Citi Discusses Earnings For NYSE Euronext (NYX)

Citi Investment Research has a research report on NYSE Euronext NYX after the exchange reported earnings. It has a High Risk rating and a $33 price target on shares. In a note to clients, Citi writes, "It was a better than expected qtr primarily due to the strong expense controls. We believe the stock should react favorably to today's results. Also positive is that NYX is seeing a rebound thus far in 2011 in their European cash equity (Jan 1.8 mm/day vs Q4'10 1.4 mm) and European derivative (3.7 mm/day ex-Bclear vs. 2.9 mm/day in Q4'10) businesses. During today's conf call we look for 1) more detail on 2011 expenses, 2) mkt tech services update given recent launch of data centers and managed services wins (selected by Goldman Sachs to build and support its new multilateral trading facility), 3) potential return of capital (share repurchases) and 4) any more details on launch of NYSE Liffe US / NYPC (JV with DTCC) which will try and compete with CME for interest rate futures." Shares of NYX are down 47 cents in pre-market trading to $33.29, a gain of 1.4%.