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

Stock Track11-07

MarketAxess Holdings Inc. (MKTX) saw its shares plummet over 5% on November 6th, despite reporting better-than-expected third-quarter earnings and revenue. The electronic bond trading platform operator posted earnings per share of $1.90, beating analyst estimates of $1.85. Revenue also came in higher at $206.7 million versus expectations of $206.2 million.

The strong results were 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, while rates trading volume jumped 48%. However, the positive earnings seemed to be overshadowed by the company's announcement that founder and executive chairman Rick McVey will retire at the end of 2024.

McVey, who founded MarketAxess in 2000 and served as CEO until April 2023, will remain as chairman of the company's international holding company. Carlos Hernandez, a former JPMorgan executive and board member since 2006, has been elected to succeed McVey as chairman of the board effective January 1, 2025.

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(MKTX) saw its shares plummet over 5% on November 6th, despite reporting better-than-expected third-quarter earnings and revenue. The electronic bond trading platform ...</p>\n\n<a href=\"\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"MKTX","symbol_name":"MarketAxess Holdings","start_time":0,"source_url":"","article_id":"1199398435","we_media_id":"1086803395","thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=1199398435","pubTimestamp":1730922044,"sourceInfo":{"source_id":"ai_movement_en","name":"Stock Track"},"weMediaInfo":{"media_name":"Stock Track","introduction":"Track stock‘s movements and relevant news","home_visible":1,"id":"1086803395","head_image":"https://static.tigerbbs.com/a81accab1e7ee4144dc051f71903a390"},"summary":"MarketAxess Holdings Inc.  saw its shares plummet over 5% on November 6th, despite reporting better-than-expected third-quarter earnings and revenue. The electronic bond trading platform operator posted earnings per share of $1.90, beating analyst estimates of $1.85. 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