Nasdaq, an operator of a global stock exchange, issued solid financials for the second quarter of 2016. Net revenues increased 7.9% y-o-y to a record $559 mn, surpassing consensus estimate of $545 mn. Segment-wise, revenues at Market Services grew 2.6% to $194 mn. Revenues from Listing Services climbed 3% to $68 mn, while Information Services’ revenues rose 4.7% to $134 mn. Technology Solutions generated revenues of $163 mn, up 20.7% y-o-y. Total order value (the value of orders signed but not recognized as revenues) increased 8.6% to $769 mn. New listings totaled 106, which included 50 IPOs. Adjusted operating income grew 9.3% to $259 mn, and operating margin expanded 60 basis points to 46.3%. Adjusted earnings per share improved 9.6% to 91 cents beating analysts’ average projection by 3 cents.Nasdaq repurchased 256,808 shares for $16 mn in the second quarter, and additional 127,580 shares for $8 mn in the third quarter through July 26. As of July 26, there was $476 mn remaining under the company’s authorized share buyback program. A quarterly dividend was 32 cents per share, which offers a healthy annualized dividend yield of 1.8%. During Q2, Nasdaq completed the acquisition of International Securities Exchange, or ISE, which operates three electronic US options exchanges, and Boardvantage, a leading board portal solution provider specializing in leadership collaboration and meeting productivity. The company has achieved approximately USD 10 mn in annualized run-rate cost synergies. To remind, earlier this year, Nasdaq acquired Chi-X Canada, an alternative trading system for Toronto Stock Exchange, and Marketwired – a leading global provider of news distribution services and analytics for communications professionals.I believe that M&A deals combined with robust operational activities and disciplined expense control will strengthen the company’s growth profile and allow it to continue to deliver strong results going forward.I expect Nasdaq’s shares to continue to rise, with medium-term target at $78. $NDAQ, Nasdaq, Inc. / 1440