Talen Energy Option Alert: Fri $175 Calls at the Bid: 91 vs 160 OI; Earnings 2/27 After Close 

Talen Energy Option Alert: Fri $175 Calls at the Bid: 91 @ $68.0 vs 160 OI; Earnings 2/27 After Close Ref=$242.84

Talen Energy (NASDAQ:TLN) 주식

Talen Energy

Talen Energy Corp is an independent power producer and energy infrastructure company. The company owns and operates approximately 10.7 gigawatts of power infrastructure in the United States. The group produces and sells electricity, capacity, and ancillary services into wholesale U.S. power markets, including PJM and WECC, with its generation fleet located in the Mid-Atlantic and Montana.

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인공지능(AI) 발전에 따라 전력 수요에 대한 기대치의 변화가 더욱 분명해지고 있다. 중국 AI 회사인 딥시크의 등장으로 미래 전력 소비에 대한 불확실성이 야기되어 유틸리티 및 전력 주식에 영향을 미치고 있다.

딥시크로 인한 전력 수요 예측 의문, 유틸리티 주식 변동성 활용하는 ETF 3종목

Talen Energy Corp

Talen Energy Corp Ordinary Shares New

JP Morgan analyst Karen Li upgrades Full Truck Alliance Co (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/YMM#NYSE">YMM</a>) from Neutral to Overweight and raises the price target from $13 to $18.

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JP Morgan Upgrades Full Truck Alliance Co to Overweight, Raises Price Target to $18

Needham analyst Mike Cikos maintains MongoDB (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MDB#NASDAQ">MDB</a>) with a Buy and lowers the price target from $415 to $270.

Needham Maintains Buy on MongoDB, Lowers Price Target to $270

Needham analyst Ryan MacDonald reiterates LivePerson (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/LPSN#NASDAQ">LPSN</a>) from Hold to Hold.

Reiteration

LPSN

Needham Reiterates Hold on LivePersonto Hold

Needham analyst Ryan MacDonald reiterates Yext (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/YEXT#NYSE">YEXT</a>) with a Buy and maintains $10 price target.

YEXT

Needham Reiterates Buy on Yext, Maintains $10 Price Target

Needham analyst Ryan MacDonald reiterates Veeva Systems (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VEEV#NYSE">VEEV</a>) with a Buy and maintains $270 price target.

VEEV

Needham Reiterates Buy on Veeva Systems, Maintains $270 Price Target

JP Morgan analyst Brian Essex maintains Zscaler (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ZS#NASDAQ">ZS</a>) with a Overweight and raises the price target from $240 to $250.

JP Morgan Maintains Overweight on Zscaler, Raises Price Target to $250

WIIM

SCNX

Scienture shares are trading higher after the company partnered with Kindeva to launch the 10mg REZENOPY nasal spray for opioid overdose treatment.

Sunrise Realty Trust (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SUNS#NASDAQ">SUNS</a>) reported quarterly earnings of $0.30 per share which missed the analyst consensus estimate of $0.32 by 6.25 percent. The company reported quarterly sales of $3.44 million which missed the analyst consensus estimate of $3.53 million by 2.33 percent.

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SUNS

Sunrise Realty Trust Q4 Adj EPS $0.30 Misses $0.32 Estimate, Sales $3.44M Miss $3.53M Estimate

PSTV

Plus Therapeutics shares are trading higher after the company was granted FDA orphan drug designation for Rhenium Obisbemeda in leptomeningeal metastases in patients with lung cancer.

SCIENTURE HOLDINGS, INC. NASDAQ: SCNX), a holding company for existing and planned pharmaceutical operating companies focused on providing enhanced value to patients, physicians and caregivers through developing, bringing to market, and distributing novel specialty products to satisfy unmet market needs, is pleased to announce that its wholly owned subsidiary, Scienture, LLC ("Scienture"), has entered into a definitive agreement with SUMMIT BIOSCIENCES INC. (a wholly owned subsidiary of Kindeva Drug Delivery L.P. ("Kindeva")), for the exclusive U.S. rights to commercially launch REZENOPY&#xAE; (naloxone HCl) Nasal Spray 10mg, an opioid antagonist that was approved by the FDA on April 19, 2024.
Under the terms of the collaboration, Kindeva will manufacture and commercially supply REZENOPY&#xAE; (naloxone HCl) Nasal Spray 10mg. Scienture will own the new drug application (NDA) for REZENOPY&#xAE; in its name and be responsible for the sales, marketing and distribution of the product in the U.S. through Scienture's commercial operations infrastructure.
REZENOPY&#xAE; is the most potent (highest strength) version of naloxone HCl available in the market. The product leverages the proven use of the active ingredient and form factor, with increased effectiveness against potent opioids.
The addition of REZENOPY&#xAE; to Scienture's product portfolio aligns with Scienture's mission to provide innovative treatment solutions across therapeutic areas and expand access to patients. This product collaboration represents a strategic step in advancing public health initiatives and ensuring that life-saving interventions are readily available to those at risk of opioid overdose. As opioid-related fatalities continue to rise, Scienture is dedicated to collaborating with healthcare professionals, policymakers, and advocacy groups to enhance awareness, education, and distribution efforts.
Nasal delivery of Naloxone HCl has been widely recognized for its efficacy, ease of use, and accessibility, making it an essential tool for first responders, healthcare providers, and community programs. IQVIA data (MAT December 2024) indicates a total annual sales of $189 million, unit volume of $10.0 million (eaches) for Naloxone in the US market.

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Regulations

Scienture Partners with Kindeva to Launch 10mg REZENOPY Nasal Spray for Opioid Overdose Treatment, Secures Exclusive US Rights to FDA-Approved Spray

GBTG

Amex GBT Receives Approval From UK Competition And Markets Authority To Complete Its Acquisition Of CWT

HC Wainwright &amp; Co. analyst Raghuram Selvaraju reiterates Axsome Therapeutics (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AXSM#NASDAQ">AXSM</a>) with a Buy and maintains $200 price target.

AXSM

HC Wainwright & Co. Reiterates Buy on Axsome Therapeutics, Maintains $200 Price Target

Medicus Pharma Ltd. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MDCX#NASDAQ">MDCX</a>) ("Medicus" or the "Company") is pleased to announce a positively trending interim analysis for SKNJCT-003 Phase 2 clinical study to non-invasively treat basal cell carcinoma of the skin (BCC).
The SKNJCT-003 clinical study is currently underway in nine (9) clinical sites in United States and is expected to randomize 60 patients. The interim analysis was conducted after more than 50% of the targeted 60 patients in the study were randomized.
The interim analysis shows the clinical study SKNJCT-003 is trending positively with a proportion of subjects with complete clinical clearance of more than 60%. The analysis also shows the investigational product, D-MNA was well tolerated for both dose levels, a low-dose group receiving 100ug of D-MNA and a high-dose group receiving 200ug of D-MNA in all participants so far enrolled in the study, with no dose limiting toxicities (DLTs), or serious adverse events (SAEs). In addition, there were no systemic effects or clinically significant abnormal findings in laboratory parameters, vital signs, ECGs, and physical examination. The findings of the interim analysis are preliminary and may or may not correlate with the findings of the study once completed.
The Company plans to submit the interim analysis to the United States Food and Drug Administration (FDA) as part of a package seeking a Type C meeting with the FDA in Q2 2025. The purpose of the Type C meeting is to formally discuss the product development and gain further alignment on the clinical pathway. The Company's aim is to gain FDA's consent to fast-track the clinical development program.
"We are immensely encouraged by the positively trending interim analysis", stated Dr. Raza Bokhari, Executive Chairman &amp; CEO. "The interim analysis brings us one step closer to delivering a novel, non-invasive treatment for BCC".
Clinical Trial Design&nbsp;
The clinical study is designed to be a randomized, double-blind, placebo-controlled (P-MNA), multi-center study enrolling up to 60 subjects presenting with BCC of the skin. The study will evaluate the efficacy of two dose levels of D-MNA compared to a placebo control. The participants will be randomized 1:1:1 to one of three groups: a placebo-controlled group receiving P-MNA, a low-dose group receiving 100μg of D-MNA, and a high-dose group receiving 200μg of D-MNA.
The high-dose, 200μg D-MNA, proposed in the study is the maximum dose that was used in the Company's Phase 1 safety and tolerability study (SKNJCT-001) completed in March 2021. SKNJCT-001 met its primary objective of safety and tolerability. The investigational product, D-MNA, was well tolerated across all dose levels in all 13 participants enrolled in the study, with no dose-limiting toxicities (DLTs), or serious adverse events (SAEs). Furthermore, there were no systemic effects or clinically significant abnormal findings in laboratory parameters, vital signs, ECGs, and physical examinations. The study also describes the efficacy of the investigational product, D-MNA, with 6 participants experiencing complete responses. The complete response is defined as the disappearance of BCC histologically in the final excision at the end of study visit. The participants profile demonstrating complete responses was diverse, and all participants (6/6) had nodular subtype of BCC.
The Company also has submitted a clinical design (SKNJCT-004) to United Arab Emirates (UAE) Department of Health (DOH). The study is expected to randomize 36 patients in four sites in UAE, which are Cleveland Clinic Abu Dhabi&nbsp;(CCAD), Sheikh Shakbout Medical City (SSMC), Burjeel Medical City (BMC), and American Hospital of Dubai (AHD).

MDCX

Medicus Pharma Reports Interim Results in Phase 2 Trial for Non-Invasive Skin Cancer Treatment,  Seeks FDA Meeting After Promising 60% Clearance Rate in Basal Cell Carcinoma Study

Smart Share Global Q3 Revenues $69.9M, Down 20% YoY

While the short interest on the outstanding shares of Michael Saylor&#8216;s Strategy Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSTR#NASDAQ">MSTR</a>) fell during its latest reporting period, implying a positive investor confidence, a mixed set of technical indicators highlighted the stock&#8217;s vulnerable position.
<h3 class="wp-block-heading">MSTR Short Interest Falls</h3>
The short interest on Strategy&#8217;s <a href="https://www.benzinga.com/25/03/44087250/strategys-saylor-calls-crypto-reserve-bullish-for-bitcoin-predicts-100-trillion-opportunity">stock</a> (formerly MicroStrategy) decreased during the last reporting period, falling from 24.01 million to 22.92 million shares. About 9.54% of the company&#8217;s publicly available shares were shorted as of the settlement date on Feb. 14, having an effective date of Feb. 26. 
According to Nasdaq <a href="https://www.nasdaq.com/market-activity/stocks/mstr/short-interest">data</a>, the short interest decreased by 4.53% from the previous settlement date of Jan. 31.
The average daily trading volume during the latest period increased from 18.10 million to 12.45 million shares. The volume indicated that it would require approximately 1.84 days for the short sellers to cover their positions without significantly impacting the stock price.
While high short interest signals bearishness; a decline indicates rising confidence. Hence, the 4.53% decline was a positive indicator.
<h3 class="wp-block-heading">Technical Analysis</h3>
Despite a reduction in the number of shorts, the technical indicators painted a mixed picture for the stock. As the stock closed at $308.55 apiece on Wednesday, it was clearly in a long-term uptrend, as it&#8217;s above its 200-day moving average of $234.93. Additionally, the stock showed short term bullishness by being above its eight- and 20-day moving averages.
However, it was below its 50-day moving average of $327.32 which indicated a potential intermediate-term weakness, according to <a href="https://pro.benzinga.com/dashboard">Benzinga Pro</a>.
The relative strength index of 50.95 was in the neutral zone. But a negative MACD of -15.84 suggested a bearish momentum.
Thus, while long term trends are positive, recent momentum is negative.
<figure class="wp-block-image size-large"><a href="https://pro.benzinga.com/dashboard"><img loading="lazy" decoding="async" width="1024" height="576" src="https://editorial-assets.benzinga.com/wp-content/uploads/2025/03/06072101/MSTR-Technical-chart-1024x576.png" alt="" class="wp-image-812018" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2025/03/06072101/MSTR-Technical-chart-1024x576.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/03/06072101/MSTR-Technical-chart-300x169.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/03/06072101/MSTR-Technical-chart-768x432.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/03/06072101/MSTR-Technical-chart-1536x864.png 1536w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/03/06072101/MSTR-Technical-chart.png 1920w" sizes="(max-width: 1024px) 100vw, 1024px" /></a></figure>
See Also: <a href="https://www.benzinga.com/general/market-summary/25/03/44160509/starlinks-european-rival-up-over-600-since-trump-halted-ukraine-aid-now-plans-to-replace-elon-musks-satellite-internet-service-in-war-torn-nation">Starlink&#8217;s European Rival, Up Over 600% Since Trump Halted Ukraine Aid, Now Plans To Replace Elon Musk&#8217;s Satellite Internet Service In War-Torn Nation</a>
Price Action: On Wednesday, Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) treasury company, MSTR rose 12.14% outpacing the gains in the exchange-traded fund tracking the Nasdaq 100 index, Invesco QQQ Trust, Series 1 (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>), which rose 1.30%. In premarket on Thursday, MSTR was down 1.22%, whereas QQQ declined 1.25%.
The stock remains 2.85% higher on a year-to-date basis, however, it&#8217;s up 147.59% over a year.
<a href="https://www.benzinga.com/quote/MSTR/analyst-ratings">Benzinga tracks 14 analysts</a> with an average price target of $494.93 for the stock, reflecting a &#8220;buy&#8221; rating. Estimates range widely from $140 to $690. Recent ratings from Barclays, Keefe, Bruyette &amp; Woods, and Maxim Group average at $493.67, suggesting a potential 61.290% upside.
<figure class="wp-block-image size-large"><a href="https://www.benzinga.com/quote/MSTR/analyst-ratings"><img loading="lazy" decoding="async" width="1024" height="388" src="https://editorial-assets.benzinga.com/wp-content/uploads/2025/03/06071721/Strategy-ANR-1024x388.png" alt="" class="wp-image-812016" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2025/03/06071721/Strategy-ANR-1024x388.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/03/06071721/Strategy-ANR-300x114.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/03/06071721/Strategy-ANR-768x291.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/03/06071721/Strategy-ANR.png 1062w" sizes="(max-width: 1024px) 100vw, 1024px" /></a></figure>
Read Next:
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<li><a href="https://www.benzinga.com/25/03/44070799/mark-cuban-supports-trumps-new-gold-card-scheme-if-sold-to-corporations-for-employee-citizenship-have-a-look-at-the-listed-companies-with-most-number-of-immigrants">Mark Cuban Supports Trump&#8217;s New &#8216;Gold Card&#8217; Scheme If Sold To Corporations For Employee Citizenship: Here&#8217;re The Listed-Companies With Most Number Of Immigrants</a></li>
</ul>
Photo courtesy: Shutterstock

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MSTR Short Interest Falls 4.53% But Technical Analysis Reveals Mixed Signals: Is Michael Saylor's Strategy Poised For A Bounce Back?

<a target="_blank" href="https://www.benzinga.com/topic/openai" rel="noreferrer noopener">ChatGPT parent</a> OpenAI could charge up to $20,000 monthly for specialized AI &#8220;agents,&#8221;&nbsp;the Information <a target="_blank" href="https://www.theinformation.com/articles/openai-plots-charging-20-000-a-month-for-phd-level-agents" rel="noreferrer noopener">reports</a>.
The Microsoft Corp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSFT#NASDAQ">MSFT</a>) backed AI startup plans to launch several &#8220;agent&#8221; products tailored for different applications, including sorting and ranking sales leads and software engineering.
OpenAI plans to charge $2,000 monthly for a &#8220;high-income knowledge worker&#8221; agent and $10,000 monthly for a software developer agent.
Also Read: <a target="_blank" href="https://www.benzinga.com/media/25/03/44140452/gm-stellantis-supplier-samsung-sdi-weighs-new-us-battery-plant-amid-trumps-ev-policy-shift" rel="noreferrer noopener">GM, Stellantis Supplier Samsung SDI Weighs New US Battery Plant Amid Trump&#8217;s EV Policy Shift</a>
OpenAI&#8217;s $20,000-per-month AI agent will likely support &#8220;PhD-level research.&#8221; Reportedly, OpenAI investor SoftBank (OTC:<a class="ticker" href="https://www.benzinga.com/stock/SFTBF#OTC">SFTBF</a>) (OTC:<a class="ticker" href="https://www.benzinga.com/stock/SFTBY#OTC">SFTBY</a>) committed to spending $3 billion on OpenAI&#8217;s agent products in 2025.
OpenAI and Microsoft <a target="_blank" href="https://www.benzinga.com/news/24/10/41407196/openais-for-profit-structure-adds-valuation-complexity-to-microsoft-and-other-equity-investors-repor" rel="noreferrer noopener">reportedly negotiated how</a> to convert Microsoft&#8217;s $14 billion investment into equity amid OpenAI&#8217;s $157 billion valuation.
Both companies enlisted financial advisors to navigate the high-stakes discussions as OpenAI transitions to a for-profit model.
OpenAI&#8217;s projected computing expenses could reach $37.5 billion annually by 2029. OpenAI, whose&nbsp;monthly revenue hit&nbsp;$300 million in August, proposed increasing the chatbot&#8217;s price by 10% in 2024 and doubling it to $44 over the next five years.
Meanwhile, in China, Alibaba Group Holding (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BABA#NYSE">BABA</a>) recently <a target="_blank" href="https://www.benzinga.com/25/02/44040003/alibaba-expands-ai-workforce-while-deepseek-slashes-model-prices-in-market-battle" rel="noreferrer noopener">introduced 3,000 internships</a>, half of which are in AI. It committed $52.2 billion in AI and cloud investment.
Alibaba&#8217;s move coincided with Chinese AI startup&nbsp;DeepSeek&#8217;s AI model price war, offering discounted off-peak pricing for developers. Chinese tech companies like&nbsp;Alibaba and its rivals were already&nbsp;engaged in a price war&nbsp;to win market share.&nbsp;
Price Action: MSFT stock is down 1.26% at $395.97 premarket at the last check on Thursday.
Also Read:
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<li><a href="https://www.benzinga.com/25/03/44136859/asml-faces-uncertainty-as-us-sanctions-on-china-cut-demand-stock-down-24-in-12-months" target="_blank" rel="noreferrer noopener">Chip Equipment Maker ASML Faces Uncertainty As US Sanctions On China Impact Demand</a></li>
</ul>
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SFTBF

SFTBY

ChatGPT Parent OpenAI's Specialized AI Agents Could Cost Up To $20 Thousand Per Month: report

Canaccord Genuity analyst David Hynes maintains MongoDB (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MDB#NASDAQ">MDB</a>) with a Buy and lowers the price target from $385 to $320.

Canaccord Genuity Maintains Buy on MongoDB, Lowers Price Target to $320

Melinda French Gates credited a conversation with an IBM hiring manager for her decision to join Microsoft, a choice that significantly impacted her career and personal life.
What Happened: French Gates narrated her career-defining story to LinkedIn News. After two successful summer internships, she had a job offer from IBM on the table. However, a crucial conversation with her hiring manager led her to contemplate a different path, <a href="https://www.businessinsider.com/melinda-french-gates-ibm-hiring-manager-told-me-join-microsoft-2025-3">reported</a> Business Insider. &#8220;This little company, Microsoft. It was tiny,&#8221; she remembered saying. The manager&#8217;s response was, &#8220;If they give you an offer, you should take it.&#8221;
French Gates heeded the advice and joined Microsoft as a product manager in 1987, post her graduation from Duke University&#8217;s business school. She spent nearly ten years at Microsoft, rising to the designation of general manager and managing the company&#8217;s information products. She also met her ex-husband, Bill Gates, during this period in Microsoft.
After leaving Microsoft in 1996, French Gates co-founded the Gates Foundation with Bill Gates in 2000. She stepped away from the foundation in May and currently dedicates her efforts to Pivotal Ventures, the investment and incubation company she founded in 2015.
SEE ALSO: <a href="https://www.benzinga.com/general/market-summary/25/03/44160046/marvell-surpasses-ai-chip-sales-target-aims-higher-for-2026-but-stock-plunges-due-to-muted-guidance">Marvell Surpasses AI Chip Sales Target, Aims Higher For 2026, But Stock Plunges Due To Muted Guidance</a>
Why It Matters: While at Microsoft, French Gates can be credited for developing multimedia products like Microsoft Cinemania, Word, Publisher and Expedia.com. Her career trajectory is also marked by significant contributions to philanthropy. In 2024, she announced a <a href="https://www.benzinga.com/news/24/10/41298321/melinda-french-gates-pledges-250m-to-address-womens-biggest-needs-need-to-do-a-better-job">$250 million fund </a>to enhance women&#8217;s health, highlighting her primary focus post her tenure at the foundation.
Moreover, Warren Buffett, who was a trustee of the Gates Foundation, has expressed his admiration for French Gates. Buffett <a href="https://www.benzinga.com/news/24/11/42144671/warren-buffett-thinks-bill-gates-is-smart-as-hell-but-says-his-ex-wife-melinda-is-smarter-in-terms-of-seeing-the-whole-picture">praised her vision</a>, stating, &#8220;In terms of seeing the whole picture, she&#8217;s smarter.&#8221; He also referred to her as a &#8220;longtime friend.&#8221;
<ul>
<li>READ MORE: <a href="https://www.benzinga.com/25/03/44065138/this-bill-gates-mistake-cost-microsoft-a-400-billion-opportunity-according-to-android-co-founder-sorry-bill">This Bill Gates &#8216;Mistake&#8217; Cost Microsoft A $400 Billion Opportunity, According To Android Co-Founder: &#8216;Sorry, Bill&#8217;</a></li>
</ul>
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Disclaimer:&nbsp;This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

Melinda French Gates Reveals An IBM Manager Inspired Her To Join Bill Gates Co-Founded 'Little Company' Microsoft

HC Wainwright &amp; Co. analyst Raghuram Selvaraju reiterates Cingulate (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CING#NASDAQ">CING</a>) with a Buy and maintains $20 price target.

CING

HC Wainwright & Co. Reiterates Buy on Cingulate, Maintains $20 Price Target

Tradeweb Markets Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TW#NASDAQ">TW</a>), a leading, global operator of electronic marketplaces for rates, credit, equities and money markets, today reported total trading volume for the month of February 2025 of $50.3 trillion (tn)1. Average daily volume (ADV) for the month was $2.49tn, an increase of 33.1 percent (%) year-over-year (YoY). Excluding the impact of the ICD acquisition, which closed on August 1, 2024, total ADV for the month of February was up 18.2% YoY.
In February 2025, Tradeweb records included:
<ul>
<li>ADV in U.S. government bonds</li>
<li>ADV in fully electronic U.S. high yield credit</li>
<li>ADV in European credit</li>
</ul>
February 2025 Highlights
RATES
<ul>
<li>U.S. government bond ADV was up 21.3% YoY to $252.2 billion (bn). European government bond ADV was up 12.7% YoY to $57.4bn.
<ul>
<li>U.S. and European government bond activity remained strong in February. Record U.S. Treasuries ADV was led by record activity across the institutional and wholesale client channels, while European government bond ADV was driven by strong volumes across our institutional client channel. A diverse set of clients continued to trade on the platform, with growing adoption across a wide range of trading protocols.</li>
</ul>
</li>
<li>Mortgage ADV was up 21.0% YoY to $227.7bn.
<ul>
<li>To-Be-Announced (TBA) activity was primarily driven by strong roll volumes and increased trading activity from fast-money accounts. Tradeweb's specified pool platform reported strong volumes driven by a YoY increase in the number of clients executing on the platform.</li>
</ul>
</li>
<li>Swaps/swaptions ≥ 1-year ADV was up 0.2% YoY to $503.4bn and total rates derivatives ADV was up 9.9% YoY to $867.6bn.
<ul>
<li>Swaps/swaptions ≥ 1-year saw strong risk trading activity YoY driven by market volatility as a result of policy changes by the U.S. federal administration, as well as the recent election in Germany. This was partially offset by a 26% YoY decline in compression activity, which carries a relatively lower fee per million. 1Q25 compression activity as a percentage of swaps/swaptions ≥ 1-year is trending higher than 4Q24.</li>
</ul>
</li>
</ul>
CREDIT
<ul>
<li>Fully electronic U.S. credit ADV was up 11.8% YoY to $8.6bn and European credit ADV was up 24.6% YoY to $2.9bn.
<ul>
<li>U.S. credit volumes were driven by increased client adoption of Tradeweb protocols, most notably request-for-quote (RFQ) and Portfolio Trading. Tradeweb captured 17.8% and 7.3% of fully electronic U.S high grade and U.S. high yield TRACE, respectively, as measured by Tradeweb. Record European credit volumes were driven by further client adoption of Portfolio Trading, RFQ and Tradeweb AllTrade&#xAE; protocols. Automation adoption through AiEX continued to drive growth across U.S. and European credit.</li>
</ul>
</li>
<li>Municipal bonds ADV was up 26.9% YoY to $408 million (mm).
<ul>
<li>Municipal bond volumes saw growth across the retail and institutional platforms, outpacing the broader market, which was up approximately 9% YoY2.</li>
</ul>
</li>
<li>Credit derivatives ADV was up 67.6% YoY to $13.6bn.
<ul>
<li>Increased hedge fund and systematic account activity, along with heightened credit volatility, led to increased swap execution facility (SEF) and multilateral trading facility (MTF) credit default swaps activity.</li>
</ul>
</li>
</ul>
EQUITIES
<ul>
<li>U.S. ETF ADV was down 12.2% YoY to $7.7bn and European ETF ADV was up 23.5% YoY to $3.6bn.
<ul>
<li>European ETF volumes increased YoY as more clients embraced our automated rules-based RFQ protocol. U.S. ETF volumes were lower YoY primarily due to reduced SPY volumes in the market, which disproportionally impacted our U.S. ETF wholesale business.</li>
</ul>
</li>
</ul>
MONEY MARKETS
<ul>
<li>Repo ADV was up 30.1% YoY to $716.1bn.
<ul>
<li>Global repo trading activity was supported by increased client participation across the platform, driving record European repo activity. In the U.S., volumes were driven by the continued unwinding of the Fed's balance sheet and reduced balances in the reverse repo facility (RRP).</li>
</ul>
</li>
<li>Other Money Markets ADV was up YoY to $299.5bn.
<ul>
<li>Other money markets volume growth was driven by the inclusion of ICD volumes in February 2025.</li>
</ul>
</li>
</ul>

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