Jim Cramer Analyzes Intercontinental Exchange’s Performance and Market Sentiment

Intercontinental Exchange, Inc. (NYSE:ICE) is one of the stocks Jim Cramer shed light on. During the episode, Cramer mentioned the company’s earnings growth, as he commented:

“Right now, there’s a raging bull market that’s hidden in plain sight… I’m talking about the bull market in the exchanges, many of which have hit new all-time highs in recent weeks. Intercontinental Exchange, which happens to be our landlord here, and they’re terrific at it, is the parent company of the NYSE, is up 21.7%. Saw Jeff Sprecher today, the CEO, congratulated him, and that’s after pulling back eight bucks from its high last week… Now, historically, the exchanges have almost always been great performers, but lately, they really caught fire relative to the rest of the market. Now, some of that’s simply because these companies are making fortunes in this environment. We’ve heard from all of the major exchanges in the past few weeks, and everyone delivered better-than-expected sales and earnings with varying degrees of double-digit growth. Most of them posted record numbers, too…

Intercontinental Exchange, ICE, posted 19% earnings growth. Chairman and CEO Sprecher, whom I talked to today, said, ‘Amidst a backdrop of continued volatility and uncertainty, our strong second quarter performance reflects the all-weather nature of our business model and the value of our market’s technology and data services.’ I could not have said it better myself, Jeff…

On the other hand, though, a lot of things are clearly going great for these businesses, for Intercontinental Exchange and Nasdaq in particular. They’ve made a fortune from the revival of the IPO market, which you see all the time now.”

Jim Cramer Analyzes Intercontinental Exchange's Performance and Market Sentiment

Stock market data showing an upward trajectory. Photo by Burak The Weekender on Pexels

Intercontinental Exchange, Inc. (NYSE:ICE) provides technology, data, and marketplace services for financial markets, including trading platforms, fixed income analytics, and mortgage technology solutions.

While we acknowledge the risk and potential of ICE as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and doing so within a shorter time frame. If you are looking for an AI stock that is more promising than ICE and that has 10,000% upside potential, check out our report about this cheapest AI stock.

READ NEXT: 30 Stocks That Should Double in 3 Years and 11 Hidden AI Stocks to Buy Right Now.

Disclosure: None. This article is originally published at Insider Monkey.