NEW YORK – The New York Stock Exchange, operated by Intercontinental Exchange, Inc. (NYSE: NYSE:), an $85.3 billion market cap company with strong revenue growth of 21.2% over the last twelve months, has announced it will halt trading across all its equity and options markets on January 9, 2025, to observe the National Day of Mourning for former President Jimmy Carter. President Carter, who led the nation from 1977 to 1981, passed away 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 country, both in office and in his post-presidential years through the Carter Center, where he championed democracy, human rights, and public health.
Lynn Martin, President of NYSE Group, expressed the 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 above the NYSE will be flown at half-staff throughout the period of mourning.
Intercontinental Exchange is a Fortune 500 company known for designing and operating digital networks that facilitate the connection of people to opportunities in the financial sector. It provides technology and data services across various asset classes and operates exchanges and clearing houses for financial and commodity markets.
This announcement is based on a press release statement from Intercontinental Exchange. The company has a history of recognizing significant national events, and the decision to close the markets for the National Day of Mourning follows this precedent. The NYSE has not provided further details on the trading resumption following the closure.
In other recent news, Intercontinental Exchange (ICE) has reported record third-quarter financial results for 2024, with net revenues reaching a peak of $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 saw a robust performance, with cleaner energy revenues accounting for 45% of total energy revenues. Furthermore, ICE’s mortgage technology advancements have connected over 85% of U.S. home mortgages through its network.
However, TD Cowen, an investment firm, has revised its stock price target for ICE from $185.00 to $179.00, maintaining a Buy rating. This adjustment comes in light of concerns regarding a weaker than anticipated outlook for ICE’s International Money Transfer (IMT) segment for the fourth quarter of 2024 and the first quarter of 2025. Additionally, the forecast for expenses was higher than expected for the same periods. Despite these concerns, TD Cowen maintains a long-term constructive view of ICE’s Energy and Rates Futures and Options platform.
These are recent developments that reflect the current status and future projections for ICE. The company’s strategic positioning in the energy market and advancements in mortgage technology underline its growth potential, while the revised stock price target and concerns about the IMT segment and expenses provide a more cautious outlook.
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