nasdaq

Published on 06/11/2025 – 20:47 GMT+1
•Updated
20:56

The Commission launched on Thursday an investigation into a potential collusion between the two stock exchange groups, Deutsche Börse and Nasdaq, in the market for derivative financial products.

At the heart of EU antitrust enforcer’s concerns is the potential coordination of their conduct in the listing, trading, and clearing of those derivatives, which, if proven, would be in violation of EU’s competition rules.

EU law encourage competition between different economic operators to ensure that prices are set fairly by the market, free from any collusion or abuse of dominant position.

In September 2024, the Commission carried out unannounced inspections at the premises of both financial groups, as permitted under EU rules.

It targeted their practices around financial derivatives, which are contracts whose value changes depending on the price of another asset, such as stocks or commodities.

“Deutsche Börse and Nasdaq entities may have entered into agreements or concerted practices not to compete,” the Commission said in a statement, “in addition, the entities may have allocated demand, coordinated prices and exchanged commercially sensitive information.”

A deal made in 1999

Deutsche Börse and Nasdaq are among the world’s largest stock exchange groups.

According to EU competition commissioner Teresa Ribera, such behaviours could also affect “the proper functioning of the Capital Markets Union – a cornerstone for innovation, financial stability and growth.”

The completion of the European Capital Markets Union — a barrier-free market for capitals aimed at reducing their costs for listed companies and improve investment conditions — is one of the priorities of Commission’s president Ursula von der Leyen.

If there was a collusion between Deutsche Börse and Nasdaq, it would constitute “an artificial barrier” on the EU market, Commission’s spokesperson Thomas Regnier told Euronews.

Deutsche Börse reacted in a statement saying : “We are engaging constructively with the European Commission.”

The stock exchange group explained that the Commission’s investigation concerned a 1999 deal, which Deutsche Börse considers “pro-competitive”.

“It aimed to build deeper liquidity in the respective Nordic derivatives markets and create efficiencies,” it argued, adding: “It provided clear benefits for market participants and was public.”

The 1999 deal was made between Deutsche Börse’s derivatives branch Eurex and the Helsinki Stock Exchange, which was acquired by Nasdaq in 2008, for the Nordic derivatives markets, it said.

Joel R Mogy Investment Counsel (JMIC) disclosed in an October 16, 2025, SEC filing that it sold 20,929 Adobe shares during Q3 2025.

This was an estimated $7.51 million trade based on the average price for Q3 2025.

What happened

Joel R Mogy Investment Counsel reported a reduction in its position in Adobe (ADBE 1.30%), selling 20,929 shares during Q3 2025.

The estimated value of the sale, based on the average closing price for Q3 2025, was approximately $7.51 million.

The position now stands at 50,664 shares as of Q3 2025, according to the firm’s SEC Form 13-F filed on October 16, 2025.

What else to know

The fund’s post-sale Adobe stake represents 0.98% of its $1.83 billion reportable U.S. equity AUM as of September 30, 2025, down from 1.60% in the previous period

JMIC’s top holdings after the filing:

1. Nvidia: $257.28 million (14.1% of AUM) as of September 30, 2025
2. Alphabet: $158.37 million (8.68% of AUM) as of September 30, 2025
3. Apple: $155.49 million (8.52% of AUM) as of September 30, 2025
4. Microsoft: $148.56 million (8.14% of AUM) as of September 30, 2025
5. Costco Wholesale: $91.43 million (5.0% of AUM)

As of October 15, 2025, Adobe shares were priced at $330.63, marking a one-year decline of 34.9% and underperforming the S&P 500 by 49 percentage points.

Company Overview

Company Snapshot

Adobe offers software solutions, including Creative Cloud, Document Cloud, and a suite of digital experience and publishing tools; primary revenue is generated through recurring subscription services.

It operates a cloud-based, subscription-driven business model, selling directly to enterprises and end users as well as through a global partner network.

The company serves content creators, marketers, enterprises, and creative professionals across industries worldwide.

Adobe Inc. is a leading global software company specializing in creative, document, and digital experience solutions.

Foolish take

Joel R Mogy Investment Counsel (JMIC) had been steadily accumulating shares over the last few years, with the firm having a 2.5% portfolio allocation in Adobe just two years ago.

However, the company has sold shares of Adobe in the last two quarters — and heavily in its latest quarter.

With Adobe’s stock down 52% from its all-time high, it certainly seems as though JMIC is worried about the long-term future of the company.

Adobe has become an artificial intelligence (AI) battleground stock lately. The market seems torn as to whether the AI revolution will empower — or completely disrupt — the company’s creative operations.

For instance, OpenAI recently launched its Sora 2 model that lets users create short video clips from text. It doesn’t take a wild leap to imagine how this could directly hinder Adobe’s video editing and software businesses.

That said, Adobe has grown sales by 11% over the last year and is seeing the professional use cases for its video capabilities remain as robust as ever. Furthermore, the company has its Adobe Firefly unit, which is its own generative AI offering for creators — so it’s not exactly being blindsided by peers like OpenAI.

Trading at just 15 times free cash flow, Adobe could be a tremendous value investment at today’s price, but it looks like JMIC doesn’t want to risk waiting to find out if the company gets disrupted or not.

Glossary

AUM (Assets Under Management): The total market value of all investments managed by a fund or investment firm.
Form 13-F: A quarterly SEC filing by institutional investment managers disclosing their equity holdings.
Q3: The third quarter of a company’s fiscal year, typically covering July through September.
Reportable U.S. equity assets: U.S. stocks and related securities that must be disclosed in regulatory filings.
Top holdings: The largest individual investments in a fund’s portfolio, usually ranked by market value.
Stake: The ownership interest or number of shares a fund or investor holds in a company.
Subscription-driven business model: A model where customers pay recurring fees for ongoing access to products or services.
Global partner network: A group of companies or organizations worldwide that help distribute or sell a firm’s products.
TTM: The 12-month period ending with the most recent quarterly report.

Josh Kohn-Lindquist has positions in Adobe, Alphabet, Costco Wholesale, and Nvidia. The Motley Fool has positions in and recommends Adobe, Alphabet, Apple, Costco Wholesale, Microsoft, and Nvidia. The Motley Fool recommends the following options: long January 2026 $395 calls on Microsoft and short January 2026 $405 calls on Microsoft. The Motley Fool has a disclosure policy.

Argent Capital Management LLC pared its holding in Copart (CPRT 1.70%) by 1,262,984 shares during Q3 2025, an estimated $59.52 million trade based on the average price for the quarter, according to an SEC filing dated October 14, 2025.

What happened

According to its Form 13-F filed with the Securities and Exchange Commission on October 14, 2025 (see filing), the firm reduced its Copart position by 1,262,984 shares during Q3 2025.

The estimated value of the shares sold, calculated using the period’s average closing price, was $59.52 million. The fund reported a remaining position of 162,339 shares at quarter-end.

What else to know

This was a reduction in the Copart stake, which now represents 0.2% of the firm’s 13F reportable assets under management as of Q3 2025.

Argent’s top holdings after the filing:

• Microsoft: $251.95 million (6.9% of AUM as of 2025-09-30)
• Nvidia: $237.98 million (6.5% of AUM as of 2025-09-30)
• Amazon: $213.08 million (5.8% of AUM as of 2025-09-30)
• Alphabet: $194.75 million (5.3% of AUM as of 2025-09-30)
• Mastercard: $126.28 million (3.5% of AUM as of 2025-09-30)

As of October 13, 2025, Copart shares were priced at $44.07, down 20% over the one-year period ending October 13, 2025, underperforming the S&P 500 by 36 percentage points over the same time.

Company Overview

Company Snapshot

Copart provides online auctions and vehicle remarketing services, including virtual bidding, salvage estimation, and end-of-life vehicle processing across North America, Europe, and select international markets.

It operates a digital marketplace facilitating the sale and purchase of vehicles, generating revenue through transaction fees, service charges, and value-added offerings such as vehicle transportation and title processing.

The company serves insurance companies, banks, fleet operators, dealerships, vehicle dismantlers, exporters, and individual buyers seeking to acquire or dispose of vehicles efficiently.

Copart, Inc. provides online auctions and vehicle remarketing services internationally, leveraging advanced virtual auction technology to connect sellers and buyers of vehicles across multiple continents. With a scalable digital platform and a comprehensive suite of remarketing and logistics services, Copart enables efficient disposition of vehicles for institutional and individual clients alike.

Foolish take

While Argent Capital Management still holds a few shares of Copart, the firm all but sold out of its position, reducing its portfolio allocation in the stock from 2% to 0.2%.

Since the stock seemed to be a longer-term holding for Argent, this seems mildly worrisome to Copart shareholders — myself included.

Though it’s impossible to know what exactly prompted the firm to nearly liquidate its holdings in the company, Copart’s results have been underwhelming this year, causing its slightly expensive stock to slide 30% from its high.

After growing sales by 15% annually over the last decade, Copart’s revenue growth slid to 13%, 7%, and finally 5% over the previous three quarters.

Ultimately, I’ll have to disagree with Argent on Copart as I believe the company has a wide moat around its operations that will make it hard to disrupt.

That said, Copart still trades at 28 times earnings, even after this year’s drop, so Argent may have simply thought it had grown beyond its valuation as a more mature company.

Glossary

13F reportable AUM: Assets under management that must be disclosed by institutional investment managers in quarterly SEC Form 13F filings.
Form 13-F: A quarterly SEC filing by institutional investment managers listing their U.S. equity holdings.
Quarter (Q3 2025): The third three-month period of a company’s fiscal year, here referring to July–September 2025.
Transaction value: The total dollar amount generated by a specific buy or sell trade.
Stake: The ownership interest or investment a fund or individual holds in a particular company.
Assets under management (AUM): The total market value of investments managed on behalf of clients by a fund or firm.
Digital marketplace: An online platform where buyers and sellers conduct transactions for goods or services, such as vehicles.
Vehicle remarketing: The process of reselling used or end-of-lease vehicles, often through auctions or specialized platforms.
Salvage estimation: The process of assessing the value of damaged or end-of-life vehicles for resale or parts.
End-of-life vehicle processing: Handling and disposing of vehicles that are no longer operational, often for recycling or parts.
Value-added offerings: Additional services provided beyond basic transactions, such as transportation or title processing, to enhance customer value.
TTM: The 12-month period ending with the most recent quarterly report.

Josh Kohn-Lindquist has positions in Alphabet, Copart, Mastercard, and Nvidia. The Motley Fool has positions in and recommends Alphabet, Amazon, Copart, Mastercard, Microsoft, and Nvidia. The Motley Fool recommends the following options: long January 2026 $395 calls on Microsoft and short January 2026 $405 calls on Microsoft. The Motley Fool has a disclosure policy.

On Monday, the S&P 500 and the Nasdaq closed at record highs after OpenAI and Advanced Micro Devices reached a mega-deal that ignited a rally, despite the U.S. government shutdown entering its second week. Photo by John Angelillo/UPI | License Photo

Oct. 6 (UPI) — The S&P 500 and the Nasdaq closed at record highs Monday after ChatGPT-maker OpenAI and Advanced Micro Devices reached a mega-deal that ignited a rally, despite the U.S. government shutdown entering its second week.

Chipmaker AMD shares closed 23.71% higher as the tech-heavy Nasdaq Composite rose 0.71% to end the day at a new record high of 22,941.67. The S&P 500 gained 0.36% to close at 6,740.28. Despite record closes for the Nasdaq and S&P, the Dow Jones Industrial Average dropped 0.1%.

AMD, one of Nvidia’s key rivals, announced earlier Monday it had agreed to a multi-year deal to supply chips to OpenAI, which could end-up taking a 10% stake in the chipmaker.

“Excited to partner with AMD to use their chips to serve our users!” Sam Altman, OpenAI co-founder and chief executive officer, wrote in a post on X.

“This is all incremental to our work with NVIDIA (and we plan to increase our NVIDIA purchasing over time),” Altman added.

Nvidia announced last month it would invest as much as $100 billion to help power OpenAI’s new AI models. After Monday’s news of the AMD-OpenAI deal, which boosted tech stocks and optimism for AI, Nvidia’s shares closed down 1%.

“The AI narrative continues to gain momentum,” said Louis Navellier, founder and chief investment officer of Navellier & Associates.

The deal “gives some competition for NVIDIA, which currently dominates AI chips, and accelerates the timeline for data center buildouts,” Navellier added.

OpenAI said it will deploy 6 gigawatts of AMD’s Instinct graphics processing units across multiple generations of hardware for the next few years. The first 1-gigawatt rollout of chips is expected to take place in about a year.

“We have to do this,” OpenAI president Greg Brockman told CNBC’s “Squawk on the Street.”

“This is so core to our mission if we really want to be able to scale to reach all of humanity, this is what we have to do.”