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Nasdaq, Inc.

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Shares of Nasdaq have outperformed the industry, quarter to date. Also, the company witnessed its 2017 and 2018 estimates moving north over the last 60 days. Nasdaq remains focused on growth through acquisitions and organic initiatives that enable entry and cross-selling opportunities into new markets at a low-cost and highly-flexible platform. It displays prudence by accelerating its non-transaction revenue base. Nasdaq realigned its reporting segments to better reflect client orientation, rebranded its fixed income business and has decided to end its NLX interest rate futures business as well. It had identified $10-$20 million in additional cost synergies and expects to deploy capital in de-leveraging over the next four quarters, investing in growth initiatives and engaging in shareholders friendly moves. However, elevated expenses restrict the desired margin expansion. Intense competition and regulatory issues remain key concerns.

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