Nasdaq Falls Most Since 2008 as ESpeed Buy Adds Credit Risk
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Nasdaq OMX Group Inc. shares declined the most since November 2008 after the acquisition of eSpeed, an electronic platform for trading U.S. Treasury bonds, raised concern about its credit rating.
Shares of the second-biggest operator of U.S. equity exchanges fell 13 percent to $27.91. The company agreed yesterday to acquire eSpeed from BGC Partners Inc. for as much as $1.23 billion, depending on sales goals. Moody’s Investors Service and Standard & Poor’s warned the debt rating may be lowered.