What's Wrong With NYSE Euronext?

Cramer has been a huge backer of NYSE Euronext , but with the stock getting hammered on an almost daily basis, he’s starting to feel some trepidation.

NYX is down more than 15 points since Cramer named it his “growth stock of the year” in January. Despite having the best brand name in the business, NYX has been losing share to the Nasdaq here in the U.S., it hasn’t been able to raise fees, and it is perceived as an also-ran exchange in an exchange-happy market, Cramer says. He spoke to NYSE Euronext’s president and co-chief operating officer, Duncan Neideraurer, on the phone for some reassurance.

With NYX being the only multi-product global exchange, “a lot of the market doesn’t know how to evaluate us,” Neideraurer says. “We’re not quite as attractive as the derivative-only exchanges, but we’re more attractive than the equity-only exchanges.”

The problem, Neideraurer admits, is that for such a large-cap stock, NYX trades “choppy.” It’s almost as if there is a liquidity gap between points, Cramer says, noting how rapidly the stock drops. When the market goes down 1%, NYX seems to go down 2%. On a really good day, NYX will go down less than other stocks, but that’s not how a “growth stock of the year” should perform.

But that doesn’t mean Cramer should give up hope. While market share is down from last year, Neideraurer sees it stabilizing.

The synergies in NYSE Euronext are obvious, Cramer says. He could even make a case for Euronext alone being worth the $80 the stock currently trades at, which would give you the NYSE for free. Even though NYX isn’t performing how Cramer thought it would, he’s sticking with it.

“Duncan Neideraurer knows what he’s doing.”

Jim's charitable trust owns NYSE Euronext.

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