Jul. 24, 2014, 10:25 AM
Jul. 24, 2014, 7:16 AM
Jun. 26, 2014, 1:08 PM
Jun. 17, 2014, 12:41 PM
- "The market seems to have spoken," writes the team at MarketWatch blogging the hearing. "Translation: Not much appetite to dramatically change the rules."
- E*Trade (ETFC +6.5%), Schwab (SCHW +5.3%), Ameritade (AMTD +4.5%), Interactive Brokers (IBKR +2%).
- The stock exchange operators are performing as well: IntercontinentalExchange (ICE +0.9%), and Nasdaq OMX (NDAQ +1.1%).
May 16, 2014, 11:56 AM
- Raymond James upgrades Bank of the Ozarks (OZRK -0.2%) to Outperform with $67 PT.
- Home Bancshares (HOMB +1.8%) is boosted to a Buy at both KBW and Drexel Hamilton
- Credit Suisse upgrades NASDAQ OMX (NDAQ -0.6%) to Buy with $42 PT.
- Bank of America boosts Protective Life (PL +0.1%) to Buy and sets a $62 PT.
- KBW upgrades Stonegate Mortgage (SGM +4.4%) to Outperform with $17 PT after the company reported earnings yesterday.
- Bank of America downgrades Assurant (AIZ -1.3%) to Under Perform with a $73 PT.
May 13, 2014, 7:29 PM
- U.S. exchanges are now unified in canceling some wild trades in (AOL -3.1%) in a two-minute span just 10 minutes before the close.
- The odd trades, traced to a trading firm's mistake, also affected dealing in Nabors (NBR), Lorillard (LO -1.3%), Marathon Petroleum (MPC -0.3%), Canadian Natural Resources (CNQ +0.3%), Nasdaq OMX (NDAQ -0.9%) and Caterpillar (CAT +0.9%), among others -- but those trades will be left standing.
- The NYSE will bust AOL trades of $33.17 or below, while Nasdaq, Direct Edge and NYSE Arca will cancel those at $33.16 and below.
May 12, 2014, 3:43 AM
- Nasdaq OMX (NDAQ) has appointed Carlyle (CG) CFO Adena Friedman as a co-President in a move that the WSJ reports makes her the leading candidate to replace Robert Greifeld as CEO of the exchange operator when he departs. Nasdaq has been working on a succession plan since last year.
- Friedman, who will become President of Global Corporate & Information Technology solutions, returns to the exchange operator after leaving for Carlyle in 2011 following an initial 17-year stint at Nasdaq.
- The company also named Hans-Ole Jochumsen as a co-president with Friedman. Jochumsen will head the firm's Global Trading & Market Services.
Apr. 25, 2014, 7:56 AM
- Private equity firms have been aiming to reach a new group of investors, and KKR is making it happen, teaming with Nasdaq OMX (NDAQ) to form an exchange in which investors can sell a portion of their stakes in KKR buyout funds. KKR is likely to file regulatory paperwork as soon as this month, reports the WSJ.
- The institutions and wealthy individuals who invest in P-E buyout funds (with minimums of millions of dollars required) typically must agree to have their money tied up for a decade or more, but this deal will allow them to sell smaller investors slices for as little as tens of thousands of dollars - the investors can cash out earlier than usual and the P-E firms get a far broader range of investors.
- The already-public listings of P-E firms on major exchanges - with BX, CG, APO, FIG for instance, joining KKR - offer mom and pop investors shares in the parent companies rather than the individual buyout funds.
- ETFs: PSP, PEX
Apr. 24, 2014, 7:06 AM
Apr. 10, 2014, 1:09 PM
- According to CNBC, the mutual fund giant is working with other investment firms to launch a new low-cost (and presumably HFT-free) stock trading alternative, with Chairman Ned Joshson said to be closely involved.
- Among those looking on: KCG Holdings (KCG -2.6%), CBOE Holdings (CBOE -1.6%), IntercontinentalExchange (ICE -1.3%), Nasdaq OMX (NDAQ +1%), Schwab (SCHW -3.9%), E*Trade (ETFC -3.5%), TD Ameritrade (AMTD -1.6%).
- Previously: "RBC nice" paying off
Apr. 9, 2014, 9:39 AM
- Sitting nearly alone in the red among the brokerages and exchanges in early action is Nasdaq OMX (NDAQ -1.6%) after BAML removes its Buy rating on the stock.
- Along with others in the sector, Nasdaq has had a rough few sessions amid raised HFT scrutiny thanks to the Michael Lewis book. Along with the cut in Nasdaq's rating, however, BAML boosted E*Trade and CBOE Holdings.
Apr. 2, 2014, 10:22 AM
- Nasdaq OMX (NDAQ +1.7%) and IntercontinentalExchange (ICE +1.4%) take back ground lost yesterday amid the media blitz for Michael Lewis' assault on high-frequency trading.
- Was Lewis front-run? Barron's Steven Sears notes heavy put action in NDAQ ahead of Sunday's 60 Minutes interview with the author.
Mar. 31, 2014, 5:57 PM
- Weibo will trade on the Nasdaq (NDAQ) under the symbol WB. Its decision represents a needed win for the tech-heavy exchange, which lost Twitter to the NYSE last year and reportedly trails the Big Board in the battle to land Alibaba.
- The Chinese microblogging leader, which some analysts think will fetch a $6B+ valuation, has also added Morgan Stanley and Piper to its underwriter list - they join Goldman and Credit Suisse.
- Weibo's latest F-1
Mar. 27, 2014, 9:15 AM
Mar. 18, 2014, 1:03 PM
- The listing - in which Alibaba is expected to raise up to $15B - is the largest ever for a Chinese company, and the NYSE (ICE -0.9%) is in the lead to win it, according to the Journal's sources. It would be another setback for the Nasdaq (NDAQ -3.6%) which has struggled to hold onto its reputation as the spot for tech issues following the bungling of the Facebook IPO in 2012.
- The financial impact of the listing by itself is insignificant, says Richard Repetto, but bragging rights and momentum for future tech IPOs, and boosted trading revenue over time is.
- In other news, NY AG Eric Schneiderman has reportedly launched a probe into whether stock exchanges give improper advantages to high-frequency traders. His staff has discussed concerns with execs at both Nasdaq and ICE and requested more information. Goldman reiterates its Sell rating on Nasdaq, seeing 17% downside amid this issue.
Feb. 5, 2014, 7:17 AM
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