Stock Track | MarketAxess Plunges 5% as Founder Set to Retire Despite Strong Q3 Earnings

Stock Track2024-11-07

Shares of MarketAxess Holdings Inc. (MKTX), the operator of a leading electronic trading platform for fixed-income securities, plummeted by over 5% on November 6, 2024, despite reporting better-than-expected third-quarter earnings and revenue. The company's stock price drop seems to be primarily driven by the announcement that its founder and executive chairman, Rick McVey, will retire at the end of the year.

McVey, who founded MarketAxess in 2000 and served as CEO until April 2023, will be succeeded by Carlos Hernandez as Chairman of the Board of Directors, effective January 1, 2025. Hernandez is a former JPMorgan executive and has been a member of MarketAxess' board since 2006, with a brief hiatus between 2019 and 2023.

Despite the stock's negative reaction, MarketAxess reported impressive third-quarter financial results. The company's earnings per share of $1.90 surpassed analyst estimates of $1.85, while revenue of $206.7 million also exceeded expectations of $206.2 million. This strong performance was driven by robust trading volumes across credit and rates products on MarketAxess' platform. Total credit average daily volume rose 27% year-over-year to $14.1 billion, and rates trading volume jumped 48%.

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