Morningstar, Inc. provides independent investment insights to investors in the United States, Asia, Australia, Canada, Continental Europe, the United Kingdom, and internationally. It operates through five segments: Morningstar Direct Platform, PitchBook, Morningstar Credit, Morningstar Wealth, and Morningstar Retirement. Its offerings include managed investments such as mutual funds, exchange traded funds, separate accounts, collective investment trusts, model portfolios, equities, and fixed-income securities, along with investment analysis and advisory tools. The company also provides credit ratings and analytics through Morningstar DBRS and Morningstar Credit Analytics, ESG data and ratings through Morningstar Sustainalytics, and market indexes through Morningstar Indexes. Morningstar was incorporated in 1984 and is headquartered in Chicago, Illinois.
Morningstar Expands Private-Market Offerings and Posts Strong Q2 Results
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New Public/Private Model Portfolios Morningstar Wealth is launching model portfolios with Apollo, Franklin Templeton and J.P. Morgan, blending public and private investments. This can attract more assets and boost advisory revenue, pushing MORN's price up.
This is a new product launch that expands Morningstar's addressable market and revenue potential.
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Daily CLO Index Suite with Houlihan Lokey Morningstar and Houlihan Lokey are launching daily valuation indexes for the $1.5 trillion CLO market. This extends Morningstar's index business into private credit, a growing area, and reinforces its role in transparency, supporting the stock.
This is a new strategic partnership that opens a new market for Morningstar's index products.
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Microsoft 365 Copilot Integration Morningstar is embedding its research and analytics into Microsoft 365 Copilot, making its data available directly in Outlook and Excel. This helps it compete with larger data providers and deepens customer relationships, a positive for the stock.
This is a new technology integration that enhances product distribution and competitive positioning.
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Strong Q2 Earnings and Buyback Morningstar reported Q2 revenue up 9.6% to $663.2 million, with operating income up 28.4% and free cash flow nearly doubling. It also completed a $700 million buyback. These results show healthy growth and cash generation, lifting the stock.
This is the most direct financial update, confirming strong performance and capital returns.
Q3 2026
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Morningstar Expands Private-Market Offerings and Posts Strong Q2 Results
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New Public/Private Model Portfolios Morningstar Wealth is launching model portfolios with Apollo, Franklin Templeton and J.P. Morgan, blending public and private investments. This can attract more assets and boost advisory revenue, pushing MORN's price up.
This is a new product launch that expands Morningstar's addressable market and revenue potential.
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Daily CLO Index Suite with Houlihan Lokey Morningstar and Houlihan Lokey are launching daily valuation indexes for the $1.5 trillion CLO market. This extends Morningstar's index business into private credit, a growing area, and reinforces its role in transparency, supporting the stock.
This is a new strategic partnership that opens a new market for Morningstar's index products.
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Microsoft 365 Copilot Integration Morningstar is embedding its research and analytics into Microsoft 365 Copilot, making its data available directly in Outlook and Excel. This helps it compete with larger data providers and deepens customer relationships, a positive for the stock.
This is a new technology integration that enhances product distribution and competitive positioning.
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Strong Q2 Earnings and Buyback Morningstar reported Q2 revenue up 9.6% to $663.2 million, with operating income up 28.4% and free cash flow nearly doubling. It also completed a $700 million buyback. These results show healthy growth and cash generation, lifting the stock.
This is the most direct financial update, confirming strong performance and capital returns.
News & notes movingMORN
United States
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Morningstar leases 275K sf at Google's Thompson Center
Morningstar has signed the largest downtown Chicago office lease of the year, taking 275,000 square feet at Google's revamped James R. Thompson Center at 100 West Randolph Street. The investment research firm will occupy that space out of the 400,000 square feet Google has available on the building's upper floors, and is set to move in in 2028 when its lease at 22 West Washington Street expires. Morningstar currently has 1,500 employees working out of 260,000 square feet at the 22 West Washington location. The sweeping renovation of the 1.2 million-square-foot Thompson Center is being watched as a potential catalyst for the struggling Loop office market, where downtown vacancy rates fell only slightly last quarter, partly because adaptive reuse projects erased space rather than filled it. Morningstar founder Joe Mansueto, who is also building a new stadium for his Chicago Fire MLS franchise in Related Midwest's the 78 megadevelopment, has said the firm was looking for a new Loop home as part of efforts to revive the area and called the Thompson Center redevelopment a huge boost.
MORN · Capital · Positive Morningstar signs the largest downtown Chicago office lease of the year, taking 275K sf at the Thompson Center for its new Loop headquarters.
GOOG · Demand · Positive Google leases 275K sf of its available Thompson Center space to Morningstar, filling part of the 400K sf it has on the upper floors.
Intercontinental Exchange reported second-quarter revenues of $2.67 billion, up 4.8% year on year and 1.7% above analysts' expectations, as the financial exchanges and data sector closed out a satisfactory earnings season. The company, which began as an energy trading platform in 2000 and acquired the New York Stock Exchange in 2013, also posted a decent beat of analysts' EBITDA estimates, and its stock has been flat since reporting, trading at $155.44. Among the 10 financial exchanges and data stocks tracked, Morningstar delivered the best quarter with revenues of $663.2 million, up 9.6% year on year and 2.2% ahead of expectations, though its shares fell 1.2% to $196.28. S&P Global posted the weakest performance against estimates, with revenues of $3.68 billion, up 10.9% year on year but falling 10.4% short of expectations, and its stock dropped 8.4% to $403.05. CME Group reported revenues of $1.71 billion, flat year on year but 1.7% above expectations, with its stock up 11.3% at $264.25, while MarketAxess reported revenues of $218.4 million, flat year on year and 0.8% above expectations, with its stock up 30.6% at $164.18. As a group, the 10 stocks' revenues were in line with consensus estimates, and their share prices have risen 3.3% on average since the latest results.
ICE · Capital · Positive Intercontinental Exchange's Q2 revenue rose 4.8% to $2.67 billion, beating estimates, with a decent EBITDA beat.
CME · Capital · Positive CME Group reported Q2 revenues of $1.71 billion, 1.7% above expectations, with its stock up 11.3%.
MKTX · Capital · Positive MarketAxess reported Q2 revenues of $218.4 million, 0.8% above expectations, with its stock up 30.6%.
MORN · Capital · Positive Morningstar delivered the best quarter with revenues of $663.2 million, up 9.6% and 2.2% ahead of expectations.
SPGI · Capital · Negative S&P Global posted the weakest performance against estimates, with revenues 10.4% short of expectations, and its stock dropped 8.4%.
Trump Announces Greenland Security Deal With Denmark
President Donald Trump announced a security agreement with Denmark and Greenland that would give the United States a permanent role in the Arctic territory's security and prevent adversaries from establishing military bases or making sensitive investments without U.S. approval. Trump said the United States would begin developing a larger military presence on the island, and the agreement is expected to be signed during the United Nations General Assembly in New York, though its full terms have not been released. Morningstar analysts led by Christian Aufsatz said Greenland's strategic importance is likely to be realized sooner through its military position and potential Arctic trade routes than through its mineral resources, noting the island's role in the Greenland-Iceland-United Kingdom Gap, a key maritime corridor linking North American and European markets. The commentary said greater Arctic navigation could eventually create routes shortening travel between Asia, Europe and North America, increasing the potential for Greenland to serve as a location for deep-water ports, refueling facilities and logistics stations, while cautioning that climate-related uncertainty remains substantial. Morningstar also said Greenland has offshore hydrocarbon basins and rock formations that could host lithium, copper and rare earth elements, but stressed that geological potential does not guarantee commercially viable resources, as Greenland has not achieved the same exploration success as other regions and does not currently have significant mineable mineral deposits or proven oil and gas reserves ready for extraction.
MORN · · Neutral Morningstar analysts are cited for commentary on Greenland's strategic and resource potential, but the news is not about Morningstar's own business.
Morningstar's PitchBook Launches Lumonic 12.0 AI Portfolio Platform
Morningstar unit PitchBook launched Lumonic 12.0, an AI-powered, self-monitoring portfolio platform, in September 2026. The platform uses natural-language workflows to track portfolio governance, data lineage and AI-driven decision trails for institutional investors, putting PitchBook data directly into the workflow of private market teams. Morningstar's latest Asset Owner Perspectives Survey reports higher exposure to U.S. and private markets as investors respond to AI-related opportunities and risks. Lumonic 12.0 and the new asset owner survey only capture one slice of Morningstar's wider AI and data strategy, which also includes feeding PitchBook data into ChatGPT for Financial Services. Investors will watch for disclosed growth in PitchBook and Lumonic client counts, expanded contracts with large asset owners, and commentary on AI workflow uptake in upcoming Morningstar updates.
Tradeweb Q2 Revenue Rises 9% to $558.9 Million as Financial Exchanges Group Beats Estimates
Tradeweb Markets reported second-quarter revenues of $558.9 million, up 9% year on year, in line with analysts' expectations, as the ten financial exchanges and data stocks tracked by the report beat consensus revenue estimates by 1.6% as a group. Tradeweb, which was founded in 1996 as one of the pioneers in electronic bond trading, posted a decent beat of analysts' EBITDA estimates, but the market seemed disappointed and the stock is down 5.6% since reporting, currently trading at $102.07. Among peers, Morningstar was the strongest performer with revenues of $663.2 million, up 9.6% year on year and 2.2% above expectations, while S&P Global was the weakest, reporting revenues of $4.15 billion, up 10.4% year on year and 1% above expectations, but posting a significant miss of analysts' EBITDA estimates and full-year EPS guidance slightly missing expectations, with its stock down 7.9% since the results. FactSet reported revenues of $622.9 million, up 6.4% year on year and 1.1% above expectations, and Nasdaq reported revenues of $1.5 billion, up 14.9% year on year and 3% above expectations. Share prices of the companies in the group have held steady, up 3.6% on average since the latest earnings results.
TW · Capital · Neutral Tradeweb's Q2 revenue rose 9% to $558.9M and beat EBITDA estimates, but the market was disappointed and the stock fell 5.6%.
SPGI · Capital · Negative S&P Global was the weakest, posting a significant EBITDA miss and full-year EPS guidance slightly below expectations, with its stock down 7.9%.
FDS · Capital · Positive FactSet reported Q2 revenue of $622.9M, up 6.4% YoY and 1.1% above expectations.
MORN · Capital · Positive Morningstar was the strongest performer with revenue of $663.2M, up 9.6% YoY and 2.2% above expectations.
NDAQ · Capital · Positive Nasdaq reported revenue of $1.5B, up 14.9% YoY and 3% above expectations.
Lumonic, a PitchBook company, launched Lumonic 12.0, a platform update that lets firms direct the platform using natural-language instructions, beginning with automated data extraction from portfolio company and borrower documents. The release records every action an agent takes, requires human approval before any data is written, and traces every value back to its source document. AI extraction is the first of several AI workflow capabilities Lumonic plans to release over the next few months on its new agent platform, which is designed to support every stage of the portfolio monitoring workflow. Lumonic was acquired by PitchBook, a Morningstar company, in 2025, and since the acquisition it has more than doubled its customer base year-over-year and supports management of more than 5k portfolio companies. New automated workflows are currently configured in partnership with the Lumonic team, with self-directed configuration planned for a future release, and the company will later add event-triggered automations that flag late reporting, covenant breaches, and portfolio changes as they occur.
Artificial Intelligence › Agentic AI & Autonomous Workflows Technology
Lumonic · Technology · Positive Lumonic launched Lumonic 12.0, its new self-monitoring AI agent platform for portfolio data extraction.
PitchBook · Technology · Positive PitchBook-owned Lumonic released Lumonic 12.0 with natural-language AI workflows, advancing PitchBook's portfolio monitoring product.
MORN · Technology · Positive Morningstar subsidiary PitchBook's portfolio company Lumonic launched an AI-driven platform update, a product development under Morningstar's ownership.
Morningstar's PitchBook Data Integrated Into OpenAI's ChatGPT for Financial Services
Morningstar's PitchBook private markets data was integrated into OpenAI's newly launched ChatGPT for Financial Services platform in September 2026, enhancing AI-assisted analytical tools for finance professionals. The collaboration underscores the growing importance of high-quality private market datasets as foundational inputs for advanced AI models serving institutional investors. The integration, alongside Morningstar's Game On campaign, could act as a near-term catalyst for data licensing and deeper platform adoption, supporting the case for current buybacks and dividends. Morningstar still faces key risks around its high debt load, relatively modest growth outlook and share price performance that has lagged broader markets. Seven Simply Wall St Community fair value estimates for Morningstar range from about US$161,000 to over US$329,000, reflecting sharply divergent views on the payoff from the company's expanding AI integrations.
Cloud & Digital Infrastructure › Data Platforms & Analytics ▲Demand
Artificial Intelligence › AI Applications & Copilots Technology
MORN · Demand · Positive PitchBook private markets data integrated into OpenAI's ChatGPT for Financial Services, a concrete product/adoption event supporting data licensing and platform adoption.
PitchBook · Demand · Positive PitchBook's private markets dataset was integrated into OpenAI's ChatGPT for Financial Services, expanding its use by finance professionals.
OpenAI · Technology · Positive OpenAI launched ChatGPT for Financial Services, integrating Morningstar's PitchBook data into its new platform.
PitchBook Becomes Data Partner for ChatGPT for Financial Services
PitchBook, a business unit of Morningstar, announced it is now a data partner for ChatGPT for Financial Services, OpenAI's tailored ChatGPT experience for investment banking and equity research teams. Through PitchBook's expanded Essential dataset, teams using ChatGPT for Financial Services can access firmographic data on companies, investors, and funds directly within ChatGPT, with no separate connector activation required. The dataset is indexed within ChatGPT for Financial Services, so teams can query company-, investor-, and fund-level data points inside the platform, and PitchBook data appears alongside citations so users can inspect supporting evidence as they build models, pitchbooks, and client materials. Tom Van Buskirk, EVP of Technology and Engineering at PitchBook, said it is significant that OpenAI chose PitchBook as a launch partner for the offering, while Nick Turley, VP Product at OpenAI, said the companies are bringing together GPT-6 Astra and PitchBook's data so financial professionals can find, analyze, and cite information in one place. The partnership builds on PitchBook's broader strategy of meeting investors where they work, and PitchBook now partners with AI platforms including Anthropic, Google, Microsoft, Perplexity, and Rogo.
Artificial Intelligence › AI Applications & Copilots ▲Demand
Cloud & Digital Infrastructure › Data Platforms & Analytics ▲Demand
PitchBook · Demand · Positive PitchBook's Essential dataset is indexed within ChatGPT for Financial Services, giving its data a new channel to reach investment banking and equity research teams.
MORN · Demand · Positive Morningstar's PitchBook unit becomes a launch data partner for OpenAI's ChatGPT for Financial Services, expanding distribution of its data to financial professionals.
Bank of America's Bull & Bear Indicator Hits 9.5, Signaling Extreme Positioning
Bank of America's proprietary Bull & Bear Indicator has remained in sell-signal territory since May 2026, with July weekly readings ranging from 9.5 to 9.6 on a 10-point scale, the highest levels since 2021. The indicator, which blends institutional positioning, equity and bond flows, global stock-index breadth, and credit-market technicals, crosses above 8.0 to trigger a contrarian sell signal. Chief investment strategist Michael Hartnett said in a client note that "extreme bull positioning says reduce risk exposure," as fund-manager positioning hit the 99th percentile, equity flows the 93rd, hedge-fund exposure the 83rd, and credit technicals the 77th. A second threshold fired as managers cut cash reserves to 3.5% of assets under management in the August Global Fund Manager Survey, breaching the 4.0% Cash Rule. Historically, the indicator has fired 17 sell signals since 1998, with global stocks averaging declines of 2% to 3% in the two to three months following each signal, falling 60% of the time, with worst drawdowns of 15% to 20%. However, the current signal, triggered on May 26, has seen the S&P 500 gain 1.6% and the MSCI ACWI advance 1.3% since then. Morningstar's momentum data reinforces the crowding concern, with the S&P 500 Momentum Index delivering a 34% return between April and May, the strongest two-month gain since at least 1995. Philip Straehl, chief investment officer for Morningstar Wealth, told Business Insider that the surge reflects excessive optimism and leaves a cautious outlook. Investors in the SPDR S&P 500 ETF Trust (SPY) or Vanguard S&P 500 ETF (VOO) face concentration risk, as technology stocks now represent roughly one-third of the S&P 500's weight, and the 10 largest positions make up about 36% to 38% of both funds' assets. A breakdown in market breadth, with fewer stocks above their 200-day moving average, could convert vulnerability into losses, and the convergence of Bank of America's and Morningstar's signals narrows the chance of a false alarm.
BAC · Capital · Negative Bank of America's Bull & Bear Indicator signals extreme bullish positioning, prompting a contrarian sell signal and advice to reduce risk.
MORN · Capital · Neutral Morningstar's momentum data cited as reinforcing crowding concerns, but no direct impact on Morningstar Inc.
CME Group reported second-quarter revenues of $1.71 billion, flat year over year and 1.7% above analyst expectations. The company also delivered a decent beat on EBITDA estimates. Its stock has risen 16% since the report and currently trades at $275.30. Among the ten financial exchanges and data stocks tracked, Morningstar posted the strongest quarter with revenue up 9.6% to $663.2 million, while S&P Global was the weakest after full-year EPS guidance slightly missed expectations. The group overall beat consensus revenue estimates by 1.6% and shares are up 8.4% on average since reporting.
MSCI reported second-quarter revenues of $867 million, up 12.2% year over year, in line with analyst expectations but marking the weakest performance against estimates among its peers. The stock has fallen 8.5% since the report and currently trades at $572.27. Among the ten financial exchanges and data stocks tracked, Morningstar posted the best quarter with revenues of $663.2 million, up 9.6% and beating estimates by 2.2%, while S&P Global was the weakest with revenues of $4.15 billion, up 10.4% but issuing full-year EPS guidance slightly below expectations. Nasdaq and Moody's also beat estimates, with Moody's achieving the biggest beat and fastest revenue growth of the group at 15.1%.
MSCI · Capital · Negative MSCI's Q2 revenue rose 12.2% but was in line with estimates, marking the weakest performance against estimates among peers, and stock dropped 8.5%.
MCO · Capital · Positive Moody's beat estimates and had the fastest revenue growth of the group at 15.1%.
MORN · Capital · Positive Morningstar posted the best quarter with revenues up 9.6% and beating estimates by 2.2%.
SPGI · Capital · Negative S&P Global was the weakest with revenues up 10.4% but issuing full-year EPS guidance slightly below expectations.
NDAQ · Capital · Positive Nasdaq beat estimates, as mentioned in the article.
Morningstar Reports Strong Q2 Earnings and Completes Buyback
Morningstar reported second quarter 2026 sales of US$663.2 million and net income of US$107.8 million, and completed a US$699.97 million share repurchase program. The stock has gained 18.28% over the past month and 17.54% over three months, though its one-year total shareholder return is down 23.57% and five-year return is down 23.52%. Morningstar trades at a price-to-earnings multiple of 17.4x, below the US market average of 19.2x and the US Capital Markets industry average of 37.9x, but above its estimated fair P/E of 14.8x. A discounted cash flow model values the stock at $164.48, below its current price of $195.38.
Morningstar rebrands CRSP indexes to Morningstar Market Indexes
Morningstar has completed the rebrand of the CRSP Market Indexes to the Morningstar Market Indexes, bringing a large family of widely used market benchmarks directly under the Morningstar brand. These indexes are tracked by products with more than $3 trillion in assets and are used in major futures contracts. The move signals an intent to deepen the company's role in index creation and licensing globally, with established methodologies kept in place. Morningstar's stock last closed at $192.57 and has risen 11.6% over the past week and 18.9% over the past month.
MORN · Capital · Positive Rebranding CRSP indexes to Morningstar Market Indexes strengthens its index licensing business, with $3 trillion in tracked assets.
Morningstar reports second-quarter revenue up 9.6% to $663.2 million
Morningstar reported second-quarter 2026 revenue rose 9.6% to $663.2 million, with organic revenue up 6.8%. Operating income increased 28.4% to $160.6 million, and diluted net income per share climbed 35.4% to $2.83. The company cited Morningstar Credit, Morningstar Direct Platform, and PitchBook as the largest contributors to organic revenue growth. Cash provided by operating activities jumped 57.3% to $155.7 million, while free cash flow nearly doubled to $122.5 million. Morningstar repurchased 567,844 shares for $100.0 million during the quarter.
S&P Global launches ETF Intelligence platform and projects US LNG as second largest net export industry
S&P Global Market Intelligence has launched ETF Intelligence, a new platform for exchange traded fund data and analytics, while an S&P Global Energy study projects that US LNG will become the nation's second largest net export industry within five years. The ETF Intelligence launch and the LNG export study signal an expansion of S&P Global's role in ETF analytics and energy market research. The company is trading at $450.84, with the share price up 4.7% over the past week and 7.9% over the past month, but down 12.1% year to date. The new platform aims to compete with other ETF data providers such as MSCI and Morningstar, while the LNG study reinforces S&P Global's position in energy analytics.
Intercontinental Exchange Q1 Revenue Rises 20.4% to $2.98 Billion
Intercontinental Exchange reported first-quarter revenues of $2.98 billion, a 20.4% increase year on year, exceeding analyst expectations by 1.2%. The company also beat earnings per share estimates, marking what was described as a satisfactory quarter. Despite the results, the stock fell 9.1% since reporting and currently trades at $141.99. Among the ten financial exchanges and data stocks tracked, the group overall beat revenue consensus by 1.1%, with Morningstar posting the biggest beat and CME Group the weakest performance.
CME Group posts weakest Q1 results among financial exchanges and data peers
CME Group reported first-quarter revenues of $1.88 billion, up 14.5% year on year but falling short of analysts' expectations by 1.4%, making it the weakest performer against estimates among the ten financial exchanges and data stocks tracked. The group as a whole beat consensus revenue estimates by 1.1%, with Morningstar delivering the biggest beat at 2.9% on revenues of $644.8 million. FactSet posted the slowest revenue growth of the group at 6.4% to $622.9 million, while Moody's and MSCI reported revenues of $2.08 billion and $850.8 million, respectively. CME Group's stock has fallen 13.6% since reporting, contrasting with gains for FactSet, Moody's, and MSCI.
CME · Capital · Negative CME Group's Q1 revenue missed analysts' expectations by 1.4%, making it the weakest performer among peers, and its stock fell 13.6% since reporting.
MORN · Capital · Positive Morningstar delivered the biggest revenue beat at 2.9% on revenues of $644.8 million.
FDS · Capital · Positive FactSet posted the slowest revenue growth but its stock gained since reporting, contrasting with CME's decline.
MCO · Capital · Positive Moody's reported revenues of $2.08 billion and its stock gained since reporting.
MSCI · Capital · Positive MSCI reported revenues of $850.8 million and its stock gained since reporting.
Morningstar Could Be 26% Above Fair Value as PitchBook Debuts Time to Exit
Morningstar drew fresh investor attention after its PitchBook segment introduced Time to Exit, a machine learning tool that estimates when venture-backed companies may exit over one, three, or five years. The launch comes amid a weaker share price backdrop, with the stock at US$165.18 after declining 11.22% over 30 days and a 43.21% one-year total shareholder return drop. On a price-to-earnings basis, Morningstar trades at 15.6 times earnings, which is cheaper than the US Capital Markets industry average of 40.9 times and the peer average of 21.2 times, but slightly above an internally estimated fair P/E of 15.2 times. However, a discounted cash flow model suggests the stock is overvalued, with an estimated future cash flow value of US$133.43 compared to the current share price of US$165.18.
StockStory Highlights Morningstar and EQT as Value Buys, Flags Asana as a Sell
StockStory identified two value stocks to own for decades and one to ignore. Morningstar, trading at $165.15 per share with a forward P/E of 14.1x, is favored for its 11.5% annual sales growth over five years and 40.7% annual EPS growth driven by share repurchases. EQT, priced at $51.33 with a forward P/E of 13x, is highlighted for its 15.4% annual revenue growth over ten years and a robust free cash flow margin of 29.6%. Asana, at $7.14 and a forward P/S of 2x, is flagged as a sell due to disappointing 9.6% average ARR growth and a net revenue retention rate of 96%.
ASAN · Demand · Negative Disappointing 9.6% average ARR growth and net revenue retention rate of 96% indicate weak customer demand.
EQT · Capital · Positive Highlighted as a value buy with 15.4% annual revenue growth and 29.6% free cash flow margin, suggesting strong financial performance.
MORN · Capital · Positive Favored for 11.5% annual sales growth and 40.7% annual EPS growth driven by share repurchases, indicating strong financial health.
Financial Exchanges & Data Stocks Q1 Teardown: S&P Global Vs The Rest
Financial exchanges and data stocks reported a satisfactory first quarter, with aggregate revenues beating analyst consensus estimates by 1.1%. S&P Global posted revenues of $4.17 billion, up 10.4% year on year and exceeding expectations by 2.4%, though full-year EPS guidance slightly missed. Morningstar delivered the biggest beat among peers with revenues of $644.8 million, up 10.8% and topping estimates by 2.9%, while CME Group was the weakest performer, with revenues of $1.88 billion missing estimates by 1.4%. Nasdaq reported revenues of $1.41 billion, up 13.7% and beating by 2.2%, and MSCI posted revenues of $850.8 million, up 14.1% and beating by 1.4%. On average, share prices of the group are down 5.6% since the latest earnings results.
CME · Capital · Negative CME Group revenues missed estimates by 1.4%, the weakest performer in the group.
MORN · Capital · Positive Morningstar delivered the biggest beat among peers with revenues up 10.8% and topping estimates by 2.9%.
MSCI · Capital · Positive MSCI posted revenues of $850.8 million, up 14.1% and beating by 1.4%.
NDAQ · Capital · Positive Nasdaq reported revenues of $1.41 billion, up 13.7% and beating by 2.2%.
SPGI · Capital · Positive S&P Global posted revenues of $4.17 billion, up 10.4% and exceeding expectations by 2.4%, though full-year EPS guidance slightly missed.
Retirement portfolios need fixed income playbook reset as cash yields fall
Retirees who relied on money market funds yielding above 5% in 2023 and 2024 now face a significant drop in income as the Federal Reserve holds its target range at 3.50% to 3.75% through the first half of 2026. BlackRock's 2026 Income Outlook estimates that a retiree collecting about $53,000 annually on a $1 million cash position at peak rates could see that figure fall below $40,000 by late 2026. U.S. money market fund assets stood at $7.9 trillion in late June 2026, according to Investment Company Institute data, while global balances are near $9.1 trillion. BlackRock's Read on Retirement survey found that only 27% of current retirees feel very financially prepared for the rest of retirement, down from 43% in 2020, with roughly two-thirds worried about exhausting their savings. BlackRock and LPL Research both conclude that fixed income returns in 2026 will come from income generation rather than price gains, with LPL Chief Fixed Income Strategist Lawrence Gillum favoring neutral duration and the belly of the yield curve out to five years, while BlackRock leans into securitized credit, collateralized loan obligations, and investment-grade corporates. Morningstar's research suggests that a 30-year TIPS ladder can support an inflation-adjusted withdrawal rate of 4.8%, compared with 3.9% for the highest-performing traditional portfolio, though it fully depletes after 30 years. BlackRock also highlights that the top 10 S&P 500 companies now account for roughly 40% of the index's value with an average dividend yield of just 0.44%, amplifying the need for diversified retirement income.
BLK · Capital · Positive BlackRock's 2026 Income Outlook and strategic recommendations are featured, positioning the firm as a thought leader in fixed income, which can attract assets under management.
MORN · Capital · Positive Morningstar's research on TIPS ladders is cited, enhancing its reputation as a provider of retirement income analysis.
Wall Street sees big upside in Meta and Morningstar, but KBR faces headwinds
Wall Street analysts have set price targets implying returns above 20% for several stocks, but independent analysis suggests not all bullish calls are justified. Meta Platforms carries a consensus price target of $828.80, a 47% implied return from its $563.74 share price, supported by 27.1% annual growth in average revenue per user and a 61.8% EBITDA margin. Morningstar has a $246 target, implying 57.9% upside from $155.75, backed by 11.5% annual revenue growth over five years and a 17.1% return on equity. In contrast, KBR’s $46.57 target implies a 38.1% return from $33.73, but its backlog has declined 1.2% on average over two years and its operating margin is a subpar 6.9%, raising concerns about demand and competitive positioning.
Morningstar to Report Second-Quarter 2026 Results on July 29
Morningstar plans to report its second-quarter 2026 financial results after the market closes on Wednesday, July 29, 2026. The company does not hold analyst conference calls, but investors may submit written questions to Morningstar at investors@morningstar.com. Morningstar is a leading provider of independent investment insights, operating through wholly-owned subsidiaries in 32 countries, with approximately $370 billion in assets under management and advisement as of March 31, 2026.
Morningstar integrates research into Microsoft 365 Copilot and launches daily CLO indexes
Morningstar is rolling out Microsoft 365 Copilot integrations that bring its research and analytics directly into tools like Outlook and Excel, while also launching new daily valuation indexes for the collateralized loan obligations market in collaboration with Houlihan Lokey. The Copilot integration aims to embed Morningstar's analyst reports, fund data, and models into the workflows of advisors and analysts, helping the company compete with data providers such as S&P Global, FactSet, and Bloomberg. The new Morningstar Houlihan CLO Indexes extend Morningstar's index business into private credit, targeting growing demand for transparency in CLOs and leveraged loans. These moves come as Morningstar's stock recently closed at $154.65, down 12.5% over the past 30 days and 50.2% over the past year.
SpaceX Stock Plunges 31% From Peak as AI Losses Mount
SpaceX shares have tumbled 31% from their post-IPO peak, erasing over $600 billion in market value, as investors sour on the company's aggressive AI expansion. The stock, which debuted at $135 on June 11 and surged to $225 within three sessions, fell to around $156 by June 24. The company lost nearly $5 billion in 2025 and posted a $1.94 billion operating loss in the first quarter of 2026, with only the Starlink segment turning a profit. The xAI division, absorbed in February 2026, lost $2.47 billion on $818 million in revenue, and a recent $60 billion all-stock acquisition of AI start-up Cursor triggered a 20% two-day drop. Morningstar's fair value estimate of $63 per share underscores the disconnect between fundamentals and a market cap that briefly neared $3 trillion. Investors who already hold Tesla face concentrated Elon Musk-related risk, as both stocks move in tandem, and Musk's 85% voting control raises governance concerns over related-party deals.
Artificial Intelligence › Foundation Models & Research Labs ▼Capital
SPCX · Capital · Negative SpaceX shares plunged 31% from peak, with massive losses in AI expansion and a $60 billion acquisition causing a 20% drop
TSLA · Capital · Negative Investors face concentrated Elon Musk-related risk as both stocks move in tandem, and governance concerns over related-party deals
MORN · Capital · Neutral Morningstar's fair value estimate of $63 per share is cited as a benchmark, but the article does not discuss Morningstar's own business
Morningstar and Houlihan Lokey to Launch Daily Valued CLO Index Suite
Morningstar and Houlihan Lokey are collaborating to launch a new suite of daily valuation indexes for the collateralized loan obligation market later this year. The Morningstar Houlihan CLO Indexes will combine Morningstar's index design and governance with Houlihan Lokey's valuation framework and credit market expertise to provide reliable benchmarks in the rapidly expanding CLO market, which has grown to more than $1.5 trillion in assets and could exceed $3 trillion by 2030. The indexes aim to improve transparency and consistency in a market where the availability of frequent pricing and benchmarks has not kept pace with growth. Sanjay Arya, head of innovation for Morningstar Indexes, said the collaboration addresses a clear investor need and will bring more transparency to private markets, while Dr. Cindy Ma, managing director and global head of portfolio valuation and fund advisory services at Houlihan Lokey, noted that data, transparency, and advanced analytics are becoming critical competitive differentiators for investors.
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HLI · Capital · Positive Houlihan Lokey is a named collaborator in launching the CLO index suite, which showcases its valuation expertise and could drive demand for its advisory services.
MORN · Capital · Positive Morningstar is a named collaborator in launching the CLO index suite, expanding its index offerings and reinforcing its role in private market transparency.
MarketAxess Q1 Revenue Rises 11.9% to $233.4 Million, Beating Estimates
MarketAxess reported first-quarter revenues of $233.4 million, up 11.9% year on year and exceeding analysts' expectations by 0.6%. The electronic bond-trading platform also delivered a solid beat on EBITDA estimates. Among the ten financial exchanges and data stocks tracked, the group overall posted a satisfactory quarter with revenues beating consensus by 1.1%, though share prices have fallen an average of 7.4% since reporting. Morningstar was the best performer against estimates with revenues of $644.8 million, up 10.8% and beating by 2.9%, while CME Group was the weakest, with revenues of $1.88 billion missing estimates by 1.4%. MarketAxess shares have declined 19.2% since the report and currently trade at $120.33.
SpaceX IPO Valued at $1.8 Trillion, Anthropic and OpenAI File Confidentially
SpaceX completed its IPO on June 12 with an initial valuation of roughly $1.8 trillion, and its market cap topped $2.4 trillion by June 19, 2026, making it the sixth-largest company by market cap. Anthropic filed a confidential S-1 with the SEC on June 1, with a revenue run rate that topped $47 billion as of May 28, 2026, and a valuation nearing $1 trillion. OpenAI submitted its S-1 around May 22, generating $2 billion in monthly revenue as of March 2026 but posting a loss of $38.5 billion last year on revenue of around $13.1 billion. Morningstar estimates SpaceX's fair valuation is about 66% below its current share price, while Anthropic could generate its first profit in the second quarter of 2026. The author suggests waiting for a more attractive valuation for SpaceX and anticipates Anthropic could be the best overall pick among the three.
Jim Cramer says SpaceX could not sustain its IPO walk-up
Jim Cramer declared that SpaceX could not sustain its post-IPO walk-up, after the stock surged 50% above its $135 offer price and then fell roughly 20% from its peak above $225. SpaceX went public on June 12 at $135 per share in the largest IPO in stock market history, briefly reaching a market value of nearly $3 trillion and making Elon Musk the world's first trillionaire. The reversal followed a June 16 announcement that SpaceX would acquire Anysphere, the company behind the AI coding agent Cursor, for $60 billion in an all-stock transaction, representing roughly 3.4% dilution of the $1.77 trillion IPO valuation. Morningstar lowered its fair value estimate to $62 from $63, while Oppenheimer analyst Timothy Horan raised his price target to $250 from $190, applauding the deal. SpaceX reported $18.7 billion in 2025 revenue but a net loss of $4.9 billion, and bankers are preparing a bond offering of at least $20 billion to refinance a bridge loan maturing in September 2027.
StockStory Highlights Three Small-Cap Stocks Worth Investigating
StockStory identified three small-cap stocks that could thrive despite market consolidation by large companies. Zurn Elkay, with a market cap of $8.03 billion, boasts a 42.6% gross margin and has improved its operating margin by 3.7 percentage points over five years. Morningstar, valued at $6.74 billion, achieved 11.5% annual sales growth over the last five years and has a strong return on equity. Skyward Specialty Insurance, at a $2.06 billion market cap, expanded net premiums earned by 27.6% annually over two years and projects 25.6% revenue growth in the next 12 months.
Morningstar teams with Apollo, Franklin Templeton, and JPMorgan on new model portfolios
Morningstar Wealth is collaborating with Apollo, Franklin Templeton, and JPMorgan to launch research-driven public and private market model portfolios. The initiative aims to give financial advisors access to diversified portfolios that include private market exposure through interval funds, combining Morningstar's independent research with open-architecture allocations from multiple asset managers. The move comes as Morningstar's stock has been under pressure, recently closing at $153.68 and down 27.0% year to date, with a decline of 48.8% over the past year and 35.5% over five years. The collaboration highlights how Morningstar is leaning on its research capabilities to stay relevant for advisors rethinking portfolio construction, and its success may depend on how quickly advisors adopt these models across different client segments, particularly where demand for alternative assets is growing.
MORN · Demand · Positive Morningstar is the lead firm launching new model portfolios, leveraging its research to drive advisor adoption and revenue.
APO · Demand · Positive Apollo is selected as a partner for model portfolios, potentially increasing demand for its private market investment products.
BEN · Demand · Positive Franklin Templeton is included as an asset manager in the model portfolios, potentially boosting demand for its funds.
JPM · Capital · Positive JPMorgan is one of the asset managers collaborating with Morningstar on new model portfolios, which could expand its distribution and fee income.
JPM · Demand · Positive JPMorgan is a partner in the model portfolios, potentially increasing demand for its asset management services.
SpaceX Sheds $620 Billion in Two Days After Post-IPO Peak
SpaceX shares have dropped 18% from their post-IPO peak, erasing roughly $620 billion in market value over two days and pulling the company's valuation from nearly $3 trillion down to $2.37 trillion. The stock closed Thursday at $184.98, down 3.6% on the day, with the five-day volume-weighted average price at $181.71, leaving the average open-market buyer near breakeven. The slide was triggered by SpaceX's June 16 announcement that it would acquire Anysphere, the company behind AI coding tool Cursor, for $60 billion in an all-stock deal that carries roughly 3.4% dilution of SpaceX's $1.77 trillion IPO valuation. Morningstar trimmed its fair value estimate to $62 from $63, noting the stock was already significantly overvalued, while Oppenheimer analyst Timothy Horan raised his price target to $250, arguing the deal gives SpaceX access to AI talent and an established developer user base. Retail investors poured $369.8 million into SPCX over its first three sessions, more than four times the amount flowing into Nvidia, but net retail buying cooled to $9.1 million by Thursday afternoon, and a lockup expiry in late July could double the tradeable float, adding further supply-side pressure.
SPCX · Capital · Negative SpaceX shares dropped 18% from post-IPO peak, erasing $620B in market value, triggered by acquisition dilution and analyst downgrade.
Cursor · Capital · Positive Cursor (Anysphere) is being acquired by SpaceX for $60 billion, a positive M&A event for the company.
MORN · Capital · Negative Morningstar trimmed its fair value estimate for SpaceX to $62 from $63, reflecting a negative analyst action.
OPY · Capital · Positive Oppenheimer analyst Timothy Horan raised his price target to $250, a positive analyst rating.
Morningstar Declares Quarterly Dividend of 50 Cents Per Share
Morningstar's board of directors declared a quarterly dividend of 50 cents per share, consistent with the dividend paid in April. The dividend is payable July 31, 2026, to shareholders of record as of July 10, 2026.
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