Deutsche Bank Lowers Estimates on IntercontinentalExchange (ICE)
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Deutsche Bank lowers estimates on IntercontinentalExchange, Inc. (NYSE: ICE) following the Q4 volume report, which revealed weak OTC volumes.
The firm noted OTC volumes for the quarter were down 5% YOY, but weaker results were masked by clearing revenues in 4Q08. They said CDS revenues were slightly better than their model and RPCs were slightly weaker than expected.
The firm lowered Q4 EPS estimates by $0.20 to $0.82 and 2009 EPS estimates were lowered $0.20 to $4.80.
The firm is maintaining their Buy rating on IntercontinentalExchange despite the lower estimates, saying ICE is one of the positioned exchanges in a very tough operating environment.
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Chuck Dillmann on Jan 5, 2009 05:01 PMThink news of 4th quarter commissions could have been realeased before market opened or after the close?