Core Insights - Nasdaq has launched the Nasdaq Private Capital Indexes to benchmark the performance of private market funds, aiming to enhance transparency in private markets [1][3] - The indexes track over 14,000 institutional private market funds, totaling approximately $11.4 trillion globally, sourced from Nasdaq's eVestment LP dataset [2] - The indexes utilize a rules-based methodology, including quarterly performance measurements and NAV-weighted aggregation, accessible through various Nasdaq platforms [2] Group 1: Nasdaq Private Capital Indexes - The Nasdaq Private Capital Indexes provide a comprehensive view of private markets, addressing fragmentation and data silos in the ecosystem [3] - The importance of private market allocations is increasing in both institutional and private wealth portfolios, leading to a rise in performance tracking efforts [3] Group 2: Competitive Landscape - Other firms, such as YCharts and Hamilton Lane, are also entering the private market benchmarking space, with Hamilton Lane using proprietary fund-level data [4] - Morningstar has launched its own indexes for non-traded semiliquid funds, while FTSE Russell and BlackRock are also developing benchmarks for private market investments [5]

Core Insights - The total short interest in Nasdaq Global Market securities increased to 15,574,683,465 shares as of January 30, 2026, up from 15,349,969,813 shares on January 15, 2026, indicating a growing bearish sentiment in the market [1] - The average short interest days decreased from 2.88 days to 2.58 days during the same period, suggesting a slight improvement in liquidity [1] - In the Nasdaq Capital Market, short interest rose to 3,614,991,067 shares from 3,478,325,627 shares, with the average daily volume decreasing from 1.19 days to 1.08 days [2] - Overall, short interest across all 5,213 Nasdaq securities reached 19,189,674,532 shares, an increase from 18,828,295,440 shares, with the average daily volume declining from 2.28 days to 2.05 days [3] Company Overview - Nasdaq is a leading global technology company that provides services to corporate clients, investment managers, banks, brokers, and exchange operators, focusing on enhancing liquidity, transparency, and integrity in the global capital markets [7] - The company aims to deliver advanced platforms and services that enable clients to optimize their business strategies and navigate the financial system with confidence [7]

Core Viewpoint - Nasdaq, Inc. reported strong free cash flow (FCF) and margins for Q4, yet its stock has declined by 14% since the announcement, presenting an opportunity to short out-of-the-money put options with a one-month expiry [1]. Financial Performance - Nasdaq's revenue increased by 13% in 2025, with annualized recurring revenue (ARR) rising by 10% in Q4 [4]. - The company's FCF reached nearly $2.2 billion in 2025, representing 42.3% of its net revenue of $5.2 billion, indicating strong cash-flow profitability [4]. - In comparison, the previous year, Nasdaq generated $1.732 billion in FCF, which was 37.3% of its $4.649 billion in net revenue, showing improved margins and operating leverage [5]. Future Projections - For Q4, Nasdaq's FCF was $537 million, accounting for 38.6% of its $1.392 billion in net revenue [6]. - Analysts forecast net revenue to rise to $5.7 billion in 2026, a 9.6% increase, and to $6.17 billion in 2027, an 18.65% increase [6]. - Assuming a 40% conversion of revenue to FCF, the estimated FCF for 2026 would be approximately $2.288 billion, a 4.1% increase from 2025 [8]. Market Valuation - If the market values Nasdaq stock at a 4.25% FCF yield, the estimated market value would be $53.84 billion based on the projected FCF [9]. - Currently, Nasdaq has a market cap of $48.17 billion, suggesting a potential gain of 14% from the current stock price of $84.17, leading to a target price of $95.95 [9]. - This target price is lower than the average target price of $108.33 set by 17 analysts [9].

Core Insights - Nasdaq, Inc. has launched the Nasdaq Private Capital Indexes to enhance its private capital solutions platform, amidst mixed performance in broader markets [1][7] Group 1: Nasdaq Private Capital Indexes - The Nasdaq Private Capital Indexes aim to provide transparency and robust data for institutional investors in private markets, constructed from over 14,000 institutional private market funds, representing more than $11.4 trillion in global assets under management [2] - These indexes utilize a documented, rules-based methodology to ensure consistent performance measurement and improve risk and return reporting capabilities, reflecting Nasdaq's commitment to enhancing operational infrastructure in private markets [3] - The launch addresses the fragmentation in private markets, which are growing rapidly in importance and complexity, with data often trapped in silos and inconsistent benchmarks [4] Group 2: Market Performance and Stock Analysis - Nasdaq's stock is currently trading 12.2% below its 20-day simple moving average (SMA) and 8.2% below its 100-day SMA, indicating a bearish trend, while shares have increased by 3.53% over the past 12 months [6] - The stock's Relative Strength Index (RSI) is at 29.21, suggesting it is oversold, and the Moving Average Convergence Divergence (MACD) is below its signal line, indicating bearish pressure [6] - Nasdaq's shares were down 2.71% at $83.96 at the time of publication, reflecting a weak momentum score compared to the broader market [13] Group 3: Earnings and Analyst Outlook - The next major catalyst for Nasdaq's stock is the earnings report scheduled for April 23, 2026 [8] - The stock carries a Buy Rating with an average price target of $104.00, with recent analyst actions indicating key resistance at $92.50 and key support at $80.00 [9] - Earnings per share (EPS) is estimated at 92 cents, up from 79 cents year-over-year, with revenue estimated at $1.37 billion, up from $1.24 billion year-over-year [10] Group 4: Valuation Insights - Nasdaq's stock trades at a premium P/E of 27.9x, indicating a premium valuation, but rising estimates suggest analysts see growth prospects justifying a 24% upside to analyst targets [11] - The Benzinga Edge scorecard indicates a mixed outlook for Nasdaq, with a stable balance sheet but low Value and Momentum scores, suggesting potential challenges in the current market environment [12]

Core Insights - Nasdaq has launched the Nasdaq Private Capital™ Indexes, a new suite of benchmarks aimed at enhancing transparency and robustness in private markets [2][3] - The indexes are designed to assist institutional investors and consultants in benchmarking performance and navigating private capital markets effectively [2][4] Group 1: Product Features - The Nasdaq Private Capital™ Indexes are constructed from over 14,000 institutional private market funds, representing more than $11.4 trillion in global assets under management (AUM) [4] - The indexes utilize a documented, rules-based methodology that includes Modified Dietz quarterly performance measurement and NAV-weighted aggregation [4][5] - The suite covers various private capital strategies, including private equity, buyout, venture capital, private debt, fund of funds, and real estate [4] Group 2: Market Context - The private markets are experiencing rapid growth and increasing complexity, yet they remain fragmented with inconsistent benchmarks and limited interoperability [4][6] - As allocations to private markets increase, there is a growing demand for greater transparency and stronger operational infrastructure from institutions [6] Group 3: Delivery and Integration - The Nasdaq Private Capital™ Indexes will be delivered through Nasdaq eVestment TopQ+, Nasdaq Global Index Watch (GIW), and other data licensing channels [5] - The indexes aim to provide objective, rules-based benchmarks that enhance risk and return reporting capabilities and facilitate data management and system integration [5]

Global Equity Markets - Global equity markets displayed a mixed performance over the weekend, with European and U.S. indices largely flat or slightly positive, while some Asian markets saw minor declines [2][3][9] - The German DAX posted a modest gain of 0.10%, closing at 24790, and the U.S. NASDAQ saw a slight increase of 0.12%, reaching 25048 [2][3] - The Dow Jones Industrial Average experienced a marginal dip of 0.01%, ending at 50092, while the UK's FTSE 100 registered a minimal uptick of 0.01% to 10405 [3][9] - Asian markets showed a slight downturn, with the Hang Seng Index declining by 0.11% to 27012, indicating a period of consolidation across international bourses [3] Commodity Market - The commodities sector presented a stark contrast, with precious metals outperforming energy [4] - Gold prices rose by 0.29% to 4979, while Silver saw an even stronger rally, climbing 0.65% to 7842, indicating increased demand for safe-haven assets [4][9] - Conversely, the energy market witnessed a notable decline in crude oil prices, with US Oil falling by 1.21%, settling at 6262, attributed to concerns over global demand and increased supply [5][9] Currency Movements - In the foreign exchange market, the Euro showed a slight upward trend against the U.S. Dollar, with the EURUSD pair increasing by 0.09%, trading at 11828 [6][9]

Core Insights - The Zacks Securities and Exchanges industry is benefiting from a diversified product portfolio, increased trading volumes, and the adoption of crypto assets, which is expected to drive revenues for key players like S&P Global, Intercontinental Exchange, CME Group, Nasdaq, and Cboe Global Markets [1][4][5] - The industry is experiencing a shift towards non-trading revenue sources, including market technology and data services, which enhances business dynamism and stability [1][6] - Mergers and acquisitions are becoming more prevalent as companies seek to innovate and adapt to changing market conditions [3][7] Industry Overview - The Zacks Securities and Exchanges industry includes companies that operate electronic marketplaces for trading various financial instruments, generating revenue from fees and data services [4] - The industry is witnessing a growing adoption of crypto assets, although regulatory compliance remains a challenge [4] Trends Impacting the Industry - Volatility in financial markets is driving trading volumes, which in turn boosts transaction and clearing fees, a primary revenue driver [5] - Companies are diversifying into recurring revenue sources to reduce reliance on trading income, focusing on data services and technology platforms [6] - Continuous investment in technology, including AI and blockchain, is enhancing operational efficiency and competitiveness [8] Performance Metrics - The Zacks Securities and Exchanges industry has underperformed compared to the broader Zacks Finance sector and the S&P 500, with a year-to-date gain of 0.6% versus 13% and 17% respectively [13] - The industry is currently trading at a trailing P/E ratio of 23.31, higher than the S&P 500's 22.6 and the sector's 17.5 [16] Earnings Outlook - The Zacks Industry Rank for the Securities and Exchanges industry is 48, placing it in the top 20% of 243 Zacks industries, indicating positive near-term prospects [9][10] - Aggregate earnings estimates for the industry have increased by 8.8% over the past year, reflecting growing analyst confidence [11] Notable Companies - **Cboe Global Markets**: Expected to grow with a 6.1% increase in 2026 EPS and a long-term growth rate of 16.5% [20][21] - **S&P Global**: Anticipated 11.4% increase in 2026 EPS, supported by ongoing service launches [24][26] - **Nasdaq**: Projected 8.9% and 12.3% increases in 2026 and 2027 EPS respectively, with a focus on non-trading revenue [28][29] - **CME Group**: Expected to see 4.5% and 5.3% increases in 2026 and 2027 EPS, driven by product expansion [31][33] - **Intercontinental Exchange**: Forecasted 9.3% increase in 2026 EPS, benefiting from digitization in the mortgage industry [35][36]

Company Overview - Nasdaq, Inc. is a global financial technology and exchange operator, valued at $50.5 billion, known for running the Nasdaq stock market, one of the largest electronic trading platforms worldwide [1] Stock Performance - Over the past year, Nasdaq's shares have underperformed the broader market, gaining only 3.2% compared to the S&P 500 Index's increase of nearly 12.2% [2] - Year-to-date, Nasdaq stock is down 12%, while the S&P 500 has experienced a marginal dip [2] Competitive Position - Nasdaq has outperformed the State Street SPDR S&P Capital Markets ETF, which gained about 1.2% over the past year, while Nasdaq's performance has lagged behind the ETF's 12% year-to-date increase [3] Financial Performance - In Q4 2025, Nasdaq reported a 13% increase in net revenue to $1.4 billion, driven by a 14% growth in Financial Technology and a 23% surge in Index revenue [5] - Annual Recurring Revenue (ARR) reached $3.1 billion, up 10%, with SaaS revenue comprising 38% of total ARR [5] - Non-GAAP EPS increased by 27% year-over-year to $0.96, and shareholder returns were strengthened through $439 million in dividends and share buybacks, alongside a $100 million debt repayment [5] Earnings Expectations - For the current fiscal year ending in December, analysts project an 8.9% growth in EPS to $3.79 on a diluted basis [6] - Nasdaq has a strong earnings surprise history, beating consensus estimates in the last four quarters [6] - Among 18 analysts covering Nasdaq stock, the consensus rating is a "Moderate Buy," with 11 "Strong Buy" ratings, three "Moderate Buys," and four "Holds" [6]

Core Insights - Anthropic has released a new version of its AI model, Claude Opus 4.6, designed for financial research, which can analyze corporate data, regulatory filings, and market information to generate detailed financial analysis reports that typically take days for humans to complete [1] - The announcement of Claude Opus 4.6 has led to a significant decline in the stock prices of financial services companies, with FactSet Research Systems Inc. experiencing a drop of up to 10%, alongside notable declines in the stocks of S&P Global, Moody's, and Nasdaq [1] Company Impact - The introduction of Claude Opus 4.6 enhances various office functions, including spreadsheet creation, presentation development, and software programming, indicating a broader application of AI in financial services [1] - The market reaction to the release suggests a growing concern among investors regarding the potential disruption caused by advanced AI tools in traditional financial analysis roles [1]

NEW YORK, Feb. 05, 2026 (GLOBE NEWSWIRE) -- Nasdaq will hold its 2026 Investor Day at the company’s Global Headquarters in Times Square, New York. Due to limited capacity, in-person attendance is by invitation only. When: Wednesday, February 25, 2026 8:00 AM – 12:30 PM ETWhere:Webcast registration link: https://edge.media-server.com/mmc/p/u69c26de The agenda, slide presentation and a live webcast will be available on the day of the event on Nasdaq’s IR website: http://ir.nasdaq.com. A replay will be avai ...