CBOE earnings snapshot: Revenue +5% YoY Expenses -7% Op Profit +12% EPS +16% Raised expense guidance to account for EuroCCP, rest unchanged:pic.twitter.com/TLRfehdvHt
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CBOE seems caught in no man’s land. Vix is paralyzed, cash equities is fiercely competitive and the S&P options biz is good but not enough to compete with the big dogs for investor wallet share...
Certainly dont disagree. CBOE’s strategy to combat this is 1) invest heavily in Europe 2) improve equities technology (CBOE market close, periodic auctions, etc...) 3) mini-VIX launch 4) more data M&A Future looks un-exciting but the stock is cheap
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Management has not distinguished itself. This company might benefit from an activist/overhaul.
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CBOE operates in the most competitive parts of the industry (equities/options) and right now macro pressures are against it - worst of both worlds. I agree there are ways for management to add value exclusive of this.
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