Marketaxess Holdings Inc (MKTX)

Shares of MarketAxess Holdings (MKTX) dropped by 9.26% from $235.92 to $214.08 in the trading on Wednesday, October 25, 2023. The reason why MKTX stock down is due to its worse-than-expected third-quarter results

• Earnings Miss: MarketAxess reported earnings per share of $1.46 for Q3 2023, missing the Zacks Consensus Estimate by 2%. This marked a decline from earnings of $1.58 per share in the previous year.
• Revenue Shortfall: Total revenues increased slightly by 0.1% year over year to $172.3 million in the third quarter. However, this figure fell short of the consensus estimate by 0.6%.

Piper Sandler cut its Q1 earnings estimates for MarketAxess due to preliminary variable transaction fees per million falling short of projections, despite the company reporting record credit volume of $296.3 billion in March. As a result, MarketAxess shares fell 11% following the announcement.