Track market-moving stories before they get noisy

ATLANTA--(BUSINESS WIRE)--Asbury Automotive Group, Inc. (NYSE: ABG) (the “Company”), one of the largest automotive retail and service companies in the U.S., reported first quarter 2026 net income of $188 million ($9.87 per diluted share), an increase of 42% from $132 million ($6.71 per diluted share) in first quarter 2025. The Company reported first quarter 2026 adjusted net income, a non-GAAP measure, of $102 million ($5.37 per diluted share), a decrease of 24% from $134 million ($6.82 per dil.

The headline numbers for Asbury Automotive (ABG) give insight into how the company performed in the quarter ended March 2026, but it may be worthwhile to compare some of its key metrics to Wall Street estimates and the year-ago actuals.

ABG Q1 earnings miss estimates as adjusted profit falls, despite gains from divestitures and strength in parts and service.

GoodHaven Capital Management disclosed in a May 12, 2026, SEC filing that it bought 17,163 shares of Asbury Automotive Group (ABG 0.93%), an estimated $3.81 million trade based on quarterly average pricing.

What happenedAccording to a May 12, 2026, SEC filing, GoodHaven Capital Management increased its position in Asbury Automotive Group by 17,163 shares. The estimated value of the buy was $3.81 million, calculated using the average closing price for the first quarter of 2026. The fund's quarter-end position in Asbury Automotive Group was valued at $8.55 million, up $2.37 million from the previous quarter, reflecting both new purchases and price changes.

What else to knowThis was a buy, bringing the stake to 2.98% of 13F AUM after the quarter-end.Top holdings after the filing:NYSE: BRK-B: $58.64 million (21.0% of AUM)NASDAQ: GOOGL: $36.86 million (13.2% of AUM)NYSE: DVN: $22.87 million (8.2% of AUM)NYSE: BAC: $20.64 million (7.4% of AUM)NYSE: JEF: $18.36 million (6.6% of AUM)As of May 11, 2026, ABG shares were priced at $197.49, down about 17% and significantly underperforming the S&P 500, which is instead up about 26% in the same period.Company overviewMetricValueRevenue (TTM)$18.00 billionNet Income (TTM)$492.00 millionPrice (as of market close 2026-05-11)$197.491-Year Price Change(17%)Company snapshotAsbury Automotive offers new and used vehicles, vehicle repair and maintenance, replacement parts, collision repair, and finance and insurance products.The firm generates revenue primarily through automotive sales and after-sales services, including arranging third-party vehicle financing and selling aftermarket products.It serves retail automotive customers across the United States through a network of dealership locations and collision centers.Asbury Automotive Group, Inc. is a leading automotive retailer in the United States, operating a broad network of dealerships and collision centers. The company leverages a diversified portfolio of automotive brands and comprehensive service offerings to drive revenue and customer retention. Asbury's integrated business model and focus on both vehicle sales and high-margin after-sales services help sustain its competitive positioning within the auto dealership industry.

What this transaction means for investorsAuto dealership stocks have cooled significantly after several boom years (Lithia Motors is down 14% this past year; AutoNation is up just 4%), but GoodHaven appears to be leaning into the pullback with Asbury rather than avoiding it.

Importantly, Asbury’s latest results, reported late last month, were far from disastrous. First-quarter revenue fell 1% but still topped $4.1 billion, while gross profit reached $727 million. Used vehicle retail gross profit per unit jumped 16% to $1,847, showing the company is still finding ways to protect margins even as sales volumes soften.

Management also continued aggressively returning capital to shareholders, repurchasing roughly 678,000 shares for $147 million during the quarter while expanding its buyback authorization to $500 million. Meanwhile, the company generated $188 million in net income and maintained roughly $1.2 billion in liquidity.

Ultimately and perhaps unsurprisingly, the story here will likely come down to execution. Asbury is actively reshaping its dealership portfolio, rolling out Tekion technology across more than half its stores, and focusing more heavily on higher-margin service and financing revenue streams. If management can stabilize margins while demand normalizes, the recent stock weakness could eventually look more like a cyclical reset than a broken business.

Bank of America is an advertising partner of Motley Fool Money. Jonathan Ponciano has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Alphabet, Berkshire Hathaway, and Jefferies Financial Group. The Motley Fool has a disclosure policy.

On May 29, 2026, Asbury Automotive Group Inc (ABG) shares fell 3.6% to a current price of $187.71. This decline continues a downward trend, with the stock down

Investors might want to bet on ArcBest (ARCB - Free Report) , as it has been recently upgraded to a Zacks Rank #1 (Strong Buy). This upgrade is essentially a reflection of an upward trend in earnings estimates -- one of the most powerful forces impacting stock prices.

The sole determinant of the Zacks rating is a company's changing earnings picture. The Zacks Consensus Estimate -- the consensus of EPS estimates from the sell-side analysts covering the stock -- for the current and following years is tracked by the system.

Since a changing earnings picture is a powerful factor influencing near-term stock price movements, the Zacks rating system is very useful for individual investors. They may find it difficult to make decisions based on rating upgrades by Wall Street analysts, as these are mostly driven by subjective factors that are hard to see and measure in real time.

Therefore, the Zacks rating upgrade for ArcBest basically reflects positivity about its earnings outlook that could translate into buying pressure and an increase in its stock price.

Most Powerful Force Impacting Stock PricesThe change in a company's future earnings potential, as reflected in earnings estimate revisions, has proven to be strongly correlated with the near-term price movement of its stock. The influence of institutional investors has a partial contribution to this relationship, as these big professionals use earnings and earnings estimates to calculate the fair value of a company's shares. An increase or decrease in earnings estimates in their valuation models simply results in higher or lower fair value for a stock, and institutional investors typically buy or sell it. Their transaction of large amounts of shares then leads to price movement for the stock.

For ArcBest, rising earnings estimates and the consequent rating upgrade fundamentally mean an improvement in the company's underlying business. And investors' appreciation of this improving business trend should push the stock higher.

Harnessing the Power of Earnings Estimate RevisionsAs empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock movements, tracking such revisions for making an investment decision could be truly rewarding. Here is where the tried-and-tested Zacks Rank stock-rating system plays an important role, as it effectively harnesses the power of earnings estimate revisions.

The Zacks Rank stock-rating system, which uses four factors related to earnings estimates to classify stocks into five groups, ranging from Zacks Rank #1 (Strong Buy) to Zacks Rank #5 (Strong Sell), has an impressive externally-audited track record, with Zacks Rank #1 stocks generating an average annual return of +25% since 1988. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here >>>> .

Earnings Estimate Revisions for ArcBestFor the fiscal year ending December 2026, this freight transportation and logistics company is expected to earn $5.17 per share, which is unchanged compared with the year-ago reported number.

Analysts have been steadily raising their estimates for ArcBest. Over the past three months, the Zacks Consensus Estimate for the company has increased 5.6%.

Bottom LineUnlike the overly optimistic Wall Street analysts whose rating systems tend to be weighted toward favorable recommendations, the Zacks rating system maintains an equal proportion of "buy" and "sell" ratings for its entire universe of more than 4,000 stocks at any point in time. Irrespective of market conditions, only the top 5% of the Zacks-covered stocks get a "Strong Buy" rating and the next 15% get a "Buy" rating. So, the placement of a stock in the top 20% of the Zacks-covered stocks indicates its superior earnings estimate revision feature, making it a solid candidate for producing market-beating returns in the near term.

You can learn more about the Zacks Rank here >>>

The upgrade of ArcBest to a Zacks Rank #1 positions it in the top 5% of the Zacks-covered stocks in terms of estimate revisions, implying that the stock might move higher in the near term.

Investors might want to bet on ArcBest (ARCB - Free Report) , as earnings estimates for this company have been showing solid improvement lately. The stock has already gained solid short-term price momentum, and this trend might continue with its still improving earnings outlook.

Analysts' growing optimism on the earnings prospects of this freight transportation and logistics company is driving estimates higher, which should get reflected in its stock price. After all, empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock price movements. Our stock rating tool -- the Zacks Rank -- is principally built on this insight.

The five-grade Zacks Rank system, which ranges from a Zacks Rank #1 (Strong Buy) to a Zacks Rank #5 (Strong Sell), has an impressive externally-audited track record of outperformance, with Zacks #1 Ranked stocks generating an average annual return of +25% since 2008.

Consensus earnings estimates for the next quarter and full year have moved considerably higher for ArcBest, as there has been strong agreement among the covering analysts in raising estimates.

The chart below shows the evolution of forward 12-month Zacks Consensus EPS estimate:

12 Month EPS

Current-Quarter Estimate RevisionsFor the current quarter, the company is expected to earn $1.66 per share, which is a change of +22.1% from the year-ago reported number.

Over the last 30 days, three estimates have moved higher for ArcBest while one has gone lower. As a result, the Zacks Consensus Estimate has increased 20.14%.

Current-Year Estimate RevisionsFor the full year, the earnings estimate of $5.17 per share represents a change of +39.7% from the year-ago number.

The revisions trend for the current year also appears quite promising for ArcBest, with four estimates moving higher over the past month compared to one negative revision. The consensus estimate has also received a boost over this time frame, increasing 8.36%.

Favorable Zacks RankThanks to promising estimate revisions, ArcBest currently carries a Zacks Rank #1 (Strong Buy). The Zacks Rank is a tried-and-tested rating tool that helps investors effectively harness the power of earnings estimate revisions and make the right investment decision.

You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.

Our research shows that stocks with Zacks Rank #1 (Strong Buy) and 2 (Buy) significantly outperform the S&P 500.

Bottom LineInvestors have been betting on ArcBest because of its solid estimate revisions, as evident from the stock's 26.9% gain over the past four weeks. As its earnings growth prospects might push the stock higher, you may consider adding it to your portfolio right away.

Investors looking for stocks in the Transportation - Truck sector might want to consider either ArcBest (ARCB - Free Report) or Saia (SAIA - Free Report) . But which of these two stocks is more attractive to value investors? We'll need to take a closer look to find out.

There are plenty of strategies for discovering value stocks, but we have found that pairing a strong Zacks Rank with an impressive grade in the Value category of our Style Scores system produces the best returns. The Zacks Rank favors stocks with strong earnings estimate revision trends, and our Style Scores highlight companies with specific traits.

ArcBest has a Zacks Rank of #2 (Buy), while Saia has a Zacks Rank of #3 (Hold) right now. Investors should feel comfortable knowing that ARCB likely has seen a stronger improvement to its earnings outlook than SAIA has recently. However, value investors will care about much more than just this.

Value investors are also interested in a number of tried-and-true valuation metrics that help show when a company is undervalued at its current share price levels.

The Style Score Value grade factors in a variety of key fundamental metrics, including the popular P/E ratio, P/S ratio, earnings yield, cash flow per share, and a number of other key stats that are commonly used by value investors.

ARCB currently has a forward P/E ratio of 21.88, while SAIA has a forward P/E of 36.22. We also note that ARCB has a PEG ratio of 0.63. This figure is similar to the commonly-used P/E ratio, with the PEG ratio also factoring in a company's expected earnings growth rate. SAIA currently has a PEG ratio of 1.97.

Another notable valuation metric for ARCB is its P/B ratio of 2. The P/B ratio is used to compare a stock's market value with its book value, which is defined as total assets minus total liabilities. For comparison, SAIA has a P/B of 4.11.

These are just a few of the metrics contributing to ARCB's Value grade of B and SAIA's Value grade of D.

ARCB sticks out from SAIA in both our Zacks Rank and Style Scores models, so value investors will likely feel that ARCB is the better option right now.

Investors interested in stocks from the Transportation - Truck sector have probably already heard of ArcBest (ARCB) and XPO (XPO). But which of these two stocks offers value investors a better bang for their buck right now?

ArcBest (Nasdaq: ARCB), an integrated logistics company, today announced the launch of ArcBest View™, a new digital logistics platform designed around how

If you are looking for stocks that have gained strong momentum recently but are still trading at reasonable prices, ArcBest (ARCB) could be a great choice. It is one of the several stocks that passed through our 'Fast-Paced Momentum at a Bargain' screen.

ArcBest (ARCB) witnessed a jump in share price last session on above-average trading volume. The latest trend in earnings estimate revisions for the stock suggests that there could be more strength down the road.

ArcBest (Nasdaq: ARCB), an integrated logistics company, today announced the purchase of two Class 8 Tesla Semi trucks by its less-than-truckload carrier ABF

ARCB, KEYS, and LFUS made it to the Zacks Rank #1 (Strong Buy) momentum stocks list on June 12, 2026.

NEW YORK--(BUSINESS WIRE)--MarketAxess Holdings Inc. (Nasdaq: MKTX), the operator of a leading electronic trading platform for fixed-income securities, today announced trading volume and preliminary variable transaction fees per million (“FPM”) for April 2026.1 Select April 2026 Highlights* (See tables 1-1C and table 2) Elevated market volatility in April of last year, combined with a return to low volatility and tighter credit spreads in April 2026, were key drivers of the year-over-year decli.

MarketAxess (MKTX) came out with quarterly earnings of $2.25 per share, beating the Zacks Consensus Estimate of $2.15 per share. This compares to earnings of $1.87 per share a year ago.

MarketAxess Holdings Inc. (MKTX) Q1 2026 Earnings Call Transcript

MarketAxess Holdings Inc. (MKTX - Free Report) reported first-quarter 2026 adjusted earnings per share of $2.25, which beat the Zacks Consensus Estimate by 4.7%. The bottom line increased 20.3% year over year.

Total revenues were $233 million, which grew 12% year over year. The top line beat the consensus mark by 0.9%

The quarterly results benefited from solid growth in total revenues, driven by higher high-grade, high-yield, emerging markets and Eurobonds trading volumes. Increased commission revenues, along with growth in information services, technology services and post-trade services revenues, also contributed to the upside. The gains were partly offset by higher expenses stemming from increased employee compensation and benefits, technology and communication, and marketing and advertising costs.

MarketAxess Holdings Inc. price-consensus-eps-surprise-chart | MarketAxess Holdings Inc. Quote

MarketAxess’ Quarterly Operational UpdateCommission revenues improved 12.2% year over year to $203.5 million. The metric beat the Zacks Consensus Estimate of $202.1 million and our estimate of $198.7 million. Information services revenues of $14.4 million grew 11.9% year over year. The metric beat the consensus mark of $13.9 million and our estimate of $13.6 million. Post-trade services revenues increased 4.7% year over year to $11.6 million, while technology services revenues rose 19% to $3.9 million.

Total expenses were $132.5 million, which escalated 10.2% year over year in the quarter due to higher employee compensation and benefits, technology and communication, and marketing and advertising. The metric was lower than our estimate of $135.9 million.

MarketAxess’ net income skyrocketed 418.5% year over year to $78.1 million, higher than our estimate of $72.5 million. The net income margin of 33.5% improved 2,630 basis points year over year.

MarketAxess’ Trading VolumesThe high-grade trading volume of MarketAxess was $511.5 billion in the first quarter, which advanced 10.9% year over year and beat the Zacks Consensus Estimate of $505.1 billion. The ADV of the same product category totaled $8.39 million, which rose 10% year over year and beat the Zacks Consensus Estimate of $8.31 million.

High-yield trading volume of $100.4 billion climbed 11.6% year over year, while ADV rose 12% year over year to $1.6 billion. Other credit trading volume rose 16% year over year to $49.8 billion, whereas ADV for the same product category increased 10% year over year to $659 million.

Trading volume and ADV of emerging markets rose 30% each on a year-over-year basis to $311.9 billion and $5 billion, respectively. The Eurobonds’ trading volume and ADV improved 20% each on a year-over-year basis.

The total credit trading volume of $1,142.2 billion advanced 17% year over year. Total credit ADV rose 17% to $18.6 billion. Total rates’ trading volume and ADV of this product category each improved 16% on a year-over-year basis.

MarketAxess’ Balance Sheet (As of March 31, 2026)MarketAxess exited the first quarter with cash and cash equivalents of $377.3 million, which fell 27.4% from the 2025-end level. Total assets of $2.3 billion inched up 18.9% from the figure at 2025-end.

The company had $228.3 million in outstanding borrowings under its credit facility at the end of the first quarter. Total stockholders’ equity of $1.2 billion rose 3.9% from the 2025-end level.

MarketAxess’ Cash FlowsNet cash used in operating activities was $75.3 million compared to net cash provided by operating activities of $29.6 million in the prior-year period. The free cash flow declined 66.3% year over year to $15.9 million.

MarketAxess’ Capital Deployment UpdateMarketAxess completed the final settlement of its previously announced $300 million accelerated share repurchase program on Feb. 4, 2026, with the delivery of an additional 359,782 shares. As of April 30, 2026, $205 million remained available under the board-authorized share repurchase program.

The board declared a quarterly cash dividend of 78 cents per share, which will be paid out on June 3, 2026, to shareholders of record as of May 26.

MarketAxess Reaffirms Its 2026 OutlookService revenues, which comprise Information Services, Post-Trade Services and Technology Services, are estimated to witness mid-single-digit percentage growth. Total expenses are anticipated to be between $530 million and $545 million for 2026. Capital expenditure is projected in the range of $65 million to $75 million, while the adjusted effective tax rate is expected to be between 24% and 26%.

MKTX Reaffirms Its 2026-2028 Financial TargetsIn the medium term, MarketAxess is targeting average annual total revenue growth within 8-9%, along with an average annual improvement in operating margin of 75-125 basis points.

The projections are made on anticipated minimum average annual growth of approximately 6% in composite credit market ADV and around 5% in U.S. government bond TRACE market ADV.

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

Other Finance Sector ReleasesSeveral companies in the Finance space, including RenaissanceRe Holdings Ltd. (RNR - Free Report) , AMERISAFE, Inc. (AMSF - Free Report) and The Hartford Insurance Group, Inc. (HIG - Free Report) , have already reported their financial results for the March quarter of 2026. Here’s how they have performed:

RenaissanceRe reported first-quarter 2026 operating income of $13.75 per share, which surpassed the Zacks Consensus Estimate by 24.2%. The bottom line improved from the year-ago quarter’s operating loss of $1.49. Total operating revenues declined 16.6% year over year to $2.6 billion. The top line missed the consensus mark by 10.6%. RNR’s quarterly earnings were aided by a decline in expenses and strong underwriting performance in both segments. Improved combined ratio and fee income contributed to the upside. However, the upside was partly offset by lower net premiums earned across both segments.

AMERISAFE reported first-quarter 2026 adjusted earnings per share of 50 cents, which missed the Zacks Consensus Estimate of 52 cents. The bottom line declined 16.7% year over year. Operating revenues increased 7.9% year over year to $81.75 million but missed the consensus estimate by 0.9%. AMSF’s quarterly result was affected by higher expenses and weaker underwriting margins, with additional pressure from lower fee income and weaker investment income. Stronger premium growth partially offsets the downside.

Hartford posted first-quarter fiscal 2026 core earnings per share of $3.09, which increased 40.5% from $2.20 in the prior-year quarter. The figure missed the Zacks Consensus Estimate of $3.29 by 6.1%. Operating revenues totaled $5.09 billion, up 7% year over year, but missed the consensus mark by 2.1%. HIG’s weaker-than-expected results were led by less favorable prior-year reserve development, higher expenses and pressure in Employee Benefits. The negatives were partially offset by high demand for expensive risk events, stronger investment income and a massive turnaround in Personal Insurance.

MarketAxess sits at the center of the shift toward electronic bond trading and investors are watching whether record activity is turning into deeper client reliance on its trading, data, and automation tools.

Key Takeaways MKTX posted 11.9% revenue growth in Q1 2026 amid strong fixed-income trading activity.Record block, portfolio and dealer-initiated trading supported MarketAxess expansion efforts.MKTX ended Q1 2026 with $377.3M cash and a 22.3% trailing 12-month ROE. MarketAxess Holdings Inc. (MKTX - Free Report) is a leading multi-dealer trading platform that offers institutional investors access to global liquidity in products like U.S. high-grade corporate bonds, emerging markets and high-yield bonds, European bonds, U.S. agency bonds and other fixed-income securities.

MarketAxess’ growth is supported by improving trading volumes, acquisitions and partnerships and a robust financial position supporting expansion and shareholder returns. However, in the year-to-date period, shares of MKTX have declined 32%, underperforming the industry’s 1.1% fall.

Courtesy of solid prospects, MKTX currently carries a Zacks Rank #3 (Hold).

Where Do Estimates for MKTX Stand?The Zacks Consensus Estimate for MKTX’s 2026 earnings is pegged at $8.04 per share, indicating an 8.8% year-over-year rise, which has remained stable over the past seven days. Furthermore, the consensus mark for revenues is pegged at $904.8 million for 2026, implying a 6.9% year-over-year rise. MKTX beat earnings estimates in each of the past four quarters, with an average surprise of 4.5%.

MKTX’s Growth DriversMarketAxess delivered a strong start to 2026, driven by robust trading activity across its fixed-income product suite, including U.S. credit, emerging markets, Eurobonds and U.S. Treasuries. The company benefited from increased client engagement, strong demand for diversified liquidity sources and growing adoption of electronic trading solutions. Its total revenues rose 11.9% year over year in the first quarter of 2026, along with 12.2% growth in commission revenues. The company's growing international footprint is also reducing its dependence on any single market and creating a broader base for long-term expansion.

It continues to focus on executing a long-term strategy centered on innovation and platform enhancement. The company is increasingly using its proprietary data and AI capabilities to provide better market insights and support trading decisions. MKTX is also investing in technology upgrades, rolling out its enhanced X-Pro platform and strengthening its technology team to support future growth. These efforts are intended to improve the user experience, support product development and help the company maintain its position in electronic fixed-income trading.

MarketAxess is actively expanding its product suite to capture new areas of market activity. The company is also witnessing strong traction in block trading, portfolio trading and dealer-initiated workflows — all of which reached record levels during the quarter. In addition, the acquisition of RFQ Hub has strengthened its technology services capabilities and broadened its reach, while the partnership with DirectBooks supports the rollout of a new issue trading solution. These efforts, combined with continued investments in automation and AI-driven tools, are expected to enhance execution efficiency and support long-term growth.

Also, MKTX maintains a strong financial position and concluded first-quarter 2026 with $377.3 million in cash and cash equivalents, coupled with minimal operating lease liabilities of $63.7 million. Profitability also remains healthy. Its trailing 12-month return on equity (ROE) is 22.3%, well above the industry average of 13.3%. This reflects efficient use of shareholder capital.

MKTX’s Key RisksThere are some factors, however, that investors should keep a careful eye on.

MarketAxess is grappling with increasing expenses, which are putting pressure on its profit margins. Total expenses rose 10.2% year over year in the first quarter of 2026. Ongoing investments in various areas, including the trading platform, new protocols, talent and infrastructure, are expected to contribute to rising expenses in the days ahead.

The company’s valuation remains stretched at the current level. MarketAxess currently has a forward 12-month P/E of 14.75X, higher than the industry’s average of 12.90X.

Key PicksSome better-ranked stocks in the broader finance space are Octave Specialty Group, Inc. (OSG - Free Report) , Pelagos Insurance Capital Ltd. (PLGO - Free Report) and The Hanover Insurance Group, Inc. (THG - Free Report) , each sporting a Zacks Rank #1 (Strong Buy) at present. You can see the complete list of today’s Zacks #1 Rank stocks here.

The Zacks Consensus Estimate for Octave Specialty Group’s current-year earnings of 45 cents per share has witnessed one upward revision in the past 30 days against none in the opposite direction. OSG’s earnings beat estimates in each of the trailing four quarters, with the average surprise being 464.4%. The consensus estimate for current-year revenues is pegged at $358.9 million, suggesting a 42.9% year-over-year jump.

The consensus estimate for Pelagos Insurance Capital’s current-year earnings is pegged at $3.78 per share, which signals 96.9% year-over-year growth. Its earnings beat estimates in three of the trailing four quarters and missed once, with the average surprise being 53.6%. The consensus mark for PLGO’s current-year revenues of $2.8 billion implies 11.4% year-over-year growth.

The consensus estimate for Hanover Insurance’s current-year earnings is pegged at $18.36 per share, which has witnessed two upward revisions in the past 30 days against none in the opposite direction. Its earnings beat estimates in each of the trailing four quarters, with the average surprise being 28.5%. The consensus estimate for THG’s current-year revenues is pegged at $7 billion, which implies a 4.7% year-over-year rise.

MarketAxess Holdings Inc. (MKTX) Presents at Piper Sandler Global Exchange and Fintech Conference Transcript

A tie-up between MarketAxess and the AI platform Moment routes wealth managers into the institutional bond market, aiming at the price gap that has long separated retail and professional fixed-income investors.

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The price a small investor pays for a corporate bond has rarely matched the price a large one pays for the same security. On May 5, MarketAxess, which runs an electronic trading platform for bonds, and Moment, a software company that describes itself as an AI platform for investment management, said they had launched an interface that gives wealth managers and registered investment advisors access to MarketAxess pricing and liquidity inside the Moment system.

The arrangement points the advisors who manage money for individuals at a market they have mostly reached secondhand. Under the integration, Moment's clients can tap liquidity from the MarketAxess network of more than 2,100 institutional investors and dealers, with Moment's platform linking retail order-driven trading to the institutional request-for-quote market that professionals use.

Where the gap comes fromBonds do not trade like stocks. A given corporate bond may go days without a single trade, so there is no constant stream of prices the way there is for a listed share. Institutions handle that through request-for-quote trading, where a buyer asks dealers to quote a price on a specific bond. Retail investors have generally bought through brokers a step removed from that process, often at worse prices, because they could not see or reach the institutional pool directly.

MarketAxess CEO Chris Concannon tied the deal to that divide. “Institutional investors in fixed-income markets have historically benefitted from access to deeper liquidity and higher quality pricing,” he said in the announcement, describing the partnership as a way to extend that liquidity to retail investors and improve execution for end investors. Moment CEO Dylan Parker said the link lets the two firms’ shared clients reach a deeper, more competitive bond market than they could before.

The money angleExecution quality in bonds is money, not abstraction. A better price on a trade is return that stays with the investor instead of leaking to an intermediary, and across a portfolio the difference compounds. By routing advisors into institutional pricing, the integration aims at that leakage. Whether it narrows the gap in practice will show up in the prices advisors actually get, which neither company has published.

MORE FOR YOU

MarketAxess has reason to widen its base. The firm reported first-quarter 2026 revenue of $233.4 million, up 12%, with growth led by products outside U.S. credit, and it competes with Tradeweb and Bloomberg for electronic bond volume. Reaching the wealth-management channel through Moment opens a set of clients the platform has not served directly.

What to watchThe open questions are adoption and proof. The companies have said advisors can now reach institutional pricing through Moment; they have not said how many do, or shown the pricing improvement an investor receives. The claim worth testing is execution quality: whether retail orders routed this way consistently beat what the same investors paid before. The structural pitch is a smaller gap between what large and small investors pay for the same bond, and that is a measurable thing once the trades exist.

Top Wall Street analysts changed their outlook on these top names. For a complete view of all analyst rating changes, including upgrades, downgrades and initiations, please see our analyst ratings page.

Considering buying MKTX stock? Here’s what analysts think:

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Milestone follows prestigious oral plenary presentation of EXPAND data at SMFM Annual Meeting

AUSTIN, Texas--(BUSINESS WIRE)--Natera, Inc. (NASDAQ: NTRA), a global leader in cell-free DNA (cfDNA) testing and precision medicine, today announced that the EXPAND clinical trial has enrolled over 2,000 patients, more than doubling enrollment in the last 12 months.

EXPAND is a prospective, blinded, multi-site clinical trial designed to study Natera’s Fetal Focus single-gene noninvasive prenatal test (NIPT). The trial was featured in an oral plenary session at the Society for Maternal-Fetal Medicine (SMFM) Annual Meeting in February 2026. The presentation highlighted strong clinical performance in the first milestone readout of EXPAND, as well as the study’s rigorous design, including confirmation of all outcomes against genetic truth.

Fetal Focus provides fetal risk assessment for 21 genes associated with serious, early-onset medical conditions. The test is an option for pregnant patients who test positive with Natera’s Horizon™ carrier screen when the father is unavailable for guideline-recommended carrier testing.1

It incorporates Natera’s proprietary ultra-sensitive LinkedSNP™ technology to determine whether a fetus has inherited disease-causing variants from one or both parents. In difficult homozygous cases, where the child inherits the same variant from both parents, Natera’s technology has performed well, identifying 5 out of 5 such cases.2-3

“In developing Fetal Focus, our goal has been to expand the scope of what noninvasive prenatal testing can deliver,” said Sheetal Parmar, SVP of Medical Affairs, Women’s Health at Natera. “With more than 2,000 patients enrolled, EXPAND is helping to set a new standard for clinical evidence in single-gene NIPT, and we remain focused on generating high-quality data to support clinicians and the families they serve.”

References

ACOG Committee Opinion #690, Mar 2017. Internal data on file. In EXPAND, the study participants and investigators are blinded to the Fetal Focus™ test results. EXpanding Prenatal Cell Free DNA Screening Across MoNogenic Disorders (EXPAND). https://clinicaltrials.gov/study/NCT06808880. Accessed May 2026. About Natera

Natera™ is a global leader in cell-free DNA and precision medicine, dedicated to oncology, women’s health, and organ health. We aim to make personalized genetic testing and diagnostics part of the standard-of-care to protect health and inform earlier, more targeted interventions that help lead to longer, healthier lives. Natera’s tests are supported by more than 400 peer-reviewed publications that demonstrate excellent performance. Natera operates ISO 13485-certified and CAP-accredited laboratories certified under the Clinical Laboratory Improvement Amendments (CLIA) in Austin, Texas, and San Carlos, California, and through Foresight Diagnostics, its subsidiary, operates an ISO 27001-certified and CAP-accredited laboratory certified under CLIA in Boulder, Colorado. For more information, visit www.natera.com.

Forward-Looking Statements

All statements other than statements of historical facts contained in this press release are forward-looking statements and are not a representation that Natera’s plans, estimates, or expectations will be achieved. These forward-looking statements represent Natera’s expectations as of the date of this press release, and Natera disclaims any obligation to update the forward-looking statements. These forward-looking statements are subject to known and unknown risks and uncertainties that may cause actual results to differ materially, including with respect to our efforts to develop and commercialize new product offerings, whether the results of clinical or other studies will support the use of our product offerings, the impact of results of such studies, our expectations of the reliability, accuracy, and performance of our tests, or of the benefits of our tests and product offerings to patients, providers, and payers. Additional risks and uncertainties are discussed in greater detail in "Risk Factors" in Natera’s recent filings on Forms 10-K and 10-Q, and in other filings Natera makes with the SEC from time to time. These documents are available at www.natera.com/investors and www.sec.gov.

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Key Takeaways NTRA's EXPAND trial for Fetal Focus single-gene NIPT passed 2,000 patients, more than doubling over 12 months.EXPAND data were presented at the February 2026 SMFM meeting, with genetic confirmation of outcomes.Natera says LinkedSNP can detect inherited variants, identifying all five complex homozygous cases so far. Natera (NTRA - Free Report) recently announced that its EXPAND clinical trial evaluating the Fetal Focus single-gene noninvasive prenatal test (NIPT) has exceeded 2,000 patients, representing more than a twofold increase over the past year.

The milestone comes shortly after positive EXPAND data were presented during an oral plenary session at the Society for Maternal-Fetal Medicine Annual Meeting in February 2026. The data showcased clinical performance in the first milestone readout of EXPAND and emphasized the trial’s robust design, including genetic confirmation of all outcomes.

Per management, the company developed Fetal Focus to expand the scope of noninvasive prenatal testing. Enrollment of more than 2,000 patients strengthens EXPAND’s role in establishing a new standard for clinical evidence in single-gene NIPT while supporting clinicians and families with high-quality data.

Likely Trend of NTRA Stock Following the NewsFollowing the announcement, the company's shares gained 4.5% at yesterday’s closing. In the year-to-date period, shares of the company have fallen 10.6% compared with the industry’s 11.2% decline. However, the S&P 500 has risen 8.1% in the same timeframe.

The enrollment milestone and clinical validation of Fetal Focus may strengthen investor confidence in Natera’s women’s health portfolio. Positive clinical data and expanding physician awareness could support broader adoption of single-gene NIPT solutions, potentially enhancing the company’s competitive position in the prenatal diagnostics market.

NTRA currently has a market capitalization of $28.08 billion.

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More on the NewsEXPAND is a prospective, blinded, multi-site clinical trial designed to evaluate the clinical performance of Natera’s Fetal Focus single-gene noninvasive prenatal test (NIPT). Fetal Focus provides fetal risk assessment for 21 genes associated with severe early-onset genetic conditions. The test is intended for pregnant patients who receive a positive result on Natera’s Horizon carrier screening test when paternal carrier testing is unavailable.

Natera’s proprietary ultra-sensitive LinkedSNP technology determines whether disease-causing variants have been inherited from one or both parents. The technology has demonstrated strong performance in complex homozygous cases, successfully identifying all five such cases evaluated to date.

Industry Prospects Favoring the MarketGoing by the data provided by Coherent Market Insights, the non-invasive prenatal testing market is valued at $5.62 billion in 2026 and is expected to witness a CAGR of 10.6% through 2033.

Factors like the increasing prevalence of chromosomal abnormalities among newborns and growing awareness and acceptance of non-invasive prenatal testing methods are driving the market’s growth.

Other NewsNatera recently announced the FDA approval of Signatera CDx as a companion diagnostic (CDx) for use with adjuvant atezolizumab (Tecentriq) immunotherapy in patients with muscle-invasive bladder cancer (MIBC). The approval marks the first companion diagnostic approval in the blood-based minimal residual disease (MRD) testing space and represents a major milestone in personalized oncology care.

NTRA’s Zacks Rank & Key PicksNatera currently carries a Zacks Rank #3 (Hold).

Some better-ranked stocks from the broader medical space are West Pharmaceutical (WST - Free Report) , Globus Medical (GMED - Free Report) and Intuitive Surgical (ISRG - Free Report) .

West Pharmaceutical, sporting a Zacks Rank #1 (Strong Buy) at present, reported first-quarter 2026 earnings per share (EPS) of $2.13, which beat the Zacks Consensus Estimate by 26.8%. Revenues of $844.9 million surpassed the Zacks Consensus Estimate by 8.5%. You can see the complete list of today’s Zacks #1 Rank stocks here.

West Pharmaceutical has an estimated long-term earnings growth rate of 13.9%. WST’s earnings surpassed estimates in each of the trailing four quarters, the average surprise being 19.4%.

Globus Medical, currently sporting a Zacks Rank #1, reported first-quarter 2026 adjusted EPS of $1.12, which surpassed the Zacks Consensus Estimate by 22.1%. Revenues of $759.9 million beat the Zacks Consensus Estimate by 4.0%.

Globus Medical has an estimated long-term earnings growth rate of 10.2%. GMED’s earnings beat estimates in each of the trailing four quarters, the average surprise being 26.3%.

Intuitive Surgical, carrying a Zacks Rank #2 (Buy) at present, reported first-quarter 2026 adjusted EPS of $2.50, which beat the Zacks Consensus Estimate by 20.2%. Revenues of $2.77 billion surpassed the Zacks Consensus Estimate by 6.2%.

Intuitive Surgical has a long-term estimated growth rate of 14.6%. ISRG’s earnings surpassed estimates in each of the trailing four quarters, the average surprise being 16.8%.