Core Insights - Nasdaq, Inc. (NDAQ) is anticipated to show growth in both revenue and earnings for Q4 2025, with revenue expected to reach $1.37 billion, reflecting an 11.5% increase year-over-year [1] - The earnings consensus estimate is set at 91 cents per share, indicating a 19.7% year-over-year increase, with a recent upward revision of 1.1% in the past 60 days [2] Financial Performance Expectations - The Earnings ESP for Nasdaq is currently +0.45%, suggesting a potential earnings beat, supported by a positive earnings estimate and a Zacks Rank of 3 (Hold) [3][4] - Factors contributing to the expected performance include organic revenue growth, new sales, and increased revenues from Financial Crime Management Technology [5] Revenue Drivers - The Financial Crime Management Technology segment is likely to benefit from higher subscription revenues due to new sales and price increases [6] - The Capital Markets Technology business is expected to see growth from increased trade management services and new client contracts [6] - The Capital Access Platforms division is projected to gain from new listings, increased data sales, and higher average assets under management (AUM) linked to Nasdaq indices [7] Volume and Listing Growth - Nasdaq reported a significant increase in Q4 volumes, with U.S. equity options up 25.3% year-over-year to 1.1 billion contracts, and European options and futures volume up 13.3% to 16.1 million contracts [10][11] - The U.S. matched equity volume reached 171.3 billion shares, a 36.8% increase from the previous year, while total listings rose 6.7% year-over-year to 5,599 [12] Expense Considerations - Total expenses are expected to rise due to increased costs in professional services, technology infrastructure, marketing, and regulatory initiatives [8] - However, share buybacks during the quarter are anticipated to positively impact the bottom line [8]

Core Insights - The Nasdaq has reached a plateau, indicating a period of stagnation in the market, while the S&P 500 is also showing minimal movement [1] Group 1 - The article suggests that October marked the last high for the Nasdaq, implying a potential shift in market dynamics [1] - There is a focus on the implications of a flat market for investors and the strategies they might consider moving forward [1]

Group 1 - The core viewpoint of the article highlights that 2025 was one of the best years for IPO performance since 2014, with a total of 353 IPOs in the U.S., including 210 operating company IPOs, raising a total of $70 billion [1][4] - The average first-day return for IPOs in 2025 was 33%, marking the second-best performance since 2014, indicating a resurgence in investor appetite for IPOs [4][10] - The average age of companies going public in 2025 was 12 years, slightly improved from 14 years in 2024, and the second-highest average since 2009 [4][8] Group 2 - The trend shows that companies are waiting longer to go public, with the average age at IPO increasing significantly over the past 25 years, which has implications for market dynamics [5][8] - The article discusses the benefits of IPOs for companies, investors, and the economy, including a 25% reduction in credit spreads and lower borrowing costs for companies that go public [8][10] - Proposed reforms by Nasdaq aim to lower the costs of going public, such as adjusting disclosure requirements based on company size and simplifying reporting processes, which could facilitate more companies to list [9][18] Group 3 - The Nasdaq IPO Pulse index indicates a rebound in IPO activity, with expectations for continued growth into 2026, supported by a favorable market outlook [10][15] - The article notes that the U.S. and Stockholm IPO markets are both experiencing upward trends, with predictions of significant IPO activity in 2026, including companies with a total market value of $3 trillion [19][20] - The increase in private capital has allowed companies to remain private longer, impacting the number of IPOs and the overall market landscape [12][18]

Core Viewpoint - Nasdaq has submitted a rule change application to the SEC to eliminate the position limit on Bitcoin and Ethereum spot ETF options, aligning them with the rules applicable to other commodity ETFs [1] Group 1: Regulatory Changes - The proposed rule change was submitted on January 7 and involves the current limit of 25,000 contracts on related options [1] - The institutions affected by this proposal include BlackRock, Fidelity, Grayscale, ARK/21Shares, and VanEck [1] - The SEC is expected to make a final decision by the end of February [1] Group 2: Market Implications - The MACD golden cross signal has formed, indicating positive momentum for certain stocks [1]

Group 1 - CK Hutchison Holdings is considering a listing of its global telecommunications business in London and Hong Kong [1] - The potential listing could occur as early as the third quarter following the spin-off from the group [1]

Core Viewpoint - Nasdaq's new rule IM-5101-3 introduces a risk-based framework allowing it to reject initial listing applications based on perceived susceptibility to manipulation, reflecting a response to recent issues with listed securities and concerns from the SEC regarding potential market manipulation [1][2]. Group 1: Rule Overview - The rule, effective from December 19, 2025, is part of Nasdaq's discretionary framework for managing initial and continued listings, emphasizing its role as a self-regulatory organization to prevent fraud and manipulation [1]. - Rule 5101 grants Nasdaq the authority to deny or conditionally approve initial listings or suspend or cancel listings to protect investor interests and maintain market quality [1][4]. - Unlike Nasdaq's previous quantitative listing standards focused on financial metrics, Rule 5101 provides greater flexibility to address situations that may harm market integrity or investor protection [1][2]. Group 2: Factors for Rejection - Nasdaq can refuse initial listing applications based on factors that may lead to securities being easily manipulated, even if all other listing requirements are met [6]. - Factors considered may include the company's jurisdiction, the influence of individuals or entities, and the potential for regulatory enforcement challenges [10]. Group 3: Notification and Disclosure - If Nasdaq decides to reject an initial listing based on IM-5101-3, it will issue a written decision outlining the basis for its decision, which must be publicly disclosed by the company within four business days [8]. Group 4: Implications for Companies - Companies planning to go public on Nasdaq, especially foreign private issuers, should assess various factors early in the listing process, including advisor scrutiny and ownership structures, to mitigate the risk of rejection under the new rule [9]. - Current applicants should prepare for potential additional hurdles due to this rule and consider whether to change advisors or reassess their organizational structure [9]. - Concerns regarding advisors, particularly those operating in jurisdictions with limited transparency or recourse, may impact their ability to participate in Nasdaq IPOs [9].

Core Insights - The Invesco QQQ Trust (QQQ) and Invesco S&P 500 Equal Weight ETF (RSP) differ significantly in risk, sector exposure, and income potential, which are crucial for portfolio resilience [1][2] Cost and Size Comparison - QQQ has an expense ratio of 0.18% and AUM of $412.7 billion, while RSP has a slightly higher expense ratio of 0.20% and AUM of $78.7 billion [3] - The 1-year return for QQQ is 23.6%, compared to RSP's 14.1%, and QQQ has a dividend yield of 0.4% versus RSP's 1.6% [3][4] Performance and Risk Comparison - Over the past five years, QQQ experienced a maximum drawdown of -35.12%, while RSP had a drawdown of -21.37% [5] - An investment of $1,000 in QQQ would have grown to $1,993, while the same investment in RSP would have grown to $1,506 over five years [5] Sector Exposure and Diversification - RSP holds approximately 505 stocks with equal weight, providing broad sector exposure, particularly in Technology, Industrials, and Financial Services, each representing 14%-16% of assets [7] - QQQ is heavily concentrated in technology, with over 50% of its portfolio in this sector, and top holdings include Nvidia, Apple, and Microsoft, which together exceed 23% of assets [8][10] Investment Implications - QQQ offers higher growth potential but comes with greater volatility and sector concentration, making it suitable for investors comfortable with risk [12] - RSP provides broader diversification and a higher yield, appealing to income-focused investors and those seeking risk reduction [12]

Group 1 - A group of individuals was arrested for using electronic means to commit property appropriation, specifically through a cryptocurrency scam [1][4] - The scam involved creating a fake trading platform that impersonated the legitimate Nasdaq exchange, misleading victims into investing [2][4] - The group utilized social media platforms like Zalo and Telegram to simulate trading activity and falsely report profits to attract investors [5] Group 2 - Preliminary investigations revealed that the scam operation was organized in Cambodia, with Vietnamese nationals recruited to execute various roles [4] - The total amount swindled from victims is estimated at VND14 billion, with significant losses reported by individual victims [5] - Law enforcement seized substantial evidence during a raid, including cash, electronic devices, and fraudulent materials [6]

Core Viewpoint - The article highlights Amazon as a strong investment opportunity, particularly in the context of the ongoing AI boom and its solid performance in e-commerce and cloud computing [2][4][9]. Industry Overview - The AI market, currently valued at $300 billion, is projected to reach trillions by the end of the decade, indicating significant growth potential for companies involved in AI technologies [2]. - The Nasdaq has seen growth driven by excitement around AI and quantum computing, suggesting a favorable environment for tech stocks [1]. Company Performance - Amazon's stock rose approximately 5% last year, reflecting growth from its AI initiatives and established e-commerce and cloud computing sectors [3]. - Amazon Web Services (AWS) has achieved an annual revenue run rate of $132 billion, benefiting from AI offerings and innovations [6][9]. Investment Appeal - Amazon is positioned as a suitable investment for both aggressive and cautious investors due to its diversified business model and proven growth outside of AI [4]. - The stock is currently trading at about 30 times forward earnings estimates, a decrease from over 50 times in previous years, making it an attractive valuation for investors [7][8]. Future Outlook - The expectation is that Amazon will continue to thrive as a key player in the AI space, with potential for significant stock appreciation as the Nasdaq is predicted to soar in 2026 [2][9].

Core Viewpoint - Nasdaq has received regulatory approval from the U.S. Securities and Exchange Commission to introduce additional options expirations on Mondays and Wednesdays for certain stocks, specifically for Mag-7 shares [2] Group 1 - Nasdaq will now be able to list options contracts that expire on Mondays and Wednesdays, expanding its offerings in the options market [2] - The approval is significant as it allows for more flexibility and trading opportunities for investors in the Mag-7 stocks [2]