← Cboe Global Markets overview

Cboe Global Markets vs Moodys: why the prices moved differently

Weekly · monthly · quarterly news summaries, side by side in time

Cboe Global Markets Inc (CBOE)

Q3 2026
▲3▼1

Cboe's license win and new products offset competitive threats

  • Record Q2 revenue and raised guidance Cboe reported record Q2 revenue of $732 million, up 25% from a year ago, and raised its full-year guidance. This shows the core business is growing strongly and gave investors confidence.

    It directly explains a key positive force behind the stock during the period.

  • 25-year S&P 500 options license extension Cboe secured a 25-year extension of its S&P 500 options license through 2051, removing a major worry that it could lose this key product. Analysts upgraded the stock on the news.

    It was a major new positive catalyst that lifted sentiment and removed a long-standing overhang.

  • New binary contracts and 23-hour trading Cboe launched KPI-linked binary contracts with Robinhood and plans to expand trading to 23 hours a day. These moves open new revenue streams and could attract more traders.

    It highlights new growth initiatives that could drive future revenue.

  • Regulatory and competitive risks persist Kalshi asked the SEC to delay Cboe's earnings-based options, and Trump's push to bring Hyperliquid onshore threatens Cboe's crypto derivatives share. Shares briefly fell 6.1% on these worries.

    It shows the real counterweight that kept a lid on gains during the period.

September 2026
▲4

Cboe locks in S&P 500 options through 2051, launches KPI contracts, wins upgrades

  • S&P 500 options license extended to 2051 Cboe signed a 25-year extension of its exclusive S&P 500 index options license, keeping its flagship SPX franchise through 2051. That removes the biggest worry hanging over the stock — losing the contract — and gives a stable, long-term revenue base. Shares rose 5% on the news.

    This is the single biggest new event of the period and the main reason analysts turned positive on CBOE.

  • New KPI-linked binary contracts with Robinhood Cboe is launching a new type of binary contract tied to company-specific performance metrics, with Robinhood as the first retail broker. It opens a fresh product line and could lift trading volume and data revenue. Cboe Clear U.S. is also seeking SEC registration to clear them, adding another possible revenue stream.

    A brand-new product category is a genuine growth driver beyond the existing options business.

  • Analyst upgrades after license and KPI deals TD Cowen upgraded Cboe to Buy with a $334 target, and Morgan Stanley double-upgraded it to Overweight with a $358 target, both citing the S&P renewal and KPI contracts. Upgrades can pull in new buyers and support the share price even if day-to-day moves are choppy.

    These upgrades are direct market reactions to the two new deals and show how professionals are repricing CBOE.

  • 23-hour trading expansion adds long-term volume potential Cboe EDGX, Nasdaq and NYSE Arca plan to extend US equities trading to 23 hours a day from December 6, pending SEC approval. Analysts name Cboe as a beneficiary because more hours can mean more trading activity and derivatives hedging, though overnight liquidity may be thin at first.

    It is a structural change to when markets operate and could expand Cboe's addressable trading volume over time.

Latest
▲4

Cboe locks in S&P 500 options through 2051, launches KPI contracts, wins upgrades

  • S&P 500 options license extended to 2051 Cboe signed a 25-year extension of its exclusive S&P 500 index options license, keeping its flagship SPX franchise through 2051. That removes the biggest worry hanging over the stock — losing the contract — and gives a stable, long-term revenue base. Shares rose 5% on the news.

    This is the single biggest new event of the period and the main reason analysts turned positive on CBOE.

  • New KPI-linked binary contracts with Robinhood Cboe is launching a new type of binary contract tied to company-specific performance metrics, with Robinhood as the first retail broker. It opens a fresh product line and could lift trading volume and data revenue. Cboe Clear U.S. is also seeking SEC registration to clear them, adding another possible revenue stream.

    A brand-new product category is a genuine growth driver beyond the existing options business.

  • Analyst upgrades after license and KPI deals TD Cowen upgraded Cboe to Buy with a $334 target, and Morgan Stanley double-upgraded it to Overweight with a $358 target, both citing the S&P renewal and KPI contracts. Upgrades can pull in new buyers and support the share price even if day-to-day moves are choppy.

    These upgrades are direct market reactions to the two new deals and show how professionals are repricing CBOE.

  • 23-hour trading expansion adds long-term volume potential Cboe EDGX, Nasdaq and NYSE Arca plan to extend US equities trading to 23 hours a day from December 6, pending SEC approval. Analysts name Cboe as a beneficiary because more hours can mean more trading activity and derivatives hedging, though overnight liquidity may be thin at first.

    It is a structural change to when markets operate and could expand Cboe's addressable trading volume over time.

July 2026
▲2▼2

Cboe's record results and new products face rising competition

  • Record Q2 revenue and raised guidance Cboe reported record Q2 net revenue of $732 million, up 25% from a year ago, and raised its full-year growth outlook to mid-to-high teens. Adjusted earnings per share jumped 45% to $3.56. This shows the core business is growing faster than expected, which supports a higher stock price.

    This is the period's biggest positive fundamental update and directly explains why CBOE is moving.

  • New earnings-based options could open a new market Cboe is seeking SEC approval for binary options tied to corporate earnings metrics, covering 23 companies and over 100 metrics. If approved, this expands Cboe's product lineup and fee revenue, helping it compete with prediction markets like Kalshi and Polymarket.

    This is a new product initiative that could drive future revenue growth and is a key reason investors are watching CBOE.

  • Kalshi asks SEC to delay Cboe's earnings contracts Kalshi, a prediction market, asked the SEC to hold off approving Cboe's new binary earnings options, arguing they compete with its own products. This could slow or block Cboe's launch, creating uncertainty and potentially delaying a new revenue stream.

    This is a direct competitive and regulatory threat that could hurt CBOE's growth plans.

  • Trump push to bring Hyperliquid onshore threatens crypto derivatives share President Trump said regulators are working to bring crypto platform Hyperliquid into the U.S. legally. Cboe shares fell as much as 6.1% on the news, as Hyperliquid's onshore move could take crypto derivatives volume away from mainstream exchanges like Cboe.

    This is a new competitive threat that directly moved CBOE's stock and could pressure its crypto business.

▲2▼2

Cboe's record results and new products face rising competition

  • Record Q2 revenue and raised guidance Cboe reported record Q2 net revenue of $732 million, up 25% from a year ago, and raised its full-year growth outlook to mid-to-high teens. Adjusted earnings per share jumped 45% to $3.56. This shows the core business is growing faster than expected, which supports a higher stock price.

    This is the period's biggest positive fundamental update and directly explains why CBOE is moving.

  • New earnings-based options could open a new market Cboe is seeking SEC approval for binary options tied to corporate earnings metrics, covering 23 companies and over 100 metrics. If approved, this expands Cboe's product lineup and fee revenue, helping it compete with prediction markets like Kalshi and Polymarket.

    This is a new product initiative that could drive future revenue growth and is a key reason investors are watching CBOE.

  • Kalshi asks SEC to delay Cboe's earnings contracts Kalshi, a prediction market, asked the SEC to hold off approving Cboe's new binary earnings options, arguing they compete with its own products. This could slow or block Cboe's launch, creating uncertainty and potentially delaying a new revenue stream.

    This is a direct competitive and regulatory threat that could hurt CBOE's growth plans.

  • Trump push to bring Hyperliquid onshore threatens crypto derivatives share President Trump said regulators are working to bring crypto platform Hyperliquid into the U.S. legally. Cboe shares fell as much as 6.1% on the news, as Hyperliquid's onshore move could take crypto derivatives volume away from mainstream exchanges like Cboe.

    This is a new competitive threat that directly moved CBOE's stock and could pressure its crypto business.

Q2 2026
▲3▼1

Cboe's record profits overshadowed by new competition and its own prediction-market launch

  • Competitive threats crush stock despite record earnings Cboe's stock fell from $370 to $250 in a month on fears that Kalshi's CFTC-approved perpetual futures and Schwab's binary options will steal its core options business. This fear is the main reason the stock is down, even though Cboe just posted record earnings and raised guidance.

    This is the biggest force driving CBOE's price right now—a sharp sell-off on competitive fears.

  • Cboe launches its own prediction market suite Cboe launched Cboe Predicts, binary options on the Mini S&P 500, available through brokers like Schwab and Interactive Brokers. This lets Cboe compete directly with Kalshi and Polymarket, potentially attracting new trading volume and defending its index options franchise.

    This is Cboe's direct response to the competitive threat, a new product that could drive future revenue.

  • Schwab to host S&P 500 prediction markets via Cboe Charles Schwab plans to offer S&P 500 prediction markets through Cboe, using binary contracts. Schwab has $11.8 trillion in customer assets, so this partnership could bring significant new trading volume to Cboe's platform.

    A major distribution deal that could boost Cboe's trading volume and revenue.

  • Record options volume from SpaceX IPO frenzy SpaceX's IPO sparked record options trading (1.8 million contracts) and heavy ETF activity. As a major options exchange, Cboe likely benefited from this surge in transaction revenue, showing its business can thrive on market excitement.

    Demonstrates strong demand for options trading, a core driver of Cboe's revenue.

June 2026
▲3▼1

Cboe's record profits overshadowed by new competition and its own prediction-market launch

  • Competitive threats crush stock despite record earnings Cboe's stock fell from $370 to $250 in a month on fears that Kalshi's CFTC-approved perpetual futures and Schwab's binary options will steal its core options business. This fear is the main reason the stock is down, even though Cboe just posted record earnings and raised guidance.

    This is the biggest force driving CBOE's price right now—a sharp sell-off on competitive fears.

  • Cboe launches its own prediction market suite Cboe launched Cboe Predicts, binary options on the Mini S&P 500, available through brokers like Schwab and Interactive Brokers. This lets Cboe compete directly with Kalshi and Polymarket, potentially attracting new trading volume and defending its index options franchise.

    This is Cboe's direct response to the competitive threat, a new product that could drive future revenue.

  • Schwab to host S&P 500 prediction markets via Cboe Charles Schwab plans to offer S&P 500 prediction markets through Cboe, using binary contracts. Schwab has $11.8 trillion in customer assets, so this partnership could bring significant new trading volume to Cboe's platform.

    A major distribution deal that could boost Cboe's trading volume and revenue.

  • Record options volume from SpaceX IPO frenzy SpaceX's IPO sparked record options trading (1.8 million contracts) and heavy ETF activity. As a major options exchange, Cboe likely benefited from this surge in transaction revenue, showing its business can thrive on market excitement.

    Demonstrates strong demand for options trading, a core driver of Cboe's revenue.

▲3▼1

Cboe's record profits overshadowed by new competition and its own prediction-market launch

  • Competitive threats crush stock despite record earnings Cboe's stock fell from $370 to $250 in a month on fears that Kalshi's CFTC-approved perpetual futures and Schwab's binary options will steal its core options business. This fear is the main reason the stock is down, even though Cboe just posted record earnings and raised guidance.

    This is the biggest force driving CBOE's price right now—a sharp sell-off on competitive fears.

  • Cboe launches its own prediction market suite Cboe launched Cboe Predicts, binary options on the Mini S&P 500, available through brokers like Schwab and Interactive Brokers. This lets Cboe compete directly with Kalshi and Polymarket, potentially attracting new trading volume and defending its index options franchise.

    This is Cboe's direct response to the competitive threat, a new product that could drive future revenue.

  • Schwab to host S&P 500 prediction markets via Cboe Charles Schwab plans to offer S&P 500 prediction markets through Cboe, using binary contracts. Schwab has $11.8 trillion in customer assets, so this partnership could bring significant new trading volume to Cboe's platform.

    A major distribution deal that could boost Cboe's trading volume and revenue.

  • Record options volume from SpaceX IPO frenzy SpaceX's IPO sparked record options trading (1.8 million contracts) and heavy ETF activity. As a major options exchange, Cboe likely benefited from this surge in transaction revenue, showing its business can thrive on market excitement.

    Demonstrates strong demand for options trading, a core driver of Cboe's revenue.

Moodys Corporation (MCO)

Q3 2026
▲3▼1

Moody's Q3: Strong Earnings, AI Expansion, But Margin and Cyber Risks

  • Q2 Earnings Beat and Raised Guidance Moody's reported Q2 profit up 31% to $4.68 per share on 15% revenue growth, raised buybacks to $3.0 billion, and increased earnings guidance, signaling strong financial health and shareholder returns.

    This is the core positive financial result that drove the stock in Q3.

  • AI Partnerships Deepen Data Moat Moody's embedded its risk data into Intapp's and Google Cloud's AI workflows, making its data more integral to clients' operations and strengthening its competitive position in AI-driven analytics.

    This strategic expansion supports future revenue growth and competitive advantage.

  • First Stablecoin Rating Opens Crypto Revenue Moody's issued its first stablecoin protocol rating (Sky Protocol, B3), tapping into a new crypto revenue stream as the GENIUS Act boosts demand for such ratings.

    This new product line diversifies revenue and positions Moody's in a growing market.

  • Margin Guidance Trimmed and Ransomware Threat Operating margin guidance was cut to 44–45% on cost pressure, and Moody's was targeted by ransomware attacks using fake websites to steal credentials, posing data, operational, and reputational risks.

    These are the main negative factors that tempered the outlook and could pressure the stock.

September 2026
▲2▼1

Moody's Expands Into Stablecoin Ratings, AI Data, and Cyber Risk

  • First-ever stablecoin protocol rating opens new market Moody's assigned its first credit rating to a stablecoin protocol (Sky Protocol, B3), a brand-new asset class. This expands its ratings franchise into crypto just as the GENIUS Act makes such ratings gatekeepers of liquidity, potentially adding a new revenue stream and reinforcing its role as a standard-setter.

    This is the biggest new business expansion for Moody's this period, directly opening a new ratings market.

  • Embedding credit data into Google Cloud's AI platform Moody's is putting its credit ratings and research directly inside Google Cloud's Gemini Enterprise for financial services. This makes its proprietary data more useful in AI-driven workflows, deepens customer engagement, and helps defend its data moat as generative AI changes how financial research is consumed.

    This partnership expands distribution and protects Moody's data advantage in the AI era, a key long-term demand driver.

  • Ransomware attacks target Moody's and other financial firms Moody's was named among dozens of major US financial firms targeted by ransomware hackers using fake websites to steal employee passwords. A successful breach could compromise sensitive data, disrupt operations, and invite regulatory scrutiny, posing a real cybersecurity and reputational risk.

    This is a direct threat to Moody's operations and reputation, a genuine counterweight to the positive news.

Latest
▲2▼1

Moody's Expands Into Stablecoin Ratings, AI Data, and Cyber Risk

  • First-ever stablecoin protocol rating opens new market Moody's assigned its first credit rating to a stablecoin protocol (Sky Protocol, B3), a brand-new asset class. This expands its ratings franchise into crypto just as the GENIUS Act makes such ratings gatekeepers of liquidity, potentially adding a new revenue stream and reinforcing its role as a standard-setter.

    This is the biggest new business expansion for Moody's this period, directly opening a new ratings market.

  • Embedding credit data into Google Cloud's AI platform Moody's is putting its credit ratings and research directly inside Google Cloud's Gemini Enterprise for financial services. This makes its proprietary data more useful in AI-driven workflows, deepens customer engagement, and helps defend its data moat as generative AI changes how financial research is consumed.

    This partnership expands distribution and protects Moody's data advantage in the AI era, a key long-term demand driver.

  • Ransomware attacks target Moody's and other financial firms Moody's was named among dozens of major US financial firms targeted by ransomware hackers using fake websites to steal employee passwords. A successful breach could compromise sensitive data, disrupt operations, and invite regulatory scrutiny, posing a real cybersecurity and reputational risk.

    This is a direct threat to Moody's operations and reputation, a genuine counterweight to the positive news.

July 2026
▲3

Moody's beats Q2, lifts buybacks, embeds risk data in AI workflows

  • Q2 earnings beat and bigger buyback Moody's second-quarter profit jumped 31% to $4.68 a share, beating forecasts, on revenue up 15% to $2.19 billion. It raised its share buyback plan to as much as $3.0 billion and nudged up its full-year earnings guidance, a direct boost to the stock.

    This is the period's biggest new event and the main reason MCO moved.

  • Margin guidance trimmed even as EPS rises Moody's slightly cut its 2026 operating margin outlook to 44%-45% from about 45%, even while lifting the low end of its earnings guidance. The trim is a small counterweight: it signals some cost pressure, but the raised buyback and profit beat outweigh it.

    It is the honest counterweight inside the same earnings report readers need to weigh.

  • Risk data embedded in Intapp's AI workflows Moody's expanded its partnership with Intapp to put its risk data inside Intapp's AI tools for legal, private capital and accounting clients. This makes Moody's data part of daily decisions, deepening reliance and making it harder for rivals to replace, supporting future revenue.

    It is a new distribution deal that strengthens Moody's competitive position.

  • Moody's warns on AI debt, European banks spend more Moody's itself flagged 'no playbook' for AI-driven borrowing, showing its analytical relevance, while a Moody's survey found European banks raising risk, compliance and AI spending. Both point to steady demand for its ratings and analytics, a mild positive for the stock.

    These new reports show demand for Moody's core services holding up.

▲3

Moody's beats Q2, lifts buybacks, embeds risk data in AI workflows

  • Q2 earnings beat and bigger buyback Moody's second-quarter profit jumped 31% to $4.68 a share, beating forecasts, on revenue up 15% to $2.19 billion. It raised its share buyback plan to as much as $3.0 billion and nudged up its full-year earnings guidance, a direct boost to the stock.

    This is the period's biggest new event and the main reason MCO moved.

  • Margin guidance trimmed even as EPS rises Moody's slightly cut its 2026 operating margin outlook to 44%-45% from about 45%, even while lifting the low end of its earnings guidance. The trim is a small counterweight: it signals some cost pressure, but the raised buyback and profit beat outweigh it.

    It is the honest counterweight inside the same earnings report readers need to weigh.

  • Risk data embedded in Intapp's AI workflows Moody's expanded its partnership with Intapp to put its risk data inside Intapp's AI tools for legal, private capital and accounting clients. This makes Moody's data part of daily decisions, deepening reliance and making it harder for rivals to replace, supporting future revenue.

    It is a new distribution deal that strengthens Moody's competitive position.

  • Moody's warns on AI debt, European banks spend more Moody's itself flagged 'no playbook' for AI-driven borrowing, showing its analytical relevance, while a Moody's survey found European banks raising risk, compliance and AI spending. Both point to steady demand for its ratings and analytics, a mild positive for the stock.

    These new reports show demand for Moody's core services holding up.

Q2 2026
▲3▼1

Moody's AI and private credit growth offset by Middle East risk-off

  • AI skills launch expands product reach Moody's launched AI skills that plug its ratings and research into major AI platforms like Microsoft 365 Copilot. This makes its data more useful and harder to replace, supporting future revenue and a higher stock price.

    New product that strengthens Moody's competitive position and long-term growth.

  • Credit ratings integrated into Solana blockchain Moody's put its credit ratings directly on Solana's blockchain for tokenized bonds. This opens a new digital-asset channel and shows Moody's is adapting to how bonds may trade in the future, a plus for the stock.

    New blockchain integration that expands Moody's addressable market.

  • Q1 earnings beat and strong private credit growth Moody's beat first-quarter earnings and revenue estimates, helped by a recovery in credit markets. A separate bullish report noted over $2 trillion of debt rated in Q1 and private credit revenue up more than 80%, reinforcing the growth story.

    Confirms financial strength and highlights a key growth driver.

  • Iran ceasefire collapse triggers risk-off selloff Moody's shares fell 2.6% after President Trump declared the Iran ceasefire over, sparking a broad risk-off move. Higher bond yields and credit-stress fears hurt financial firms whose earnings depend on market activity, though this is a short-term market reaction.

    Only negative driver this period, showing a real counterweight to the positive news.

June 2026
▲3▼1

Moody's AI and private credit growth offset by Middle East risk-off

  • AI skills launch expands product reach Moody's launched AI skills that plug its ratings and research into major AI platforms like Microsoft 365 Copilot. This makes its data more useful and harder to replace, supporting future revenue and a higher stock price.

    New product that strengthens Moody's competitive position and long-term growth.

  • Credit ratings integrated into Solana blockchain Moody's put its credit ratings directly on Solana's blockchain for tokenized bonds. This opens a new digital-asset channel and shows Moody's is adapting to how bonds may trade in the future, a plus for the stock.

    New blockchain integration that expands Moody's addressable market.

  • Q1 earnings beat and strong private credit growth Moody's beat first-quarter earnings and revenue estimates, helped by a recovery in credit markets. A separate bullish report noted over $2 trillion of debt rated in Q1 and private credit revenue up more than 80%, reinforcing the growth story.

    Confirms financial strength and highlights a key growth driver.

  • Iran ceasefire collapse triggers risk-off selloff Moody's shares fell 2.6% after President Trump declared the Iran ceasefire over, sparking a broad risk-off move. Higher bond yields and credit-stress fears hurt financial firms whose earnings depend on market activity, though this is a short-term market reaction.

    Only negative driver this period, showing a real counterweight to the positive news.

▲3▼1

Moody's AI and private credit growth offset by Middle East risk-off

  • AI skills launch expands product reach Moody's launched AI skills that plug its ratings and research into major AI platforms like Microsoft 365 Copilot. This makes its data more useful and harder to replace, supporting future revenue and a higher stock price.

    New product that strengthens Moody's competitive position and long-term growth.

  • Credit ratings integrated into Solana blockchain Moody's put its credit ratings directly on Solana's blockchain for tokenized bonds. This opens a new digital-asset channel and shows Moody's is adapting to how bonds may trade in the future, a plus for the stock.

    New blockchain integration that expands Moody's addressable market.

  • Q1 earnings beat and strong private credit growth Moody's beat first-quarter earnings and revenue estimates, helped by a recovery in credit markets. A separate bullish report noted over $2 trillion of debt rated in Q1 and private credit revenue up more than 80%, reinforcing the growth story.

    Confirms financial strength and highlights a key growth driver.

  • Iran ceasefire collapse triggers risk-off selloff Moody's shares fell 2.6% after President Trump declared the Iran ceasefire over, sparking a broad risk-off move. Higher bond yields and credit-stress fears hurt financial firms whose earnings depend on market activity, though this is a short-term market reaction.

    Only negative driver this period, showing a real counterweight to the positive news.