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NEW YORK, July 24, 2026 (GLOBE NEWSWIRE) -- At the end of the settlement date of July 15, 2026, short interest in 3,836 Nasdaq Global MarketSM securities totaled 18,406,468,581 shares compared with 18,453,725,441 shares in 3,804 Global Market issues reported for the prior settlement date of June 30, 2026. The mid-July short interest represents 3.07 days compared with 2.45 days for the prior reporting period.

Short interest in 1,654 securities on The Nasdaq Capital MarketSM totaled 4,495,814,044 shares at the end of the settlement date of July 15, 2026, compared with 4,227,522,108 shares in 1,657 securities for the previous reporting period. This represents a 1.65 day average daily volume; the previous reporting period’s figure was 1.

In summary, short interest in all 5,490 Nasdaq® securities totaled 22,902,282,625 shares at the July 15, 2026 settlement date, compared with 5,461 issues and 22,681,247,549 shares at the end of the previous reporting period. This is 2.63 days average daily volume, compared with an average of 1.64 days for the prior reporting period.

The open short interest positions reported for each Nasdaq security reflect the total number of shares sold short by all broker/dealers regardless of their exchange affiliations. A short sale is generally understood to mean the sale of a security that the seller does not own or any sale that is consummated by the delivery of a security borrowed by or for the account of the seller.

For more information on Nasdaq Short interest positions, including publication dates, visit
https://www.nasdaq.com/market-activity/quotes/short-interest
or http://www.nasdaqtrader.com/asp/short_interest.asp.

About Nasdaq:
Nasdaq (Nasdaq: NDAQ) is a leading global technology company serving corporate clients, investment managers, banks, brokers, and exchange operators as they navigate and interact with the global capital markets and the broader financial system. We aspire to deliver world-leading platforms that improve the liquidity, transparency, and integrity of the global economy. Our diverse offering of data, analytics, software, exchange capabilities, and client-centric services enables clients to optimize and execute their business vision with confidence. To learn more about the company, technology solutions, and career opportunities, visit us on LinkedIn, on X @Nasdaq, or at www.nasdaq.com.

NDAQO

Media Contact:
Sam Raffalli
[email protected]

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/d0ba25ec-d556-4e4c-882b-53f9a2897b81

NEW YORK, July 23, 2026 (GLOBE NEWSWIRE) -- Nasdaq, Inc. (Nasdaq: NDAQ) today reported financial results for the second quarter of 2026.

Second quarter 2026 net revenue1 was $1.5 billion, an increase of 15% on both a reported and adjusted2 basis over the second quarter of 2025. Solutions revenue3 grew 17% on both a reported and adjusted basis.
Annualized Recurring Revenue (ARR)3,4 of $3.3 billion increased 11% on a reported basis over the second quarter of 2025, or 12% on an organic basis2. Annualized SaaS revenue increased 12%, or 15% on an organic basis, and represented 38% of ARR.Financial Technology revenue was $539 million, an increase of 16% over the second quarter of 2025, or 15% on an organic basis.Index revenue of $271 million grew 38% or 35% on an adjusted basis over the second quarter of 2025, with $109 billion of net inflows over the trailing twelve months, including $51 billion in the second quarter of 2026.GAAP diluted earnings per share in the second quarter of 2026 was $0.89, an increase of 14% over the second quarter of 2025. Non-GAAP5 diluted earnings per share in the second quarter of 2026 was $1.07, an increase of 25% on both a reported and adjusted basis over the second quarter of 2025.In the second quarter of 2026, the company returned $174 million to shareholders through dividends and $356 million through repurchases of common stock. The company also net repaid $162 million of debt in the quarter. Second Quarter 2026 Highlights

(US$ millions, except per share)2Q26YoY change %Organic2
YoY change %Adjusted2
YoY change %Solutions revenue$1,16017%17%17%Market Services net revenue$34011%11%11%Net revenue$1,50015%16%15%GAAP operating income$71225%  Non-GAAP operating income$85919%20%19%ARR$3,25811%12%12%GAAP diluted EPS$0.8914%  Non-GAAP diluted EPS$1.0725%26%25%
Adena Friedman, Chair and CEO said, “Nasdaq delivered an outstanding second quarter, defined by new records and milestones. We delivered double-digit growth across all three divisions, surpassed $1 trillion in Index ETP AUM, and listed SpaceX, the largest IPO in exchange history.

As the forces reshaping global finance accelerate, from AI and market modernization to the increasingly complex regulatory and risk environment, Nasdaq's role as our clients' trusted transformation partner positions us for sustained leadership. We are confident in our ability to capture the opportunity ahead and deliver durable, long-term value for our clients and shareholders.”

Sarah Youngwood, Executive Vice President and CFO said, “Nasdaq's second quarter results mark another quarter of excellent Solutions revenue growth, expanding operating margins, strong EPS growth, and robust cash flow generation.

Nasdaq’s durable business model and consistent execution support our disciplined capital allocation strategy that returns meaningful capital to shareholders through both dividends and share repurchases while investing in innovations that will sustain our long-term growth trajectory.”

FINANCIAL REVIEW

Second quarter 2026 net revenue was $1.5 billion, reflecting 15% growth on both a reported and adjusted basis versus the prior year period.Solutions revenue was $1.2 billion in the second quarter of 2026, up 17% on both a reported and adjusted basis versus the prior year period, reflecting strong growth across Capital Access Platforms and Financial Technology. Capital Access Platforms revenue growth was 19% year-over-year on a reported basis, or 18% on an adjusted basis. Financial Technology revenue growth was 16% year-over-year, or 15% on an organic basis.ARR was $3.3 billion as of the second quarter of 2026, growing 11% year-over-year on a reported basis, or 12% year-over-year on an organic basis. Financial Technology ARR growth was 16% on both a reported and organic basis, and Capital Access Platforms ARR growth was 8% on both a reported and organic basis. Market Services net revenue was $340 million in the second quarter of 2026, up 11% on both a reported and organic basis versus the prior year period.Second quarter 2026 GAAP operating expenses were $788 million, an increase of 7% versus the prior year quarter and non-GAAP operating expenses were $641 million, up 10% on both a reported and organic basis versus the prior year quarter. The increases were primarily driven by higher compensation and benefits costs from our strong revenue execution, increased marketing and advertising costs due to a strengthening IPO environment, and increased investments in technology to drive long-term growth. On a GAAP basis, the increase was partially offset by lower merger and strategic initiatives expense.Cash flow from operations was $711 million in the second quarter, enabling the return of capital through Nasdaq’s efficient capital allocation framework. In the second quarter of 2026, the company returned $174 million to shareholders through dividends and $356 million through repurchases of common stock. As of June 30, 2026, there was $2.5 billion remaining under the board authorized share repurchase program. 2026 EXPENSE AND TAX GUIDANCE UPDATE6

The company is updating its 2026 non-GAAP operating expense guidance to a range of $2.530 billion to $2.570 billion. The company is maintaining its 2026 non-GAAP tax rate guidance in the range of 22.5% to 24.5%. STRATEGIC AND BUSINESS UPDATES

Financial Technology delivered double-digit revenue growth in each subdivision for the second consecutive quarter as the One Nasdaq strategy continues to unlock broad-based growth. In the second quarter, FinTech revenue increased 16% compared to the prior year period, or 15% on an organic basis, with 16% organic ARR growth. FinTech signed 58 new clients, 7 cross-sells, and 107 upsells in the quarter, with cross-sells remaining over 15% of the sales pipeline. Financial Crime Management Technology maintained strong momentum across both SMBs and enterprise clients while advancing AI-driven innovation in financial crime detection. During the quarter, Nasdaq Verafin signed 47 new small-and-medium bank (SMB) clients and 6 enterprise deals, including 2 cross-sells. Including signings early in the third quarter, Verafin has completed 11 enterprise signings year-to-date, surpassing the total signed in all of 2025. Nasdaq Verafin’s Agentic Workforce continued to gain traction, with 750 clients now leveraging the platform. The business introduced the next two agentic workers, the Agentic AML Analyst and the Agentic Fraud Analyst, while continuing to expand its innovation pipeline. Nasdaq Verafin enhanced the value of its gold-standard consortium data, surpassing $13 trillion in combined assets across more than 2,800 financial institutions.Regulatory Technology delivered strong performance across Surveillance and AxiomSL, driven by accelerating demand for Always-On infrastructure and regulatory modernization. The subdivision signed 9 new clients, including 2 cross-sells, and 63 upsells in the second quarter. Surveillance added 9 new clients, including 2 cross-sells, and 39 upsells with wins across geographies and client segments, including a new regulator win in Africa, and an upsell with a global broker-dealer. Early in the third quarter, Surveillance signed a notable first win for its AI-powered Calibration Copilot with a Tier 1 client. AxiomSL signed 24 upsells in the quarter with several client expansions that demonstrate the breadth of demand for AxiomSL's regulatory solutions, including with a domestic systemically important Australian bank and with a U.S. bank navigating heightened regulatory requirements following an acquisition.Capital Markets Technology delivered quarterly organic revenue growth of 14% and strong 17% organic ARR growth, reflecting the growing scale and reach of its global platform. The subdivision signed 7 new clients, including 3 cross-sells, and 42 upsells in the second quarter. Trade Management Services benefitted from strong demand for data center services and pricing. Calypso signed 3 new clients, including 1 cross-sell, and 31 upsells and is now available in more than 70 countries. Calypso expanded its global presence by signing a deal with the Georgian Financial Markets Treasury Association (GFTMA) to modernize the country’s treasury and financial markets infrastructure. The GFTMA deal includes a group of 5 of the country’s largest banks, which will adopt Calypso under a shared common infrastructure model. Market Technology continued to drive market modernization with the next-generation Eqlipse platform, signing 2 new digital marketplaces and 2 new clients on the Intelligence Platform. Index ETP assets under management (AUM) exceeded $1 trillion for the first time and achieved new net inflows records. Net inflows reached new all-time highs with $51 billion in the second quarter and $109 billion over the last twelve months. ETP AUM surpassed $1 trillion for the first time, with end-of-period ETP AUM of $1.114 trillion and average ETP AUM of $1.014 trillion. Nasdaq launched 34 new Index products in the second quarter, including 17 international products and 11 products in the institutional annuity space. Nasdaq expanded investor access to the Nasdaq-100 with the recent launch of BlackRock’s IQQ and State Street’s QNDX ETFs in the U.S.Listings set a quarterly record for total proceeds raised, headlined by the listing of SpaceX, the largest IPO in exchange history with an $86 billion raise. Nasdaq welcomed 7 of the top 10 largest operating company IPOs listed in the quarter, including Cerebras, the largest semiconductor IPO of all time, Quantinuum, the largest pure-play quantum IPO of all time, and Parabilis Medicines, the largest biotechnology IPO of all time. Nasdaq achieved a 74% win rate7 of new operating company listings. The momentum carried into the third quarter with the listing of SK hynix, the largest American Depositary Receipt (ADR) listing in U.S. capital markets history, underscoring the continued strength of the franchise.Market Services delivered records across quarterly net revenues and U.S. equity options volumes, supported by record industry volumes. In the second quarter, the business successfully facilitated the execution and trading of the SpaceX IPO. Nasdaq’s Closing Cross achieved new records across two landmark market events: during the Russell reconstitution, it executed 4.6 billion shares in 1.6 seconds representing a record $334 billion in notional value, and during the June Triple Witch, it executed a record $296 billion in notional value. Product innovation continued to drive incremental growth, with Index options revenue more than doubling year-over-year for the fourth consecutive quarter. Nasdaq received SEC approval to list event options tied to the Nasdaq-100 with an expected launch in the fourth quarter.Nasdaq advanced Always-On markets as Calypso supported proof of concept tokenized collateral trades on the Canton Network. Calypso, a leading platform managing the entire trade lifecycle, is powering the transition to hybrid tokenized and fiat infrastructure. Early in the third quarter, two of the world’s leading asset managers successfully completed tokenized collateral trades on the Canton Network, transmitting tokenized money market funds through Calypso. This milestone marks a significant step in the shift towards integrating tokenized and fiat infrastructure and reflects Nasdaq’s unique position as the trusted technology for next-generation markets.Nasdaq continued to optimize its portfolio early in the third quarter, entering into agreements to sell Nasdaq Fund Secondaries to Nasdaq Private Market and to acquire Dasseti. After the close of the Nasdaq Fund Secondaries transaction, Nasdaq will continue to hold an ownership stake in and remain a strategic partner of Nasdaq Private Market. Dasseti provides an AI-powered due diligence platform for institutional asset managers and allocators across public and private markets and will be integrated into eVestment’s leading institutional intelligence platform. Both transactions remain subject to customary closing conditions. ____________
1 Represents revenue less transaction-based expenses.
2 Organic change is calculated by removing the impacts of changes in foreign exchange rates, and acquisitions and divestitures during one-year period post transaction.   Adjusted period over period change reflects the organic change, excluding the impact of a one-time revenue benefit in the second quarter of 2026 in our Index business due to a contract modification.
3 Solutions revenue and Annualized Recurring Revenue (ARR) constitutes revenue and ARR from our Capital Access Platforms and Financial Technology segments as well as revenue and ARR from our Solovis business which was sold in October 2025. Solovis revenues and ARR were previously included in our Capital Access Platforms segment, and have been reclassified into “Other” for all prior periods presented.
4 ARR for a given period is the current annualized value derived from subscription contracts with a defined contract value. This excludes contracts that are not recurring, are one-time in nature or where the contract value fluctuates based on defined metrics. For AxiomSL and Calypso recurring revenue contracts, the amount included in ARR is consistent with the amount that we invoice the customer during the current period. Additionally, for AxiomSL and Calypso recurring revenue contracts that include annual values that increase over time, we include in ARR only the annualized value of components of the contract that are considered active as of the date of the ARR calculation. We do not include the future committed increases in the contract value as of the date of the ARR calculation. ACV Bookings for our Financial Technology segment excluding Financial Crime Management Technology refers to the maximum annualized committed contract value at the time of signature, excluding one-time fees and not accounting for initial discounts. For Financial Crime Management Technology, ACV bookings is calculated by averaging the total contract value over the contract term, including fixed increases. ARR and ACV are supplemental metrics to help evaluate the performance of the business. These measures are not a replacement for, and should be viewed independently of, U.S. GAAP revenue and deferred revenue as they are performance metrics, and are not intended to be combined with any of these items. ARR and ACV are not a forecast, and the active contracts at the end of a reporting period used in calculating these measures may or may not be extended or renewed by our customers. There is no U.S. GAAP measure comparable to ARR or ACV. As these metrics do not have any standardized definition they may not be comparable to similarly titled measures presented by other companies and should be viewed independently of revenue and deferred revenue and are not intended to be combined with or to replace either of those items.
5 Refer to our reconciliations of U.S. GAAP to non-GAAP metrics and organic and adjusted impacts, included in the attached schedules.
6 U.S. GAAP operating expense and tax rate guidance are not provided due to the inherent difficulty in quantifying certain amounts due to a variety of factors including the unpredictability in the movement in foreign currency rates, as well as future charges or reversals outside of the normal course of business.
7 Listings win rate includes eligible U.S. operating companies, direct listings, and SPAC business combinations.

ABOUT NASDAQ

Nasdaq (Nasdaq: NDAQ) is a leading technology platform that powers the world’s economies. We architect the infrastructure of the world’s most modern markets, power the innovation economy, and build trust in the financial system. We empower economic opportunity by designing and deploying advanced technology, data, and intelligence solutions that enable our clients to capture opportunities, navigate risk, and strengthen resilience. To learn more about the company, technology solutions and career opportunities, visit us on LinkedIn, on X @Nasdaq, or at www.nasdaq.com.

NON-GAAP INFORMATION

In addition to disclosing results determined in accordance with U.S. GAAP, Nasdaq also discloses certain non-GAAP results of operations, including, but not limited to, non-GAAP net income, non-GAAP diluted earnings per share, non-GAAP operating income, and non-GAAP operating expenses, that include certain adjustments or exclude certain charges and gains that are described in the reconciliation tables of U.S. GAAP to non-GAAP information provided at the end of this release. Management uses this non-GAAP information internally, along with U.S. GAAP information, in evaluating our performance and in making financial and operational decisions. We believe our presentation of these measures provides investors with greater transparency and supplemental data relating to our financial condition and results of operations. In addition, we believe the presentation of these measures is useful to investors for period-to-period comparisons of results as the items described below in the reconciliation tables do not reflect ongoing operating performance.

These measures are not in accordance with, or an alternative to, U.S. GAAP, and may be different from non-GAAP measures used by other companies. In addition, other companies, including companies in our industry, may calculate such measures differently, which reduces their usefulness as a comparative measure. Investors should not rely on any single financial measure when evaluating our business. This information should be considered as supplemental in nature and is not meant as a substitute for our operating results in accordance with U.S. GAAP. We recommend investors review the U.S. GAAP financial measures included in this earnings release. When viewed in conjunction with our U.S. GAAP results and the accompanying reconciliations, we believe these non-GAAP measures provide greater transparency and a more complete understanding of factors affecting our business than U.S. GAAP measures alone.

We understand that analysts and investors regularly rely on non-GAAP financial measures, such as those noted above, to assess operating performance. We use these measures because they highlight trends more clearly in our business that may not otherwise be apparent when relying solely on U.S. GAAP financial measures, since these measures eliminate from our results specific financial items that have less bearing on our ongoing operating performance.

Foreign exchange impact: In countries with currencies other than the U.S. dollar, revenue and expenses are translated using monthly average exchange rates. Certain discussions in this release isolate the impact of year-over-year foreign currency fluctuations to better measure the comparability of operating results between periods. Operating results excluding the impact of foreign currency fluctuations are calculated by translating the current period’s results by the prior period’s exchange rates.

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

Information set forth in this communication contains forward-looking statements that involve a number of risks and uncertainties. Nasdaq cautions readers that any forward-looking information is not a guarantee of future performance and that actual results could differ materially from those contained in the forward-looking information. Such forward-looking statements include, but are not limited to (i) projections relating to our future financial results, total shareholder returns, growth, dividend program, trading volumes, products and services, ability to transition to new business models, taxes and achievement of synergy targets, (ii) statements about the closing or implementation dates and benefits of certain acquisitions, divestitures and other strategic, restructuring, technology, de-leveraging and capital allocation initiatives, (iii) statements about our integrations of our recent acquisitions, (iv) statements relating to any litigation or regulatory or government investigation or action to which we are or could become a party, and (v) other statements that are not historical facts. Forward-looking statements involve a number of risks, uncertainties or other factors beyond Nasdaq’s control. These factors include, but are not limited to, Nasdaq’s ability to implement its strategic initiatives, economic, political and market conditions and fluctuations, geopolitical instability, government and industry regulation, interest rate risk, and U.S. and global competition. Further information on these and other factors are detailed in Nasdaq’s filings with the U.S. Securities and Exchange Commission, including its annual reports on Form 10-K and quarterly reports on Form 10-Q, which are available on Nasdaq’s investor relations website at http://ir.nasdaq.com and the SEC’s website at www.sec.gov. Nasdaq undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events or otherwise.

WEBSITE DISCLOSURE

Nasdaq intends to use its website, ir.nasdaq.com, as a means for disclosing material non-public information and for complying with SEC Regulation FD and other disclosure obligations.

Media Relations Contact:
David Lurie
+1.914.538.0533
[email protected]

Investor Relations Contact:
Ato Garrett
+1.212.401.8737
[email protected]

-NDAQF-

Nasdaq, Inc.Condensed Consolidated Statements of Income(in millions, except per share amounts)(unaudited)       Three Months Ended Six Months Ended June 30, June 30, June 30, June 30,  2026   2025   2026   2025          Revenues:       Capital Access Platforms$621  $520  $1,186  $1,028 Financial Technology 539   464   1,057   896 Market Services 1,372   1,101   2,419   2,240 Other Revenues —   16   8   32  Total revenues 2,532   2,101   4,670   4,196 Transaction-based expenses:       Transaction rebates (712)  (640)  (1,436)  (1,224)Brokerage, clearance and exchange fees (320)  (155)  (326)  (429)Revenues less transaction-based expenses 1,500   1,306   2,908   2,543         Operating Expenses:       Compensation and benefits 383   352   739   681 Professional and contract services 42   39   82   75 Technology and communication infrastructure 88   79   171   156 Occupancy 35   30   68   58 General, administrative and other 23   23   52   29 Marketing and advertising 24   14   44   28 Depreciation and amortization 165   158   331   313 Regulatory 9   14   19   29 Merger and strategic initiatives 5   20   9   44 Restructuring charges 14   9   24   15  Total operating expenses 788   738   1,539   1,428 Operating income 712   568   1,369   1,115 Interest income 8   12   13   24 Interest expense (86)  (95)  (172)  (192)Net gain on divestitures —   39   89   39 Other income (losses) (2)  1   (15)  — Net income from unconsolidated investees 21   23   47   50 Income before income taxes 653   548   1,331   1,036 Income tax provision 146   96   305   190 Net income$507  $452  $1,026  $846 Net loss attributable to noncontrolling interests —   —   —   1 Net income attributable to Nasdaq$507  $452  $1,026  $847         Per share information:       Basic earnings per share$0.90  $0.79  $1.81  $1.47 Diluted earnings per share$0.89  $0.78  $1.80  $1.46 Cash dividends declared per common share$0.31  $0.27  $0.58  $0.51         Weighted-average common shares outstanding       for earnings per share:       Basic 564.2   574.1   565.5   574.6 Diluted 567.8   579.0   569.7   579.5  Nasdaq, Inc.Revenue Detail(in millions)(unaudited)       Three Months Ended Six Months Ended June 30, June 30, June 30, June 30,  2026   2025   2026   2025         CAPITAL ACCESS PLATFORMS       Data and Listing Services$217  $198  $431  $391 Index 271   196   491   388 Workflow and Insights 133   126   264   249 Total Capital Access Platforms revenues 621   520   1,186   1,028         FINANCIAL TECHNOLOGY       Financial Crime Management Technology 98   81   191   157 Regulatory Technology 120   104   238   206 Capital Markets Technology 321   279   628   533 Total Financial Technology revenues 539   464   1,057   896         MARKET SERVICES       Market Services 1,372   1,101   2,419   2,240 Transaction-based expenses:       Transaction rebates (712)  (640)  (1,436)  (1,224)Brokerage, clearance and exchange fees (320)  (155)  (326)  (429)Total Market Services revenues, net 340   306   657   587         OTHER REVENUES —   16   8   32         REVENUES LESS TRANSACTION-BASED EXPENSES$1,500  $1,306  $2,908  $2,543  Nasdaq, Inc.Condensed Consolidated Balance Sheets(in millions)       June 30, December 31,   2026   2025 Assets (unaudited)  Current assets:    Cash and cash equivalents $520  $604 Restricted cash and cash equivalents  26   210 Default funds and margin deposits  2,323   5,842 Financial investments  198   28 Receivables, net  1,182   943 Other current assets  284   376 Total current assets  4,533   8,003 Property and equipment, net  767   728 Goodwill  14,245   14,371 Intangible assets, net  6,223   6,511 Operating lease assets  481   447 Other non-current assets  1,092   993 Total assets $27,341  $31,053      Liabilities    Current liabilities:    Accounts payable and accrued expenses $252  $280 Section 31 fees payable to SEC  313   — Accrued personnel costs  243   364 Deferred revenue  931   785 Other current liabilities  174   259 Default funds and margin deposits  2,323   5,842 Short-term debt  269   431 Total current liabilities  4,505   7,961 Long-term debt  8,492   8,573 Deferred tax liabilities, net  1,616   1,584 Operating lease liabilities  482   462 Other non-current liabilities  253   241 Total liabilities  15,348   18,821      Commitments and contingencies    Equity    Nasdaq stockholders' equity:    Common stock  6   6 Additional paid-in capital  4,353   5,122 Common stock in treasury, at cost  (784)  (716)Accumulated other comprehensive loss  (1,874)  (1,773)Retained earnings  10,287   9,588 Total Nasdaq stockholders' equity  11,988   12,227 Noncontrolling interests  5   5 Total equity  11,993   12,232 Total liabilities and equity $27,341  $31,053  Nasdaq, Inc.Reconciliation of U.S. GAAP to Non-GAAP Net Income and Diluted Earnings Per Share(in millions, except per share amounts)(unaudited)             Three Months Ended Six Months Ended   June 30, June 30, June 30, June 30,    2026   2025   2026   2025           U.S. GAAP net income $507  $452  $1,026  $847 Non-GAAP adjustments:        Amortization expense of acquired intangible assets1  121   122   243   243 Merger and strategic initiatives expense2  5   20   9   44 Restructuring charges3  14   9   24   15 Gain from extinguishment of debt4  —   —   —   (19)Legal and regulatory matters5  6   1   12   4 Net gain on divestitures6  —   (39)  (89)  (39)Net income from unconsolidated investees7  (21)  (23)  (47)  (50)Other losses8  6   1   20   1 Total non-GAAP adjustments  131   91   172   199 Non-GAAP adjustment to the income tax provision9  (33)  (24)  (44)  (52)Other tax adjustments10  —   (27)  —   (45)Total non-GAAP adjustments, net of tax  98   40   128   102 Non-GAAP net income $605  $492  $1,154  $949           U.S. GAAP diluted earnings per share $0.89  $0.78  $1.80  $1.46 Total adjustments from non-GAAP net income above  0.18   0.07   0.23   0.18 Non-GAAP diluted earnings per share $1.07  $0.85  $2.03  $1.64           Weighted-average diluted common shares outstanding for earnings per share:  567.8   579.0   569.7   579.5  Nasdaq, Inc.Reconciliation of U.S. GAAP to Non-GAAP Operating Income and Operating Margin(in millions)(unaudited)           Three Months Ended Six Months Ended   June 30, June 30, June 30, June 30,    2026   2025   2026   2025 U.S. GAAP operating income $712  $568  $1,369  $1,115 Non-GAAP adjustments:        Amortization expense of acquired intangible assets1  121   122   243   243 Merger and strategic initiatives expense2  5   20   9   44 Restructuring charges3  14   9   24   15 Gain from extinguishment of debt4  —   —   —   (19)Legal and regulatory matters5  6   1   12   4 Other losses  1   1   1   1 Total non-GAAP adjustments  147   153   289   288 Non-GAAP operating income $859  $721  $1,658  $1,403          Revenues less transaction-based expenses $1,500  $1,306  $2,908  $2,543           U.S. GAAP operating margin11  47%  44%  47%  44%          Non-GAAP operating margin12  57%  55%  57%  55%          Note: The percentages are calculated based on exact dollars, and therefore may not recalculate exactly using rounded numbers as presented in US$ millions.           Nasdaq, Inc.Reconciliation of U.S. GAAP to Non-GAAP Operating Expenses(in millions)(unaudited)           Three Months Ended Six Months Ended   June 30, June 30, June 30, June 30,    2026   2025   2026   2025           U.S. GAAP operating expenses $788  $738  $1,539  $1,428 Non-GAAP adjustments:        Amortization expense of acquired intangible assets1  (121)  (122)  (243)  (243)Merger and strategic initiatives expense2  (5)  (20)  (9)  (44)Restructuring charges3  (14)  (9)  (24)  (15)Gain on extinguishment of debt4  —   —   —   19 Legal and regulatory matters5  (6)  (1)  (12)  (4)Other losses  (1)  (1)  (1)  (1)Total non-GAAP adjustments  (147)  (153)  (289)  (288)Non-GAAP operating expenses $641  $585  $1,250  $1,140            Nasdaq, Inc.Footnotes to Press ReleaseFinancial Tables 1We amortize intangible assets acquired in connection with various acquisitions. Intangible asset amortization expense can vary from period to period due to episodic acquisitions completed, rather than from our ongoing business operations.2We have pursued various strategic initiatives and completed acquisitions and divestitures in recent years that have resulted in expenses which would not have otherwise been incurred. These expenses generally include integration costs, as well as legal, due diligence and other third-party transaction costs. The frequency and the amount of such expenses vary significantly based on the size, timing and complexity of the transaction. For the three and six months ended June 30, 2026, these costs included amounts associated with various strategic initiative costs. For the three and six months ended June 30, 2025, these costs primarily included amounts associated with the transfer of open positions in our Nordic power futures business, Adenza integration costs and other strategic initiative costs.3In the fourth quarter of 2023, following the closing of the Adenza acquisition, our management approved, committed to and initiated a restructuring program, “Adenza Restructuring” to optimize our efficiencies as a combined organization. We initiated the program upon the acquisition of Adenza and further expanded the program in the fourth quarter of 2024 following the achievement of our initial targets. We have incurred costs principally related to employee-related costs, contract terminations, asset impairments and other related costs and expect to incur additional costs in these areas in an effort to accelerate efficiencies through location strategy and enhanced AI capabilities. Actions taken as part of this program were completed as of December 31, 2025, and all costs have been incurred as of June 30, 2026.4For the six months ended June 30, 2025, we recorded a gain on the extinguishment of debt. This gain is recorded in general, administrative and other expense in our Condensed Consolidated Statements of Income.5For the three and six months ended June 30, 2026 and 2025, this includes accruals relating to certain legal matters, which are recorded in professional and contract services in our Condensed Consolidated Statements of Income.6For the six months ended June 30, 2026, this primarily includes the recognition of an incremental gain on the divestiture of our Nordic power futures business, net of costs to sell. For the three and six months ended June 30, 2025, this includes gains on divestitures of our Nordic power futures business and our Nasdaq Risk Modelling for Catastrophes business.7We exclude our share of the earnings and losses of our equity method investments. This provides a more meaningful analysis of Nasdaq’s ongoing operating performance or comparisons in Nasdaq’s performance between periods.8For the three and six months ended June 30, 2026 and 2025, other items primarily include net gains and losses from strategic investments entered into through our corporate venture program. For the three and six months ended June 30, 2026, this also includes intangible asset impairments of customer relationships and licenses relating to the wind-down of our Nordic power futures business. The net effect of these items is included in other income (losses) in our Condensed Consolidated Statements of Income.9For the three and six months ended June 30, 2026 and 2025, the non-GAAP adjustment to the income tax provision primarily includes the tax impact of each non-GAAP adjustment.10For the three and six months ended June 30, 2025, other tax adjustments reflect a tax benefit related to payments made to certain former Adenza employees. For the six months ended June 30, 2025, this also reflects the release of the prior years' reserves following a favorable audit settlement.11U.S. GAAP operating margin equals U.S. GAAP operating income divided by revenues less transaction-based expenses.12Non-GAAP operating margin equals non-GAAP operating income divided by revenues less transaction-based expenses.
Nasdaq, Inc.Reconciliation of Organic and Adjusted Impacts (in millions, except per share amounts)(unaudited)                                   Three Months
Ended
June 30,  Total Variance FX/Divestitures/
Acquisition
impact Organic Variance1 Adjustment Adjusted
Variance1 2026
2025
 $% $% $% $ $%Capital Access Platforms                Data and Listing Services$217$198 $19 10% $1 —% $189% $— $189%Index 271 196  75 38%  — —%  7538%  6  6935%Workflow and Insights 133 126  7 5%  1 —%  65%  —  65%Total Capital Access Platforms revenues 621 520  101 19%  2 —%  9919%  6  9318%                 Financial Technology                Financial Crime Management Technology 98 81  17 22%  — —%  1722%  —  1722%Regulatory Technology 120 104  16 15%  2 —%  1413%  —  1413%Capital Markets Technology 321 279  42 15%  2 —%  4014%  —  4014%Total Financial Technology revenues 539 464  75 16%  4 —%  7115%  —  7115%                 Market Services net revenues 340 306  34 11%  1 —%  3311%  —  3311%                 Other revenues — 16  (16)(100)%  (16)(100)%  ——%  —  ——%                 Revenues less transaction-based expenses$1,500$1,306 $194 15% $(9)(1)% $20316% $6 $19715%                 Solutions revenue 2$1,160$991 $169 17% $(1)(1)% $17017% $6 $16417%                 Non-GAAP Operating Expenses$641$585 $56 10% $(4)(1)% $6010% $— $6010%                 Non-GAAP Operating Income$859$721 $138 19% $(5)(1)% $14320% $6 $13719%                 Non-GAAP diluted earnings per share$1.07$0.85 $0.22 25% $— —% $0.2226% $0.01 $0.2125%                 Note: The percentages are calculated based on exact dollars, and therefore may not recalculate exactly using rounded numbers as presented in US$ millions. The sum of the percentage changes may not tie to the percentage change in total variance due to rounding.                 1 Adjusted and organic variance is calculated by removing the impacts of changes in foreign exchange rates, an acquisition, and divestitures. Adjusted variance also excludes a one-time revenue benefit in our Index business in the second quarter of 2026.                 2 Total Solutions revenues includes Capital Access Platforms and Financial Technology revenues as well as $7 million of Other revenue in the second quarter of 2025, related to the sale of the Solovis business, which was sold in the fourth quarter of 2025. Nasdaq, Inc.Key Drivers Detail(unaudited)                    Three Months
Ended Six Months
Ended  June 30, June 30,   2026   2025   2026   2025 Capital Access Platforms        Annualized recurring revenues (in millions) 1$1,388  $1,286  $1,388  $1,286  Initial public offerings        The Nasdaq Stock Market 68   79   131   142  Nasdaq operating company IPOs 26   38   41   83  SPACs 42   41   90   59  Exchanges that comprise Nasdaq Nordic and Nasdaq Baltic 11   6   13   10  Total new listings        The Nasdaq Stock Market 188   194   364   364  Exchanges that comprise Nasdaq Nordic and Nasdaq Baltic 2 15   6   20   15  Number of listed companies        The Nasdaq Stock Market 3 4,659   4,238   4,659   4,238  Exchanges that comprise Nasdaq Nordic and Nasdaq Baltic 4 1,109   1,148   1,109   1,148  Index        Number of licensed exchange traded products 481   422   481   422  Period end ETP assets under management (AUM) tracking Nasdaq indexes (in billions)$1,114  $745  $1,114  $745  Total average ETP AUM tracking Nasdaq indexes (in billions)$1,014  $663  $946  $662  TTM 5 net inflows ETP AUM tracking Nasdaq indexes (in billions)$109  $88  $109  $88  TTM 5 net appreciation ETP AUM tracking Nasdaq indexes (in billions)$260  $88  $260  $88          Financial Technology        Annualized recurring revenues (in millions) 1        Financial Crime Management Technology$359  $308  $359  $308  Regulatory Technology 428   376   428   376  Capital Markets Technology 1,083   932   1,083   932  Total Financial Technology$1,870  $1,616  $1,870  $1,616          Market Services        Equity Derivative Trading and Clearing        U.S. equity options        Total industry average daily volume (in millions) 66.5   52.5   64.6   53.0  Nasdaq PHLX matched market share 11.2%  9.6%  11.8%  9.4% The Nasdaq Options Market matched market share 2.6%  4.3%  2.6%  4.7% Nasdaq Texas Options matched market share (formerly Nasdaq BX) 1.3%  1.7%  1.3%  1.7% Nasdaq ISE Options matched market share 6.6%  6.6%  6.4%  6.7% Nasdaq GEMX Options matched market share 3.4%  4.4%  3.4%  4.0% Nasdaq MRX Options matched market share 4.0%  2.8%  4.1%  2.8% Total matched market share executed on Nasdaq's exchanges 29.1%  29.4%  29.6%  29.3% Nasdaq Nordic and Nasdaq Baltic options and futures        Total average daily volume of options and futures contracts 221,789   223,450   235,945   240,133          Cash Equity Trading          Total U.S.-listed securities          Total industry average daily share volume (in billions) 20.2   18.4   20.1   17.1 Matched share volume (in billions) 184.5   158.4   368.2   295.5 The Nasdaq Stock Market matched market share 14.3%  13.5%  14.5%  13.8%Nasdaq Texas matched market share (formerly Nasdaq BX) 0.3%  0.3%  0.3%  0.3%Nasdaq PSX matched market share 0.1%  0.1%  0.1%  0.1%Total matched market share executed on Nasdaq's exchanges 14.7%  13.9%  14.9%  14.2%Market share reported to the FINRA/Nasdaq Trade Reporting Facility 46.4%  47.7%  46.0%  47.9%Total market share 6 61.1%  61.6%  60.9%  62.1%Nasdaq Nordic and Nasdaq Baltic securities           Average daily number of equity trades executed on Nasdaq's exchanges 747,410   804,121   773,062  796,426 Total average daily value of shares traded (in billions)$6.2  $5.7  $6.5 $5.5 Total market share executed on Nasdaq's exchanges 7 74.5% 71.9%  74.4% 71.2%                  1Annualized Recurring Revenue (ARR) for a given period is the current annualized value derived from subscription contracts with a defined contract value. This excludes contracts that are not recurring, are one-time in nature, or where the contract value fluctuates based on defined metrics. ARR is currently one of our key performance metrics to assess the health and trajectory of our recurring business. ARR does not have any standardized definition and is therefore unlikely to be comparable to similarly titled measures presented by other companies. ARR should be viewed independently of revenue and deferred revenue and is not intended to be combined with or to replace either of those items. For AxiomSL and Calypso recurring revenue contracts, the amount included in ARR is consistent with the amount that we invoice the customer during the current period. Additionally, for AxiomSL and Calypso recurring revenue contracts that include annual values that increase over time, we include in ARR only the annualized value of components of the contract that are considered active as of the date of the ARR calculation. We do not include the future committed increases in the contract value as of the date of the ARR calculation. ARR is not a forecast and the active contracts at the end of a reporting period used in calculating ARR may or may not be extended or renewed by our customers.2New listings include IPOs and represent companies listed on the Nasdaq Nordic and Nasdaq Baltic exchanges and companies on the alternative markets of Nasdaq First North.3Number of total listings on The Nasdaq Stock Market for the three and six months ended June 30, 2026 and 2025 included 1,243 and 914 ETPs, respectively.4Represents companies listed on the Nasdaq Nordic and Nasdaq Baltic exchanges and companies on the alternative markets of Nasdaq First North.5Trailing twelve months.6Includes transactions executed on The Nasdaq Stock Market's, Nasdaq Texas's (formerly Nasdaq BX) and Nasdaq PSX's systems plus trades reported through the Financial Industry Regulatory Authority/Nasdaq Trade Reporting Facility.7European cash equities markets include cash equities exchanges of Sweden, Denmark, Finland, and Iceland. Minor adjustments to prior periods reflect data from a new consolidated data provider that accurately captures all primary trading venues and Multilateral Trading Facilities, or MTFs.  

New York, New York, July 23, 2026 (GLOBE NEWSWIRE) -- Market Technology Acquisition Corp (the “Company”), a newly organized special purpose acquisition company formed as a Cayman Islands exempted company today announced the pricing of its initial public offering of 20,000,000 units at an offering price of $10.00 per unit, with each unit consisting of one Class A ordinary share and one-half of one redeemable warrant. Each whole warrant will entitle the holder thereof to purchase one Class A ordinary share at $11.50 per share. The units are expected to trade on the Global Market tier of The Nasdaq Stock Market LLC (“Nasdaq”) under the ticker symbol “MTAKU” beginning July 24, 2026. No fractional warrants will be issued upon separation of the units and only whole warrants will trade. Once the securities comprising the units begin separate trading, the ordinary shares and the warrants are expected to be traded on Nasdaq under the symbols “MTAK” and “MTAKW,” respectively.

Key Takeaways Nasdaq's Q2 earnings rose 25% as revenues gained 15%, beating estimates on broad-based growth.Index revenues surged 38%, while Financial Technology revenues climbed 16% and ARR rose 16%.Market Services hit record revenues, while margins expanded 200 basis points to 57%. Nasdaq, Inc. (NDAQ - Free Report) reported second-quarter 2026 non-GAAP earnings of $1.07 per share, up 25% year over year. The figure beat the Zacks Consensus Estimate of 98 cents by 9.18%.

Net revenues increased 15% to $1.5 billion and topped the consensus estimate of $1.4 billion by 3.87%. Growth was broad-based across all three divisions. Annualized recurring revenues rose 11% to $3.3 billion and organic ARR growth reached 12%.

NDAQ Solutions Revenues Gain MomentumSolutions revenues advanced 17% year over year to $1.16 billion, representing 77% of net revenues. The increase reflected strength across Capital Access Platforms and Financial Technology, with adjusted and organic growth also coming in at 17%.

Annualized SaaS revenues reached $1.23 billion, up 12% on a reported basis and 15% organically. SaaS represented 38% of annualized recurring revenues, underscoring the rising contribution from subscription-based offerings. The recurring mix also provided a steadier complement to transaction-sensitive market revenues.

Nasdaq Capital Access Benefits From Index StrengthCapital Access Platforms revenues climbed 19% to $621 million or 18% on an adjusted basis. Index revenues surged 38% to $271 million, or 35% after excluding a one-time contract modification benefit. Data and Listing Services revenues increased 10% to $217 million, while Workflow and Insights revenues rose 5% to $133 million.

Index exchange-traded product assets under management ended the quarter at $1.11 trillion. Net inflows totaled $51 billion in the quarter and $109 billion over the trailing 12 months. Nasdaq also launched 34 new index products and welcomed seven of the 10 largest operating-company IPOs during the period.

NDAQ Financial Technology Posts Broad-Based GrowthFinancial Technology revenues rose 16% to $539 million and increased 15% organically. Financial Crime Management Technology revenues grew 22%, Regulatory Technology gained 15%, and Capital Markets Technology advanced 15% on a reported basis. Financial Technology ARR increased 16% to $1.870 billion.

The division signed 58 new clients, seven cross-sells and 107 upsells. Nasdaq Verafin added 47 small- and medium-sized bank clients and six enterprise deals, while its Agentic AI Workforce expanded to 750 clients. Calypso also broadened its reach to more than 70 countries through new client activity.

Nasdaq Market Services Sets Revenue RecordMarket Services net revenues increased 11% to a record $340 million. U.S. equity derivatives trading revenues were $123 million, while U.S. cash equity trading revenues reached $128 million. European cash equity trading contributed $32 million, and U.S. tape plan revenues were $33 million.

Nasdaq held a 29.1% matched share in U.S. multi-listed options and a 14.7% matched share in U.S.-listed cash equities. Its share in Nordic and Baltic cash equities was 74.5%. The Closing Cross also handled record notional values during the Russell reconstitution and June Triple Witch events.

NDAQ Margins Expand as Cash Flow Supports ReturnsNon-GAAP operating income rose 19% to $859 million. The non-GAAP operating margin expanded 200 basis points to 57%, as revenue growth outpaced the 10% increase in non-GAAP operating expenses to $641 million. Higher compensation, marketing and technology investments drove the expense increase.

Cash flow from operations totaled $711 million. Nasdaq returned $174 million through dividends and $356 million through share repurchases, while repaying $162 million of debt. Cash and cash equivalents were $520 million at quarter-end, and long-term debt was $8.5 billion.

Nasdaq Raises Expense Outlook for 2026Nasdaq updated its 2026 non-GAAP operating expense guidance to a range of $2.530 billion to $2.570 billion. The revised outlook reflects higher compensation tied to revenue execution, increased marketing costs amid a stronger IPO environment and continued technology investments.

The company maintained its non-GAAP tax rate guidance in the range of 22.5% to 24.5%. Strategic activity included agreements to sell Nasdaq Fund Secondaries and acquire Dasseti, an AI-powered due diligence platform that will be integrated into eVestment. Nasdaq also advanced tokenized collateral capabilities through Calypso on the Canton Network.

Zacks RankNDAQ currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Performance of an Industry PlayerCME Group's (CME - Free Report) second-quarter 2026 adjusted earnings of $2.99 per share beat the Zacks Consensus Estimate of $2.91 by 2.7%. The bottom line increased 1% from the year-ago quarter. Revenues of $1.70 billion surpassed the consensus estimate of $1.68 billion by 1.2% and rose 1% year over year.

Average daily volume (ADV) totaled 29.8 million contracts, representing the company's third-highest quarterly ADV.

Management expects full-year adjusted operating expenses, excluding license fees, of approximately $1.695 billion and capital expenditures, net of leasehold improvement allowances, of roughly $85 million.

Upcoming ReleasesCboe Global Markets, Inc. (CBOE - Free Report) is set to release second-quarter 2026 earnings on July 31. The Zacks Consensus Estimate for second-quarter earnings per share is pegged at $3.41, indicating an increase of 38.6% from the year-ago reported figure.

CBOE delivered an earnings surprise in each of the last four reported quarters.

Intercontinental Exchange Inc. (ICE - Free Report) is set to release second-quarter 2026 earnings on July 30. The Zacks Consensus Estimate for second-quarter earnings is pegged at $1.84 per share, indicating an increase of 1.7% from the year-ago reported figure.

ICE delivered an earnings surprise in each of the last four reported quarters.

Nasdaq (NDAQ - Free Report) came out with quarterly earnings of $1.07 per share, beating the Zacks Consensus Estimate of $0.98 per share. This compares to earnings of $0.85 per share a year ago. These figures are adjusted for non-recurring items.

This quarterly report represents an earnings surprise of +9.18%. A quarter ago, it was expected that this exchange operator would post earnings of $0.93 per share when it actually produced earnings of $0.96, delivering a surprise of +3.23%.

Over the last four quarters, the company has surpassed consensus EPS estimates four times.

Nasdaq, which belongs to the Zacks Securities and Exchanges industry, posted revenues of $1.5 billion for the quarter ended June 2026, surpassing the Zacks Consensus Estimate by 3.87%. This compares to year-ago revenues of $1.31 billion. The company has topped consensus revenue estimates four times over the last four quarters.

The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call.

Nasdaq shares have lost about 6.4% since the beginning of the year versus the S&P 500's gain of 9.6%.

What's Next for Nasdaq?While Nasdaq has underperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?

There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately.

Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions.

Ahead of this earnings release, the estimate revisions trend for Nasdaq was mixed. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stock. So, the shares are expected to perform in line with the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.

It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $1.00 on $1.44 billion in revenues for the coming quarter and $3.93 on $5.79 billion in revenues for the current fiscal year.

Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Securities and Exchanges is currently in the bottom 10% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.

One other stock from the same industry, S&P Global (SPGI - Free Report) , is yet to report results for the quarter ended June 2026. The results are expected to be released on July 28.

This independent ratings and analytics provider is expected to post quarterly earnings of $4.49 per share in its upcoming report, which represents a year-over-year change of +1.4%. The consensus EPS estimate for the quarter has been revised 8.3% lower over the last 30 days to the current level.

S&P Global's revenues are expected to be $3.65 billion, down 2.9% from the year-ago quarter.

BERKELEY, CA / ACCESS Newswire / July 22, 2026 / Helio Corporation (OTCID:HLEO) ("Helio" or the "Company"), a developer of advanced Space-Based Solar Power and engineering technologies pioneering commercial lunar hardware, today announced that its previously approved reverse stock split (the "Reverse Split") of the Company's issued and outstanding common stock has become effective and is expected to begin trading on a split-adjusted basis at the open of trading on July 22, 2026. The reverse split is a strategic step to support the Company's planned application to list its common stock on the Nasdaq Capital Market.

The 1-for-5 reverse stock split became legally effective on July 20, 2026, pursuant to the Company's Articles of Amendment filed with the Florida Department of State on July 17, 2026, and will become effective in the market at the open of trading on July 22, 2026. Beginning at market open on July 22, 2026, every five shares of the Company's common stock will automatically combine into one share, with no action required by shareholders. Except for the treatment of fractional shares, the reverse split will not affect any shareholder's proportional ownership interest in the Company. In connection with the reverse split, the Company's common stock will trade under a new CUSIP number (860914209). Additional information regarding the reverse split is available in the Company's filings with the Securities and Exchange Commission.

Following the Reverse Split, the Company expects to satisfy Nasdaq's post-split trading requirements in short order, subject to market conditions, regulatory. Company management believes a Nasdaq listing has the potential to expand institutional visibility, improve trading liquidity, broaden analyst coverage, and provide greater access to long-term growth capital as the Company continues executing its commercial and aerospace strategy.

Over the past year, Helio has made substantial progress executing its long-term strategy. Over the past year Helio has:

Expanded to five lunar missions.

Advanced residential and industrial SBSP demonstrations.

Reduced debt by over two-thirds.

Expanded patent filings.

Increased commercial engagement.

Built a $12 million contract pipeline

"Our focus has always been on building a stronger company," said Ed Cabrera, Chairman and Chief Executive Officer of Helio Corporation. "Over the last year we've made measurable progress across our commercial, technical and financial objectives. We believe pursuing a Nasdaq listing is the natural next step in that journey, allowing us to introduce Helio to a broader universe of long-term investors while continuing to execute our strategy."

Cabrera continued, "the reverse split does not change the underlying business, our customer relationships, our contract opportunities, our technology portfolio, or our long-term vision. Management believes shareholder value will continue to be driven by execution, innovation, and continued progress toward becoming a leading participant in the future space based solar power industry."

No Offer or Solicitation

This press release is for informational purposes only and does not constitute an offer to sell, or the solicitation of an offer to buy, any securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. Any offering of securities will be made only by means of a prospectus forming part of an effective registration statement filed with the Securities and Exchange Commission.

For More Information:

Ed Cabrera
Chairman of the Board and Chief Executive Officer
Helio Corporation
(956) 225-9639
[email protected]

About Helio Corporation

Helio is pioneering a new class of energy infrastructure-space-based power systems aka "Power plants in space" that captures solar energy beyond Earth's atmosphere and beams it safely and efficiently to the surface. Our vision is to establish orbital energy platforms as a foundational layer of the global power grid, delivering uninterrupted, carbon-free electricity at scale and reshaping how nations power cities, industries, and critical systems. Founded in 2018 as the ‘problem solvers to the space industry,' Helio designs and delivers world-class space mechanisms, advanced antenna systems, and space design solutions; supporting NASA, private companies, universities, and global space agencies across missions ranging from small-scale programs to flagship space initiatives. We are proud to be a trusted partner to over a dozen space agencies, organizations, and companies across the globe. Our products can be found operating from the Sun to Jupiter. From NASA and European Space Agency to emerging private aerospace firms and academic institutions, we collaborate with some of the most innovative and forward-thinking players in the space industry. Helio Corporation is focused on developing and commercializing technologies for aerospace, space systems, and related advanced engineering applications. Through its operating subsidiaries, Helio seeks to build a portfolio of technologies and intellectual property directed to future space infrastructure and deployable systems.

For more information on the new strategic direction, financing initiatives and management additions, please visit www.helio.space to be added to our email list.

Note Regarding Forward Looking Statements:

Some of the matters discussed herein may contain forward-looking statements that involve significant risk and uncertainties. Forward-looking statements can be identified by the use of words like "believes," "could," "possibly," "probably," "anticipates," "estimates," "projects," "expects," "may," "will," "should," "seek," "intend," "plan," "expect," or "consider" or the negative of these expressions or other variations, or by discussions of strategy that involve risks and uncertainties. All forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause our actual transactions, results, performance or achievements to be materially different from any future transactions, results, performance or achievements expressed or implied by such forward-looking statements, including our ability to obtain financing on acceptable terms or at all, and other risk factors included in the reports we file with the Securities and Exchange Commission (the "Commission"). We base these forward-looking statements on current expectations and projections about future events and the information currently available to us. Although we believe that the assumptions for these forward-looking statements are reasonable, any of the assumptions could prove to be inaccurate. Consequently, no representation or warranty can be given that the estimates, opinions, or assumptions made in or referenced by this press release, including, but not limited to, our ability to obtain financing, will prove to be accurate. We caution you that the forward-looking statements in this press release are only estimates and predictions, or statements or current intent. Actual results or outcomes, or actions that we ultimately undertake, could differ materially from those anticipated in the forward-looking statements due to risks, uncertainties or actual events differing from the assumptions underlying these statements. We caution investors not to rely on the forward-looking statements contained in or made in connection with this press release and encourage investors to review the reports we file with the Commission. The Company undertakes no duty or obligation to update any forward-looking statements contained in this press release as a result of new information, future events or changes in the Company's business plans or model. This press release contains "forward-looking statements" within the meaning of the federal securities laws, including statements regarding the Company's planned Nasdaq uplisting, the proposed reverse stock split and its expected effective date, the anticipated public offering, contracted backlog and pipeline, commercialization initiatives, and long-term growth strategy. These statements are based on current expectations and assumptions and are subject to risks and uncertainties that could cause actual results to differ materially, including the risk that the reverse split, uplisting, or offering may not be completed on the expected terms or at all, market conditions, and the effectiveness of a registration statement. The Company undertakes no obligation to update any forward-looking statement except as required by law.

SOURCE: Helio Corporation

, /PRNewswire/ -- B&R Technology Merger Corp. (the "Company") announced the pricing of its initial public offering of 32,500,000 units at $10.00 per unit. The units will be listed on the Nasdaq Global Market ("Nasdaq") under the symbol "BRTMU" commencing on July 21, 2026. Each unit consists of one Class A ordinary share of the Company and one-third of one warrant, each whole warrant entitling the holder thereof to purchase one Class A ordinary share of the Company at an exercise price of $11.50 per share. Once the securities constituting the units begin separate trading, the Company expects that the Class A ordinary shares and warrants will be listed on Nasdaq under the symbols " BRTM" and " BRTMW," respectively.

The Company was formed for the purpose of effecting a merger, amalgamation, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses. It may pursue an initial business combination target in any business or industry.

Citigroup Global Markets Inc. ("Citigroup") is acting as sole bookrunner and representative of the underwriters. The Company has granted the underwriters a 45-day option to purchase up to 4,875,000 additional units at the initial public offering price to cover over-allotments, if any.

This offering will only be made by means of a prospectus. Copies of the preliminary prospectus relating to the offering and final prospectus, when available, may be obtained from Citigroup, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, New York 11717 or by telephone at (800) 831-9146.

A registration statement relating to these securities has been declared effective by the U.S. Securities and Exchange Commission (the "SEC"). This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any State or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such State or jurisdiction.

FORWARD-LOOKING STATEMENTS

This press release contains statements that constitute "forward-looking statements," including with respect to the proposed initial public offering and the anticipated use of the net proceeds. No assurance can be given that the offering discussed above will be completed on the terms described, or at all, or that the net proceeds of the offering will be used as indicated. Forward-looking statements are subject to numerous conditions, many of which are beyond the control of the Company, including those set forth in the Risk Factors section of the Company's registration statement and preliminary prospectus for the Company's offering filed with the SEC. Copies are available on the SEC's website, www.sec.gov. The Company undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.

SOURCE B&R Technology Merger Corp.

Key Takeaways NDAQ's Q2 growth is likely to be boosted by Capital Access Platforms, Financial Technology & Market Services. NDAQ reported higher U.S. equity options and cash equity volumes, while European options and futures lowered. Nasdaq is expected to face higher expenses, though share buybacks may provide support to earnings. Nasdaq, Inc. (NDAQ - Free Report) is expected to register an improvement in both top and bottom lines when it reports second-quarter 2026 results on July 23, before the opening bell.

The Zacks Consensus Estimate for NDAQ’s second-quarter revenues is pegged at $1.44 billion, indicating 10.6% growth from the year-ago reported figure.

The consensus estimate for earnings is pegged at 98 cents per share. The Zacks Consensus Estimate for NDAQ’s second-quarter earnings has moved 1% north in the past 30 days. The estimate suggests a year-over-year increase of 15.3%.

What Our Quantitative Model StatesOur proven model predicts an earnings beat for Nasdaq this time around. This is because the stock has the right combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold).

Earnings ESP: Nasdaq has an Earnings ESP of +0.14% at present. You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.

Zacks Rank: Nasdaq currently carries a Zacks Rank #3.

Factors to ConsiderContinued organic revenue growth, new sales and an increase in Financial Crime Management Technology revenues are likely to have aided Nasdaq’s second-quarter performance.

Non-trading revenues are likely to have benefited from improved results in Capital Access Platforms, Financial Technology and Market Services businesses.

Higher subscription revenues from new and existing clients and higher professional services fees are likely to have aided the Financial Crime Management Technology business.

Higher revenues related to data center growth and higher subscription revenues from new sales and price increases to existing clients are likely to have aided the Capital Markets Technology business.

New listings, an increase in data net sales and usage and pricing, higher average AUM in exchange-traded products linked to Nasdaq indices, eVestment and Nasdaq Alternative Data sales growth are expected to have aided performance at the Capital Access Platforms division.

An rise in professional & contract services expenses, as well as technology and communication infrastructure, marketing and advertising, depreciation and amortization and regulatory, merger and strategic initiatives is expected to have increased total expenses for the to-be-reported quarter.

Nevertheless, share buybacks in the quarter to be reported are expected to have boosted the bottom line.

Q2 VolumesNasdaq reported impressive volumes for the second quarter of 2026. The U.S. equity options volume increased 25.4% year over year to 1.2 billion contracts. European options and futures volume decreased 14.7% year over year to 13.3 million contracts.

Revenues per contract for the U.S. equity options decreased 16.7% year over year to 10 cents, while the same for European options and futures increased 21.8% to 67 cents.

Under its cash equities, Nasdaq’s U.S. matched equity volume in the second quarter, which grossed 184.5 billion shares, up 16.5% from the prior-year quarter’s level. European equity volume increased 14% year over year to $277 billion.

In the second quarter, there were 4,525 listed companies on the Nasdaq compared with 4,472 in the year-ago period. Total listings increased 7.1% year over year to 5,768.

Other Stocks to ConsiderHere are three finance stocks you may want to consider, as our model shows that these also have the right combination of elements to post an earnings beat.

Cboe Global Markets, Inc. (CBOE - Free Report) has an Earnings ESP of +1.82% and carries a Zacks Rank #2 at present. The Zacks Consensus Estimate for second-quarter 2026 earnings is pegged at $3.41, indicating a year-over-year increase of 38.6%. You can see the complete list of today’s Zacks #1 Rank stocks here.

CBOE’s earnings beat estimates in each of the last four reported quarters.

Cincinnati Financial Corporation (CINF - Free Report) has an Earnings ESP of +7.22% and a Zacks Rank #2 at present. The Zacks Consensus Estimate for second-quarter 2026 earnings is pegged at $1.82, indicating a year-over-year decrease of 7.6%.

CINF’s earnings beat estimates in each of the last four reported quarters.

The Allstate Corporation (ALL - Free Report) has an Earnings ESP of +10.88% and a Zacks Rank #3 at present. The Zacks Consensus Estimate for second-quarter 2026 earnings is pegged at $5.33, indicating a year-over-year decrease of 10.2%.

ALL’s earnings beat estimates in each of the last four reported quarters.

July 17, 2026 16:05 ET  | Source: Nasdaq, Inc.

NEW YORK, July 17, 2026 (GLOBE NEWSWIRE) -- The Nasdaq Stock Market (Nasdaq: NDAQ) announced today that it has notified MaxsMaking Inc. (Nasdaq: MAMK) that its securities will be delisted from the Nasdaq Stock Market LLC on July 28, 2026, unless the company appeals to a Listing Qualifications Hearings Panel. The securities will remain halted, and unavailable to trade, until any appeal is resolved. Following removal from Nasdaq the securities may be eligible for trading in the over-the-counter market. 

Following a temporary trading suspension in the Company’s securities by the U.S. Securities and Exchange Commission (https://www.sec.gov/files/litigation/suspensions/2025/34-104180.pdf) Nasdaq halted trading in the Company’s ordinary shares on December 2, 2025. Nasdaq has now determined that it is appropriate to use its authority under IM-5101-4 to delist the Company’s securities from Nasdaq.

For news and additional information about the company, please review the companies’ public filings or contact the company directly.

For more information about The Nasdaq Stock Market, visit the Nasdaq Web site at http://www.nasdaq.com. Nasdaq’s rules governing the delisting of securities can be found in the Nasdaq Rule 5800 Series, available on the Nasdaq Web site: https://listingcenter.nasdaq.com/rulebook/nasdaq/rules/nasdaq-5800-series.  

July 16, 2026 16:05 ET  | Source: Nasdaq, Inc.

NEW YORK, July 16, 2026 (GLOBE NEWSWIRE) -- The Nasdaq Stock Market (Nasdaq: NDAQ) announced today that it has notified Empro Group Inc. (Nasdaq: EMPG) that its securities will be delisted from the Nasdaq Stock Market LLC on July 27, 2026, unless the company appeals to a Listing Qualifications Hearings Panel. The securities will remain halted, and unavailable to trade, until any appeal is resolved. Following removal from Nasdaq the securities may be eligible for trading in the over-the-counter market. 

Following a temporary trading suspension in the Company’s securities by the U.S. Securities and Exchange Commission (https://www.sec.gov/files/litigation/suspensions/2025/34-104166-ts.pdf) Nasdaq halted trading in the Company’s ordinary shares on October 23, 2025. Nasdaq has now determined that it is appropriate to use its authority under IM-5101-4 to delist the Company’s securities from Nasdaq.

For news and additional information about the company, please review the companies’ public filings or contact the company directly.

For more information about The Nasdaq Stock Market, visit the Nasdaq Web site at http://www.nasdaq.com. Nasdaq’s rules governing the delisting of securities can be found in the Nasdaq Rule 5800 Series, available on the Nasdaq Web site: https://listingcenter.nasdaq.com/rulebook/nasdaq/rules/nasdaq-5800-series.  

Key Takeaways Nasdaq is growing non-trading revenues through technology, data, index and anti-financial crime businesses. NDAQ is expanding its solutions portfolio through acquisitions and cross-selling to boost recurring revenues. A healthy balance sheet supports dividend growth, share buybacks and long-term capital allocation goals. Shares of Nasdaq, Inc. (NDAQ - Free Report) have gained 1.6% over the past year, outperforming the industry's 15.9% decline.

Arch Capital has outperformed its peers, including Intercontinental Exchange Inc. (ICE - Free Report) , CME Group Inc. (CME - Free Report) and OTC Markets Group Inc. (OTCM - Free Report) . Shares of ICE, CME and OTCM have lost 23.1%, 11.7% and 8.5%, respectively, in the past year.

Image Source: Zacks Investment Research

With a market capitalization of $51.66 billion, the average volume of shares traded in the last three months was 3.9 million. NDAQ has a solid track record of beating earnings estimates in each of the last four quarters, with an average of 4.93%.

NDAQ Trading Above 50-Day and 200-Day Moving AveragesShares of Nasdaq closed at $91.36 on Wednesday and are trading above the 50-day and 200-day simple moving averages (SMA) of $87.40 and $88.96, respectively, indicating solid upward momentum. SMA is a widely used technical analysis tool to predict future price trends by analyzing historical price data.

Image Source: Zacks Investment Research

NDAQ’s Growth Projection EncouragesThe Zacks Consensus Estimate for Nasdaq’s 2026 earnings per share indicates a year-over-year increase of 12.3%. The consensus estimate for revenues is pegged at $5.78 billion, implying a year-over-year improvement of 10.1%.

The consensus estimate for 2027 earnings per share and revenues indicates an increase of 12.7% and 7.7%, respectively, from the corresponding 2026 estimates.

The long-term earnings growth is expected to be 16%, better than the industry average of 12.5%.

Optimist Analyst Sentiment on NDAQSix of the 11 analysts covering the stock have raised estimates for 2026, and five analysts have raised the same for 2027 over the past 30 days. Thus, the Zacks Consensus Estimate for 2026 and 2027 earnings has moved up 0.7% and 1.4%, respectively, in the past 30 days.

Average Target Price for NDAQ Suggests UpsideBased on short-term price targets offered by 17 analysts, the Zacks average price target is $107.88 per share. The average suggests a potential 22.58% upside from the last closing price.

Image Source: Zacks Investment Research

Nasdaq’s Favorable Return on CapitalReturn on equity in the trailing 12 months was 17.5%, better than the industry average of 16%. This highlights the company’s efficiency in utilizing shareholders’ funds.

Also, the return on invested capital (ROIC) has been increasing over the last few quarters as the company raised its capital investment over the same time frame, reflecting NDAQ’s efficiency in utilizing funds to generate income. ROIC in the trailing 12 months was 7.9%, better than the industry average of 6.6%.

Key Points to Note for NDAQ StockNasdaq’s organic growth has also been aided by its strategy of accelerating its non-trading revenue base, which includes Trading Services and Marketplace Technology businesses, Data & Listing Services, Index and Workflow & Insights businesses, and Anti-Financial Crime business, thereby infusing dynamism into its business profile.

Growth in non-trading segments was driven by higher Index revenues, demand for IR and ESG solutions, steady analytics solutions sales to asset managers, and increasing recurring data revenues. Anti-Financial Crime revenues should continue to gain from solid demand for fraud detection and anti-money laundering solutions, as well as the SaaS-based surveillance solutions.

Nasdaq focuses on cross-selling multiple products to existing clients and integrating acquisitions to broaden its solutions portfolio, thereby increasing customer stickiness and revenue visibility.

Nasdaq has grown meaningfully over the years through several strategic expansions. These acquisitions have helped the company gain direct access to the Canadian equities market, expand its technology offering and improve its market surveillance techniques.

Nasdaq boasts a healthy balance sheet and cash position, along with modest operating cash flow from its diverse business model. A healthy balance sheet ensures the distribution of wealth to shareholders in the form of dividend hikes and share repurchases.

ConclusionNasdaq is set to grow on impressive organic growth, an increasing on-trading revenue base and strategic buyouts to capitalize on market opportunities. The company’s focus on Market Technology and Information Services businesses helps explore vast opportunities through its developmental strategies.

NDAQ’s dividend story is impressive. Per its growth strategy, Nasdaq will bring the payout ratio of 35-38% by 2027 and resume share buybacks to offset dilution from the Adenza buyout.

Higher return on capital, favorable growth estimates and attractive valuations should continue to benefit NDAQ over the long term.

It is, therefore, wise to hold on to this Zacks Rank #3 (Hold) stock at present. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Miami, FL, July 16, 2026 (GLOBE NEWSWIRE) -- ONAR Holding Corporation (OTC PINK: ONAR) (“ONAR” or the “Company”), an AI-powered marketing platform, today issued the following letter to stockholders from Chief Executive Officer Claude Zdanow.

Dear Valued Shareholders,

Let me start with the thesis, because everything else in this letter follows from it.

The holding company model does not work for the middle market. The big networks were built to serve the Fortune 100, and their economics only make sense at that scale. Everybody else gets the leftovers: a junior team, recycled strategy, and a rate card designed for someone else’s budget. That is most of the market, and it is where most of the growth actually is.

Our bet is that AI collapses the cost of doing that work properly. Not by firing people, which is where most of our industry seems to have landed, but by giving good people leverage they have never had. We buy strong agencies, we put our own technology inside them, and the same team serves more clients without us adding headcount at the same pace.

That is no longer a slide in a deck. It is showing up in the P&L.

The quarter

In the first quarter of 2026, revenue grew 39% year over year. Our loss from operations improved 68%. And we used 40% less cash running the business than we did a year ago. For fiscal year 2025, revenue grew 63% and gross profit turned positive. The dollar figures are all in our filings, and I would encourage you to go read them.

We are not where we need to be. But you do not get numbers like those out of cost cuts. You get them out of a model that has started to work.

Being late, and owning it

Our Form 10-K went out later than any of us wanted and I take responsibility for it. We were integrating several acquisitions at once while building the finance function that a multi-subsidiary public company actually requires, and we did not build it fast enough. It was not a reflection of the health of the business. We have since strengthened that function, added people, and fixed our close and audit process so that we do not repeat it. With our first quarter Form 10-Q now on file, we are current in our reporting obligations with the SEC.

We were also quiet for several months, and that was deliberate. We were working through a decision that shapes everything else: whether to take ONAR private, or stay public and go after something much bigger. It was not a decision I wanted to rush, and it was certainly not one to narrate in real time. It is made now, and the rest of this letter is what came out of it.

What we have actually built

Everything we have built lives inside ONAR Labs, our technology division. Three of them matter here.

ONAR AI is the platform that runs the company. It is our marketing intelligence layer, and it sits across every agency we own, giving our teams the efficiency I keep coming back to. It is why the same people can take on more clients without us hiring at the same pace, and it is a big reason our loss from operations improved 68% while revenue grew. Here is the part that matters most for how we grow: ONAR AI can be implanted into any agency we acquire. When we buy a business, we do not only add its revenue, we drop our technology into it and lift how the whole thing runs. That is what makes the acquisition model compound rather than just add up.

Retina AI is a predictive customer intelligence engine. In plain terms, it tells you what a customer is going to be worth before you spend the money to acquire them. Most marketing budgets in this industry are still allocated on cost per click, which optimizes for the cheapest customer rather than the most valuable one. Retina inverts that. It scores lifetime value up front, so media spend goes toward the customers who will actually be worth having. That is the difference between buying traffic and buying customers, and our clients feel it in their margins.

Cortex is our sales attribution platform. It answers the oldest, hardest question in marketing: which spend actually drove a sale. Cortex measures that across both offline and online channels, and the offline half is the hard half, because most tools can follow a click but go dark the moment a customer walks into a store or picks up the phone. It lays the answer out in a way a client can actually read, instead of a dashboard nobody opens.

Cortex is now a product

Here is the development I am most excited about, and the one I think is most easily missed.

We have begun commercializing Cortex, starting with the offline sales attribution piece. It is no longer only something we use to measure our own clients’ marketing; we are selling it to others, and it has started to generate revenue. It is early and the amounts are small, and I will not pretend otherwise. But a marketing services company that also earns technology revenue is a fundamentally different business than the one we started with, and it is the business we intend to become.

What is ahead

I am going to keep the specifics close, because these are live processes and several of them involve counterparties and definitive agreements that are not yet signed.

First, we have signed a non-binding letter of intent for a potentially transformative acquisition, which remains subject to the execution of definitive documentation. It is significantly larger than anything we have done before. It is profitable, and it fits what we have been building.

Second, we have signed a term sheet for a proposed $15 million financing to fund the business going forward. A term sheet is not a definitive agreement. The financing remains subject to the negotiation and execution of definitive documentation, completion of due diligence, and customary closing conditions, and there is no assurance that it will be completed on these terms or at all.

Third, we are in active discussions with our lenders and investors regarding the conversion of a portion of our outstanding debt into equity, which would align our long-term partners directly with you.

Fourth, we have made the decision to pursue an uplisting to the Nasdaq Stock Market. A national exchange listing can bring added credibility, broader access to investors, and greater visibility as we continue to scale.

Taken together, the proposed financing and the potential debt conversion are directed at one objective: a stronger balance sheet. If both are completed on the terms we are pursuing, we would expect to enter the second half of the year with more capital to invest in the business and less debt to service. I want to be equally direct that neither is in final form today, and both remain subject to the conditions I describe below.

Clear-eyed

A non-binding letter of intent is not a closed deal, and a term sheet is not a financing. Both require definitive documentation. A Nasdaq listing depends on meeting Nasdaq’s requirements and receiving approval. None of these are promises, and some of them may not happen. What I can tell you is that they are real priorities, they are in motion, and we will report on each one as it moves from plan to fact.

And you have my word on the communication itself. We were quiet for too long, and I do not intend to repeat it. You can expect to hear from us on a regular basis going forward, in our filings and directly, whether the news is easy or hard.

If you have held this stock through the quiet stretch, thank you. I know it has not always been easy, and I have felt the weight of that every day. The trend has turned, the technology is doing what we said it would, and the opportunity in front of us is the largest this company has ever had. There is a great deal of work ahead, and we are just getting started.

Sincerely,

Claude Zdanow
Chief Executive Officer
ONAR Holding Corporation

For complete financial statements, related notes and risk factors, including all reported dollar figures, please refer to the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2025 and its Quarterly Report on Form 10-Q for the quarter ended March 31, 2026, each filed with the SEC and available at www.sec.gov.

About ONAR Holding Corporation

ONAR Holding Corporation (OTC PINK: ONAR) is an AI-powered marketing platform. ONAR owns and operates a group of specialist marketing agencies serving middle-market and growth-stage brands across performance marketing, creative, and commerce. Its technology division, ONAR Labs, develops and houses the Company’s proprietary technology, including ONAR AI, a marketing intelligence platform deployed across the Company’s agencies to improve productivity; Retina AI, a predictive customer intelligence platform; and Cortex, an offline and online sales attribution platform. ONAR continues to expand the platform through disciplined acquisitions, including JUICE and Scale Partner. Learn more at www.onar.com.

Forward-Looking Statements

This letter contains statements that the Company believes to be “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact, including statements regarding the Company’s future financial condition, results of operations, business operations and business prospects, the commercialization of the Company’s technology and any revenue derived from it, and any statements regarding a potential acquisition, a proposed financing, a potential conversion of outstanding debt into equity, an upgrade to a higher OTC Markets market tier, or an exchange uplisting, are forward-looking statements. Words such as “anticipate,” “estimate,” “expect,” “project,” “intend,” “plan,” “predict,” “believe,” and similar words and expressions are intended to identify forward-looking statements. These statements reflect the Company’s current expectations, are not guarantees of future performance, and involve known and unknown risks and uncertainties, including the non-binding nature of letters of intent and term sheets, the requirement to negotiate and execute definitive documentation, the satisfaction of due diligence and customary closing conditions, the early stage of the Company’s technology commercialization efforts, the substantial doubt about the Company’s ability to continue as a going concern described in its SEC filings, the Company’s working capital deficit, the need for additional financing, the requirements and approvals necessary for a national exchange listing, integration risks, market conditions, competition, and regulatory changes, any of which could cause actual results to differ materially. Detailed risk factors are included in the Company’s filings with the SEC, including its Annual Report on Form 10-K and its Quarterly Report on Form 10-Q. These forward-looking statements speak only as of the date hereof. The Company assumes no obligation to update these statements except as required by law.

Media and Investor Contact

ONAR Holding Corporation
Investor Relations
[email protected]
(213) 437-3081
www.onar.com

When it comes to AI hardware, Nvidia has attracted considerable attention, and with good reason. Its graphics processing units (GPUs) have provided the bulk of the processing power for generative AI, a technology that has fueled tremendous tech growth.

Nonetheless, Nvidia cannot succeed by itself. Its processors depend on supporting hardware such as high-bandwidth memory (HBM). One of the few companies that makes these memory chips is South Korea-based SK Hynix (SKHY +27.16%), which began trading on the Nasdaq on July 10. Now that U.S. investors can invest in the chip stock more easily, they may have another opportunity to profit from the growth of the AI space.

Image source: Getty Images.

SK Hynix launches its stock after forming a critical AI partnership SK Hynix just engaged in the biggest U.S. IPO ever by a foreign company. The company sold 177.9 million American depositary shares. At an IPO price of $149 per share, it raised about $26.5 billion.

That offering came just a few weeks after Nvidia and SK Hynix announced that they had entered into a multiyear technology partnership. Under the terms of the agreement, SK Hynix will diversify its supply chain to serve markets Nvidia has created. To this end, SK Hynix will develop memory for Nvidia's Vera Rubin AI platforms, its Vera CPUs, Jetson Thor robotic platforms, and RTX Spark-powered PCs.

Moreover, both companies will incorporate AI into chip design and manufacturing using Nvidia's CUDA-X libraries, its PhysicsNeMo, TCAD workflows, and in-house codes used for engineering purposes. SK Hynix will also advance Nvidia products to help fully automate fab operations.

Amid this partnership, the debut of SK Hynix on the Nasdaq is welcome news, and not just because it will give U.S. investors another choice besides Micron Technology to invest in the memory chip space.

SK Hynix controls 56% of the HBM market, according to the company, while Micron's market share is estimated at 21%. Additionally, becoming a key partner of Nvidia gives it a competitive advantage. Since SK Hynix's HBM chips will presumably work most effectively with Nvidia's products, customers are more likely to choose them over competing options.

SK Hynix by the numbers Not surprisingly, SK Hynix's recent results might remind tech investors of Micron's. In the first quarter of 2026, the company reported $34.5 billion in revenue, a 199% increase compared to the same quarter in 2025.

Micron's second quarter of fiscal 2026 ended on Feb. 26, so it is not an exact comparison, but it reported 196% annual revenue growth for that quarter. Also, Micron's revenue growth rate was 346% in fiscal Q3 (which ended May 28), suggesting that SK Hynix could report a considerable revenue surge in its upcoming quarterly release.

Furthermore, SK Hynix's net income for Q1 was $26.5 billion. This is not only a 398% yearly increase in its profits, but it also represents a 77% net margin, a testament to how profitable SK Hynix has become.

As for how the stock might perform, it is likely too early to discern much from the stock's 13% increase on its first day of Nasdaq trading.

Developing insight from its valuation might be a little trickier. In 2025, SK Hynix earned $28.2 billion in profit. Considering its $1.19 trillion market cap, that amounts to a trailing P/E ratio of 43.

While that valuation sounds cheap relative to its growth, the memory market in which SK Hynix operates is among the most volatile parts of the semiconductor industry.

Historically, the company has experienced massive up cycles when demand outpaces supply, followed eventually by brutal down cycles when supply surpasses demand. That pattern may be why Micron trades at only 22 times trailing earnings despite similar levels of growth.

Admittedly, demand for HBM is far outstripping supply for now. That explains its massive financial growth and was likely an incentive for SK Hynix to begin trading on a U.S. exchange. Nonetheless, investors should probably keep that cyclicality in mind before making huge bets on SK Hynix stock.

Putting SK Hynix stock into perspective HBM has become one of the more crucial hardware components of the AI boom. When considering SK Hynix's recent deal with Nvidia and its huge market share, most investors will probably perceive the stock as a welcome addition to the U.S. market.

However, Micron's history probably offers some indications about how SK Hynix's stock will perform over the longer term.

The boom in the HBM market bodes well for the stock for now, as its triple-digit percentage revenue growth indicates that the industry is nearing the peak of its cycle. Still, the memory chip industry has historically been volatile, and Micron's past performance after the boom times end could serve as a preview of what may happen to SK Hynix stock once the various manufacturers' efforts to expand production lead to a situation where supply outstrips demand.

Ultimately, investors could profit from SK Hynix stock for some time. But they should also stay on the lookout for cyclical downturns.

Key Takeaways SK Hynix jumped nearly 13% in its $26.5B Wall Street ADR debut, lifting Nasdaq sentiment. Low debt levels may help companies better navigate rate swings and geopolitical uncertainty.Stocks including TX and SHO passed screens for low leverage and favorable earnings metrics. Major U.S. stock indices ended July 10, 2026, on an optimistic note, supported by broad-based buying in banking shares. Meanwhile, South Korean chip giant SK Hynix stole the spotlight, soaring nearly 13% in its historic $26.5 billion Wall Street ADR debut and injecting a fresh wave of optimism into the tech-heavy Nasdaq.

While this milestone might encourage investors to chase high-growth tech stocks, escalating weekend altercations between the U.S. and Iranian forces in the Middle East threaten to trigger a sudden market pullback. 

Against this highly uncertain macro backdrop, pivoting to financially resilient companies —particularly low-leverage stocks with robust balance sheets — presents a prudent defensive strategy for the days ahead.

These fiscally conservative companies are better positioned to navigate interest rate fluctuations and geopolitical uncertainty. By providing a stable foundation in a shifting market, they can serve as a strategic hedge against a potential energy-driven economic slowdown.

We recommend low-leverage stocks, such as Ternium (TX - Free Report) , Albemarle Corp. (ALB - Free Report) , Everus Construction Group (ECG - Free Report) , TAT Technologies (TATT - Free Report) and Sunstone Hotel Investors (SHO - Free Report) . Before selecting low-leverage stocks, it is important to understand what leverage is and how investing in low-leverage companies can benefit investors.

What’s the Significance of Low-Leverage Stocks?In finance, leverage refers to the use of borrowed capital to support business operations and drive expansion. Companies typically raise such funds through debt financing, although equity financing remains an alternative. However, firms often prefer debt due to its relatively lower cost and easier availability compared to issuing equity.

Debt financing comes with inherent risks and is beneficial only when it generates returns that exceed the cost of borrowing. To limit downside risk, investors should be cautious of companies that rely excessively on debt. Prudent investing involves selecting businesses with manageable leverage, as completely debt-free companies are rare.

The equity market can be volatile at times. As an investor, if you want to avoid significant losses, we suggest focusing on stocks with low leverage, which are generally deemed less risky.

To identify such stocks, several leverage ratios have historically been developed to measure the amount of debt a company carries. The debt-to-equity ratio is among the most widely used financial ratios.

Analyzing Debt/EquityDebt-to-Equity Ratio = Total Liabilities/Shareholders’ Equity

This metric is a liquidity ratio that indicates the amount of financial risk a company bears. A lower debt-to-equity ratio suggests improved solvency for a company.

With the second-quarter 2026 earnings season in its first lap, investors should focus on stocks that have demonstrated solid earnings growth in recent periods.

If a stock carries a high debt-to-equity ratio during an economic downturn, its seemingly strong earnings could quickly turn into a nightmare.

The Winning StrategyConsidering the aforementioned factors, it would be prudent to choose stocks with a low debt-to-equity ratio to ensure steady returns.

Yet, an investment strategy based solely on the debt-to-equity ratio might not fetch the desired outcome. To select stocks with the potential to provide steady returns, we have expanded our screening criteria to include additional factors.

Other Parameters:

Debt/Equity Less Than X-Industry Median: Stocks that are less leveraged than their industry peers.

Current Price Greater Than or Equal to 10: The stocks must be trading at $10 or higher.

Average 20-day Volume Greater Than or Equal to 50000: A substantial trading volume ensures that the stock is easily tradable.

Percentage Change in EPS F(0)/F(-1) Greater Than X-Industry Median: Earnings growth adds to optimism, leading to a stock’s price appreciation.

VGM Score of A or B: Our research shows that stocks with a VGM Score of A or B, when combined with a Zacks Rank #1 (Strong Buy) or 2 (Buy), offer the best upside potential.

Estimated One-Year EPS Growth F (1)/F(0) Greater Than 5: This shows earnings growth expectations.

Zacks Rank #1 or 2: Irrespective of market conditions, stocks with a Zacks Rank #1 or 2 have a proven history of success.

Excluding stocks that have a negative or a zero debt-to-equity ratio, we present our five picks out of the 15 that made it through the screen.

Ternium: It is the leading producer of steel products in Latin America and consolidates the operations of the steel companies like Hylsa in Mexico, Siderar in Argentina and Sidor in Venezuela. 

The Zacks Consensus Estimate for TX’s 2026 sales indicates an improvement of 9.9% from the prior-year reported level. The stock boasts a long-term (three-to-five year) earnings growth rate of 52.80%. It currently sports a Zacks Rank #1.

Albemarle: It is a leading producer of highly-engineered specialty chemicals geared to meet customer requirements across a bevy of end markets including petroleum refining, consumer electronics, energy storage, construction and automotive.

The Zacks Consensus Estimate for ALB’s 2026 revenues indicates an improvement of 19.2% from the prior-year reported actuals. The stock boasts a four-quarter average earnings surprise of 74.50%. ALB currently holds a Zacks Rank #2. You can see the complete list of today’s Zacks #1 Rank stocks here.

Everus Construction Group: It provides a full spectrum of construction services through its electrical and mechanical and transmission and distribution specialty contracting services, principally in the United States.

The Zacks Consensus Estimate for ECG’s 2026 revenues indicates an improvement of 17% from the prior-year reported number. The Zacks Consensus Estimate for ECG’s 2026 earnings indicates an improvement of 11.1% from the prior-year reported number. It currently holds a Zacks Rank #2.

TAT Technologies: It engineers advanced thermal management solutions and provides maintenance, repair, and overhaul (MRO) services for aircraft components. TAT Technologies’ offerings include cooling systems, Auxiliary Power Units (APUs), and landing gear services for commercial and military fleets.

The Zacks Consensus Estimate for TATT’s 2026 revenues suggests an improvement of 11.3% from the year-ago reported level. The Zacks Consensus Estimate for TATT’s 2026 earnings indicates an improvement of 11% from the prior-year reported number. It currently holds a Zacks Rank #2.   

Sunstone Hotel Investors: It is a lodging real estate company that owns hotels primarily in the upper-upscale and upscale segments, primarily operated under franchises owned by nationally recognized companies, such as Marriott, Hilton, InterContinental and Hyatt. 

The Zacks Consensus Estimate for SHO’s 2026 revenues indicates an improvement of 4.5% from the prior-year reported actuals. The stock boasts a long-term earnings growth rate of 4.90%. It currently holds a Zacks Rank #2.

Varon Corp (OTCID:OZSC) earlier this week provided investors with an update on its public market strategy while unveiling the first product in its new HYDRO Signature Edition beverage series, developed in partnership with NBA player Desmond Bane.

Speaking with Proactive, chief executive Benjamin Schubert said the company's move from private ownership to the public markets followed extensive evaluation of available options as management prepared for its next phase of growth.

Schubert said the company's chief financial officer conducted significant due diligence before determining that an OTC Markets listing represented the most appropriate first step. He added that management continues to view a future Nasdaq uplisting as its long-term objective, describing it as the company's ultimate destination as it executes its growth strategy.

Alongside the corporate update, Varon introduced the Desmond Bane Signature Edition HYDRO Can, marking the first release in a planned series of signature beverages created with NBA Equity Partners.

Proactive: Welcome back inside our Proactive newsroom. Joining me is Benjamin Schubert, CEO of Varon Corp (OTCID:OZSC). Good to see you again. How are you?

Benjamin Schubert: Very well, thank you.

There have been several updates from the company. Before discussing today's announcement, can you update us on the business and explain the reasoning behind going public?

We operated as a private company for several years while raising capital privately. As the business grew, our CFO carried out extensive due diligence on the company's next phase of growth. The public markets represented an attractive option, and our long-term goal is to uplist to Nasdaq. Beginning on the OTC Markets provides an opportunity to start that journey, and we're excited to complete the process.

So the OTC Markets provide the pathway to Nasdaq?

Exactly. Our CFO evaluated several options and determined this was the best fit. We fully supported that decision and are excited to see how the market responds as we complete the audit process.

Nasdaq remains the long-term objective?

Absolutely. We joke about who will ring the Nasdaq bell one day, but that's definitely our goal.

You've also announced the launch of the Desmond Bane Signature Edition HYDRO Can.

We put a lot of work into it. Desmond Bane helped design both the packaging and the flavour. It's the first release in our signature can series alongside NBA Equity Partners. The initial launch is in Florida, followed by other regions where Desmond has strong ties. The product has already entered the market and the feedback has been very positive.

Piña colada is an interesting flavour choice.

It's a flavour consumers enjoy, but it's uncommon in functional health beverages. We wanted to offer something unique while maintaining the drink's functional benefits and delivering an authentic piña colada taste.

Desmond Bane appears to be much more involved than a typical brand ambassador.

That's exactly our approach. We build true partnerships, just as we have with Ballislife and our other equity partners. They're involved in the day-to-day process because they understand their audiences better than anyone else. That's the energy we want.

The Desmond Bane Signature Edition is now available. Thanks for joining us.

Thanks as always.

Quotes have been lightly edited for style and clarity

July 10, 2026 17:26 ET  | Source: Burtech Acquisition Corp II

NEW YORK, July 10, 2026 (GLOBE NEWSWIRE) -- Burtech Acquisition Corp II (the “Company”), a special purpose acquisition company formed as a Cayman Islands exempted company, today announced that commencing July 14, 2026, holders of the units sold in the Company’s initial public offering completed on May 21, 2026, may elect to separately trade the Class A ordinary shares of the Company and the warrants included in such units on the Nasdaq Global Market tier of  The Nasdaq Stock Market LLC (“Nasdaq”). Each unit consists of one Class A ordinary share of the Company, $0.0001 par value per share,  and one redeemable warrant, each warrant entitling the holder to purchase one Class A ordinary share upon exercise, at a price of $11.50 per share.

The Class A ordinary shares and warrants that are separated will trade on Nasdaq under the symbols “BRKH” and “BRKHW,” respectively. No fractional warrants will be issued upon separation of the units and only whole warrants will trade. Those units not separated will continue to trade on Nasdaq under the symbol “BRKHU.” Holders of units will need to have their brokers contact Continental Stock Transfer & Trust Company, the Company’s transfer agent, in order to separate the units into Class A ordinary shares and warrants.

The units were initially offered by the Company in an underwritten offering. D Boral Capital LLC acted as lead book-running manager.

This press release shall not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

About Burtech Acquisition Corp II
Burtech Acquisition Corp II is a blank check company incorporated as a Cayman Islands exempted company and formed for the purpose of effecting a merger, amalgamation, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses in any industry, sector or geographic location, but with a focus on acquiring a business that participates within the retail, lifestyle, hospitality, technology or real estate markets..

Forward-Looking Statements

This press release contains statements that constitute “forward-looking statements,” including with respect to the Company’s initial public offering and the Company’s search for and/or completion of an initial business combination. No assurance can be given that the offering will be completed on the terms described, or at all, or that the Company will complete an initial business combination. Forward-looking statements are subject to numerous risks, conditions and other uncertainties, many of which are beyond the control of the Company, including those set forth in the Risk Factors section of the Company’s prospectus for the Company’s offering filed with the U.S. Securities and Exchange Commission (the “SEC”), declared effective on May 13,  2026. Copies of these documents are available on the SEC’s website, www.sec.gov. The Company undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.

Contacts
Roman Livson
[email protected]

While tech stocks have seen some pressure throughout the week, Tom White says that money has moved elsewhere on Wall Street. He argues the rotation offers more strength for markets going forward.

July 08, 2026 16:05 ET  | Source: Nasdaq, Inc.

NEW YORK, July 08, 2026 (GLOBE NEWSWIRE) -- Nasdaq (Nasdaq: NDAQ) today reported monthly volumes for June 2026, as well as quarterly volumes, estimated revenue capture, number of listings, and index statistics for the quarter ended June 30, 2026, on its Investor Relations website. 

A data sheet showing this information can be found at: https://ir.nasdaq.com/financials/volume-statistics. 

About Nasdaq
Nasdaq (Nasdaq: NDAQ) is a leading technology platform that powers the world’s economies. We architect the infrastructure of the world’s most modern markets, power the innovation economy, and build trust in the financial system. We empower economic opportunity by designing and deploying advanced technology, data, and intelligence solutions that enable our clients to capture opportunities, navigate risk, and strengthen resilience. To learn more about the company, technology solutions and career opportunities, visit us on LinkedIn, on X @Nasdaq, or at www.nasdaq.com.

Media Relations Contact: 
David Lurie  
+1.914.538.0533 
[email protected] 

Investor Relations Contact: 
Ato Garrett 
+1.212.401.8737 
[email protected] 

-NDAQF-

© Joe Raedle / Getty Images News via Getty Images

Something strange has happened to the biggest ETF on the NASDAQ. Retail investors who a year ago could not have told you what a float-adjusted market cap was are suddenly emailing Invesco’s product team about index-inclusion methodology, because of SpaceX.

Paul Schroeder, who covers Invesco QQQ Trust (NASDAQ:QQQ) and its cheaper sibling QQQM, told the Animal Spirits podcast this is one of the busiest stretches in his six years covering the product, and the driver is a very specific convergence. Elon Musk’s profile, a pre-IPO SpaceX valuation somewhere between $1.5 and $2 trillion, and a NASDAQ rule change from May that finally made it possible for a company like SpaceX to enter the Nasdaq 100 quickly after listing.

Why the Qs Are Suddenly on Fire QQQ is up 16% year to date and 29% over the past twelve months. It closed Monday at $725.15. That is healthy performance, but the story Schroeder is telling is about flows and attention. He said QQQ and QQQM combined represent 27% of all AUM in the US large-cap growth ETF category, which is a staggering share of concentration for two products from one issuer, and interest has been “pretty consistent over the last month” versus a 2023 busy period that lasted about a week and a half. A month of steady inbound curiosity is a different animal from a news-cycle spike.

It is sustained because ordinary investors are, in real time, learning how index construction works because they want SpaceX exposure and QQQ is the plausible vehicle. Retail is essentially reverse-engineering the plumbing of passive investing, which is a first.

The Overdue Rule Change In May, NASDAQ updated its fast-entry inclusion rules, which govern how quickly a newly public company can join the Nasdaq 100. Under the old regime a company had to season on the exchange for a full year, then wait for the next annual reconstitution. That timeline was designed for a world where companies went public at a couple billion dollars and grew up in the index. It was not designed for SpaceX, or for Stripe, or for Databricks, or for any of the private mega-caps that now list at valuations exceeding what most Nasdaq 100 constituents ever reach in their lifetimes.

Michael Batnick called the change “frankly overdue” given how long companies stay private now. He is right. The old rules would have kept the company sitting outside the benchmark most active managers are measured against for a full year after it started trading, which is absurd on its face.

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Why You Will Not Swallow $2 Trillion at Once Batnick’s more important point was structural. NASDAQ uses float-adjusted weighting, which means only shares actually available to public trading count toward index weight. Insiders, founders, and locked-up strategic holders do not. SpaceX at IPO will have Musk, employees, and pre-IPO venture holders sitting on the enormous majority of the shares outstanding, and those shares simply do not count for index purposes on day one.

So while the headline market cap might read $2 trillion, the effective index-weight market cap is a fraction of that. Batnick’s phrasing was that investors will not have to “swallow $2 trillion of Elon Musk” all at once. That is a reasonable guardrail for an unprecedented situation, and it is why the rule change is defensible instead of reckless.

What the Frenzy Signals Retail investors piling into a passive index vehicle to get pre-IPO exposure to a company that has not yet priced is a very 2026 kind of behavior. Some of this is healthy. Index mechanics are worth understanding, and passive ownership through QQQ is a saner way to participate than chasing an IPO-day pop. Some of it is froth.

When a product’s fund flows are being driven by anticipation of a single constituent rather than the composition of the other ninety-nine, you are watching sentiment do work that fundamentals used to do. Both things can be true at once, and both are worth watching.

Don't wait: the analyst who called NVIDIA in 2010 just revealed his top 10 AI stocks. See the full list FREE now.

Contact [email protected] for any questions or corrections.

July 07, 2026 16:54 ET  | Source: Nasdaq, Inc.

NEW YORK, July 07, 2026 (GLOBE NEWSWIRE) -- The Nasdaq Stock Market (Nasdaq: NDAQ) announced today that it has notified Pitanium Limited (Nasdaq: PTNM) that its securities will be delisted from the Nasdaq Stock Market LLC on July 16, 2026, unless the company appeals to a Listing Qualifications Hearings Panel. The securities will remain halted, and unavailable to trade, until any appeal is resolved. Following removal from Nasdaq the securities may be eligible for trading in the over-the-counter market. 

Following a temporary trading suspension in the Company’s securities by the U.S. Securities and Exchange Commission (https://www.sec.gov/files/litigation/suspensions/2025/34-104165-ts.pdf) Nasdaq halted trading in the Company’s ordinary shares on October 18, 2025. Nasdaq has now determined that it is appropriate to use its authority under IM-5101-4 to delist the Company’s securities from Nasdaq.

For news and additional information about the company, please review the companies’ public filings or contact the company directly.

For more information about The Nasdaq Stock Market, visit the Nasdaq Web site at http://www.nasdaq.com. Nasdaq’s rules governing the delisting of securities can be found in the Nasdaq Rule 5800 Series, available on the Nasdaq Web site: https://listingcenter.nasdaq.com/rulebook/nasdaq/rules/nasdaq-5800-series.  

Samsung Electronics' posted a record quarterly profit on Tuesday but this failed to reassure investors, with the sharp sell-off in the world's largest memory chipmaker expected to weigh on AI and technology stocks when Wall Street opens.

The South Korean technology giant announced its earnings guidance, with second-quarter operating profit of about 89.4 trillion won ($59bn/£48bn), comfortably ahead of analyst expectations of around 84.2 trillion won.

Revenue is expected to reach 171 trillion won, more than double the level of a year earlier.

The figures underline the extraordinary demand for artificial intelligence chips. Samsung's memory business has benefited from soaring prices as technology companies continue to spend heavily on AI infrastructure, with profit margins in memory estimated at around 80%.

Yet the market's verdict was brutal. Samsung shares fell more than 8% at one point, before ending down 6.9%, dragging sector peer SK Hynix lower and leaving the Korean Kospi down almost 5%.

The sell-off reflected a market that has become increasingly difficult to impress after a year of exceptional gains for AI-related stocks.

As Ipek Ozkardeskaya, senior analyst at Swissquote, put it: "Everybody agrees that a 19-fold profit increase is exceptional. But the stock price has risen more than sevenfold over the past year."

She said investors were increasingly focused on the market's unofficial "whisper numbers" rather than published analyst forecasts. "In richly valued markets, meeting expectations is no longer enough; companies increasingly have to beat the whisper number as well."

Kenny Polcari at Slatestone said the story isn’t that Samsung is broken, "it’s that expectations have become extraordinarily high. In a market priced to perfection, beating estimates is no longer enough – you have to continue to raise the bar and WOW them".

Kathleen Brooks at XTB said fundamentals for the chip sector "remain strong... but the bias towards profit taking is slowing momentum and triggering bouts of volatility".

The sharp reversal for one of the key global names in AI memory chips is likely to unsettle US technology stocks when trading begins later on Tuesday.

Nasdaq futures pointed to a loss of around 1%.

Attention is also turning to SK Hynix, Samsung's domestic rival, which is due to list on Nasdaq later this week in a listing with an associated fundraise to drum up about $28 billion.

Brooks said: "On the surface the US listing looks like it is designed to boost its valuation in line with larger US rivals like Micron. The question is what happens after this IPO, can SK Hynix sustain gains if enthusiasm for the AI trade starts to falter?"

© Maja Hitij / Getty Images News via Getty Images

Robert Greifeld, who was NASDAQ’s CEO from 2003 to 2017, used a July 6, 2026, CNBC interview to flag what he calls the largest lockup expiration in the history of U.S. capital markets. His warning centers on SpaceX, whose recently completed offering was the largest IPO ever and now sits at a $2 trillion valuation. He believes the scale of insider stock that’s about to become tradeable is absolutely unprecedented and could play a considerable role in the overall market’s near-term performance.

An $800 Billion Wave of SpaceX Stock Is About to Hit the Market Greifeld framed the setup this way: “SpaceX was the largest IPO ever. But let’s remember it’s been in business for 23, 24 years… it’s really the largest lockup expiration ever. Between now and the end of October there’s around $800 billion of shares that can come onto the market. We’ve never seen anything like that.”

That figure, roughly $800 billion in SpaceX shares eligible to trade between now and the end of October, dwarfs any prior mega-IPO unlock. For context, standard lockup agreements typically run 180 days after the date of the prospectus, during which insiders cannot sell, pledge, or hedge their positions. Once that window closes, supply hits the market all at once.

The wrinkle Greifeld emphasized is who is selling. Because SpaceX operated as a private company for 23 to 24 years before its offering, early backers are sitting on decades of compounded returns in the private market. As he put it: “If you’re a long-term investor in private shares and you’re sitting on a 20 times return, you might not care if you get a 19.5 times return or 21 times return. So you’re going to have some price-insensitive sellers coming to the market over the next 5 to 6 months.”

Why Greifeld Wants SpaceX Added to Major Indexes Quickly Greifeld also pushed back on the notion that SpaceX should wait its turn for major-index membership. “I certainly believe SpaceX belongs in the index as soon as possible. The rules did not contemplate a company that had been around for 23 years that would be worth $2 trillion. Why would that not be in the index?”

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Passive inflows tied to index inclusion could partially offset new supply coming from the lockup expiration.

Why the SpaceX IPO Matters for NYSE and NASDAQ Where mega-listings land shapes revenue for the exchange operators. Intercontinental Exchange (NYSE:ICE | ICE Price Prediction), parent of the NYSE and NASDAQ’s primary rival for large listings, reported Q1 2026 adjusted EPS of $2.35, beating the $2.26 consensus, on revenue of $2.98 billion. Listings revenue reached $128 million, up 5% year-over-year, and the exchanges segment grew 30% year-over-year to $1.78 billion. CEO Jeff Sprecher told investors, “We are pleased to report record first quarter results, driven by the strength of our diversified platform.”

ICE shares closed at $132.99 on July 2, 2026, down 17.32% year-to-date and 25.89% over the trailing year. NASDAQ, meanwhile, is landing sizable foreign issuance, with SK Hynix raising $28 billion.

What to Watch The next 5-6 months will test whether index-inclusion demand and around-the-clock derivative liquidity can absorb an $800 billion supply wave from SpaceX holders sitting on decades of gains. Greifeld believes this supply unlock is bigger than anything the market has seen before.

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Contact [email protected] for any questions or corrections.

July 01, 2026 08:00 ET  | Source: Nasdaq, Inc.

Largest IPO and Highest Volume of Capital Raised in U.S. Exchange History, with $129.3 Billion Raised in the First Half of 2026

7 of the 10 Largest IPOs of the Year Listed on Nasdaq, as Leading Companies in AI, Aerospace and Biotech Choose Nasdaq to Accelerate Growth

Nasdaq Texas Debuts as a New Dual Listing Venue with First Cohort of Companies and Inaugural Advisory Board

NEW YORK, July 01, 2026 (GLOBE NEWSWIRE) -- Nasdaq (Nasdaq: NDAQ) announced today that the first half of 2026 marked the strongest start in U.S. exchange history, with $129.3 billion raised from new listings. The milestone reflects a public markets environment defined by renewed confidence, broad sector participation, and the arrival of landmark companies whose listings signal a new era of ambition in the global economy.

The record capital raised reflects sustained momentum across high-growth sectors and reinforces Nasdaq's standing as the trusted partner for companies seeking access to global capital markets. SpaceX propelled the period with its landmark listing, raising $85.7 billion in the largest IPO of all time. Additional marquee listings included Cerebras, the largest semiconductor IPO of all time, Quantinuum, the largest pure-play quantum IPO of all time, and Parabilis, the largest biotech IPO of all time.

“Nasdaq was founded with a clear purpose to build markets that were more transparent, more efficient and more accessible, leveraging technology as the engine to drive that vision forward. We became the exchange for innovators — a home for the companies that build what comes next. Today, the 10 largest companies in the U.S. by market capitalization are all listed on Nasdaq. This reflects decades of investment in market infrastructure and an unwavering commitment to the companies we serve. The first half of 2026 is a powerful reminder of what public markets make possible — not just for the companies that list, but for the people who get to share in that growth,” said Nelson Griggs, President, Nasdaq.

A video accompanying this announcement is available here.

Advancing Nasdaq Texas
Nasdaq Texas launched as a dual listing venue in March 2026, with Rachel Racz appointed as President, and an inaugural Advisory Board established to guide the exchange's approach to capital formation, governance, and market development. At the time of its IPO on Nasdaq, SpaceX dual-listed on Nasdaq Texas, making Nasdaq Texas the largest listing venue in Texas by market capitalization. The exchange is designed to serve the growth of the Texas capital markets and expand access to public markets for companies across the region.

Powering the Innovation Economy
In the first half of 2026, Nasdaq listings spanned the breadth of the innovation economy. Parabilis Medicines completed the largest biotech IPO of all time, Fervo Energy delivered the biggest energy IPO of the year, and the listings of SpaceX, Arxis, and Honeywell Aerospace expanded Nasdaq's presence in the space and defense sector. From the internet, to mobile, to cloud, to AI, the companies defining each era of the global economy have chosen Nasdaq, drawn to a partner built on continuous innovation and a global platform designed to help companies scale from ambition to enduring value.

As the innovation economy continues to expand across sectors and geographies, Nasdaq intends to build on the momentum of the first half of the year as it continues to modernize its markets, advance capital formation, and ensure public markets remain a powerful engine for long-term growth. The pipeline ahead reflects that same strength, with companies across AI, biotech, energy, aerospace, and defense among those signaling readiness, reinforcing that the diverse sectors driving Nasdaq’s record first half are those poised to define what’s next.

About Nasdaq
Nasdaq (Nasdaq: NDAQ) is a leading technology platform that powers the world’s economies. We architect the infrastructure of the world’s most modern markets, power the innovation economy, and build trust in the financial system. We empower economic opportunity by designing and deploying advanced technology, data, and intelligence solutions that enable our clients to capture opportunities, navigate risk, and strengthen resilience. To learn more about the company, technology solutions and career opportunities, visit us on LinkedIn, on X @Nasdaq, or at www.nasdaq.com.

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
Information set forth in this communication contains forward-looking statements that involve a number of risks and uncertainties. Nasdaq cautions readers that any forward-looking information is not a guarantee of future performance and that actual results could differ materially from those contained in the forward-looking information. Such forward-looking statements include, but are not limited to (i) projections relating to our future financial results, total shareholder returns, growth, dividend program, trading volumes, products and services, ability to transition to new business models, taxes and achievement of synergy targets, (ii) statements about the closing or implementation dates and benefits of certain acquisitions, divestitures and other strategic, restructuring, technology, de-leveraging and capital allocation initiatives, (iii) statements about our integrations of our recent acquisitions, (iv) statements relating to any litigation or regulatory or government investigation or action to which we are or could become a party, and (v) other statements that are not historical facts. Forward-looking statements involve a number of risks, uncertainties or other factors beyond Nasdaq’s control. These factors include, but are not limited to, Nasdaq’s ability to implement its strategic initiatives, economic, political and market conditions and fluctuations, geopolitical instability, government and industry regulation, interest rate risk, and U.S. and global competition. Further information on these and other factors are detailed in Nasdaq’s filings with the U.S. Securities and Exchange Commission, including its annual reports on Form 10-K and quarterly reports on Form 10-Q, which are available on Nasdaq’s investor relations website at https://ir.nasdaq.com and the SEC’s website at www.sec.gov. Nasdaq undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events or otherwise.

Media Relations Contact
Michelle Mendiola
[email protected]
+1 646 634 8350

-NDAQG-

GURUGRAM, India & NEW YORK--(BUSINESS WIRE)---- $YTRA #CapitalMarket--Yatra Online, Inc. announced that on June 25, 2026, the Company received a letter from the Listing Qualifications Department of Nasdaq Stock Market.

June 26, 2026 16:36 ET  | Source: Nasdaq, Inc.

4,594,880,616 shares traded amounting to $334.027 billion

NEW YORK, June 26, 2026 (GLOBE NEWSWIRE) -- Nasdaq, Inc. (Nasdaq: NDAQ) today announced the Nasdaq Closing Cross had a record day as it was used to rebalance Nasdaq-listed securities in the entire family of Russell US Indexes, which includes the Russell 1000, Russell 2000, and Russell 3000. This year marks the 23rd year that the Closing Cross has been used to calculate the Russell Reconstitution, which occurs semi-annually to reflect shifts in the market capitalization, sector dominance, and style orientation of publicly traded US companies.

4,594,880,616 shares, representing a record $334.027 billion, were executed in the Closing Cross in 1.630 seconds across Nasdaq-listed securities, representing the largest liquidity event on the Nasdaq Stock Exchange for the Russell Reconstitution. The new milestone surpasses 2025’s trading volume, which represented 2,506,428,416 shares, totaling $102.455 billion, executed in 0.871 seconds across Nasdaq-listed securities during Russell's annual reconstitution.

"US equity markets have grown materially in scale and complexity, and Russell Reconstitution is one of the clearest tests of that,” said Kevin Kennedy, EVP, North American Markets, Nasdaq. “Today's record shows the infrastructure underpinning the US market close continuing to scale with the market it serves, delivering a single, transparent closing price across record volume in under a second. That is the precision investors expect, and what US market infrastructure is built to deliver.”

“Russell Reconstitution is a cornerstone event for the US equity markets, ensuring the full suite of Russell US Indexes remain precise and representative of the ever-evolving marketplace,” said Fiona Bassett, CEO of FTSE Russell. “Today’s record notional volume underscores the continued trust the investment community places in our transparent and rules-based process. We’re proud to celebrate the successful completion of this year’s first semi-annual rebalancing with our longstanding friends at Nasdaq, marking another milestone in our shared commitment to market integrity and efficiency.”

The Closing Cross brings together buy and sell interests executing all shares for each stock at a single price, one that reflects the accurate supply and demand for these securities. The technology reflects each symbol’s true supply and demand, providing unparalleled insight into the market close.

All Russell US Indexes are subsets of the Russell 3000E™ Index, which represents approximately 98% of the US equity market. Russell US Indexes allow investors to track current and historical market performance by specific market segment (large cap/small cap) or investment style (growth/value/defensive/dynamic). Today, approximately $10.6 trillion in assets are benchmarked to or invested in products based on the Russell US Indexes.

Russell Reconstitution Day is one of the year’s most highly anticipated and heaviest trading days in the US equity market, as asset managers seek to reconfigure their portfolios to reflect the composition of Russell's newly reconstituted US indexes. The index reconstitution process was completed today, and the newly reconstituted index membership will take effect when markets open on June 29, 2026. Please visit our website for more information on the Nasdaq Closing Cross.

Since the Nasdaq Closing Cross began calculating the Russell Reconstitution over two decades ago, the Cross has reduced latency by over 85% while effectively keeping pace with an increasing trade volume growth of over 550% and an increasing notional volume growth of over 1500%. To maintain the liquidity and resiliency of its systems during these evolving market conditions, Nasdaq has made considerable investments in market modernization and capacity enhancement. These efforts are consistent with Nasdaq's broader commitment to providing technology solutions that enhance transparency and support the global financial ecosystem.

About Nasdaq
Nasdaq (Nasdaq: NDAQ) is a global technology company serving the capital markets and other industries. Our diverse offering of data, analytics, software, and services enables clients to optimize and execute their business vision with confidence. To learn more about the company, technology solutions, and career opportunities, visit us on LinkedIn, on X @Nasdaq, or at www.nasdaq.com.

About FTSE Russell, an LSEG Business
FTSE Russell is a global index leader that provides innovative benchmarking, analytics and data solutions for investors worldwide. FTSE Russell calculates thousands of indexes that measure and benchmark markets and asset classes in more than 70 countries, covering 98% of the investable market globally. 

FTSE Russell index expertise and products are used extensively by institutional and retail investors globally. Approximately $21.2 trillion is benchmarked to FTSE Russell indexes. Leading asset owners, asset managers, ETF providers and investment banks choose FTSE Russell indexes to benchmark their investment performance and create ETFs, structured products and index-based derivatives.

A core set of universal principles guides FTSE Russell index design and management: a transparent rules-based methodology is informed by independent committees of leading market participants. FTSE Russell is focused on applying the highest industry standards in index design and governance and embraces the IOSCO Principles. FTSE Russell is also focused on index innovation and customer partnerships as it seeks to enhance the breadth, depth and reach of its offering. 

FTSE Russell is wholly owned by LSEG. 

For more information, visit FTSE Russell.

Nasdaq Media Contact
Sam Raffalli
[email protected]
+1 (332) 268-4302

FTSE Russell Media Contact
Karen Lee
+44 (0)20 7797 1222 
[email protected]

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