Shares of NYSE Euronext advanced Wednesday after a Goldman Sachs analyst upgraded the exchange operator, noting that current risks are already priced into the stock.
Shares rose 28 cents to $18.29 in afternoon trading.
On Wednesday, analyst Daniel Harris removed the stock from his "Sell" list and upgraded the shares to "Neutral." The stock was originally placed on the "Sell" list due to concerns over lower volume trends, as well as lower exchange rates for the euro and the British pound, Harris said. Since being placed on the list on Feb. 1, the stock has declined 18 percent, compared with only a 4 percent decline in the Standard & Poor's 500 index. Harris said he believes any concerns about the company have adequately been priced into the stock.
Last week, NYSE Euronext reported a $1.34 billion loss for the fourth quarter, due to a charge related to its 2007 acquisition of European exchange Euronext. The exchange operator would have recorded a profit had it not been for the $1.59 billion write-down on goodwill left over from the 2007 deal.
Shares of fellow exchange operator Nasdaq OMX Group Inc. also rose Wednesday. Shares added 30 cents to $20.32.