CME - Why CME Group Stock Was a Winner on Wednesday
2024-02-14 18:25:27 ET
CME Group (NASDAQ: CME) reported some good news Wednesday morning, and investors rewarded the company by trading its stock up on the day. Following the release of its fourth-quarter results before the market opened, the shares zoomed up to close nearly 4% higher. That outpaced the slightly less than 1% gain of the S&P 500 index.
For the period, CME, which owns and operates a collection of derivatives markets, posted revenue of $1.44 billion. This was up from the $1.21 billion it earned in Q4 2022. On the bottom line, CME netted a non- GAAP (adjusted) profit of nearly $865 million ($2.37 per share), which was substantially higher than the $689 million of the year-ago period.
Both headline figures topped analysts' consensus estimates. On average, pundits tracking CME were modeling for adjusted net income of $2.28 per share and revenue of $1.42 billion.
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Why CME Group Stock Was a Winner on Wednesday