JPMorgan Downgrades CBOE Holdings (CBOE) to Neutral

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Go back to JPMorgan Downgrades CBOE Holdings (CBOE) to Neutral

Inverse VIX ETN Blowup a Big Risk for CBOE Holdings (CBOE), Two Analysts Say in Downgrades

February 7, 2018 1:41 PM EST

Shares of CBOE Holdings (NASDAQ: CBOE) were pressured for the second consecutive session as Wall Street debates the fallout from the VIX spike and related plunge in several inverse VIX ETNs. Today, two large brokerage firm's downgraded the stock amid risk to profit, sending the stock down 3% to $113.46.

JPMorgan's Kenneth Worthington downgraded the stock from Overweight to Neutral saying he sees "the risk presented by massive deterioration of value in short-VIX strategies as a risk to CBOE." Worthington notes inverse ETNs like VelocityShares Daily Inverse VIX ST ETN (NYSE:... More