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Stock Market & Financial Investment News

News Breaks
February 5, 2013
14:45 EDTICE, NYXEarnings Preview: ICE to report results after NYSE deal
Global futures exchange operator IntercontinentalExchange (ICE) is expected to report Q4 earnings before the open on Wednesday February 6, with a conference call scheduled for 8:30 am ET... EXPECTATIONS: Analysts are looking for earnings per share of $1.75 on revenue of $322.05M. The consensus range is $1.66-$1.84 for EPS on revenue of $312.42M-$334.81M, according to First Call... LAST QUARTER: IntercontinentalExchange reported Q3 EPS of $1.79 on revenue of $323.19M, which beat the consensus expectations. On December 20, the company agreed to buy NYSE Euronext (NYX) for $33.12 per share, or $8.2B. NYSE Euronext said on February 5 that it predicts that the deal will close in 2H13. A side deal that IntercontinentalExchange and NYSE Euronext reached could prevent a competing bid from arising, The Wall Street Journal reported on January 31. Under the deal, NYSE's European derivatives unit, known as Liffe, agreed to clear its trades through IntercontinentalExchange for at least two years, The WSJ reported, citing unnamed sources. The deal will remain valid regardless of whether the merger with IntercontinentalExchange closes, the newspaper stated... RESEARCH AND NEWS: Research firm Macquarie downgraded Intercontinental Exchange to Neutral from Outperform on January 9, as the firm lowered its estimate of the growth that the merger with NYSE Euronext will produce. Similarly research firm Bernstein on December 21 downgraded the company to Market Perform from Outperform as the firm believes that the NYSE Euronext acquisition dilutes the quality of Intercontinental Exchange's franchise. The firm also cited the complexity of the integration of NYSE Euronext as a reason for the downgrade. On January 14, IntercontinentalExchange CEO Duncan Niederauer told CNBC that the company's trading business is doing well. On January 23, Niederauer told The WSJ that the company would look to spin off its European unit... PRICE ACTION: IntercontinentalExchange's stock is up less than 10% since it announced the merger with NYSE Euronext. Over the last month, the stock is up about 10%.
News For ICE;NYX From The Last 14 Days
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November 17, 2015
09:03 EDTICEICE Future Europe introduces white sugar futures contract in 2016
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November 16, 2015
07:40 EDTICEBGC and GFI agree to sell Trayport to Intercontinental Exchange for $650M
BGC Partners (BGCP) and its majority-owned division, GFI Group (GFIG) announced that GFI has entered into an agreement to sell its Trayport business to Intercontinental Exchange (ICE) for $650M. Trayport is a provider of trading and aggregation software primarily in the global OTC energy and commodities markets. Trayport, which is domiciled in the UK, generated revenues of approximately $80M over the twelve months ended September 30, 2015. These revenues were predominantly generated via recurring software license and subscription fees. Trayport's revenues increased by approximately 9 percent year-on-year in British pounds during the third quarter of 2015. Under the terms of the purchase agreement, Intercontinental Exchange will acquire the equity of the companies that comprise the Trayport business. The GFI sellers will receive $650 million in ICE common shares based on the closing stock price on November 13, 2015. The aggregate number of ICE common shares is approximately 2.5 million, and up to approximately 0.8 million additional ICE common shares based on a sliding scale from $193.85 to $258.47 in the event that ICE's weighted average stock price over a specified period leading up to closing is less than $258.47. GFI will have the right to sell its ICE common shares pursuant to a registration rights agreement. ICE may elect to substitute cash for part or all of the stock consideration owed to the GFI sellers. The transaction is subject to certain closing conditions, including receipt of required regulatory approvals. The transaction is expected to close as early as the first quarter of 2016, subject to receipt of such approvals. After the close of the transaction, BGC and GFI are expected to remain customers of Trayport. The net tax the Company will pay with respect to the transaction is expected to be at a rate of 15 percent or less. The one-time gain will be reflected in BGC's consolidated results under U.S. generally accepted accounting principles, but will be excluded from the Company's results for distributable earnings.
07:32 EDTICEIntercontinental Exchange to buy Trayport from BGC, GFI for $650M
Intercontinental Exchange (ICE) announced that it has entered into a definitive agreement to acquire Trayport for $650M in ICE common stock. Trayport is a subsidiary of GFI Group (GFIG), which was acquired by BGC Partners (BGCP) in March 2015. Trayport licenses its technology platform to serve brokers for electronic and hybrid trade execution primarily in the European over-the-counter utility markets. The transaction will enable ICE to provide new services to the European OTC energy markets, including European power, natural gas and coal. The $650M purchase price will be paid with 100% equity consideration comprising approximately 2.5M shares of ICE common stock. ICE anticipates an immaterial impact to 2016 adjusted earnings per share. The agreement was unanimously approved by the Boards of Directors of both companies. The transaction is expected to close in the first quarter of 2016, subject to the completion of closing conditions and receipt of applicable regulatory approvals.

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