On Oct. 7, NYSE Euronext, Inc. (NYX) announced trading volumes for its global cash equities and derivatives exchanges for September 2009. Trading volumes declined year-over-year as the crisis-level volatility drove near-record trading volumes last year. However, volumes increased from Aug. 2009 levels, with U.S. and European cash products increasing 2.9% and 13.2%, respectively, and U.S. and European derivatives products increasing 30.0% and 24.4%, respectively. The highlights for the monthly volume data are as follows: NYSE Group (which includes NYSE, NYSE Arca and NYSE Amex) U.S. cash products handled average daily volumes declined  30.8% to 3.0 billion shares from the prior year but increased 2.9% compared to Aug. 2009. Year-to-date, total Tape A and Tape B consolidated average daily volumes of 8.0 billion shares increased a combined 32.9% compared to the prior-year period, while Tape C consolidated average daily volumes of 2.3 billion shares increased only ...

CME Group Inc.’s (CME) second quarter pro forma earnings of $3.37 per diluted share substantially topped our estimate as well as the consensus, primarily as a result of higher-than-expected quotation data fees and transaction fees on an increased average rate per contract. Expenses reduction initiatives also helped increase the bottom-line. GAAP net income for the quarter came in at $221.8 million or $3.33 per diluted share, up 11.3% sequentially but down 9.3% year-over-year on a per-share basis. During the quarter, the company had a reduction of $2.6 million in net income from merger-related charges. This impairment charge was the primary factor for reduced GAAP net income. Excluding one-time charges, we see pro forma earnings of $224.4 million or $3.37 per diluted share, up 5.5% sequentially but down 14.3% year-over-year on a per-share basis. Net revenue for the quarter increased 3.5% sequentially and 14.5% year-over-year to $633.0 million. Investment income ...

By the time you read this column, Goldman Sachs will have probably reported a dazzling result for the second quarter. The rumors preceding this celebrated event sparked a stupendous 185-point rally on Wall Street yesterday.

But the trading day was not all about mere rumors. It was also about hearsay, hype and giddy optimism…

Meredith Whitney, “The Woman Who Called Wall Street’s Meltdown,” according to the Fortune Magazine cover of August 18, 2008, upgraded the shares of Goldman Sachs to a “Buy,” and predicted the stock would rise 30% from current levels. “Goldman has all the benefits of the capital markets in general,” said Whitney, “Without the ‘junk in the trunk’ as I like to call it.” Goldman shares jumped 5.3%.

Based on Whitney’s upgrade, and the subsequent market action, gullible investors could have deduced that the credit crisis has ended. The rest of us could have deduced that the

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