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CBOE

Cboe Global Markets

$116.94

-13.59 (-10.41%)

, CME

CME Group

$157.65

3.69 (2.40%)

11:30
02/07/18
02/07
11:30
02/07/18
11:30

CBOE Global Markets falls amid analyst concerns over VIX Futures

Shares of CBOE Global Markets (CBOE) are falling after a Tuesday sell-off amid swings in market volatility which saw the CBOE volatility index rise over 50. CBOE RESPONDS: CBOE defended its VIX volatility index after investors and analysts blamed exchange-traded products that aim to track the measure for worsening the wild trading in the stock market, the Financial Times reported Tuesday. "The markets were resilient...We were generally pleased with how [the VIX] acted in a very volatile and stressful time," said William Speth, CBOE VP of research and product development. "I think there are a lot of things going on here," he said. "Certainly the VIX ETPs are part of the mix, but the 800-pound gorilla has been these volatility control funds." MARKET "CLEARLY WORRIED": On Tuesday, Wells Fargo analyst Christopher Harris said that spikes in volatility would normally be seen as good for CBOE. However, given that the losses in the overcrowded trade of "short volatility" have been so severe, the market is "clearly worried" about the negative implications for future VIX volumes, which he believes is weighing on CBOE shares. While he cannot say how much of CBOE's volumes are tied to short volatility strategies, Harris said that if VIX related volumes were to go back to 2015 levels that would be 15% dilutive to his 2018 EPS estimate, adding that the recent selloff appears to be factoring in "quite a lot of downside." Harris has an Outperform rating on CBOE shares. On Wednesday, JPMorgan analyst Kenneth Worthington downgraded CBOE to Neutral from Overweight and cut his price target for the shares to $110 from $131. The liquidation and fall of various exchange traded notes represents a risk to VIX Futures volumes, likely bringing a reduction in VIX Futures trading activity looking over the next few months, Worthington wrote. He also sees some risk to volumes in VIX options and potential for a deterioration in CBOE's valuation as VIX has been a key growth driver for the company. Meanwhile, Goldman downgraded CBOE to Neutral from Buy and cut its price target to $115 from $140. Analyst Alexander Blostein said the unwind in the CBOE's VIX ETF products will likely weigh on the company's VIX futures franchise, creating headwinds to the firm's top-line growth and potentially the stock's valuation. The analyst added he continues to see longer-term growth prospects in the CBOE/BATS combination, but believes the shares may lag. CME UPGRADE: Goldman's Blostein also upgraded CME Group (CME) to Buy from Neutral and raised his price target to $180 from $160. Blostein expects CME's revenue growth to accelerate in 2018/19 amid significant growth in open interest and the increasing likelihood of normalization of volatility. The analyst expects the prospects of rising inflation expectations and normalization of volatility to drive product velocity higher over the next two years, adding to already to the healthy build-up in open interest. PRICE ACTION: CBOE Global Markets fell 3.2%, or $3.73, to $113.21, in morning trading. Meanwhile, CME Group is up 2.1% to $160.95.

CBOE

Cboe Global Markets

$116.94

-13.59 (-10.41%)

CME

CME Group

$157.65

3.69 (2.40%)

  • 09

    Feb

  • 12

    Feb

CBOE Cboe Global Markets
$116.94

-13.59 (-10.41%)

02/07/18
02/07/18
DOWNGRADE

On The Fly: Top five analyst downgrades
Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. Wynn Resorts (WYNN) downgraded to Neutral from Buy at Roth Capital with analyst David Bain citing the news of Steve Wynn stepping down as Chairman and CEO. 2. Snap (SNAP) downgraded to Negative from Neutral at Susquehanna. 3. Chipotle (CMG) was downgraded to Sell from Hold at Stifel and to Neutral from Buy at Mizuho. 4. Cboe Global Markets (CBOE) was downgraded to Neutral from Overweight at JPMorgan and to Neutral from Buy at Goldman Sachs. 5. Macom (MTSI) was downgraded to Neutral from Overweight at JPMorgan and to Equal Weight from Overweight at Barclays. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
02/07/18
GSCO
02/07/18
DOWNGRADE
GSCO
Neutral
CBOE Global Markets downgraded to Neutral from Buy at Goldman Sachs
Goldman downgraded Cboe Global Markets to Neutral with a $115 price target, down from $140. Analyst Alexander Blostein told investors the unwind in the CBOE's VIX ETP products will likely weigh on the company's VIX futures franchise, creating headwinds to the firm's top-line growth and potentially the stock's valuation.
02/07/18
GSCO
02/07/18
DOWNGRADE
GSCO
Neutral
Cboe Global Markets downgraded to Neutral from Buy at Goldman Sachs
Goldman Sachs analyst Alexander Blostein downgraded Cboe Global Markets to Neutral.
02/07/18
JPMS
02/07/18
DOWNGRADE
Target $110
JPMS
Neutral
Cboe Global Markets downgraded to Neutral from Overweight at JPMorgan
JPMorgan analyst Kenneth Worthington downgraded Cboe Global Markets to Neutral and cut his price target for the shares to $110 from $131. The liquidation and fall of various exchange traded notes represents a risk to VIX Futures volumes, likely bringing a reduction in VIX Futures trading activity looking over the next few months, Worthington tells investors in a research note. He also sees some risk to volumes in VIX options.
CME CME Group
$157.65

3.69 (2.40%)

02/07/18
GSCO
02/07/18
UPGRADE
Target $180
GSCO
Buy
CME Group upgraded to Buy from Neutral at Goldman Sachs
Goldman analyst Alexander Blostein upgraded CME Group to Buy and raised its price target to $180 from $160. Blostein expects CME's revenue growth to accelerate in 2018/19 amid significant growth in open interest and the increasing likelihood of normalization of volatility. The analyst contends expects the prospects of rising inflation expectations and normalization of volatility to drive product velocity higher over the next two years, adding to already to the healthy build-up in open interest.
02/07/18
GSCO
02/07/18
UPGRADE
Target $180
GSCO
Buy
CME Group upgraded to Buy from Neutral at Goldman Sachs
Goldman Sachs analyst Alexander Blostein upgraded CME Group to Buy and raised his price target for the shares to $180 from $160.
01/25/18
01/25/18
INITIATION

On The Fly: Top five analyst initiations
Catch up on today's top five analyst initiations with this list compiled by The Fly: 1. At Home Group (HOME) initiated with an Overweight at Barclays. 2. Amyris (AMRS) initiated with a Buy at B. Riley FBR. 3. Eagle Bulk Shipping (EGLE) initiated with a Buy at Deutsche Bank. 4. Flex Pharma (FLKS) initiated with a Buy at Ladenburg. 5. CME Group (CME) initiated with a Hold at Berenberg. This list is just a portion of The Fly's analyst coverage. To see The Fly's full Street Research coverage, click here.
01/25/18
BREN
01/25/18
INITIATION
Target $170
BREN
Hold
CME Group initiated with a Hold at Berenberg
Berenberg analyst Chris Turner initiated CME Group with a Hold and $170 price target.

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HAIN

Hain Celestial

$30.23

1.04 (3.56%)

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Apollo Global

$31.89

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CMG

Chipotle

$472.84

9.97 (2.15%)

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GM

General Motors

$41.70

0.575 (1.40%)

, F

Ford

$11.82

0.115 (0.98%)

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GM

General Motors

$41.70

0.575 (1.40%)

F

Ford

$11.82

0.115 (0.98%)

HMC

Honda

$30.76

0.1 (0.33%)

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Nissan

$0.00

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Toyota

$131.64

-1 (-0.75%)

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Fiat Chrysler

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Qiagen

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CMC

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NKE

Nike

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, CAKE

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Valeant

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URI

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IO

ION Geophysical

$21.85

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, SLB

Schlumberger

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IO

ION Geophysical

$21.85

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WMT

Walmart

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PX

Praxair

$157.72

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IO

ION Geophysical

$21.85

0.5 (2.34%)

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