Intrinsic value of Nasdaq - NDAQ

Previous Close

$78.20

  Intrinsic Value

$78.82

stock screener

  Rating & Target

hold

+1%

Previous close

$78.20

 
Intrinsic value

$78.82

 
Up/down potential

+1%

 
Rating

hold

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

*Intrinsic value change (in %) minus stock price change (in %) in the past 12 months.

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.

Please visit our new site that uses elements of artificial intelligence for stock valuation: artificial intelligence value of Nasdaq (NDAQ) stock.

STOCK VALUATION INPUT DATA

Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Shares outstanding, mln

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2016(a)
   2017
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  8.87
  4.30
  4.37
  4.43
  4.49
  4.54
  4.59
  4.63
  4.67
  4.70
  4.73
  4.76
  4.78
  4.80
  4.82
  4.84
  4.86
  4.87
  4.88
  4.89
  4.91
  4.91
  4.92
  4.93
  4.94
  4.94
  4.95
  4.95
  4.96
  4.96
  4.97
Revenue, $m
  3,705
  3,864
  4,033
  4,212
  4,401
  4,601
  4,812
  5,035
  5,270
  5,517
  5,778
  6,053
  6,342
  6,647
  6,967
  7,304
  7,659
  8,032
  8,424
  8,837
  9,270
  9,726
  10,205
  10,708
  11,237
  11,792
  12,376
  12,989
  13,633
  14,310
  15,021
Variable operating expenses, $m
 
  3,019
  3,125
  3,237
  3,355
  3,480
  3,612
  3,751
  3,898
  4,053
  4,216
  3,785
  3,966
  4,156
  4,357
  4,568
  4,789
  5,023
  5,268
  5,526
  5,797
  6,082
  6,381
  6,696
  7,027
  7,374
  7,739
  8,122
  8,525
  8,948
  9,393
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
  3,444
  3,019
  3,125
  3,237
  3,355
  3,480
  3,612
  3,751
  3,898
  4,053
  4,216
  3,785
  3,966
  4,156
  4,357
  4,568
  4,789
  5,023
  5,268
  5,526
  5,797
  6,082
  6,381
  6,696
  7,027
  7,374
  7,739
  8,122
  8,525
  8,948
  9,393
Operating income, $m
  261
  845
  908
  975
  1,046
  1,121
  1,200
  1,284
  1,372
  1,464
  1,562
  2,268
  2,376
  2,490
  2,610
  2,737
  2,870
  3,009
  3,156
  3,311
  3,473
  3,644
  3,823
  4,012
  4,210
  4,418
  4,637
  4,867
  5,108
  5,362
  5,628
EBITDA, $m
  431
  1,525
  1,591
  1,662
  1,736
  1,815
  1,899
  1,986
  2,079
  2,177
  2,280
  2,388
  2,502
  2,622
  2,749
  2,882
  3,022
  3,169
  3,324
  3,486
  3,657
  3,837
  4,026
  4,225
  4,433
  4,652
  4,883
  5,125
  5,379
  5,646
  5,926
Interest expense (income), $m
  119
  144
  160
  176
  193
  210
  229
  249
  270
  292
  316
  340
  366
  393
  422
  452
  484
  518
  553
  590
  629
  670
  713
  758
  805
  855
  907
  962
  1,020
  1,081
  1,145
Earnings before tax, $m
  136
  701
  749
  800
  854
  911
  971
  1,035
  1,102
  1,172
  1,247
  1,928
  2,010
  2,097
  2,188
  2,284
  2,385
  2,492
  2,604
  2,721
  2,845
  2,974
  3,111
  3,254
  3,405
  3,563
  3,730
  3,904
  4,088
  4,281
  4,483
Tax expense, $m
  28
  189
  202
  216
  231
  246
  262
  279
  297
  316
  337
  520
  543
  566
  591
  617
  644
  673
  703
  735
  768
  803
  840
  879
  919
  962
  1,007
  1,054
  1,104
  1,156
  1,210
Net income, $m
  108
  512
  547
  584
  623
  665
  709
  755
  804
  856
  910
  1,407
  1,467
  1,531
  1,597
  1,668
  1,741
  1,819
  1,901
  1,986
  2,077
  2,171
  2,271
  2,376
  2,486
  2,601
  2,723
  2,850
  2,984
  3,125
  3,273

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  648
  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
  14,150
  14,103
  14,720
  15,372
  16,062
  16,792
  17,562
  18,375
  19,232
  20,135
  21,088
  22,091
  23,147
  24,258
  25,428
  26,659
  27,953
  29,314
  30,746
  32,251
  33,833
  35,496
  37,243
  39,080
  41,010
  43,037
  45,168
  47,405
  49,756
  52,226
  54,820
Adjusted assets (=assets-cash), $m
  13,502
  14,103
  14,720
  15,372
  16,062
  16,792
  17,562
  18,375
  19,232
  20,135
  21,088
  22,091
  23,147
  24,258
  25,428
  26,659
  27,953
  29,314
  30,746
  32,251
  33,833
  35,496
  37,243
  39,080
  41,010
  43,037
  45,168
  47,405
  49,756
  52,226
  54,820
Revenue / Adjusted assets
  0.274
  0.274
  0.274
  0.274
  0.274
  0.274
  0.274
  0.274
  0.274
  0.274
  0.274
  0.274
  0.274
  0.274
  0.274
  0.274
  0.274
  0.274
  0.274
  0.274
  0.274
  0.274
  0.274
  0.274
  0.274
  0.274
  0.274
  0.274
  0.274
  0.274
  0.274
Average production assets, $m
  2,208
  2,303
  2,404
  2,510
  2,623
  2,742
  2,868
  3,001
  3,141
  3,288
  3,444
  3,607
  3,780
  3,961
  4,152
  4,353
  4,565
  4,787
  5,021
  5,267
  5,525
  5,797
  6,082
  6,382
  6,697
  7,028
  7,376
  7,742
  8,125
  8,529
  8,952
Working capital, $m
  478
  -178
  -186
  -194
  -202
  -212
  -221
  -232
  -242
  -254
  -266
  -278
  -292
  -306
  -320
  -336
  -352
  -369
  -388
  -406
  -426
  -447
  -469
  -493
  -517
  -542
  -569
  -597
  -627
  -658
  -691
Total debt, $m
  3,603
  3,994
  4,392
  4,813
  5,259
  5,730
  6,228
  6,753
  7,307
  7,891
  8,506
  9,154
  9,836
  10,554
  11,309
  12,104
  12,941
  13,820
  14,745
  15,717
  16,739
  17,813
  18,942
  20,129
  21,375
  22,685
  24,061
  25,507
  27,026
  28,621
  30,297
Total liabilities, $m
  8,720
  9,111
  9,509
  9,930
  10,376
  10,847
  11,345
  11,870
  12,424
  13,008
  13,623
  14,271
  14,953
  15,671
  16,426
  17,221
  18,058
  18,937
  19,862
  20,834
  21,856
  22,930
  24,059
  25,246
  26,492
  27,802
  29,178
  30,624
  32,143
  33,738
  35,414
Total equity, $m
  5,430
  4,993
  5,211
  5,442
  5,686
  5,944
  6,217
  6,505
  6,808
  7,128
  7,465
  7,820
  8,194
  8,587
  9,001
  9,437
  9,895
  10,377
  10,884
  11,417
  11,977
  12,566
  13,184
  13,834
  14,517
  15,235
  15,989
  16,782
  17,614
  18,488
  19,406
Total liabilities and equity, $m
  14,150
  14,104
  14,720
  15,372
  16,062
  16,791
  17,562
  18,375
  19,232
  20,136
  21,088
  22,091
  23,147
  24,258
  25,427
  26,658
  27,953
  29,314
  30,746
  32,251
  33,833
  35,496
  37,243
  39,080
  41,009
  43,037
  45,167
  47,406
  49,757
  52,226
  54,820
Debt-to-equity ratio
  0.664
  0.800
  0.840
  0.880
  0.920
  0.960
  1.000
  1.040
  1.070
  1.110
  1.140
  1.170
  1.200
  1.230
  1.260
  1.280
  1.310
  1.330
  1.350
  1.380
  1.400
  1.420
  1.440
  1.450
  1.470
  1.490
  1.500
  1.520
  1.530
  1.550
  1.560
Adjusted equity ratio
  0.354
  0.354
  0.354
  0.354
  0.354
  0.354
  0.354
  0.354
  0.354
  0.354
  0.354
  0.354
  0.354
  0.354
  0.354
  0.354
  0.354
  0.354
  0.354
  0.354
  0.354
  0.354
  0.354
  0.354
  0.354
  0.354
  0.354
  0.354
  0.354
  0.354
  0.354

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  108
  512
  547
  584
  623
  665
  709
  755
  804
  856
  910
  1,407
  1,467
  1,531
  1,597
  1,668
  1,741
  1,819
  1,901
  1,986
  2,077
  2,171
  2,271
  2,376
  2,486
  2,601
  2,723
  2,850
  2,984
  3,125
  3,273
Depreciation, amort., depletion, $m
  170
  679
  683
  686
  690
  694
  698
  703
  707
  712
  717
  120
  126
  132
  138
  145
  152
  160
  167
  176
  184
  193
  203
  213
  223
  234
  246
  258
  271
  284
  298
Funds from operations, $m
  677
  1,191
  1,229
  1,270
  1,313
  1,359
  1,407
  1,458
  1,511
  1,568
  1,627
  1,527
  1,593
  1,663
  1,736
  1,813
  1,894
  1,979
  2,068
  2,162
  2,261
  2,365
  2,474
  2,588
  2,709
  2,835
  2,968
  3,108
  3,255
  3,409
  3,571
Change in working capital, $m
  -45
  -7
  -8
  -8
  -9
  -9
  -10
  -10
  -11
  -11
  -12
  -13
  -13
  -14
  -15
  -16
  -16
  -17
  -18
  -19
  -20
  -21
  -22
  -23
  -24
  -26
  -27
  -28
  -30
  -31
  -33
Cash from operations, $m
  722
  1,199
  1,237
  1,278
  1,322
  1,368
  1,417
  1,468
  1,522
  1,579
  1,639
  1,540
  1,607
  1,677
  1,751
  1,828
  1,910
  1,996
  2,086
  2,181
  2,281
  2,386
  2,496
  2,611
  2,733
  2,861
  2,995
  3,136
  3,285
  3,440
  3,604
Maintenance CAPEX, $m
  0
  -74
  -77
  -80
  -84
  -87
  -91
  -96
  -100
  -105
  -110
  -115
  -120
  -126
  -132
  -138
  -145
  -152
  -160
  -167
  -176
  -184
  -193
  -203
  -213
  -223
  -234
  -246
  -258
  -271
  -284
New CAPEX, $m
  -134
  -96
  -101
  -107
  -113
  -119
  -126
  -133
  -140
  -148
  -155
  -164
  -172
  -182
  -191
  -201
  -211
  -222
  -234
  -246
  -258
  -272
  -285
  -300
  -315
  -331
  -348
  -365
  -384
  -403
  -424
Cash from investing activities, $m
  -1,657
  -170
  -178
  -187
  -197
  -206
  -217
  -229
  -240
  -253
  -265
  -279
  -292
  -308
  -323
  -339
  -356
  -374
  -394
  -413
  -434
  -456
  -478
  -503
  -528
  -554
  -582
  -611
  -642
  -674
  -708
Free cash flow, $m
  -935
  1,029
  1,060
  1,092
  1,126
  1,162
  1,200
  1,240
  1,282
  1,327
  1,374
  1,261
  1,314
  1,369
  1,428
  1,489
  1,553
  1,621
  1,693
  1,768
  1,847
  1,930
  2,017
  2,109
  2,205
  2,307
  2,413
  2,525
  2,643
  2,766
  2,896
Issuance/(repayment) of debt, $m
  1,300
  391
  398
  422
  446
  471
  498
  525
  554
  584
  615
  648
  682
  718
  756
  795
  836
  879
  925
  972
  1,022
  1,074
  1,129
  1,186
  1,247
  1,310
  1,376
  1,446
  1,519
  1,595
  1,676
Issuance/(repurchase) of shares, $m
  -100
  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 from financing (excl. dividends), $m  
  1,202
  391
  398
  422
  446
  471
  498
  525
  554
  584
  615
  648
  682
  718
  756
  795
  836
  879
  925
  972
  1,022
  1,074
  1,129
  1,186
  1,247
  1,310
  1,376
  1,446
  1,519
  1,595
  1,676
Total cash flow (excl. dividends), $m
  261
  1,420
  1,458
  1,513
  1,572
  1,633
  1,697
  1,765
  1,836
  1,911
  1,989
  1,909
  1,996
  2,087
  2,183
  2,284
  2,390
  2,501
  2,617
  2,740
  2,869
  3,004
  3,146
  3,295
  3,452
  3,616
  3,789
  3,971
  4,161
  4,361
  4,572
Retained Cash Flow (-), $m
  179
  -211
  -218
  -231
  -244
  -258
  -273
  -288
  -303
  -320
  -337
  -355
  -374
  -393
  -414
  -436
  -458
  -482
  -507
  -533
  -560
  -589
  -619
  -650
  -683
  -718
  -754
  -792
  -832
  -874
  -918
Prev. year cash balance distribution, $m
 
  648
  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
 
  1,858
  1,240
  1,282
  1,327
  1,375
  1,425
  1,477
  1,533
  1,591
  1,652
  1,554
  1,622
  1,694
  1,769
  1,848
  1,931
  2,019
  2,111
  2,207
  2,309
  2,415
  2,527
  2,645
  2,769
  2,899
  3,035
  3,178
  3,329
  3,487
  3,653
Discount rate, %
 
  6.30
  6.62
  6.95
  7.29
  7.66
  8.04
  8.44
  8.86
  9.31
  9.77
  10.26
  10.78
  11.31
  11.88
  12.47
  13.10
  13.75
  14.44
  15.16
  15.92
  16.72
  17.55
  18.43
  19.35
  20.32
  21.33
  22.40
  23.52
  24.70
  25.93
PV of cash for distribution, $m
 
  1,747
  1,091
  1,048
  1,001
  950
  896
  838
  777
  714
  650
  531
  475
  420
  367
  317
  270
  226
  186
  151
  120
  94
  72
  54
  40
  28
  20
  14
  9
  6
  4
Current shareholders' claim on cash, %
  100
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0

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 120.6
Price to Sales 3.5
Price to Book 2.4
Price to Tangible Book
Price to Cash Flow 18
Price to Free Cash Flow 22.2
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 $3705 million for the last fiscal year's total revenue generated by Nasdaq. The default revenue input number comes from 2016 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 4.3% 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 6.3%, 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 78.8%.

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 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 59.6%.

Life of production assets of 46.6 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 -4.6%. 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 - $5430 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 166.471 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 $13.0 billion.

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COMPANY NEWS

▶ Women In Toys to Ring The Nasdaq Stock Market Closing Bell   [Feb-16-18 12:02PM  GlobeNewswire]
▶ [$$] US stocks open lower amid inflation jitters   [Feb-13-18 10:02PM  Financial Times]
▶ Nasdaq Announces 2018 Investor Day   [Feb-07-18 04:15PM  GlobeNewswire]
▶ Nasdaq to move out of downtown HQ and expand Times Square space   [11:15AM  American City Business Journals]
▶ [$$] Nasdaq to Relocate Headquarters to Times Square   [07:15AM  The Wall Street Journal]
▶ Why some Wall Street pros are thrilled about the selloff   [Feb-06-18 10:13AM  Yahoo Finance]
▶ Nasdaq January 2018 Volumes   [Feb-05-18 04:15PM  GlobeNewswire]
▶ [$$] Steve Wynn Fallout Could Rattle New Exchange's Plans   [05:51AM  The Wall Street Journal]
▶ Nasdaq tops Street 4Q forecasts   [07:31AM  Associated Press]
▶ NYSE, Nasdaq Fighting to Keep Their Grip on the Stock Market's Close   [Jan-26-18 09:08PM  The Wall Street Journal]
▶ [$$] NYSE, Nasdaq Fight Cboes Auction Plan   [Jan-25-18 09:25PM  The Wall Street Journal]
▶ Nasdaq CEO Adena Friedman on the Market Economy   [08:25AM  Bloomberg Video]
Financial statements of NDAQ
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