Intrinsic value of Nasdaq - NDAQ

Previous Close

$88.08

  Intrinsic Value

$54.91

stock screener

  Rating & Target

sell

-38%

Previous close

$88.08

 
Intrinsic value

$54.91

 
Up/down potential

-38%

 
Rating

sell

Our model is not good at valuating stocks of financial companies, such as NDAQ.

We calculate the intrinsic value of NDAQ stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 0001), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 14.6

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   2
   3
   4
   5
   6
   7
   8
   9
   10
   11
   12
   13
   14
   15
   16
   17
   18
   19
   20
   21
   22
   23
   24
   25
   26
   27
   28
   29
   30
   31

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  3.30
  3.47
  3.62
  3.76
  3.88
  4.00
  4.10
  4.19
  4.27
  4.34
  4.41
  4.47
  4.52
  4.57
  4.61
  4.65
  4.68
  4.72
  4.74
  4.77
  4.79
  4.81
  4.83
  4.85
  4.86
  4.88
  4.89
  4.90
  4.91
  4.92
Revenue, $m
  4,096
  4,238
  4,392
  4,557
  4,734
  4,923
  5,125
  5,339
  5,567
  5,809
  6,065
  6,336
  6,622
  6,924
  7,244
  7,580
  7,936
  8,310
  8,704
  9,119
  9,557
  10,017
  10,501
  11,010
  11,545
  12,109
  12,701
  13,323
  13,977
  14,665
Variable operating expenses, $m
  3,779
  3,879
  3,987
  4,103
  4,227
  4,360
  4,501
  4,652
  4,811
  4,981
  4,255
  4,445
  4,646
  4,858
  5,083
  5,319
  5,568
  5,831
  6,107
  6,399
  6,705
  7,028
  7,368
  7,725
  8,101
  8,496
  8,911
  9,348
  9,807
  10,290
Fixed operating expenses, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total operating expenses, $m
  3,779
  3,879
  3,987
  4,103
  4,227
  4,360
  4,501
  4,652
  4,811
  4,981
  4,255
  4,445
  4,646
  4,858
  5,083
  5,319
  5,568
  5,831
  6,107
  6,399
  6,705
  7,028
  7,368
  7,725
  8,101
  8,496
  8,911
  9,348
  9,807
  10,290
Operating income, $m
  317
  359
  405
  454
  507
  563
  623
  687
  755
  828
  1,809
  1,890
  1,976
  2,066
  2,161
  2,262
  2,368
  2,479
  2,597
  2,721
  2,851
  2,988
  3,133
  3,285
  3,445
  3,613
  3,789
  3,975
  4,170
  4,375
EBITDA, $m
  1,383
  1,431
  1,483
  1,539
  1,598
  1,662
  1,730
  1,803
  1,880
  1,961
  2,048
  2,139
  2,236
  2,338
  2,446
  2,560
  2,679
  2,806
  2,939
  3,079
  3,227
  3,382
  3,546
  3,717
  3,898
  4,088
  4,288
  4,499
  4,719
  4,952
Interest expense (income), $m
  119
  227
  245
  263
  283
  304
  327
  351
  377
  405
  434
  466
  499
  534
  571
  610
  651
  695
  740
  789
  840
  893
  950
  1,009
  1,072
  1,137
  1,207
  1,279
  1,356
  1,436
  1,521
Earnings before tax, $m
  89
  114
  142
  171
  203
  236
  272
  310
  350
  393
  1,344
  1,391
  1,442
  1,495
  1,551
  1,611
  1,673
  1,739
  1,808
  1,881
  1,958
  2,039
  2,124
  2,213
  2,307
  2,406
  2,510
  2,619
  2,734
  2,855
Tax expense, $m
  24
  31
  38
  46
  55
  64
  73
  84
  95
  106
  363
  376
  389
  404
  419
  435
  452
  469
  488
  508
  529
  550
  573
  598
  623
  650
  678
  707
  738
  771
Net income, $m
  65
  84
  104
  125
  148
  173
  199
  226
  256
  287
  981
  1,016
  1,053
  1,091
  1,132
  1,176
  1,221
  1,269
  1,320
  1,373
  1,429
  1,488
  1,550
  1,616
  1,684
  1,756
  1,832
  1,912
  1,996
  2,084

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  15,875
  16,426
  17,021
  17,661
  18,348
  19,081
  19,862
  20,694
  21,577
  22,514
  23,506
  24,556
  25,666
  26,839
  28,076
  29,382
  30,758
  32,209
  33,737
  35,346
  37,041
  38,824
  40,700
  42,674
  44,750
  46,932
  49,228
  51,640
  54,176
  56,842
Adjusted assets (=assets-cash), $m
  15,875
  16,426
  17,021
  17,661
  18,348
  19,081
  19,862
  20,694
  21,577
  22,514
  23,506
  24,556
  25,666
  26,839
  28,076
  29,382
  30,758
  32,209
  33,737
  35,346
  37,041
  38,824
  40,700
  42,674
  44,750
  46,932
  49,228
  51,640
  54,176
  56,842
Revenue / Adjusted assets
  0.258
  0.258
  0.258
  0.258
  0.258
  0.258
  0.258
  0.258
  0.258
  0.258
  0.258
  0.258
  0.258
  0.258
  0.258
  0.258
  0.258
  0.258
  0.258
  0.258
  0.258
  0.258
  0.258
  0.258
  0.258
  0.258
  0.258
  0.258
  0.258
  0.258
Average production assets, $m
  4,829
  4,997
  5,178
  5,372
  5,581
  5,804
  6,042
  6,295
  6,563
  6,848
  7,150
  7,470
  7,807
  8,164
  8,540
  8,937
  9,356
  9,797
  10,262
  10,752
  11,267
  11,810
  12,380
  12,981
  13,612
  14,276
  14,974
  15,708
  16,479
  17,290
Working capital, $m
  127
  131
  136
  141
  147
  153
  159
  166
  173
  180
  188
  196
  205
  215
  225
  235
  246
  258
  270
  283
  296
  311
  326
  341
  358
  375
  394
  413
  433
  455
Total debt, $m
  4,528
  4,868
  5,235
  5,630
  6,053
  6,506
  6,988
  7,501
  8,046
  8,624
  9,236
  9,884
  10,569
  11,292
  12,056
  12,861
  13,711
  14,606
  15,549
  16,542
  17,587
  18,687
  19,845
  21,063
  22,344
  23,690
  25,106
  26,595
  28,160
  29,804
Total liabilities, $m
  9,795
  10,135
  10,502
  10,897
  11,320
  11,773
  12,255
  12,768
  13,313
  13,891
  14,503
  15,151
  15,836
  16,559
  17,323
  18,128
  18,978
  19,873
  20,816
  21,809
  22,854
  23,954
  25,112
  26,330
  27,611
  28,957
  30,373
  31,862
  33,427
  35,071
Total equity, $m
  6,080
  6,291
  6,519
  6,764
  7,027
  7,308
  7,607
  7,926
  8,264
  8,623
  9,003
  9,405
  9,830
  10,279
  10,753
  11,253
  11,780
  12,336
  12,921
  13,538
  14,187
  14,870
  15,588
  16,344
  17,139
  17,975
  18,854
  19,778
  20,750
  21,770
Total liabilities and equity, $m
  15,875
  16,426
  17,021
  17,661
  18,347
  19,081
  19,862
  20,694
  21,577
  22,514
  23,506
  24,556
  25,666
  26,838
  28,076
  29,381
  30,758
  32,209
  33,737
  35,347
  37,041
  38,824
  40,700
  42,674
  44,750
  46,932
  49,227
  51,640
  54,177
  56,841
Debt-to-equity ratio
  0.740
  0.770
  0.800
  0.830
  0.860
  0.890
  0.920
  0.950
  0.970
  1.000
  1.030
  1.050
  1.080
  1.100
  1.120
  1.140
  1.160
  1.180
  1.200
  1.220
  1.240
  1.260
  1.270
  1.290
  1.300
  1.320
  1.330
  1.340
  1.360
  1.370
Adjusted equity ratio
  0.383
  0.383
  0.383
  0.383
  0.383
  0.383
  0.383
  0.383
  0.383
  0.383
  0.383
  0.383
  0.383
  0.383
  0.383
  0.383
  0.383
  0.383
  0.383
  0.383
  0.383
  0.383
  0.383
  0.383
  0.383
  0.383
  0.383
  0.383
  0.383
  0.383

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  65
  84
  104
  125
  148
  173
  199
  226
  256
  287
  981
  1,016
  1,053
  1,091
  1,132
  1,176
  1,221
  1,269
  1,320
  1,373
  1,429
  1,488
  1,550
  1,616
  1,684
  1,756
  1,832
  1,912
  1,996
  2,084
Depreciation, amort., depletion, $m
  1,066
  1,072
  1,078
  1,084
  1,091
  1,099
  1,107
  1,115
  1,124
  1,134
  238
  249
  260
  272
  285
  298
  312
  327
  342
  358
  376
  394
  413
  433
  454
  476
  499
  524
  549
  576
Funds from operations, $m
  1,132
  1,156
  1,182
  1,210
  1,240
  1,271
  1,305
  1,342
  1,380
  1,421
  1,219
  1,265
  1,313
  1,364
  1,417
  1,474
  1,533
  1,596
  1,662
  1,732
  1,805
  1,882
  1,963
  2,048
  2,138
  2,232
  2,331
  2,436
  2,545
  2,660
Change in working capital, $m
  4
  4
  5
  5
  5
  6
  6
  7
  7
  7
  8
  8
  9
  9
  10
  10
  11
  12
  12
  13
  14
  14
  15
  16
  17
  17
  18
  19
  20
  21
Cash from operations, $m
  1,128
  1,151
  1,177
  1,204
  1,234
  1,266
  1,299
  1,335
  1,373
  1,413
  1,211
  1,256
  1,304
  1,354
  1,407
  1,463
  1,522
  1,584
  1,650
  1,719
  1,791
  1,868
  1,948
  2,032
  2,121
  2,215
  2,313
  2,416
  2,525
  2,639
Maintenance CAPEX, $m
  -156
  -161
  -167
  -173
  -179
  -186
  -193
  -201
  -210
  -219
  -228
  -238
  -249
  -260
  -272
  -285
  -298
  -312
  -327
  -342
  -358
  -376
  -394
  -413
  -433
  -454
  -476
  -499
  -524
  -549
New CAPEX, $m
  -154
  -168
  -181
  -195
  -209
  -223
  -238
  -253
  -269
  -285
  -302
  -319
  -338
  -357
  -376
  -397
  -419
  -441
  -465
  -490
  -515
  -542
  -571
  -600
  -631
  -664
  -698
  -734
  -771
  -811
Cash from investing activities, $m
  -310
  -329
  -348
  -368
  -388
  -409
  -431
  -454
  -479
  -504
  -530
  -557
  -587
  -617
  -648
  -682
  -717
  -753
  -792
  -832
  -873
  -918
  -965
  -1,013
  -1,064
  -1,118
  -1,174
  -1,233
  -1,295
  -1,360
Free cash flow, $m
  818
  823
  829
  837
  846
  857
  868
  881
  894
  909
  681
  699
  717
  737
  759
  781
  806
  831
  858
  887
  918
  950
  984
  1,019
  1,057
  1,097
  1,139
  1,183
  1,230
  1,279
Issuance/(repayment) of debt, $m
  321
  340
  367
  395
  423
  452
  482
  513
  545
  578
  612
  648
  685
  723
  764
  806
  849
  895
  943
  993
  1,045
  1,100
  1,158
  1,218
  1,281
  1,347
  1,416
  1,489
  1,565
  1,645
Issuance/(repurchase) of shares, $m
  135
  127
  124
  120
  115
  108
  101
  92
  82
  72
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  456
  467
  491
  515
  538
  560
  583
  605
  627
  650
  612
  648
  685
  723
  764
  806
  849
  895
  943
  993
  1,045
  1,100
  1,158
  1,218
  1,281
  1,347
  1,416
  1,489
  1,565
  1,645
Total cash flow (excl. dividends), $m
  1,274
  1,290
  1,321
  1,352
  1,384
  1,417
  1,451
  1,486
  1,522
  1,559
  1,293
  1,346
  1,402
  1,461
  1,522
  1,587
  1,655
  1,726
  1,801
  1,880
  1,963
  2,050
  2,141
  2,237
  2,338
  2,444
  2,555
  2,672
  2,795
  2,923
Retained Cash Flow (-), $m
  -200
  -211
  -228
  -245
  -263
  -281
  -299
  -319
  -338
  -359
  -380
  -402
  -425
  -449
  -474
  -500
  -527
  -556
  -585
  -616
  -649
  -683
  -719
  -756
  -795
  -836
  -879
  -924
  -971
  -1,021
Prev. year cash balance distribution, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
  1,073
  1,079
  1,093
  1,107
  1,121
  1,136
  1,152
  1,167
  1,184
  1,200
  913
  944
  977
  1,012
  1,048
  1,087
  1,128
  1,171
  1,216
  1,264
  1,314
  1,367
  1,423
  1,481
  1,543
  1,608
  1,676
  1,748
  1,823
  1,903
Discount rate, %
  6.20
  6.51
  6.84
  7.18
  7.54
  7.91
  8.31
  8.72
  9.16
  9.62
  10.10
  10.60
  11.13
  11.69
  12.28
  12.89
  13.53
  14.21
  14.92
  15.67
  16.45
  17.27
  18.14
  19.04
  20.00
  21.00
  22.05
  23.15
  24.30
  25.52
PV of cash for distribution, $m
  1,011
  951
  896
  839
  780
  720
  659
  598
  538
  479
  317
  282
  248
  215
  185
  156
  130
  107
  87
  69
  54
  41
  31
  23
  16
  11
  8
  5
  3
  2
Current shareholders' claim on cash, %
  99.1
  98.2
  97.5
  96.8
  96.1
  95.5
  95.0
  94.5
  94.1
  93.8
  93.8
  93.8
  93.8
  93.8
  93.8
  93.8
  93.8
  93.8
  93.8
  93.8
  93.8
  93.8
  93.8
  93.8
  93.8
  93.8
  93.8
  93.8
  93.8
  93.8

Nasdaq, Inc. (Nasdaq) is a holding company. The Company is a provider of trading, clearing, exchange technology, regulatory, securities listing, information and public company services. It manages, operates and provides its products and services through four segments: Market Services, Corporate Services, Information Services and Market Technology. Its global offerings include trading and clearing across various asset classes, trade management services, data products, financial indexes, capital formation solutions, corporate solutions, and market technology products and services. Its technology markets across the globe, supporting equity derivative trading, clearing and settlement, cash equity trading, fixed income trading and various other functions. Its Market Services segment include its equity derivative trading and clearing, cash equity trading, fixed income clearing corporation and trade management services businesses. Its Corporate Solutions business serves corporate clients.

FINANCIAL RATIOS  of  Nasdaq (NDAQ)

Valuation Ratios
P/E Ratio 135.9
Price to Sales 4
Price to Book 2.7
Price to Tangible Book
Price to Cash Flow 20.3
Price to Free Cash Flow 25
Growth Rates
Sales Growth Rate 8.9%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 0.8%
Cap. Spend. - 3 Yr. Gr. Rate 3.1%
Financial Strength
Quick Ratio NaN
Current Ratio 0.9
LT Debt to Equity 66.4%
Total Debt to Equity 66.4%
Interest Coverage 2
Management Effectiveness
Return On Assets 1.6%
Ret/ On Assets - 3 Yr. Avg. 3.2%
Return On Total Capital 1.3%
Ret/ On T. Cap. - 3 Yr. Avg. 3.8%
Return On Equity 2%
Return On Equity - 3 Yr. Avg. 5.5%
Asset Turnover 0.3
Profitability Ratios
Gross Margin 61.5%
Gross Margin - 3 Yr. Avg. 60.6%
EBITDA Margin 11.5%
EBITDA Margin - 3 Yr. Avg. 20.4%
Operating Margin 7%
Oper. Margin - 3 Yr. Avg. 16.1%
Pre-Tax Margin 3.7%
Pre-Tax Margin - 3 Yr. Avg. 13.1%
Net Profit Margin 2.9%
Net Profit Margin - 3 Yr. Avg. 9.1%
Effective Tax Rate 20.6%
Eff/ Tax Rate - 3 Yr. Avg. 27.8%
Payout Ratio 185.2%

NDAQ stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the NDAQ stock intrinsic value calculation we used $3965 million for the last fiscal year's total revenue generated by Nasdaq. The default revenue input number comes from 0001 income statement of Nasdaq. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our NDAQ stock valuation model: a) initial revenue growth rate of 3.3% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 6.2%, whose default value for NDAQ is calculated based on our internal credit rating of Nasdaq, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of Nasdaq.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of NDAQ stock the variable cost ratio is equal to 93%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $0 million in the base year in the intrinsic value calculation for NDAQ stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 5.4% for Nasdaq.

Corporate tax rate of 27% is the nominal tax rate for Nasdaq. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the NDAQ stock is equal to 0%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for NDAQ are equal to 117.9%.

Life of production assets of 47.7 years is the average useful life of capital assets used in Nasdaq operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for NDAQ is equal to 3.1%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $5880 million for Nasdaq - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 165.203 million for Nasdaq is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of Nasdaq at the current share price and the inputted number of shares is $14.6 billion.

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COMPANY NEWS

▶ [$$] Meditation app Calm invests $3m in Nasdaq-listed XpresSpa   [Nov-13-18 07:34AM  Financial Times]
▶ [$$] Asia equities buoyed by post-midterm rally on Wall Street   [Nov-07-18 09:03PM  Financial Times]
▶ [$$] US wage growth reaches highest pace since 2009   [Nov-02-18 08:38AM  Financial Times]
▶ Nasdaq October 2018 Volumes   [Nov-01-18 05:00PM  GlobeNewswire]
▶ [$$] Fast Asia Open: Japan retail sales, Vietnam trade   [Oct-28-18 07:02AM  Financial Times]
▶ [$$] Wall Street Fractures Over Stock Exchanges Data Sales   [07:51PM  The Wall Street Journal]
▶ [$$] Wall Street Fractures Over Stock Exchanges' Data Sales   [03:18PM  The Wall Street Journal]
▶ [$$] FirstFT: Todays top stories   [08:22AM  Financial Times]
▶ Nasdaq: 3Q Earnings Snapshot   [07:23AM  Associated Press]
▶ [$$] NYSE, Nasdaq Take It on the Chin in Washington   [Oct-19-18 07:41PM  The Wall Street Journal]
▶ [$$] US stock futures point to modest rebound   [08:33AM  Financial Times]
▶ [$$] NYSE, Nasdaq Take Hits in Washington   [06:23AM  The Wall Street Journal]
▶ [$$] Stock sell-off resumes as trade and rate worries return   [Oct-18-18 04:21AM  Financial Times]
▶ [$$] SEC Ruling Takes Aim at Stock-Exchange Profits   [08:39PM  The Wall Street Journal]
▶ [$$] SEC Ruling Takes Aim at Stock-Exchange Profits   [06:11PM  The Wall Street Journal]
▶ [$$] Asia equities slip in choppy session   [12:21AM  Financial Times]
▶ [$$] Sharp tech rally fuels Wall Street rebound   [Oct-15-18 11:52PM  Financial Times]
▶ [$$] US stock futures higher as tech recovers   [09:13PM  Financial Times]
▶ [$$] US tech stocks slide as mood stays nervous   [04:26AM  Financial Times]
▶ Nasdaq Launches ESG futures in the Nordics   [04:00AM  GlobeNewswire]
▶ [$$] US unemployment rate hits lowest level since 1969   [Oct-05-18 05:46AM  Financial Times]
▶ [$$] US stock futures rise ahead of data   [08:15AM  Financial Times]
▶ Intel Shines and AMD Stumbles Midday; Financials Slip   [Oct-02-18 03:55PM  Investing.com]

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