NEW YORK – The New York Stock Exchange, managed by Intercontinental Exchange, Inc. (NYSE: NYSE:), a company valued at $85.3 billion with impressive revenue growth of 21.2% over the past year, has declared a halt to trading in all its equity and options markets on January 9, 2025. This closure is to honor the National Day of Mourning for former President Jimmy Carter, who passed away on Sunday at the age of 100 after serving as president from 1977 to 1981.
This trading suspension will impact the New York Stock Exchange, NYSE American Equities, NYSE American Options, NYSE Arca Equities, NYSE Arca Options, NYSE Chicago, and NYSE National. The break in trading serves as a tribute to President Carter’s service to the nation, both while in office and through his post-presidential work with the Carter Center, where he advocated for democracy, human rights, and public health initiatives.
Lynn Martin, President of NYSE Group, noted that the exchange aims to honor President Carter’s “lifetime of service to our nation” through this market closure. Along with the trading suspension, the American flag atop the NYSE will be displayed at half-staff during the mourning period.
Intercontinental Exchange is a recognized Fortune 500 company that specializes in creating and managing digital networks that link individuals to opportunities in finance. It also offers technology and data services across various asset classes and operates exchanges and clearing houses for both financial and commodity markets.
This announcement stems from a press release issued by Intercontinental Exchange. The company has a history of acknowledging significant national events, and the decision to close the markets for the National Day of Mourning aligns with this tradition. Further details regarding the resumption of trading post-closure have not yet been provided by the NYSE.
In related news, Intercontinental Exchange (ICE) announced record-breaking third-quarter financial results for 2024, with net revenues soaring to $2.3 billion. This growth was largely fueled by transaction revenues of $1.1 billion and recurring revenues of $1.2 billion, while adjusted operating income also set a new high at $1.4 billion. The energy market performed exceptionally well, with cleaner energy revenues constituting 45% of its total energy revenues. Additionally, ICE’s advancements in mortgage technology have now connected over 85% of U.S. home mortgages through its network.
Nonetheless, TD Cowen, an investment firm, has lowered its stock price target for ICE from $185.00 to $179.00, while maintaining a Buy rating. This adjustment follows concerns about a weaker-than-expected outlook for ICE’s International Money Transfer (IMT) segment for Q4 2024 and Q1 2025, along with higher-than-anticipated expense forecasts for those periods. Despite these challenges, TD Cowen retains a positive long-term outlook on ICE’s Energy and Rates Futures and Options platform.
These recent developments illustrate ICE’s current standing and future expectations. The company’s strategic focus on the energy sector and progression in mortgage technology highlight its growth opportunities, while the updated stock price target and concerns regarding the IMT segment and expenses present a more cautious perspective.
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