The magnificent seven (Apple, Microsoft, Nvidia, etc.) have had a wonderful year despite recent weakness, but the exchange that hosts them, Nasdaq (NDAQ), has not been so fortunate and is down nearly 22% this year.
Nasdaq continues to grow revenue and earnings mid-single digits but the rate of growth is slower than other exchanges like CME Group (CME).
The large $10.5 billion acquisition of Adenza from Thoma Bravo that is expected to close by year end will leave Nasdaq with a more leveraged balance sheet.
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