 28.4X, but the relative premium still leaves less room for execution misses.
Intercontinental Exchange, Inc. ICE reported 8% growth in fixed-income and data-services revenues in the second quarter of 2026, with recurring revenues in that segment up 10%. Nasdaq, Inc. NDAQ posted 15% net-revenue growth and 11% growth in annualized recurring revenue, showing healthy peer growth across capital-markets data and infrastructure.
SPGI Faces Liquidity and Execution Pressure
At June 30, current liabilities of $9.13 billion exceeded current assets of $8.71 billion. Short-term debt rose to $2.57 billion and long-term debt reached $12.60 billion, although cash increased to $4.13 billion and management expects cash, operating cash flow and credit availability to cover foreseeable recurring needs.
Market Intelligence adds execution risk. Its larger Platforms operation is growing only in the low single digits organically, while management is consolidating technology, simplifying operations and redirecting investment toward faster-growing data and AI opportunities. The payoff depends on disciplined execution without disrupting customer value.
S&P Global's 2027 Estimates Offer a Growth Reset
The Zacks Consensus Estimate calls for 2027 revenues of $15.63 billion and earnings of $20.25 per share. Those figures point to renewed growth beyond 2026 and provide a path for the stock to grow into its valuation.
The revision trend remains the near-term test. The Zacks Consensus Estimate for 2026 earnings has fallen 4.5% over the past four weeks and 9.5% over 12 weeks, so stabilization or upward revisions would strengthen the case that expectations have reset sufficiently.
SPGI Buybacks Add Per-Share Support
Management raised its 2026 share-repurchase target to more than $7 billion after buying back $1.5 billion in the first half. A lower share count can amplify earnings growth if operating performance remains solid.
SPGI also maintains a quarterly dividend of 97 cents per share. Capital returns are supportive, but their durability still rests on cash generation as the company balances repurchases, investment and an elevated debt load.
SPGI's Signals Still Favor Caution
For now, the evidence favors waiting rather than buying SPGI at the current setup. Margin expansion, recurring revenues and 2027 growth expectations are constructive, but valuation, estimate revisions and Market Intelligence execution leave limited room for disappointment.
The stock currently carries a Zacks Rank #4 (Sell), which reflects an unfavorable near-term earnings-estimate revision backdrop.
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
SPGI’s VGM Score of D, Value Score of D and Growth Score of D reinforce the weaker valuation and growth setup. A Momentum Score of B is a relatively bright spot, but the Zacks Rank remains the primary timing signal and supports a cautious stance.
Research Chief Names "Single Best Pick to Double"
From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all.
This company targets millennial and Gen Z audiences, generating nearly $1 billion in revenue last quarter alone. A recent pullback makes now an ideal time to jump aboard. Of course, all our elite picks aren’t winners but this one could far surpass earlier Zacks’ Stocks Set to Double like Nano-X Imaging which shot up +129.6% in little more than 9 months.
Free: See Our Top Stock And 4 Runners Up
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
Nasdaq, Inc. (NDAQ) : Free Stock Analysis Report

Is SPGI Worth Buying as Margins Improve but Valuation Stays Rich?

Key Points
Half of the four incoming financial titles are widely known; the other two, somewhat less so.
Each is a fine selection for any portfolio large or small, however.
Star investor Bill Ackman of Pershing Square Capital Management (NYSE:PS) is well known for being highly selective with his company’s investments. Pershing’s equity portfolio is always considerably smaller than those of many peer investment managers. So Ackman and his team make news whenever they buy into, or sell out of, a single stock.
Headlines were made, then, when Pershing Square revealed, concurrently with its second-quarter earnings report, that it had taken positions in six new stocks. Four of those half-dozen were top names in the financial industry. Here’s the reasoning behind the move, and a glance at the quartet.
Missed Nvidia in 2009? This Rare Signal Is Flashing Again. In 2009, a "Double Down" signal flashed for a little-known chipmaker called Nvidia. For the first time in years, that same "Total Conviction" signal is flashing for a company 1/100th the size of Nvidia. Continue »
Image source: Getty Images.
Financial firepower
To cut quickly to the chase, the four were payment card titans Visa (NYSE:V) and Mastercard (NYSE:MA), data and analysis specialist S&P Global (NYSE:SPGI), and securities market operator and associated services provider Intercontinental Exchange (NYSE:ICE).
(For the curious, the remaining two fresh, non-financial stock buys were Netflix (NASDAQ:NFLX) and pharmaceutical and medical device company Alcon (NYSE:ALC)).
One admirable thing about Ackman is that he’s eloquent and hardly mysterious about what appeals to him and his company about certain stocks. In the shareholder letter accompanying the second-quarter report, the Pershing Square founder and CEO went into admirable detail regarding what he likes about the six newcomers.
Let’s focus on the financials. With Mastercard and Visa, Ackman was drawn to what he describes as “capital-light toll takers.” That’s because both card giants are what’s known in that business as “open-loop” operators, in that they only facilitate transactions on their networks; other entities, mainly banks, are the businesses actually extending the credit (or are the source of the utilized funds, in the case of debit cards).
Mastercard and Visa, then, take on no risk themselves and instead act as middlemen, earning small fees from every transaction. Since many people around the world hold cards branded by one or both companies, their volumes are considerable.
Ackman also effectively wrote that the pair is a good hedge against inflation, should it remain an issue in the economy. Again, the two are volume-based businesses, so higher consumer prices mean they earn higher fees. Finally, he said that their value-added services, such as fraud detection and authentication solutions, are, well, adding considerable value to their operations.
Turning to S&P Global, this one’s a bit of a cheat — Pershing Square actually owned it previously, back in the good old days of 2017. Regardless, Ackman waxed enthusiastic about the company’s three dominant businesses — ratings, indexes, and Platts. Respectively, S&P Global earns revenue from credit ratings, its famous family of securities market gauges (including the benchmark S&P 500 index), and Platts’ solid position as a price reporting agency for the commodities and energy markets.
Rounding out the quartet, we have Intercontinental Exchange (Pershing Square admitted this stock was actually purchased just after the end of the second quarter). The company is dominant in futures and options exchanges, particularly with its gold-standard ICE Brent Futures contract, which is widely used for crude oil trading worldwide. The company doesn’t just rest on these laurels; it also has a pair of high-margin businesses in the smaller but important fixed income and data services, and mortgage technology segments.
Like the other three stocks, Intercontinental Exchange is inflation-resistant. Even if prices continue to rise, investors will still trade instruments like crude oil contracts and stock options. And they’ll require the data that supports such investment decisions.
A closely-watched quartet
It’s interesting that in the letter, Ackman took pains to write that Pershing Square has tracked each of the four stocks for quite a long time (decades, in the case of S&P Global). Every one of the quartet has posted growth, at times very robust, for years. Taking Mastercard as an example, the already-huge company managed to nearly double annual revenue (to almost $33 billion) from 2021 to 2025.
I don’t always agree with Ackman’s takes or his enthusiasm for certain stocks. In this instance, though, I believe he’s picked four long-term winners, and Pershing Square will do very well with them in its portfolio.
Should you buy stock in Pershing Square right now?
Before you buy stock in Pershing Square, consider this:
The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and Pershing Square wasn’t one of them. The 10 stocks that made the cut could produce monster returns in the coming years.
Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you’d have $400,209!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you’d have $1,375,393!*
Now, it’s worth noting Stock Advisor’s total average return is 964% — a market-crushing outperformance compared to 215% for the S&P 500. Don't miss the latest top 10 list, available with Stock Advisor, and join an investing community built by individual investors for individual investors.
Eric Volkman has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Mastercard, Netflix, S&P Global, and Visa. 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.

Bill Ackman Just Disclosed 6 New Positions, and 4 of Them Are Financial Stocks. Here's What He's Betting On.

In trading on Thursday, shares of Intercontinental Exchange Inc (Symbol: ICE) crossed above their 200 day moving average of $154.50, changing hands as high as $155.27 per share. Intercontinental Exchange Inc shares are currently trading up about 2.5% 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 $121.79 per share, with $183.13 as the 52 week high point — that compares with a last trade of $155.11. The ICE DMA information above was sourced from TechnicalAnalysisChannel.com
Click here to find out which 9 other dividend stocks recently crossed above their 200 day moving average »
Further ICE Research:
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

ICE Makes Bullish Cross Above Critical Moving Average

Shares of Cboe Global Markets CBOE have lost 22% in the past three months, underperforming the industry, the sector as well as the Zacks S&P 500 composite.
Cboe Global Markets is one of the largest stock exchange operators by volume in the United States and a leading market globally for ETP trading. As global capital markets continue to become increasingly electronic and data-driven, CBOE is well-positioned to capitalize on secular trends in trading volumes, demand for market data and the expansion of index-based investing.
CBOE vs Industry, Sector, S&P 500 in 3-Months
Shares of Nasdaq Inc NDAQ have gained 5.6% in the past three months, while those of Intercontinental Exchange ICE have lost 2.6% in the same time frame.
CBOE Shares Are Affordable
The stock is overvalued compared with its industry. It is currently trading at a forward price-to-earnings multiple of 19.81, lower than the industry average of 20.1 and the median of 21.64 over five years.
CBOE is relatively cheap compared to Nasdaq but expensive compared to Intercontinental Exchange.
The Case for CBOE Stock
Cboe Global Markets holds a dominant position in the U.S. listed options market, operating multiple exchanges and consistently maintaining an industry-leading market share.
Through acquisitions and international expansion, Cboe has developed a diversified portfolio spanning European equities and derivatives, foreign exchange venues, and clearing infrastructure. This diversification reduces its dependence on any single asset class or geographic market. Its proprietary market data, index licensing, and technology solutions also generate stable, high-margin recurring revenues supported by substantial customer switching costs.
Strong activity in index options, European equities and foreign exchange continues to fuel transaction-fee growth, while the Data Vantage segment is expanding recurring revenues. Reflecting this momentum, management raised its 2026 organic total net revenue growth outlook to the mid-to-high teens from its previous low-double-digit to mid-teens range. It also increased Data Vantage’s organic net revenue growth target from the low double digits to the low teens.
Cboe continues to strengthen its long-term prospects through strategic acquisitions and investments that broaden its geographic reach, product offerings and capital-markets infrastructure. The company is also pursuing opportunities in digital assets, carbon markets, next-generation trading technologies and innovative derivatives products.
Meanwhile, management is streamlining the portfolio and cost base. Planned divestitures of its Canadian and Australian exchanges are expected to lower adjusted operating expenses in 2026 and improve efficiency.
Supported by robust free cash flow and a strong balance sheet, Cboe maintains disciplined capital allocation. The company has increased its dividend for 15 consecutive years and retains $536.8 million under its share-repurchase authorization, demonstrating its commitment to shareholder returns.
Cboe Global’s Growth Projections
The Zacks Consensus Estimate for 2026 revenues indicates a 16.3% year-over-year increase, while that for earnings suggests a 29.2% year-over-year increase. The consensus estimate for 2027 revenues indicates a 2.8% year-over-year increase, while that for earnings suggests an increase of 5.6% year over year.
The expected long-term earnings growth rate is pegged at 18.6%, better than the industry average of 13.1%.
Optimist Analyst Sentiment on CBOE
The consensus estimate for 2026 and 2027 earnings has moved 2.3% and 2.6% north, respectively, in the past 30 days, reflecting analysts' optimism.
Image Source: Zacks Investment Research
The consensus estimates for 2026 earnings of Nasdaq and Intercontinental Exchange have moved north in the past 30 days.
Parting Thoughts on CBOE Shares
A diversified business mix with recurring revenues, accelerated growth banking on recurring non-transaction revenues, use of technology and prudent buyouts poise CBOE well for growth.
Given affordable valuation, solid growth projections and optimistic analyst sentiment, it’s time to add this Zacks Rank #2 (Buy) stock to one’s portfolio. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Beyond Nvidia: AI's Second Wave Is Here
The AI revolution has already minted millionaires. But the stocks everyone knows about aren't likely to keep delivering the biggest profits. AI’s second wave is moving from infrastructure to implementation and these companies are at the forefront of this transition, positioned to become what Amazon and Google were to the internet era.
See Stocks 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.

Intercontinental Exchange Inc.

Sign up and unlock all the capabilities of the AI-screener