(This is The Best Stocks in the Market , brought to you by Josh Brown and Sean Russo of Ritholtz Wealth Management.) Josh — Last week, Walmart began trading on the Nasdaq , marking the first time traded on another exchange than the one it first listed on. According to the $900 billion retailing giant, it’s because they want to be seen as cool. Okay, not in exactly those words but close enough. Walmart executives said the move signals a shift toward being viewed not just as a traditional retailer but as a “technology-enabled, innovation-driven company, aligning with Nasdaq’s reputation as a tech-focused exchange.” That sounds like a move to the cool kids table if you ask me. For the record, this is the largest company to switch exchanges in American history. I’m not sure what the move actually does for Walmart, but I know for certain that this is a major coup for Nasdaq, Inc (NDAQ) . And it’s hardly the only one in recent years. This company has been on fire. I’m sure Adena Freeman, the company’s CEO since 2017, has won a ton of awards throughout her career. Well, here’s another one: NDAQ is back on the Best Stocks in the Market list. The stock has spent the last six months consolidating its spring rally to all time highs. We’re going to tell you the story as the company challenges those highs once again with the IPO market back, the listing business booming and the steadier fintech side of the company playing its role. Sean’s got some details, then I’ll come back with some technical thoughts… Best Stocks spotlight: Nasdaq, Inc. (NDAQ) Sean — The Nasdaq was the world’s first electronic stock market. They literally revolutionized the process of investing in assets. Later on, they were an early adopter of the cloud when they began moving mission-critical systems and data sets to the cloud in 2012. Two years ago, Nasdaq, Inc. (NDAQ) received SEC approval for the first AI-powered exchange order type. This company has been on the cutting edge of technology since its inception, and its focus on tech has led to amazing scale. NDAQ operates 19 different exchanges across a number of asset classes. Stocks, of course , derivatives, commodities, debt, structured products, ETPs, and more. Nasdaq operates 6 different option exchanges, making it the largest U.S. options market with the largest market share in the country. This company has a massive scale with $34.4 trillion in market cap listed on the Nasdaq as of the end of 2024. NDAQ has transformed its business, going from solely an exchange to a complete financial services company. The business is diversified across three segments focused on financial tech, all with operating margins greater than 40% as of Q3 2025. Capital Access Platforms generated $546 million in revenue, up 8% year over year, by providing data products, index licensing, listings services, and workflow solutions that connect investors, corporates, and financial professionals, which delivers a 60% operating margin. Financial Technology contributed $457 million of revenue, growing 13% year over year, and offers mission-critical software to financial institutions, including anti-financial crime solutions and trading, risk management and market infrastructure systems, earning 45% operating margins. Lastly , Market Services , which operates equity and derivatives exchanges across the U.S. and Europe, produced $303 million in net revenue, also growing 13% year over year, and stands out with a 65% operating margin, showing the scale this exchange has and the recurring nature of the company’s exchange and market data businesses. (Data via Quartr) Below is NDAQ’s operating income on a trailing 12-month basis overlaid with its price: The market is shooting first and asking questions later when it comes to which companies will benefit from AI, and which will be left for dead. So far, NDAQ has been voted as a beneficiary, and with their history of innovation, scale and profitability, I would not bet against them. Risk management Josh — You only need to focus on one thing here: the rising 200-day moving average in blue. The recent bounce off of it over the last month was literally textbook support. RSI in the high 60’s confirming the rally is Goldilocks. I’d buy some now, double the position on a breakout above the summer highs. Watch that 200-day for a weekly close below for your risk management. Until then I’d rather be in than out. Traders can wait for the actual breakout. 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