Guidance, Sentiment, & Other Tidbits Into Earnings: AB, ARES, BEN, CBOE, COIN, HOOD, ICE, IVZ, KKR, LPLA, OWL, TMX, TROW, TW, and VRTS

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Guidance, Sentiment, & Other Tidbits Into Earnings: AB, ARES, BEN, CBOE, COIN, HOOD, ICE, IVZ, KKR, LPLA, OWL, TMX, TROW, TW, and VRTS

, but July ADV is picking up

sequentially, and assuming normal seasonality, Q3 Energy ADV is tracking ahead of the Street.

Elsewhere, we think the outlook for IMT has not improved meaningfully, with industry forecasts

in June little changed. Lastly, while the potential threat of perps continues to weigh on the

multiple, we believe, ICE has one of the lowest exposures across the exchanges, and any

introduction of perps across equities or other asset classes is not likely to meaningfully impact

ICE's business.

IVZ: Investors have expressed a mixed view, with positive flows offset by some concern that 1)

competition from new Nasdaq 100 ETF manufacturers could threaten growth in IVZ's franchise,

and 2) new fees at distributors could impact IVZ more than other publicly traded asset

managers.

KKR: Investors have been leaning positive in our discussions. Our take: While we anticipate

management fees could decelerate a touch coming out of a few large flagship raises, a number

of flagships are in or returning to market, and KKR is set to deliver a strong quarter and, we

believe, a strong look-forward for realization revenues (with a bottom-line enhancing pick-up of

on-B/S activity), bucking the trend, particularly in Q2, we expect at other managers. WKey

questions for the call remain near-/medium-term fundraising and management fee

expectations, fundraising, and Global Atlantic pre-tax earnings expectations.

LPLA: Sentiment is somewhat negative, based on our discussions with investors. Our take: NNA

growth continues to be somewhat weak in Q2, though management continues to reiterate the