NEW YORK – The New York Stock Exchange, operated by InterContinental Exchange, Inc., announced… (NYSE:), a company with a market capitalization of $85.3 billion and enjoying strong revenue growth of 21.2% over the past 12 months, announced that it will cease trading worldwide. Stock and options markets on January 9, 2025, to mark the National Day of Mourning for former President Jimmy Carter. President Carter, who led the country from 1977 to 1981, died on Sunday at the age of 100.
The closure will affect the New York Stock Exchange, NYSE American Equities, NYSE American Options, NYSE Arca Equities, NYSE Arca Options, NYSE Chicago, and NYSE National. This trading halt is a mark of respect for President Carter's (NYSE:) service to the country, both in office and in his post-presidential years through the Carter Center, where he championed democracy, human rights and public health.
Len Martin, President of the New York Stock Exchange Group, expressed the Stock Exchange's intent to honor President Carter's “lifelong service to our nation” with this closing. In addition to suspending trading, the American flag will be flown at half-mast over the New York Stock Exchange throughout the mourning period.
InterContinental Exchange is a Fortune 500 company known for designing and operating digital networks that make it easier to connect people to opportunities in the financial sector. It provides technology and data services across various asset classes and operates exchanges and clearinghouses for financial and commodity markets.
This announcement is based on a press release issued by InterContinental Exchange. The company has a long history of recognizing important national events, and the decision to close markets on the occasion of the National Day of Mourning follows this precedent. The New York Stock Exchange did not provide further details about the resumption of trading after the closure.
In other recent news, InterContinental Exchange (ICE) announced record third-quarter 2024 financial results, with net revenue reaching a peak of $2.3 billion. This growth was driven by transaction revenue of $1.1 billion and recurring revenue of $1.2 billion. Adjusted operating income also reached a record level of $1.4 billion. The company's energy market saw strong performance, with clean energy revenues accounting for 45% of total energy revenues. Furthermore, advances in ICE's mortgage technology have led to more than 85% of U.S. mortgage loans being connected through its network.
However, investment firm TD Cowen revised its stock price target for ICE from $185.00 to $179.00, while maintaining a Buy rating. This revision comes in light of concerns about the weaker-than-expected outlook for ICE's International Money Transfer (IMT) segment for the fourth quarter of 2024 and the first quarter of 2025. Additionally, expense forecasts were higher than expected for the same periods. Despite these concerns, TD Cowen maintains a constructive long-term outlook for ICE's energy, pricing, futures and options platform.
These are recent developments that reflect the current status and future prospects of ICE. The company's strategic position in the energy market and advances in mortgage technology underscore its growth potential, while a revised share price target and concerns about the IMT sector and its expenses provide a more cautious outlook.
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