Barclays on U.S. Brokers, Asset Managers & Exchanges: Adjusting Exchange (NYX & NDAQ) Estimates
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Rating Summary:
4 Buy, 11 Hold, 2 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 11 | Down: 18 | New: 17
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Barclays on U.S. Brokers, Asset Managers & Exchanges: Truing-Up Cash Equity Exchange Estimates
Analyst, Roger A. Freeman, said, "We are taking the opportunity to adjust our exchange volume forecasts for NYSE (NYSE: NYX) and Nasdaq (Nasdaq: NDAQ) following the month of May. Overall, U.S. cash equities average daily volume (ADV) was up 9% vs. April levels to 7.1bn shares."
"Cash equities ADV is running at 6.8bn QTD, above our prior forecast of 6.7bn. Given current trends, our ADV estimate moves slightly higher to 7.0bn, implying ADV of roughly 7.2bn for the month of June."
"QTD equity options ADV of 15.2mn is running 4% below 1Q12 levels and 2% under our prior estimate despite the 7% sequential increase in May volumes. We are adjusting our equity option ADV forecast slightly lower to 15.5mn, down from 15.6mn, implying equity option ADV of 16.0mn in June."
"On the European front, most volumes have been running below our expectations with the lone exception of NYX's derivative volumes, which are running slightly above our prior expectations."
"Given the above changes, our NDAQ 2Q12 EPS estimate moves to $0.62 from $0.63. Our FY2012 estimate moves to $2.57 from $2.61 and our price target remains at $31. Our NYX 2Q12 EPS estimate moves to $0.51 from $0.53. Our FY2012 forecast moves to $2.20 from $2.25 and our price target remains at $33."
Analyst, Roger A. Freeman, said, "We are taking the opportunity to adjust our exchange volume forecasts for NYSE (NYSE: NYX) and Nasdaq (Nasdaq: NDAQ) following the month of May. Overall, U.S. cash equities average daily volume (ADV) was up 9% vs. April levels to 7.1bn shares."
"Cash equities ADV is running at 6.8bn QTD, above our prior forecast of 6.7bn. Given current trends, our ADV estimate moves slightly higher to 7.0bn, implying ADV of roughly 7.2bn for the month of June."
"QTD equity options ADV of 15.2mn is running 4% below 1Q12 levels and 2% under our prior estimate despite the 7% sequential increase in May volumes. We are adjusting our equity option ADV forecast slightly lower to 15.5mn, down from 15.6mn, implying equity option ADV of 16.0mn in June."
"On the European front, most volumes have been running below our expectations with the lone exception of NYX's derivative volumes, which are running slightly above our prior expectations."
"Given the above changes, our NDAQ 2Q12 EPS estimate moves to $0.62 from $0.63. Our FY2012 estimate moves to $2.57 from $2.61 and our price target remains at $31. Our NYX 2Q12 EPS estimate moves to $0.51 from $0.53. Our FY2012 forecast moves to $2.20 from $2.25 and our price target remains at $33."
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