NEW YORK – The New York Stock Exchange, managed by Intercontinental Exchange, Inc. (NYSE: NYSE: ), the $85.3 billion market cap company with strong revenue growth of 21.2% over the past twelve months, announced that it will cease trading in all of its equity and options markets on January 9, 2025. to mark the National Day of Mourning for former President Jimmy Carter. President Carter, who led the nation 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 pause in trading is a mark of respect for President Carter’s (NYSE: ) service to the nation, both in office and in his post-presidential years through the Carter Center, where he advocated for democracy, human rights and public health.
Lynn Martin, president of the NYSE Group, expressed the stock exchange’s intention to honor President Carter’s “lifetime of service to our nation” with this closure. In addition to the trading suspension, the American flag over the NYSE will be flown at half-mast during the mourning period.
Intercontinental Exchange is a Fortune 500 company known for designing and managing digital networks that facilitate connecting people with opportunities in the financial sector. It provides technology and data services across asset classes and operates exchanges and clearing houses for financial and commodity markets.
This announcement is based on a press release from Intercontinental Exchange. The company has a history of recognizing significant national events, and the decision to close the market for the National Day of Mourning follows this precedent. The NYSE did not provide further details on resumption of trading after the close.
In other recent news, Intercontinental Exchange (ICE) reported record financial results for the third quarter of 2024, with net income peaking at $2.3 billion. This growth was driven by transaction revenues of $1.1 billion and recurring revenues of $1.2 billion. Adjusted operating income also hit a record high, reaching $1.4 billion. The company’s energy market recorded strong results, with cleaner energy revenues accounting for 45% of total energy revenues. Furthermore, ICE’s advances in mortgage technology have connected more than 85% of mortgage loans in the US through its network.
However, TD Cowen, an investment firm, revised its price target on ICE from $185.00 to $179.00, maintaining a Buy rating. This adjustment comes in light of concerns about a 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, the cost forecast was higher than expected for the same periods. Despite these concerns, TD Cowen has a long-term constructive view on ICE’s futures platform and options for energy and rates.
These are recent developments that reflect the current status and future projections for ICE. The company’s strategic positioning in the energy market and advances in mortgage technology underscore its growth potential, while a revised stock price target and concerns about the IMT segment and costs give a more cautious outlook.
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