Nov. 27, 2013, 10:20 AM
- In a win for the NYSE (ICE +0.9%), Hilton Worldwide (HLT) will list its multi-billion dollar IPO on the Big Board. It's the 2nd high-profile win over the Nasdaq (NDAQ) in two months for the NYSE (Twitter in October).
- SEC Form S-1
- Hilton is expected to be valued at $30B-$32B, according to sources, a level which would more than double owner Blackstone's (BX +1.3%) $6B investment made in 2007. That's easier than it sounds - at one point amid the financial crisis and recession, Blackstone was down 70% on its money.
- Hilton in 2012 generated revenue of $9.28B, up 5.6% Y/Y, and operating income of $1.1B.
Nov. 25, 2013, 3:28 PM
- With leaks everywhere, Nasdaq OMX (NDAQ -0.4%) is unable to wait until the close of trade and confirms its head of transaction services is exiting the company. He's not, however, headed to the P-E world; instead he'll become the next president of institutional brokerage service ComvergEx Group.
- Press release
Nov. 25, 2013, 1:01 PM
- Mentioned in the past as a CEO Bob Greifeld's successor at Nasdaq OMX (NDAQ -0.3%), head of transaction services Eric Noll is exiting the company to take a job in private equity, reports Charlie Gasparino. His sources say the departure is not a result of the exchange's technical glitches.
- The official announcement is expected after the close.
Nov. 18, 2013, 4:35 PM
- Nasdaq OMX (NDAQ) is among three exchanges - Deutshce Boerse (DBOEY) and the London Stock Exchange (LDNXF) being the others - considering a bid for Euronext, the European exchanges set to be spun off by InterContinentalExchange (ICE) following its purchase of NYSE Euronext, reports the WSJ.
- The report quickly adds none of the thee are believed to have yet hired bankers to assist and the current plan is for Euronext to be spun off in a Paris IPO in 2014.
Nov. 17, 2013, 2:26 AM
- Nasdaq (NDAQ) and the NYSE (NYX) are reportedly nearing an agreement to back up each others' data streams in a move that would help overcome common points of failure.
- The exchanges are also discussing other ideas that could stabilize their infrastructure, such as passing the operational control of their securities information processors (SIP), which include price quotes, to a third party.
- The report follows a number of technical problems on financial bourses, such as an outage of the Nasdaq in August.
- "The exchanges need to help one another," says analyst E. Paul Rowady. "They have similar headline risk from the ongoing glitchapalooza."
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Oct. 23, 2013, 8:06 AM
- Q3 revenue of $506M is up 23% Y/Y, with much of the gain driven by acquisitions (eSpeed, Thompson Reuters). On an organic basis, revenues grew 4%. Non-transaction-based revenues climbed to 73% of total from 27% a year ago.
- Operating expenses of $304M climbed 32% from last year, again driven by those acquisitions. On an organic basis, they rsoe 7%. The firm tightens up core expense guidance to $1.075B-$1.09B from $1.07B-$1.1B.
- Q3 results, press release.
- NDAQ unchanged premarket.
Oct. 23, 2013, 7:24 AM
Oct. 23, 2013, 7:09 AM
Oct. 23, 2013, 12:05 AM
Oct. 22, 2013, 5:30 PM
Oct. 21, 2013, 2:35 PM
- In a move that could pave the way for a U.S. IPO, Alibaba has received approval from the NYSE (NYX, ICE) and Nasdaq (NDAQ) to maintain management/founder control of its board, should it list on one of the exchanges. Hong Kong's unwillingness to agree to the same had led the Chinese e-commerce giant to pursue a U.S. listing.
- Alibaba, whose Q2 numbers were released last week by 24% shareholder Yahoo (YHOO +1.8%), will likely have a $100B+ IPO valuation, given the current multiples being assigned to U.S. and Chinese Internet names. That means its offering could exceed Facebook's in size, and will easily dwarf Twitter's.
Oct. 16, 2013, 1:56 PM
- The NASDAQ OMX Group (NDAQ) is rolling out eight new indexes this week to add to their popular BulletShares traditional bond ladder product line.
- Executive Vice President, John Jacob, stated in a press release that the indexes "are the next step for NASDAQ and Accretive Asset Management in creating new ways to measure fixed income investing."
- Historically, Guggenheim has used the BulletShares Indexes as a starting point for their BulletShares ETFs; and while no plans have been made public yet, it is safe to assume these 8 new indexes will eventually lead to ETFs.
- Currently Trading BulletShares ETFs: BSCD, BSJD, BSCE, BSJE, BSCF, BSJF, BSCG, BSJG, BSCH, BSJH, BSCI, BSJI, BSCJ
Oct. 15, 2013, 5:32 PM
- As rumored, Twitter (TWTR) has chosen to spurn the tech-heavy Nasdaq (NDAQ) in favor of the NYSE (NYX, ICE).
- The NYSE and Nasdaq battled fiercely for the right to host Twitter. Facebook opted for a Nasdaq listing, but LinkedIn went with the NYSE.
- The microblogging leader's IPO might arrive in mid-November.
- NDAQ -1% AH.
Oct. 8, 2013, 3:33 PM
- "I would probably start by getting rid of rules," says IntercontinentalExchange's (ICE -1.7%) Tom Farley, musing about how to improve the U.S. stock market (he declined to say which rules). "There’s been several significant rules that have been layered on in the last 15 years that have resulted in a costly and complex market."
- Farley's comments come less than two months after the Nasdaq (NDAQ -0.9%) was forced to shutdown for several hours due to a software glitch, and just ahead of the closing of ICE's buyout of NYSE Euronext (NYX -1.1%).
- SEC Regulation NMS requires stocks to trade on whatever market has the best price at any given time, resulting in a massive fragmentation of U.S. trading - more than 50 systems. Futures trading has no such segmentation. "The futures markets aren’t perfect, but I was the president of our U.S. futures market for seven years and I never once had anybody complain about liquidity," says Farley. “There are whole conferences dedicated to the issue in equity markets.”
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