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Interactive Brokers clients enjoy access to dozens of free and premium market research and news providers. Research services are also available to those with demo accounts and do not require an account application to be approved or funded. In relation to the fees quoted for Research and News, GFIS retains 5% - 10% of these fees to cover administrative and other costs related to the provision of these data services. The remainder of the fee is paid to the vendor. Market Data Fees are applicable on Research and News Services as well. For more information, please see Market Data Pricing Overview .

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Description:

The Research Data Bundle for each region includes the following: Region Specific Dow Jones Trader, News Briefing.com (Global Professional and North America Professional only), MT Newswires (Global Professional and North America Professional only), The Fly (Global Professional and North America Professional only), Trading Central.

Asset Class:

Equities , Fixed Income , FX , Commodities , Fund/ETF

The Research Data Bundle for each region includes the following: Region Specific Dow Jones Trader News, Briefing.com, MT Newswires, The Fly, Trading Central.

ACCESSWIRE is a flat-fee, news and communications network, providing regional, national and global news to hundreds of clients globally.

French , German , Spanish , English

Alliance News Global500 reports on the 500+ companies that make up the leading stock indices around the world, including the Stoxx Global 150, Dow 30, Nasdaq 100, FTSE 100, DAX 30 and CAC 40.

Astris Advisory Japan provides investment advisory, corporate advisory, offshore private fund placement and venture matching services. Our corporate research promotes your equity story and transform engagement with global investors.

English , Japanese

Augment combines multiple capabilities into a single digital platform giving you sophisticated tools to make well-informed investment decisions. They cover ETFs as no other giving you both extensive details and news ("Facts") and tools to measure investor optimism ("Feel") to help you invest intelligently. Augment believes in a data based approach and uses extensive data science and technological tools to provide you with unbiased information.

API Access: Select this subscription to access the Benzinga Pro news feed via the Trader Workstation API.

A real-time browser-based newsfeed with pre/post market earning reports and ratings coverage gathered from hundreds of research firms. The CryptoCurrency Newswire allows access to headlines & articles that cover cryptocurrency content, major coins, blockchain ETF coverage and daily pricing updates. ,

Equities , Fund/ETF , Cryptocurrency ,

English, French, Italian, Spanish

Briefing.com provides live analysis of overall market trends and analysis of individual stocks. Coverage on the overall markets is provided via Stock Market Update and Bond Market Update. Story Stocks provides analysis on today's stock movers.

Equities , Fixed Income

Coin Metrics is the leading provider of crypto financial intelligence, offering network data, market data, indexes and network risk solutions to the most prestigious institutions touching cryptoassets. The company was founded in 2017 as an open-source project to determine the economic significance of public blockchains. Today, we expand on that original purpose to empower people and institutions to make informed crypto financial decisions. We aim to usher the world's premier financial institutions into crypto with the most trusted data and insights.

Cryptocurrency

Real time , Hourly , EOD

Dow Jones & Company is a global provider of news and business information, delivering content to consumers and organizations via newspapers, Web sites, apps, video, newsletters, magazines, proprietary databases, conferences, and radio. A service for active retail traders focused on equities markets. Real-time coverage of corporate actions in the region as well as major large caps globally. Provides high level coverage of major stock market events and economic indicators, with as many as 3500 stories per day.

Equities , Fixed Income , FX , Commodities , Fund/ETF , Cryptocurrency

Chinese Simplified

Chinese Traditional

Real Time , Daily

illio was created to help individual investors think like a wealth manager. illio aggregates all types of assets and accounts into one convenient platform and shares Insights with you across your portfolio. With deep dives into P&L, risk, ESG and more, our analytics and jargon free explanations help even novices understand why their money moves.

Equities , FX , Fund/ETF , Cryptocurrency

Scans market irregularities for price and volumes and generates market signal alert.

The Billionaire's Portfolio gives you access to a 20-stock portfolio of billionaire-owned stocks. Get the fully fleshed out gameplan on each stock: The Thesis, Entries, Exits, Updates. All curated by a 25-year hedge fund veteran and Forbes contributor.

Daily , Weekly

Mace News delivers real-time economic news for investors. That means expert coverage of economic indicators and policy-makers, especially central bankers. Mace News provides alerts on upcoming macro news that may move markets so you won't be caught off guard. Our team responds to reader requests and adjusts as market interests shift.

MNI is a provider of news and intelligence specifically for the global foreign exchange and fixed income markets, providing actionable insight for market professionals and those seeking to make investment decisions. MNI's reputation for delivering mission-critical information has been built over three decades. They offer not only news, but news analysis: linking breaking news to the effects on capital markets. MNI's mission is to provide "All Signal, No Noise".

Equities , FX , Fixed Income , Commodities

Chinese , English

Used by most of the largest bank and asset management firms. With up-to-the minute coverage of equities (US and Canada), commodities, options, bonds, FX and all global economic events. Live Briefs PRO is produced by MT Newswire's experienced staff of economists, financial journalists, and editors delivering clients with a zero noise source of original, multi-asset class real-time news.

Using our proprietary taxonomy, Naviga creates aggregated news topics from thousands of reputable business sources including Pro-feeds, regulatory announcements, rumour wires and web sites. Naviga – working to create alpha by distilling stories from background noise.

Equities , Fixed Income , Fund/ETF , Cryptocurrency

QuantConnect is the world's leading algorithmic trading platform, with 10 years of experience and more than 8 million algorithms designed by their 160,000 strong quantitative community. Tap into their cloud to harness terabytes of free historical financial and fundamental data to test your strategies and then deploy them to live trading on Interactive Brokers.

Equities , Fixed Income , Fund/ETF , FX

Redsky Markets a data analytics company that has developed a proprietary software language allowing for rapid queries of large data set. Redsky provides real time alerts via text message RSS feed on mobile app.

Commodities , Fixed Income , FX

Stock market insights & financial analysis. Provides research articles covering broad range of stocks, ETFs and investment strategies. Insights are provided by buy side investors and industry expert.

Equities , Commodities , Funds/ETF , Cryptocurrency

Simply Wall St helps investors make more informed decisions. Simply Wall Street conducts in-depth and unbiased fundamental analysis on thousands of listed companies worldwide allowing you to quickly identify and research opportunities.

StreetInsider gives members an "inside" look at Wall Street, providing access information once only available to Wall Street elite. Streetinsider Premium offers members a hard hitting, market moving news feed that weeds out non-actionable items. Some key trading categories covered include: M&A, hedge fund news, analyst rating action, comments, FDA news, Trader Talk, Rumours, and Momentum movers to name a few.

StockCalc is a fundamental valuation platform that saves you an enormous amount of time. Our site is used by retail investors, financial advisors, analysts and enterprise clients to find both under and overvalued stocks, ETFs and industries for their portfolios. Each night we value 9,000 stocks, 2,000 ETFs and 150 industries and generate detailed valuation reports to explain our process. We calculate what a stock is worth today as well as what its value will be over the next 12 months so both short term and long term investors can use our analysis. Our modeling is correct 99% on current price and 78% of the time over the next 12 month period. We value all stocks on the New York, Nasdaq and Canadian exchanges and are exploring a global data feed that will let us value stocks on 70 exchanges worldwide.

Equities , Fund/ETF

Provides investment ideas according to one's interest, preferences, and level of investment sophistication influence.

Equities , FX , Commodities , Fixed Income , Fund/ETF , Cryptocurrency

No API access

Squawk Box is included with The Fly subscription.

The Fly is a leading digital publisher of real-time financial news. The Fly financial market experts understand that news impacting stock prices can originate from anywhere, at any time. The team scours all sources of company news, from mainstream to cutting edge, then filters out the noise to deliver short-form stories consisting of only market moving content.

Equities , FX , Fixed Income , Cryptocurrency

The Motley Fool, LLC, a multimedia financial-services company, provides financial solutions for investors through various stock, investing, and personal finance products. The content is available to the public on our website and fool.co.uk, in its Motley Fool Money podcast, nationally syndicated newspaper column, books, radio shows, mutual funds, and premium investing services.

Includes cryptocurrency related news coverage from all major crypto-native, finance, and mainstream publications. All of the news is tagged and categorized by individual cryptocurrency.

No free trial

TipRanks is the most comprehensive dataset of analysts, hedge fund managers, financial bloggers, and corporate insiders. We provide answers to the most basic questions: Are they reliable and accurate? What is their track record? Are there better opinions out there? And, the most importantly- should I listen to this particular person? TipRanks stops the guessing game and shows you an updated and accurate view so you can make the most educated investment decisions. We publish articles covering the latest activity from major analysts, hedge fund managers and bloggers to give you the must needed edge on the market.

UBS Live Desk Institutional offers a window into the global trading floor of one of the world's largest investment banks. This real-time feed delivers the latest views, thoughts and opinions direct from people at the cutting edge of financial markets.

Equities , FX

Alexandria's disruptive technology discovers sentiment intelligence in the world's unstructured content and delivers it to institutional investors in contexts that matter to them. Alexandria Investment Research and Technology, Inc. creates text analytics and sentiment assessment tools for the investment industry. It helps professional investors in algorithmic trading, risk and compliance, portfolio research, and sales and trading.

Provides detailed quantitative research on Exchange Traded Funds (ETF). The fundamental tenet of our constituent level, fundamentals-based research process is to provide a forward-looking detailed view of a fund's investment merit and investment exposure.

Ratings on corporate and municipal bonds. Includes US corporate bonds and US-Treasuries.

Fixed Income

Bullseye is Adam Johnson's vision of what market research should be: Smart, Clear, Actionable. Bullseye Brief presents the three ideas most worthy of an investor's time every two weeks.

Capitalise is an award-winning automated trading platform. It converts natural language into effective investment strategies. With Capitalise's award-winning automated trading platform you can optimize your trading performance, protect your positions, and manage your investments. Always maximize your profits by acting faster on a variety of market data signals such as stocks, news events, fundamental data, technical analysis, forex, indices, ETFs, and more.

Equities , FX , Fund/ETF

CFRA is one of the world's largest independent research firms, helping global subscribers improve their investment and business decision-making. The firm's differentiated proprietary methodology is designed to provide high quality research, designed to enhance portfolio performance and reduce risk.

Channelchek.com, is Noble's free investor portal that offers independent research, balanced news, advanced market data, webcasts, roadshows, videos, podcasts and more. There are more than 6,000+ small and microcap companies hosted on Channelchek.

ChartSmarter is a trading service dedicated to the art of technical analysis. ChartSmarter focuses on the long term, letting winners run and cutting losers quickly to maintain capital.

Founded in 2011, Context Analytics, Inc. (CA) goal was to harness the massive amount of unstructured financial data across both Alternative and Traditional sources into machine readable feeds and market intelligence. CA aggregates the intentions of professional investors as expressed on Twitter and provides the financial and marketing communities with new data sources to evaluate financial data sets, help enhance returns, and reduce risk. We use our patented process to filter for professional investors, calculate sentiment at the Tweet level, and publish our proprietary metrics. CA provides predictive sentiment for all major asset classes.

CUSIP Service.

Econoday provides unbiased, jargon-free, market-focused analysis written by a team of senior economists. Data includes the prior release, revision to the prior release, consensus, and actual data. Consensus is proprietary and actively managed to ensure optimum results from the forecasts submitted by economists around the world who participate in Econoday's survey. Key events are ranked to make sure investors know which event matters most to the market. Notifications include the release of economic indicators, central bank announcements/minutes, as well as unscheduled market-moving events. Daily and weekly articles broaden the coverage to include market activity generally, such as updates on stocks, bonds and currencies.

Equities , Fixed Income , FX

Economatica specializes in handling financial information. Their SaaS based investment research platform rapidly organizes and systemizes data for all company stocks, ADRs, and ETFs listed on the major US exchanges. Economatica provides the information investors need to make better investment decision with a cloud-based platform that helps analyse securities and portfolios with the flexibility to meet an investors unique needs. These user-friendly tools allow investors to extract value from essential financial information and achieve the best investment results.

Equities , Fund/ETF , FX

Edison is an investment research and advisory company, with offices in North America, Europe, the Middle East and AsiaPac. The core of Edison is its acclaimed equity research platform and deep multi-sector expertise.

Estimize is a crowdsourced financial estimates platform offering a true view of market expectations on 2100+ stocks. Equity fundamental and economic estimates crowdsourced from buy side, independent and amateur analysts.

Technical Forecast, Weekly ETF picks, and flagship Profit Strategy Newsletter. A global examination of every major ETF category including stocks, bonds, real estate, commodities and currencies is provided.

FinGraphs shows trends, price targets, and risk for end of day or Real Time trading on forex, stocks, and ETFs. FinGraphs focusses on the essentials of any technical analysis decision making process. It allows users to instantly assess potential trends, possible price target zones and risk levels.

Equities , FX , Commodities , Fund/ETF

FSinsight.com's Quantitative Indices (managed by Sam Doctor/Ken Xuan) are widely followed by clients. The research team has nearly 80 combined years of institutional sell-side research experience. Their approach is data intensive and seeks to take advantage of anomalies that identify sectors and stocks which have the potential to outperform the market.

Fundamental Analytics is an interactive website for commodity traders to research price behavior of commodities and fundamental data affecting prices. It is a website where subscribers can generate graphs, tables, and analyses of price data along with related fundamental supply/demand data.

Commodities , Equities , Fixed Income , FX

Hammerstone has levered its collective knowledge of the financial industry to create a financial media product that allows its subscribers to gain an edge against the market. Hammerstone market feeds, is an instant message stream for traders, providing subscribers with up-to-the-minute breaking news headlines and an analysis of the factors that drive the market.

Equities , FX , Commodities

Individual traders, brokers, and managers look to the Hightower Report to help them navigate today's complex markets. Their morning commentary provides concise, fundamental analysis on all the major market segments, including grains, livestock, financial markets, metals, energy, and soft commodities. Also includes a weekly market letter released Friday afternoons for up-to-date ideas and strategies to start the next trading week.

Equities , FX , Commodities , Fixed Income

IEX Cloud is the financial data business of IEX Group, which also separately operates the IEX Exchange. Since 2019, IEX Cloud has been setting new standards for easy delivery and use of financial data. IEX Cloud connects you with 150+ enterprise-grade datasets through one easy-to-use platform and API

Equities , Fixed Income , Cryptocurrencies

Fintech research firm producing alpha-generating analysis of insider data in real-time via a proprietary Ratings Expert System, and delivering conclusions via subscription and custom research products.

ISS EVA is an independent equity research provider offering investing insights through the use of a proprietary Economic Value Added (EVA) framework. EVA is an established standard in measuring, analyzing, projecting, valuing, and discounting a firm's underlying economic profit rather than its accounting profit. The ISS EVA experienced team of global analysts offers both fundamental and quantitative company analysis on over 24,000 stocks.

The KCR team has been working together since 2010 and has over 55 combined years of real money management experience using a quantamental approach to investing. We believe quantitative analysis is integral to the fundamental research process, and we know of no other method to successfully create systematic alpha. Steeped in behavioral finance, we seek to exploit pricing errors that arise from herding, confirmation bias, and self-attribution bias among others. The models were built using hand-cleaned data. KCR's research is used by some of the top institutional investors and asset allocation firms in the world.

Macro Hive is a leading independent provider of global macro and financial market research, and a digital financial media firm.

Equities , Cryptocurrency , Commodities , FX

Daily, Weekly

MacroRisk Analytics was created by a group of veteran Economics and Finance PhDs who have published extensive academic research explaining the foundations and evidence supporting their model. They also have over 10 patents that cover their methodology. MacroRisk Analytics is a two time winner of the William F. Sharpe Indexing Achievement Award, given at the Global Indexing & ETFs conference, sponsored by IMN and Euromoney Institutional Investor PLC. MacroRisk Analytics research reports are provided via their MacroRisk Research service.

Marketchameleon.com is a research tool for stock and options traders. The platform helps you quickly find trade opportunities and make risk/reward analysis.

Commodities , Equities

The Market Edge Technician report provides in-depth analysis on over 3,600 stocks. Updated daily, the research looks at short and intermediate term strengths and weaknesses and provides specific, actionable recommendations. A Calendar of Technical Events alerts investors to changes in pertinent technical indicators.

MarketGrader rates 40,000 companies across more than 100 global markets daily. Our growth-at-a-reasonable-price (GARP) methodology is designed to help you find the world's best growth compounders without overpaying for their shares. Every MarketGrader report provides a clear analysis of a company's fundamentals across four key areas: Growth, Value, Profitability, and Cash Flow, and summarizes our view on the stock with a clear 'Buy,' 'Hold,' or 'Sell' rating. It also shows you where any company ranks against its regional peers and gives you a Sentiment score to help you identify optimal entry and exit points

Market Structure EDGE is the only decision-support platform for active traders built on the rules that govern the US equity market. As in any market, prices in the stock market are set by Supply and Demand. EDGE mathematics deliver consistent, low-risk, short-term returns to traders who follow that math, buying DIVERGENCE, selling CONVERGENCE.

McAlinden Research Products (MRP) provides independent investment strategy research to investors worldwide. The firm's mission is to identify alpha-generating investment themes early in their unfolding. On a daily basis MRP scans hundreds of data and news sources looking for disruptive events that are unfolding around the world and compiles the most investment-relevant information into a Daily Intelligence Briefing report.

Merchantec Capital reports on JSE Listed Small and Mid-Cap companies and have been doing so for over 20 years. Our research looks deep into the fundamentals of the reporting company while also including a technical analysis of the share price. We add value by writing informative reports that are easy to read, assisting subscribers to make informed decisions.

Weekly, Monthly

Mill Street Research is a boutique consulting and research company focused on providing high quality, independent Global Portfolio Strategy research to clients. The firm provides proprietary quantitative data and rankings as well as tools and commentary to help investors make better asset allocation and stock selection decisions. The weekly Mill Street Research Trader Ideas report uses Mill Street's flagship quantitative and graphical stock selection tool, known as MAER, to screen the most attractive stocks from the S&P 500 and includes the proprietary MAER charts for each highlighted stock.

Morningstar is a leading global and independent equity research provider. Their long-term outlook and emphasis on economic moats, or sustainable competitive advantages, differentiates the research and has proven to drive long-term outperformance. Morningstar also provides independent, writer mutual funds research.

Equities , Fixed Income , Fund/ETF

Ned Davis Research (NDR) helps investment management professionals make better decisions with unbiased, insightful and risk-appropriate quantitative indicators, strategy, models and analysis across asset classes.

New Constructs, LLC is an equity research firm specializing in quality-of-earnings, forensic accounting, and discounted cash flow valuation analyses for public companies. The firm offers ratings on various investment vehicles, such as company stocks, ETFs, and mutual funds. Additionally, they provide a report that features a selection of stocks, which spans across large-cap and small-cap categories. The report includes stocks that the firm identifies as having the potential to perform well, as well as those that may carry higher risk.

Orbisa is a premium market data service offering insights and transparency into the securities lending industry.

Passiv is an automated portfolio management tool that makes it easier for DIY investors to follow a balanced fund investment strategy and grow their wealth. With Passiv, you can be your own wealth manager and free yourself from spreadsheets. Passiv is free to use, but you can upgrade your account to access more advanced features and get more convenience.

PropThink is a leading online destination of retail and institutional investors seeking actionable analysis of publicly-traded, emerging growth companies in the healthcare sector. PropThink provides specific long and short trading ideas to investors in the healthcare and life sciences sectors and identifies and analyses technically complicated companies and equities that are grossly over-or under-valued.

Refinitiv is the world's leading source of intelligent information for businesses and professionals. We combine industry expertise with innovative technology to deliver critical information to leading decision makers in the financial and risk, legal, tax and accounting, intellectual property and science and media markets, powered by the world's most trusted news organization.

Chinese , English , French , German , Italian , Japanese , Spanish

Real Time , Weekly

SADIF is an independent research firm providing unbiased and conflict-free rating updates and quarterly equity research on more than 20000 companies worldwide. Recommendations are based on fundamental financial analysis complemented by technical inputs. The service is a comprehensive tool for analysis and development of actionable investment ideas.

Seasonax empowers investors with an award-winning platform to effortlessly filter thousands of stocks, commodities, and currencies. Their innovative Screener identifies high-probability trading opportunities in just a few clicks, guiding users towards top trades and offering insights into the historical market behaviour. Seasonax combines ease of use with powerful analytics, making informed investment decisions more accessible than ever.

Equities , FX , Commodities , Indices

English , German

Real Time , Bi-weekly

Simpler Trading Company is a premier options education service. Options education is provided through online classes, video newsletters, and a live trading room. Simpler Trading Company has the largest options membership community on the Internet. If you are interested in swing trading stocks you can check out Simpler Stocks which provides stock trading education through a video newsletter, articles, and group mentorships.

Smartkarma is a global investment research network made up of independent Insight Providers who produce, curate, and publish unbiased intelligence for institutional investors. Smartkarma's unique approach to research provides differentiated, independent analysis on companies, markets, and industries worldwide. This includes areas under-reported by mainstream market coverage, including Event-Driven, IPOs & placements, and small/mid cap equities, with a special focus on fast-growing Asian and emerging markets.

Proactive, Risk Controlled Strategies are a natural by-product of objective analysis. At Stock Traders Daily, their focus since 2000, is to provide a multi-tiered market analysis that is designed to help identify prime trading candidates.

Weekly , Monthly , Bi weekly , Daily

Stockpulse provides inimitable decision support with Emotional Data Intelligence that collects, filters, matches, scores, and augments unstructured data and converts it into processable information—making us a true pioneer in social media research and social media analytics since 2011.

Equities , Cryptocurrency

TF International Securities Group is a wholly-owned subsidiary of TF Securities Co., Ltd. ("TF Securities") in Hong Kong. TF International has established a strong presence in Hong Kong and serves clients from all around the globe to connect Chinese and global capitals. Subscription includes access to fundamental and economic research reports from Hong Kong and China.

Gravity Exists is a journal providing insight and analysis for wealth managers and institutional allocators. Gravity's editorial coverage spans market risk, economics, and policy as well as in-depth interviews with investment industry experts. On Wednesdays, the newsletter Playbook is published. Playbook presents proprietary model portfolios alongside analysis of the market and macro forces driving performance. Interactive Brokers clients are invited to receive Playbook, published articles, and invitations to webinars and live conferences, at no cost.

theScreener has established itself internationally as an information provider for asset managers. This is not least due to its exceptional track record, as well as the clarity and transparency of its multidimensional multi-factor model. The new CIO builds seamlessly on this success. To cover the different approaches in the investment area, new possibilities for data consumption and visualization have been implemented. This allows to use the system flexibly, regardless of the investment approach chosen.

Equities , Funds/ETFs

English, Spanish, German

Real Time, Semi-Weekly

TheStreet Ratings is TheStreet's award-winning quantitative equity rating service and it will put an investor's portfolio through the kind of tough scrutiny it must pass to succeed. With specific buy, hold, or sell recommendations for over 4,300 U.S. equities; each stock comes with a specific A through F score and a detailed up-to-date five-page research report.

TOGGLE AI is your smart portfolio assistant, covering 40,000 global assets across all instruments and classes. TOGGLE uses AI to help you make informed, data-backed trading decisions. With world-class traditional and alternative data, such as IBES Expectations and ESG rankings, go deeper into all aspects of your portfolio. TOGGLE puts hedge-fund grade insights at your fingertips. Invest rationally–not rashly.

Equities , FX , Fixed Income , Fund/ETF , Commodities , Cryptocurrency

English , Japanese , Portuguese

Trade Ideas gives technology reserved for hedge funds to the Individual Retail Investor with goal of enabling better decisions in the U.S. and Canadian equity markets. Our A.I. watches every stock and ETF in real-time to identify opportunities everyone else is missing.

Trading Central is a global leader of financial market research and automated investment analytics. Trading Central's Technical, Fundamental and Value-based analytics continually monitor the market, enabling today's investors to find, validate and optimize their strategies.

Equities , Fixed Income , FX , Fund/ETF

Updata Analytics is advanced technical analysis and automated trading software that runs in conjunction with the Interactive Brokers platform. The software also comes with powerful scanning and alerting covering almost any technical criteria. Run hundreds of live charts across multiple virtual desktops. Over 1,000 pre-built custom indicators and trading strategies available.

Validea's Stock Research suite is a web-based investment research tool that analyzes stocks using a series of systematic, fundamentally-oriented investing models that are based on the strategies of Wall Street legends and other demonstrable investing methods.

Bi-weekly , Real Time , Daily

ValuEngine provides individual stock valuation and forecasting reports on over 4,000 US stocks and over 1200 Canadian stocks. The ratings and forecast report incorporates the outputs from all of their proprietary models and includes a valuation overview, rating, fair value assessment, return forecasts, market ratio-based valuations, comparable stock analysis, and complete company financials.

Vermilion Research is a leading equity research firm serving institutional buy-side clients around the globe. Vermilion's action-oriented research provides professional investors with an in-depth technical analysis of equity market drivers enabling users to make intelligent investment decisions. Products are based on their proprietary methodology for constructing, tracking, and ranking sectors, industry groups, and stocks.

Bi-weekly , Monthly

Wall Street Horizon, a TMX company, provides the most accurate and comprehensive forward-looking corporate event data covering 10,000 publicly traded companies worldwide. The company offers more than 40 corporate event classes including earnings calendars, earnings date revisions, dividend dates, merger events, stock events, investor conferences and more. By keeping clients apprised of critical market-moving events and event revisions, our data empowers financial professionals to take advantage of or avoid the ensuing volatility. Clients use our award-winning data to identify upcoming catalysts in the marketplace.

WaveStructure provides a clear and unbiased view of markets while identifying high probability opportunities for limited risk entries. Professional services issue daily Elliot Wave and Action Reaction line analysis covering a wide range of markets. WaveStructure uses a proprietary computer based Elliot Wave system that applies a single unified set of rules and conditions to the analytical process, reducing human input and eliminating the possibility of bias.

Wright FIRST investment research service provides tools for portfolio management and includes proprietary Wright Quality Rating for each company, Investment Commentaries, extensive economic and securities markets Chart Files, and Special Report for over 38,000 of the leading companies in 69 countries. The Wright FIRST investment research Chart File provides an extensive resource with insightful graphs and tables that can be included in client account review presentation.

Yuan Talks is an independent media providing original content about China's economy and financial markets, with details and data you don't find anywhere else. THE WIRE provides real-time updates of market-moving news and views sourced from analysts, traders, industry insiders, journalists as well as trustworthy news outlets in mainland China.

Zacks Investment Research, Inc. is an investment research firm. The firm provides research coverage for companies using a blend of quantitative models and traditional fundamental analysis. It provides equity research, price response indicator, estimate analytics, market summary, rank stocks, portfolio tracker, exchange traded funds report, mutual funds report, options report, finance reports, education reports, video commentaries, and earnings analysis.

Note in relation to the fees quoted for research, news and market data: GFIS retains 5% - 10% of these fees to cover administrative and other costs related to the provision of these data services. The remainder of the fee is paid to the vendor.

• Sales tax and/or VAT is charged when applicable based on account's local jurisdiction.
• All data is provided by Global Financial Information Services GmbH.

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Disclosures

• *FREE TRIAL - Receive free for a 30 day period from date of subscription. The free trial subscription will terminate once the 30 day period is over. Once the trial data has terminated, the account may elect to re-subscribe to continue receiving the data. Should the trial data terminate mid-month and the election is made to re-subscribe, a full month charge will be levied as the exchanges do not prorate fees. For example, an account subscribing to a service subject to a free trial on October 15 will receive data for free until November 14. Should the account wish to continue receiving data past the 14th, the account must log into Client Portal and re-subscribe once the data has terminated. The re-subscription will result in a full month charge for November. This data will then continue until the account unsubscribes from the service.
• Market data subscription costs will not be pro-rated. Users who subscribe to or unsubscribe from data mid-month will be charged at the full month rate.
• Much of the tools, information and services accessible through this listings page are prepared and offered by independent third-party providers and not by Interactive Brokers. Information about a third-party provider provided in the listings page is NOT a recommendation of that provider by Interactive Brokers. Interactive Brokers does not make any representations or warranties concerning the services provided by the third-party providers.

Data Services: Research Data Bundle

The research data bundle for each region includes the following:.

Click links to learn more.

Region Specific Dow Jones Trader News

Briefing.com (Global Professional and North America Professional only)

MT Newswires (Global Professional and North America Professional only)

The Fly (Global Professional and North America Professional only)

Trading Central

ACCESSWIRE is is a complimentary service, and does not require a subscription.

ACCESSWIRE is a flat-fee, news and communications network, providing regional, national and global news to hundreds of clients globally. ACCESSWIRE disseminates full-text press releases for both private and publicly held companies globally to news media, financial markets, investors, information web sites, databases, bloggers and social networks.

ACCESSWIRE's press release platform is a cost-effective Fair Disclosure, Regulation FD news dissemination and media outreach service.

ACCESSWIRE's platform makes it easy to publish rich media assets such as video, audio and images, and gives users the power to build their own distribution to the outlets needed most. An earnings announcement, product launch, community message, M&A transaction or corporate update can be distributed to ACCESSWIRE's worldwide news network. Corporate issuers and their constituents utilize the cloud-based platforms and related services from document creation all the way to dissemination to regulatory bodies, platforms and shareholders.

Real-Time News Content Feeds: Multiple delivery options let users add real time news and multimedia content targeted to their audiences, filtering by industry, topics and language specific.

Financial & Regulatory compliance full suite of services include:

• Transfer agent
• Proxy services
• Shareholder analysis & outreach
• Earnings call & webcast platforms
• Investor relations websites
• Investor hotlines
• SEDAR, EDGAR, XBRL regulatory filings

ACCESSWIRE has a full Editorial team on staff 24/7 365 days a year available by both phone and email to process news releases and ensure complete capability to meet all deadlines and off-hour requirements.

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Alexandria Technology

Alexandria Technology is a complimentary service, and does not require a subscription.

ACTA is a high-performance text analytics and social sentiment assessment engine that employs a non-linear, pattern-matching methodology to identify the hidden sentiment, critical facts and key relationships buried within an article. The breakthrough algorithm understands the meaning behind the news, not just the facts, and classifies sentiment with a high degree of accuracy.

Alliance News

To subscribe to Alliance News, log in to Client Portal, toggle to User Settings > select Research Subscriptions > select the Current Research Configuration Icon

Real-time news coverage of the companies, markets and economies that matter the most to investors globally.

Alliance News Global 500 reports on the companies that make up the leading stock indices around the world. They have the most traded shares and attract investors from both home and abroad.

Markets are just as sensitive to politics and economics, so Alliance News journalists and our partner news agencies track the key data reports, central banks decisions and government policy making from the biggest and most interconnected economies.

Key features:

• Comprehensive and consistent news coverage of the most widely held listed companies in Asia-Pacific, Europe and North America
• Flash headlines on all market-moving events, including economic indicators and company earnings
• Global Briefing - as Asia winds down and the US and Europe head to the office, we summarise the most important news overnight and call the markets about to open
• Top News Summary - find out what is moving global markets just ahead of the New York market open
• In Depth - our deepest dive into blue-chip firms and red-hot topics
• Broker ratings and price target changes as flash headlines and a convenient daily summary
• Executive interviews and earnings previews
• In The Know - market insight and special situations; what the analysts and economists are saying and why
• Global calendars of company and economic events; regularly updated table of comparative indicators for major economies
• Central bank previews - what to expect from policy-making meetings at the Fed, ECB and other key rate setters

AltaVista Research

AltaVista Research is a complimentary service, and does not require a subscription.

A lot of ETF research focuses primarily on past performance and fees. AltaVista takes a totally different approach by evaluating ETFs based on the fundamentals of each underlying constituent. As a result, we can answer the critical questions most investors would ask before buying a single stock or bond, such as:

• What are expectations for sales and EPS growth, and how are they changing?
• What's happening on the balance sheet?
• How is it valued in relation to these fundamentals?
• What is the yield-to-maturity, credit quality and sensitivity to interest rates?

The benefit of this approach is that it helps investors make better fund selections based on forward-looking measures of investment merit, not just past performance. Our succinct reports cover nearly 1,000 ETFs and are updated daily to help keep investors on top of changing market conditions.

View Sample Report * Visit Website

Astris Advisory Japan

Astris Corporate Research is a research service, and does not require a subscription.

Augment Wealth Advisor

To subscribe to Augment Wealth Advisor, log in to Client Portal, toggle to User Settings > select Research Subscriptions > select the Current Research Configuration Icon

Smart Tools To Grow Your Wealth

Augment combines multiple capabilities into a single digital platform giving you sophisticated tools to make well-informed investment decisions and grow your wealth.

We cover ETFs as no other giving you both extensive details and news ("Facts") and tools to measure investor optimism ("Feel") to help you invest intelligently.

Subscribe to Augment Wealth today for the best ETF scanning smart tools to see your wealth grow.

Benzinga is a complimentary service, and does not require a subscription.

Benzinga Professional is Wall Street's go-to source for breaking headlines and profitable, market-moving information. Approximately 93% more cost-effective than the Reuters and Bloomberg Terminals, Benzinga Pro grants users access to accurate corporate data powering major financial brokerages. Benzinga Pro allows investors of all styles to build reliable models without concern that one-time adjustments will distort projections. The cleanest figures allow traders peace of mind when comparing data to analyst expectations. Our analysts take the noise out of the market and publish only the most actionable 600 - 900 corporate news items per day; along with monitoring traditional outlets, the Benzinga Newsdesk speaks with hundreds of companies, market analysts and hedge fund managers daily to generate exclusive content. And with a coverage universe including the Wilshire 5000 (plus an additional 1,000 U.S. traded stocks), Benzinga Professional provides clients with real-time news and expert market analysis, covering everything from micro to macro-cap companies across all sectors.

Bond Ratings

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Briefing.com

Briefing are complimentary services, and do not require subscription.

Stock Market Update: Commentary and analysis covering the broad market updated every half hour throughout the trading day. The commentary begins roughly 6 AM ET with summaries of foreign market activity and US futures and continues half-hourly through the close of the U.S. market.

Bond Market Update: Frequent updates that focus on today's bond market activity featuring an ongoing synopsis of treasury market news and events that could have an impact on interest and FX rates.

Story Stocks: Analysis of individual stocks in the news.

Bullseye Brief

To subscribe to Bullseye Brief, log in to Client Portal, toggle to User Settings > select Research Subscriptions > select the Current Research Configuration Icon

Bullseye is Adam Johnson's vision of what market research should be: Smart, Clear, Actionable. Bullseye Brief presents the three ideas most worthy of an investor's time every two weeks. On the off-weeks Bullseye sends a Sunday night roadmap for the week ahead, as well as a midweek podcast with insight from the some of the most respected money managers on Wall Street. Mr. Johnson's process is specific, and is designed to be simple. Bullseye looks for companies with a compelling fundamental story, data which supports his thesis, and a newsy hook which makes people lean in. Mr. Johnson considers both longs and shorts, and he provides specific parameters about where to buy and sell. Occasionally he highlights opportunities overseas, but generally he focuses on listed U.S. securities. Bullseye integrates options strategies when appropriate. Most importantly, Mr. Johnson encourages readers to call or email him with any questions.

To subscribe to Capitalise, log in to Client Portal, toggle to User Settings > select Research Subscriptions > select the Current Research Configuration Icon

Plan Like A Human. Trade Like A Machine.

Capitalise.ai is redefining trading automation. For the first time, traders of all levels can automate their own unique trading strategies, using everyday English. From managing your daily trades to building complex automated systems - with Capitalise.ai you can automate your trading, zero coding needed.

• Quickly, Precisely and Free From Emotional Influence
• Let Capitalise.ai execute your plan
• Capitalise.ai monitors real-time market data, technical indicators, and macroeconomics data 24/7 so you don't have to.
• Seize every opportunity with optimized buying power.
• Open as many strategies as you want — only strategies that are triggered will use your buying power.
• Make Informed Strategic Decisions Based On Aggregated Data Sources.
• Backtest: Use historical data to see exactly how your strategy would have performed. View Backtest Video.
• Simulate: Test your strategies risk-free using real-time data.
• Performance Statistics: Gain insights from rich & comprehensive statistics on every trade.
• Respond Faster: Edit your strategies according to their performance with a click of a button.

Access an endless library of live strategy examples. View real-time performance data and use them as templates to create your own.

To subscribe to CFRA, log in to Client Portal, toggle to User Settings > select Research Subscriptions > select the Current Research Configuration Icon

CFRA delivers in-depth qualitative research on 1,500+ companies, as well as the latest news and analysis on global sector themes, industries, and funds, through in-depth qualitative research on 11 Sectors, 42 Industries, 1,860+ ETFs, 22,000+ Mutual Funds, as well as quantitative company research on 20,000+ global companies.

Channelchek.com

Channelchek is a complimentary service, and does not require a subscription.

ChartSmarter

To subscribe to Chartsmarter, log in to Client Portal, toggle to User Settings > select Research Subscriptions > select the Current Research Configuration Icon

ChartSmarter is a trading service dedicated to the art of technical analysis. Their team works very hard to generate ideas for serious investors while trying to keep things as simple as possible. ChartSmarter focuses on the long term, letting winners run and cutting losers quickly to maintain capital. They employ both traditional and non-traditional cutting edge strategies. Let ChartSmarter introduce their approach via a 2 week FREE trial.

Cusip Global Services

To subscribe to Cusip, log in to Client Portal, toggle to User Settings > select Research Subscriptions > select the Current Research Configuration Icon

CUSIP Global Services (CGS) places tremendous importance on standardization, over the past 50 years it has helped them to earn a reputation as the trusted originator of quality identifiers and descriptive data that are interoperable among regulators, banks, vendors, exchanges and depositories. CGS information helps streamline efficiencies throughout the global financial system. From the assignment of identifiers for new issues to their use in trading, settlement, asset servicing and risk management, clients rely on trusted CUSIP identifiers and the knowledge and experience of the CGS team to provide a solid foundation to run their businesses smoothly and reliably.

Dow Jones News

To subscribe to Dow Jones, log in to Client Portal, toggle to User Settings > select Research Subscriptions > select the Current Research Configuration Icon

Dow Jones & Company is a global provider of news and business information, delivering content to consumers and organizations via newspapers, Web sites, apps, video, newsletters, magazines, proprietary databases, conferences, and radio.

Dow Jones Newswires delivers premium business news, commentary and insight in real time and with unquestionable accuracy and depth. Built on a renowned global reporting network of nearly 2,000 journalists, Dow Jones Newswires publishes more than 16,000 daily news items - including exclusive content from The Wall Street Journal, Barron's and MarketWatch - covering every asset class and key regions and markets worldwide.

Dow Jones News Service: North America

Informs trading and investing decisions with exclusive news, commentary and analysis on North American companies and markets. This streamlined source for equities markets and company news in the Americas also provides overviews of real-time news on other asset classes and regions across the globe.

Dow Jones Institutional News: Global

Provides exclusive data, commentary and analysis on issues affecting trading and investing across all asset classes globally. Stay ahead of global equities markets and company news, track drivers of sovereign and corporate debt markets, and monitor FX, FI and Commodities news with Dow Jones' most comprehensive real-time news feed.

Dow Jones US Press Release

US Press Releases sourced from PR Newswire, Business Wire, Market Wire and Globe Newswire.

Dow Jones Real-Time News: Global

Global stock market and geopolitical coverage providing exclusive, market-moving insights on major companies worldwide. A key resource for equity market investors and traders, the Global Equities feed also covers global macroeconomic and central bank news likely to impact currency and credit markets for a truly comprehensive view.

Dow Jones Real-Time News: North America

Includes North American stock market, geopolitical, macroeconomic and central bank news likely to impact currency and credit markets. Delivering exclusive, market-moving content on major companies, the Regional Real-Time feeds are a key resource for equity market investors and traders with regionally-targeted interests.

Dow Jones Real-Time News: Europe

Includes European stock market, geopolitical, macroeconomic and central bank news likely to impact currency and credit markets. Delivering exclusive, market-moving content on major companies, the Regional Real-Time feeds are a key resource for equity market investors and traders with regionally-targeted interests.

Dow Jones Real-Time News: Asia-Pacific

Includes Asia-Pacific stock market, geopolitical, macroeconomic and central bank news likely to impact currency and credit markets. Delivering exclusive, market-moving content on major companies, the Regional Real-Time feeds are a key resource for equity market investors and traders with regionally-targeted interests.

Dow Jones Local Language News

Dow Jones Local Language News delivers trusted news in clients' preferred languages to alert customers and investors to profitable trading opportunities and must-watch companies, industries and topics.

Dow Jones FX Select

Dow Jones FX Select delivers real-time global FX news, commentary and analysis directly to your trading portals and mobile applications. This feed provides retail traders with the advantage of actionable news and insight from a premier news organization.

Dow Jones Commodities Market Talk

Dow Jones Commodities Market Talk delivers actionable, comprehensive news and information to traders, analysts and portfolio managers.

Dow Jones Global News

Dow Jones Newswires is a market-moving financial and business news source, used by wealth managers, institutional investors and fintech platforms around the world to identify trading and investing opportunities, and build investor experiences.

Dow Jones Global Press Releases

Uncover trading, investing and deal opportunities with market-moving news and exclusive insights from trusted Dow Jones sources.

Econoday is available in TWS mobile only, and does not require a subscription.

A Smarter Calendar for the Smarter Investor

Trading the financial markets is never easy, but minimizing uncertainty by understanding what is really driving the markets is a crucial step. That is where Econoday's Global Premier Calendar comes into play.

It's much more than a calendar of economic events, it's a trading tool that helps investors make smarter financial decisions.

What to expect:

Unbiased, jargon-free, market-focused analysis written by a team of senior economists, each with more than 30 years of experience covering economic indicators and the potential impact on the market.

Understanding how to interpret the data is critical and Econoday Research's experts work quickly to detect significant elements within announcements for investors.

Data includes the prior release, revisions to the prior release, consensus, and actual data. Consensus is proprietary and actively managed to ensure optimum results from the forecasts submitted by economists around the world who participate in Econoday's survey.

Ranking of events to make sure investors know which events matter most to the market.

Notifications of the release of economic indicators, central bank announcements/minutes, as well as unscheduled market-moving events. Daily and weekly articles broaden the coverage to include market activity generally, such as updates on stocks, bonds, and currencies.

Coverage of events taking place in United States, Australia, Canada, China, Eurozone, France, Germany, Hong Kong, India, Italy, Japan, New Zealand, Singapore, Switzerland and the United Kingdom.

Immediate access to Econoday's archives dating back to 2001, encompassing event data, analysis, along with daily/weekly articles summarizing market activity, that can be used to help assess today's market trends.

Interactive charts provide the time series of the data, and display the consensus and the actual data when the cursor hovers over any date on the chart. Click on any date, and the user may immediately access the report for the indicator written on that date.

Control display options to maximize potential trading opportunities including changing the view of events to daily, weekly, or monthly; changing the timezone to local time; filtering events to highlight a specific country; and a responsive design allowing users to change the size of the calendar to meet their viewing preferences.

A weekly podcast called Econoday Unplugged where economists discuss current market issues. About Econoday: Econoday has been delivering economic data and analysis to the investment community for more than a quarter of a century. Econoday users span the globe and include premier financial institutions such as Bloomberg, Dow Jones, Nasdaq, Fidelity, TD Ameritrade, CME, ICE, Bank of America, and many more. Econoday creates print and digital products that make it easier for investors to follow economic indicators, and better understand the relationship of these announcements to market activity for the purpose of making more informed investment decisions. Taking into consideration the economic landscape before making a buy/sell decision is inherently a strategic advantage for investors.

Economatica

To subscribe to Economatica, log in to Client Portal, toggle to User Settings > select Research Subscriptions > select the Current Research Configuration Icon

Economatica specializes in handling financial information. The SaaS-based investment research platform rapidly organizes and systemizes data for company stocks, ADRs and ETFs listed on the major US exchanges. Economatica provides the information needed to make better investment decisions with a cloud-based platform that helps investors analyze securities and portfolios with the flexibility to meet their unique needs.

These user-friendly tools are designed to help investors gather essential financial information and improve investment results.

• Screening, Peer Analysis, and Time Series Apps
• Reporting and Charting
• Company Valuations (Discounted Cash Flow model)
• Portfolio Optimization
• Pair Trading

Edison is a complimentary service, and does not require a subscription.

Edison is an investment research and advisory company, with offices in North America, Europe, the Middle East and AsiaPac. The core of Edison is its acclaimed equity research platform and deep multi-sector expertise. Edison Investment's research is widely read by international investors, advisors and stakeholders. Edison Advisors leverages the core research platform to provide differentiated services including investor relations and strategic consulting.

Estimize is a complimentary service, and does not require a subscription.

Estimize crowdsources quarterly corporate earnings and revenue estimates from the sell-side, the buy-side, as well as independent contributors. By leveraging a larger and more diverse community of contributors than traditional Wall Street data providers, Estimize has created a more representative and accurate data offering representing 1,500+ stocks. Institutional investors and professional traders utilize Estimize data for idea generation and risk management both in an API format as well as through the Estimize premium stock screener. The stock screener easily identifies stocks which consistently beat or miss Wall Street expectations and offers real time alerts that signal when the consensus and select analysts' expectations differ from Wall Street.

etfguide is a complimentary service, and does not require a subscription.

ETFguide's Product Offering includes the following:

• First Look ETF - First Look ETF features and examines newly launched U.S. listed ETF products.
• ETFguide PREMIUM - ETFguide PREMIUM along with the Technical Forecast and Weekly pick screens funds from a universe of 2,000+ U.S.-listed ETFs with over $3 trillion in assets. Subscribers receive trade alerts via text, Twitter @etfguidepremium, or email.

Technical Forecast & Weekly Pick

ETFguide's research includes the following tools:

• Market Meter
• Index Strategy Map
• Vital Signs of Key ETF Categories
• Mega Investment Theme Report
• Global Equity Map
• ETF Performance & Yield Corner

ETFguide's Approach:

Our innovative approach to ETF investing examines the immediate profit potential both long and short among thousands of funds. Not only do we make buy/sell picks accordingly, but our methodology includes a strict sell discipline with pre-determined stop orders designed to limit downside while letting our winners grow.

Our ETF Technical Forecast provides complete analysis and charting of key ETFs across all asset classes. Our actionable ETF picks are not generated by faceless algorithms, but rather, through our proven proprietary method of combining technical, fundamental, and sentiment analysis to find potential high profit opportunities.

Our investing philosophy can be summarized in the following manner:

• Provide actionable ETF trades
• Focus on market trends in stocks, bonds, real estate, and currency-linked ETFs
• Help investors to incorporate an adequate margin of safety within their portfolio
• Examine key support and resistance levels + pivots for clues about market conditions
• Showcase strategies designed to grow and protect capital during any market environment

To subscribe to FinGraphs, log in to Client Portal, toggle to User Settings > select Research Subscriptions > select the Current Research Configuration Icon

FREE: monitor markets with our proposed multi asset intraday mosaic (a selection of 16 charts on one page, continuously updated every 4 minutes in live streaming mode, across Forex, Commodities and Equity and Bond ETFs).

For access, just visit the "FREE CHARTS" section on our website below.

SUBSCRIPTION SERVICES: access the full FinGraphs' service across 5,000 instruments over all asset classes globally, with frequencies ranging from long term to intraday:

• simple decision helping chart methodology to identify trends, set price targets and assess risk over different combinations of investment horizons (for Investors, for Traders, for Scalpers)
• create your favorites lists, your bespoke multi instruments/multi time-frames mosaics of up to 16 charts per page, view a large selection of relative charts

FinGraphs is edited by Management Joint Trust SA, an institutional advisory firm founded in 1969 in Geneva, Switzerland.

To subscribe to FSInsight, log in to Client Portal, toggle to User Settings > select Research Subscriptions > select the Current Research Configuration Icon

FSinsight.com produces primary research along the following verticals:

• Macro Research led by Thomas Lee a widely-recognized market authority and commentator, whose views regularly appear in the media. (He was formerly at J.P. Morgan (1999-2014), where he was Chief Equity Strategist from 2007
• Portfolio Strategy led by Brian Rauscher (Head of Global Portfolio Strategy, former Chief Portfolio Strategist at Robert W. Baird & Co).
• Quantitative Strategy led by Ken Xuan (Head of Data Science Research, former operations strategy consultant at West Monroe Partners).
• Technical Analysis Strategy led by Robert Sluymer (Senior Technical Strategist with over 26 years of experience, formerly with RBC Capital Markets).
• Washington Policy Strategy led by Tom Block (president of Tom Block Consults, a public-policy consulting firm. Prior to that, Mr. Block had a 21-year career at J.P. Morgan, serving as global head of government relations).

FSInsight is lead by Tom Lee, former Chief Equity Strategist at JPMorgan. This FSI research team has nearly 80 combined years of institutional sell-side research experience. Their approach is data intensive and seeks to take advantage of anomalies that identify sectors and stocks which have the potential to outperform the market. Tools are aligned with this focus and help clients to make better informed decisions. FSinsight.com concentrates on delivering analysis, not opinions, and as an independent research provider, clients are assured that the work is tailored to provide fresh and innovative intelligence to aid in their investment process.

Fundamental Analytics

To subscribe to Fundamental Analytics, log in to Client Portal, toggle to User Settings > select Research Subscriptions > select the Current Research Configuration Icon

Gordon Haskett

To subscribe to Gordon Haskett, log in to Client Portal, toggle to User Settings > select Research Subscriptions > select the Current Research Configuration Icon

GHRA's leading event-driven research team led by Don Bilson generates insights and actionable stock ideas by analyzing and attempting to anticipate strategic events, including M&A, activism, spinoffs, restructurings, and board/management changes.

Gravity Exists

Gravity Exists is a complimentary service, and does not require a subscription.

Gravity Exists is a journal providing insight and analysis for wealth managers and institutional allocators. Gravity's editorial coverage spans market risk, economics, and policy as well as in-depth interviews with investment industry experts.

On Wednesdays, the newsletter Playbook is published. Playbook presents proprietary model portfolios alongside analysis of the market and macro forces driving performance. Interactive Brokers clients are invited to receive Playbook, published articles, and invitations to webinars and live conferences, at no cost.

Hammerstone

To subscribe to Hammerstone, log in to Client Portal, toggle to User Settings > select Research Subscriptions > select the Current Research Configuration Icon

The Hammerstone Report is a separate service available in TWS. Subscribers can look forward to being provided with top level content and commentary 4x per day via the following daily reports: Early Look, Mid-Morning Look, Closing Recap, and Street Recommendations.

For more information on our products, please visit: http://thehammerstone.com/products

Hightower Report

To subscribe to Hightower Report, log in to Client Portal, toggle to User Settings > select Research Subscriptions > select the Current Research Configuration Icon

Daily Comments

Individual traders, brokers and managers traders look to The Hightower Report to help them navigate today's complex markets. Our morning commentary provides concise, fundamental analysis on all the major market segments, including Grains, Livestock, Financial Markets, Metals, Energy and the "Soft" Commodities. Get a look ahead to the day's trade, with the latest fundamental data, support and resistance levels and trade suggestions.

Our commentary is sold by market segment or as a package so you can customize your subscription to your needs:

• Grains, Livestock, Financials, Metals, Energy and Soft Commodities (Coffee, Cocoa, Sugar and Cotton).
• Fundamentally-based analysis combined with classic technical analysis.
• Trade Strategies - When our analysts see an opportunity, they will let you know! Our trade suggestions have clearly stated objectives and risk levels.
• Options - Trade suggestions often include strategies that use options, either alone or in combination with futures.

Weekly Market Letter

Released Friday afternoons for up-to-date ideas and strategies to start the next trading week. Ideal for hedgers, traders, investors and everyone in between.

• Timely information and trade ideas.
• Easy-to-read layout.
• Succinct articles with specific trade strategies using futures, options and combinations of both.
• Market-by-Market Summaries, with long/short indicators.
• Major Economic Events - and how they will impact the markets.
• Overvalued/Undervalued Markets - Fundamental and Technical.
• Longer Term and Big Leverage Trade Sections.

To subscribe to IEX Cloud, log in to Client Portal, toggle to User Settings > select Research Subscriptions > select the Current Research Configuration Icon

About IEX Cloud:

IEX Cloud is the financial data business of IEX Group, which also separately operates the IEX Exchange. Since 2019, IEX Cloud has been setting new standards for easy delivery and use of financial data.

IEX Cloud connects you with 150+ enterprise-grade datasets through one easy-to-use platform and API – great for:

• Fintechs and developers looking to readily integrate financial data into their applications and products.
• Institutional investors that need a wide breadth of enterprise-grade datasets to inform their strategies.
• Everyday investors that empower investment decisions with data-driven research – whether that's tracking a portfolio in Excel or performing fundamental analysis.

Curated Core and Premium Data

Access institutional-grade data in minutes, including full U.S. market coverage and support for 475,000+ securities globally – all in one API:

• Real-time* U.S. stock prices and international historical stock prices from 150+ exchanges globally,
• Best-in-class fundamentals data,
• Corporate actions, including dividends, splits, and M&A,
• Crypto data, Forex rates, and macroeconomic data,
• Specialized alternative datasets, such as stock research reports, ESG data, ML-trained stock models, and insights from expert research firms.

Use IEX Cloud anywhere

Get data when and how you need it using an easy-to-use API, SSE streaming, bulk file downloads, the IEX Cloud Excel plugin, or customized data delivery with Rules Engine.

Visit the IEX Cloud getting started guide here for instructions on how to use the platform, including how to use the API, manage your subscription, and get the most out of the platform.

To subscribe to illio, log in to Client Portal, toggle to User Settings > select Research Subscriptions > select the Current Research Configuration Icon

We help individual investors think like a wealth manager.

What illio analytics include: Insights: Get key facts on your portfolio without doing the analysis. Scenario Analysis: Study how your portfolio behaves when markets move. ESG: Evaluate how aligned your portfolio is to E, S and G factors. And deep dives into: Risk, Drawdown, Performance, Structure, P&L, Income.

How we work:

Step 1: Aggregate all your accounts and track all your assets through one platform.

Step 2: Analyze your total wealth with professional grade analytics.

Step 3: Get informed with our insights which tell you all you need to know about your portfolio within seconds.

For more information on our products, please visit: http://illio.com

InsiderInsights

To subscribe to InsiderInsights, log in to Client Portal, toggle to User Settings > select Research Subscriptions > select the Current Research Configuration Icon

InsiderInsights Pro Trader (Includes the following)

• Power Alerts
• InsiderInsights Headline alerts are published when insider transactions generate or confirm InsiderInsights company ratings.
• Uploaded intra-day as qualifying insider transactions occur.
• Daily Insider Ratings Reports (via PDF File)
• InsiderInsights Ratings of stocks with open-market SEC Form 4 purchases & sales filed during the previous session.
• Uploaded before market opens the following morning.
• Weekly Insider Tables (via PDF File)
• InsiderInsights Ratings of stocks with open-market SEC Form 4 purchases & sales filed during the past week. Weekly summaries by company and individual. In addition, Insider Tables which include InsiderInsights tables for stocks with still-active Significant Ratings over the previous 90 days.
• Uploaded Saturdays.
• Monthly Insider Special Screens (via PDF File)
• InsiderInsights Monthly Special Screens combine insider data & ratings with various fundamental and price action criteria to help identify the potential best value, growth, momentum, and short ideas.
• Uploaded the 1st of each month and run on open-market SEC Form 4 filings from the previous calendar month.

ISS EVA provides complientary services, and do not require subscriptions.

View Sample Report 1

• This sample research report is published by ISS EVA and is being posted with permission from ISS EVA. The views expressed in this article are solely those of the author and/or ISS EVA and IB does not endorse or recommend any investment, trades or trading strategies discussed in the article. This material is provided for information only and is not and should not be construed as an offer to sell or the solicitation of an offer to buy any security. To the extent that this material discusses general market activity, industry or sector trends or other broad-based economic or political conditions, it should not be construed as research or investment advice. To the extent that it includes references to specific securities, commodities, currencies, or other instruments, those references do not constitute a recommendation by IB to buy, sell or hold such security. This material does not and is not intended to take into account the particular financial conditions, investment objectives or requirements of individual customers. Before acting on this material, you should consider whether it is suitable for your particular circumstances and, as necessary, seek professional advice.

Kailash Concepts Research

To subscribe to Kailash Basic, log in to Client Portal, toggle to User Settings > select Research Subscriptions > select the Current Research Configuration Icon

Behavioral Finance, Portfolio Strategy & Quantamental Tool Kits Built by a Team with over 70 years of Money Management Experience. We believe in bringing focus and speed to your investment process. We do this by publishing weekly newsletters that are easy to consume and digest. Our work is all evidence based built on decades of robust research. It is not throwing darts. We believe, we are coming out of the longest and biggest bubble in US history and with modest normalization, our messaging should have a 5-12 years tailwind. Our work will communicate to you with a remarkable level of process and discipline where we are seeing opportunities and risks in markets. These letters will be able to help you with portfolio construction and communication to help grow your own business.

Interactive Brokers

Interactive Brokers is a complimentary service, and does not require a subscription.

The IBKR Quant Blog serves quantitative professionals who have an interest in programming.

CoinMetrics

Coin Metrics is a complimentary service, and does not require a subscription.

IBKR Traders' Insights

Combines market commentary from IBG traders, global exchanges, and other market veterans into one forum.

To subscribe to Mace News, log in to Client Portal, toggle to User Settings > select Research Subscriptions > select the Current Research Configuration Icon

Mace News. Know better.

Real-time global macro news for investors.

Instant economic news coverage with context.

We help you pick out the intelligence from the daily deluge of information. Whether it's the latest economic indicator or comment from a central banker. Or the latest on global health or international trade.

Our reporters are veterans with deep knowledge of macroeconomic topics that apply across markets. We deliver accurate, independent news and analysis for savvy financial market participants.

Mace News keeps you alerted to upcoming news so you won't be caught off guard. Our team provides exclusive content, including interviews with central bankers.

We are responsive. We want to hear your questions and requests for coverage. Our focus shifts as your interests shift.

Mace News Macro delivers streaming news headlines and analysis at release time on key economic data and statements from policymakers. With news roundups and commentary putting the latest news in context. Helping readers understand what's happening now and what's next.

Billionaire's Portfolio

To subscribe to Billion's Portfolios, log in to Client Portal, toggle to User Settings > select Research Subscriptions > select the Current Research Configuration Icon

Invest alongside the world's best and most influential billionaire investors in the world. Buy what they buy. Sell what they sell.

When a powerful investor enters an undervalued stock with a gameplan to unlock value - you can follow along, step by step.

To subscribe to Macro Hive, log in to Client Portal, toggle to User Settings > select Research Subscriptions > select the Current Research Configuration Icon

Our worldwide user base spans across 160 countries and are from over 1,000 different institutions, from financial firms and international corporations to government bodies and universities.

Our aim is to provide both retail and institutional investors with a trusted platform to discover the best investment ideas in an accessible form.

MacroRisk Analytics

To subscribe to MacroRisk Analytics, log in to Client Portal, toggle to User Settings > select Research Subscriptions > select the Current Research Configuration Icon

The Economy Matters - MacroRisk Analytics provides statistically sound, scientifically tested methodology for measuring the economy's influence on investment prices, including 30,000 stocks, mutual funds, and ETFs. The Economy Matters tools enable investors to reduce their economic risk exposure, while also identifying opportunity in the current economic climate. MacroRisk Analytics is designed to reflect what the economy is doing right now, and how it will affect the value of assets in the future, based on current data and historical relationships.

Market Chameleon

To subscribe to Market Chameleon, log in to Client Portal, toggle to User Settings > select Research Subscriptions > select the Current Research Configuration Icon

• Order Flow Analysis
• Option Trade Opportunities
• Market Insights

You can use the tolls to gain valuable insights into order flow activity such as a breakdown of option order flow sentiment: retail vs. institutional.

Discover what is happening with big volume block trades, dark pools, market on-close order imbalances, unusual options volume, time and sales and more.

Find earnings plays using historical data as guidance for optimal strategy set ups.

Find option trade opportunities with theoretical edge.

You can use Marketchameleon unique analytics and tools to screen for option strategy trade ideas, view option strategy backtests, run risk/reward analysis, payout diagrams, get seasonality reports, upcoming events, historical option volatility charts, get historical probabilities and distribution of returns and more.

MarketDesk Research

To subscribe to MarketDesk Research, log in to Client Portal, toggle to User Settings > select Research Subscriptions > select the Current Research Configuration Icon

MarketDesk Research provides independent investment research and portfolio strategy centered around evidence-based investing. Instead of basing decisions on near-term trends or ""expert"" opinions, our team focuses on historical data, leading indicators, and statistical probabilities to guide core asset allocation ratings and idea generation. This quantitative overlay rewards facts, not opinions, and allows MarketDesk Research to simplify an often complicated market narrative and provide actionable ideas. Solutions include core asset allocation research (equities, credit, economics, and international markets), tactical ideas (industries, themes, regions), model portfolios (quantitatively managed strategies), and white label insights (client communication and marketing).

Market Edge Research

To subscribe to Market Edge Research, log in to Client Portal, toggle to User Settings > select Research Subscriptions > select the Current Research Configuration Icon

The Market Edge Technician report provides in-depth analysis on over 3,600 stocks. Updated daily, the research looks at short and intermediate term strengths and weakness and provides specific, actionable recommendations. A Calendar of Technical Events alerts investors to changes in pertinent technical indicators.

MarketGrader

To subscribe to MarketGrader, log in to Client Portal, toggle to User Settings > select Research Subscriptions > select the Current Research Configuration Icon

Subscribe to any of the four coverage regions (Americas, Europe, Middle East & Africa, or Asia Pacific) or to all regions with Global package.

MarketGrader rates 40,000 companies across more than 100 global markets daily. Our growth-at-a-reasonable-price (GARP) methodology is designed to help you find the world's best growth compounders without overpaying for their shares. Every MarketGrader report provides a clear analysis of a company's fundamentals across four key areas: Growth, Value, Profitability, and Cash Flow, and summarizes our view on the stock with a clear 'Buy,' 'Hold,' or 'Sell' rating. It also shows you where any company ranks against its regional peers and gives you a Sentiment score to help you identify optimal entry and exit points.

Market Structure Edge

To subscribe to Market Structure Edge, log in to Client Portal, toggle to User Settings > select Research Subscriptions > select the Current Research Configuration Icon

Market Structure EDGE (30D free trial) is the only quantitatve decision-support platform for investors that highlights SUPPLY and DEMAND in US stocks. As in any market, prices rise when Demand outstrips Supply, and vice versa. Without knowing Supply and Demand, price tells you little. And you can't get great returns trading stocks others don't own. Everybody owns the same stocks. Everybody owns APPL, for instance. You'll outperform the rest if you buy diverging Supply and Demand in AAPL. By showing Supply and Demand in simple, clear graphics along with other important portfolio factors such as Volatility and $/Trade, EDGE is a true and unique advantage for traders and investors in US stocks.

McAlinden Research Products (MRP)

McAlinden Research Products is a complimentary service, and does not require a subscription.

McAlinden Research Partner's (MRP) strives to identify change-driven, thematic investment ideas. They follow a proprietary methodology developed by Joe McAlinden, a 50 year Wall Street veteran, and former CIO of Morgan Stanley Investment Management, along with former Chief Strategist of Dillon Read & CEO of Argus Research. Subscribers to MRP receive the "Daily Intelligence Briefing"(DIBS) report which provides a deep dive into subjects MRP is exploring, in its quest for alpha generating themes.

To subscribe to Merchantec Capital, log in to Client Portal, toggle to User Settings > select Research Subscriptions > select the Current Research Configuration Icon

Our other company services are:

• Company Valuations
• JSE Sponsor
• Advisory Services
• Capital Raise

Mill Street Research

To subscribe to Mill Street Research, log in to Client Portal, toggle to User Settings > select Research Subscriptions > select the Current Research Configuration Icon

The weekly Mill Street Research Trader Ideas report provides active traders with a focused list of 20 liquid US large-cap stocks that rank highest on Mill Street's flagship MAER multi-factor stock ranking model. Institutional investors globally have relied on MAER for stock selection for years, and Mill Street now extracts the most timely ideas for traders in the Traders Ideas Report. Mill Street's MAER product is a carefully constructed, institutional-grade multi-factor global stock ranking model that has been used by demanding buy-side firms for years as part of their stock selection process. MAER leverages proprietary implementations of well-established drivers of returns to obtain results that are more effective, robust, and investable than most other models.

MNI Market News

To subscribe to MNI Market News, log in to Client Portal, toggle to User Settings > select Research Subscriptions > select the Current Research Configuration Icon

MNI is a provider of news and intelligence specifically for the global foreign exchange and fixed income markets, offering real-time actionable, insight and decision support to professional investors and traders delivered in concise bullet point format. MNI's reputation for delivering mission-critical information has been built over three decades. Offering not only news, but news analysis: linking breaking news to the effects on capital markets. MNI's mission is to provide "All Signal, No Noise".

Morningstar

To subscribe to Morningstar, log in to Client Portal, toggle to User Settings > select Research Subscriptions > select the Current Research Configuration Icon

Access research from Morningstar, the leading global provider of independent, fundamental research to help make better informed decisions. Morningstar's team of 100+ global analysts covers thousands of securities and delivers in-depth reports that include the Morningstar Rating™, buy/sell prices, Stewardship Ratings, Economic Moat Ratings, and risk analysis.

MT Newswires

To subscribe to MT Newswires, log in to Client Portal, toggle to User Settings > select Research Subscriptions > select the Current Research Configuration Icon

News you can use! Used by most of the largest banks and asset management firms, Live Briefs PRO North America (from MT Newswires) is a leading source of breaking news to professional traders and wealth managers in the US, Canada and Europe. With up-to-the minute coverage of global financial market activity around the clock, subscribers get unique and actionable news and trading analysis of equities (US and Canada), commodities, options, bonds, FX and all global economic events. Among the 110+ categories of coverage are the proprietary Earnings Reaction History reports, providing subscribers with unique insight into how a company's stock price is likely to react based on reactions to similar news in the past (see sample story).

Live Briefs PRO is produced by MT Newswires experienced staff of economists, financial journalists and editors delivering clients with a zero noise source of original, multi-asset class real time news. Breaking news and analysis every market day from 6:30 am to 6:30 pm ET, including both the pre-market and after-hours trading sessions.

Naviga Newsfeed

To subscribe to Naviga Newsfeed, log in to Client Portal, toggle to User Settings > select Research Subscriptions > select the Current Research Configuration Icon

Ned Davis Research

Ned Davis Research is a complimentary service, and does not require a subscription.

NDR Advisory Publications provides broad, objective market analysis, and implementation ideas. The Advisory Publications include daily U.S. economic analysis; weekly summaries providing global macro-economic analysis, top-level analysis on global and U.S. asset allocation, and U.S. sector allocation. Advice offering includes actionable ideas; weekly commentary on ETF trends; monthly commentary summarizing key positions and themes in the market; and quarterly benchmark analysis discussing themes among asset classes, styles, and sectors.

Since 1980 Ned Davis Research (NDR) has been helping investors to make better decisions with unbiased, insightful and risk appropriate market and global economic data and analysis. NDR's commitment to data-driven analysis has resulted in the firm's evolution into one of the largest independent institutional investment research providers in the market. NDR is widely recognized for its concise market commentary and objective views. Ned Davis Research is headquartered in Venice, Florida, with offices in Atlanta, Boston, London, Hong Kong, and San Francisco.

The Ned Davis Research methodology draws on both fundamental and technical research disciplines. Fundamentals provide insight as to how the markets might act, while technicals reveal how the market is acting. Truly insightful and timely ideas demand a balance between these two disciplines. Actionable ideas meet balanced, strategic insights through our 360° research methodology.

New Constructs

New Constructs is a complimentary service, and does not require a subscription.

We find it. You benefit. Investment ratings on 3000+ stocks, 400+ ETFs and 7000+ mutual funds. We offer tools to help clients protect themselves from red flags buried in footnotes. Cutting-edge technology enhances our forensics accounting expertise to provide the best risk/reward analysis. We shine a light in the dark corners of SEC filings so our clients can make safer, more informed decisions.

To subscribe to Orbisa, log in to Client Portal, toggle to User Settings > select Research Subscriptions > select the Current Research Configuration Icon

Orbisa is a premium market data service offering insights and transparency into the securities lending industry. The Orbisa dataset lets clients evaluate short trades by accessing key securities lending metrics. Investors can access metrics such as Utilization, Shares On Loan and Short Interest Indicators to gauge borrowing demand in a name, which may reflect market sentiment. They can also leverage historical data to view recent trends and compare activity across two tickers.

• Utilization: a measure of supply and demand in the securities lending market. This value measures the on-loan quantity (shares actively borrowed) relative to the inventory quantity (shares available to be borrowed), giving insight into how difficult it may be to locate a security
• Short Interest Indicator: a measure of shares borrowed versus shares publicly available to trade. A high short interest could lead to a potential short squeeze if short sellers look to close out of positions
• On-Loan Quantity: the number of shares actively being borrowed
• On-Loan Value: the value of the shares actively being borrowed. This value will be influenced by the On-Loan Quantity as well as price movements of the security
• Days To Cover: an estimate of how long it would take to cover a short position given recent trading volumes by comparing the on-loan balance to recent trading volumes. The higher this figure, the greater the risk of a potential short squeeze

Users subscribed to Premium Orbisa Securities Lending Analytics also have access to 12 months of historical data to help understand when demand is increasing or decreasing. In addition, they can gain insight by comparing borrowing demand between two stocks.

To subscribe to Passiv, log in to Client Portal, toggle to User Settings > select Research Subscriptions > select the Current Research Configuration Icon

Passiv is an automated portfolio management tool that makes it easier for investors following a balanced fund investment strategy to manage their portfolios. It helps users to be their own wealth manager, making it easier for them to allocate cash and maintain a target allocation. Simply set your target allocation and follow the calculated trades. You'll also get notifications whenever cash hits your account or your portfolio drifts. Passiv is free to use but Elite users get access to advanced features like:

One-click trades - Allocate cash or rebalance your portfolio in one-click, saving you the hassle of having to login to your broker to place the trades.

Multi-account portfolios - Combine multiple accounts into one holistic portfolio to keep everything balanced.

Advanced currency handling - Keep your different currencies separate by preventing foreign exchange transactions in your account.

Dollar cost averaging - Allocate new cash contributions gradually over time to reduce the risk from market volatility.

And much more!

Peak Capital Management

To subscribe to Peak Capital Management, log in to Client Portal, toggle to User Settings > select Research Subscriptions > select the Current Research Configuration Icon

PCM Report – The PCM Report is a monthly report produced by the Peak Capital Management leadership team of which includes a variety of content including economic commentary on the capital markets, technical analysis, political analysis, and a brief Q&A section led by both our CEO and Chief Equity Strategist.

Quarterly Performance Review – The Quarterly Performance Review is a research report produced by our Chief Equity Strategist and Head of Research, Clint Pekrul, CFA, where he analyzes and discusses the equity and fixed income markets. Clint also provides a brief review of how our managed-risk strategies have performed over the most-recent quarter.

To subscribe to PropThink, log in to Client Portal, toggle to User Settings > select Research Subscriptions > select the Current Research Configuration Icon

PropThink is an intelligence service that delivers long and short trading ideas to investors in the healthcare and life sciences sectors. Our focus is on identifying and analyzing technically complicated companies and equities that are grossly over- or under-valued.

PropThink provides long and short trading ideas to investors in the healthcare and life sciences sectors. Our editorial team is comprised of individuals with a strong background in science, medicine and the business of successfully commercializing therapeutics, medical devices, diagnostics and healthcare services. Our ultimate objective is to leverage the knowledge and experience of our contributors, as well as a network of experts and thought leaders, to introduce our subscribers to profitable long and short investment opportunities in the healthcare sector. We offer regular market coverage, actionable research, and a free weekly newsletter to investors who subscribe on PropThink.com.

QuantConnect

To subscribe to QuantConnect, log in to Client Portal, toggle to User Settings > select Research Subscriptions > select the Current Research Configuration Icon

QuantConnect's cutting-edge algorithmic trading cloud lets you design and trade strategies in Python or C#, tapping into a massive library of financial data for your strategies.

The complete API lets you focus on your strategy and leave the data plumbing to us. Your strategy is deployed to institutional-grade racks in Equinix and is fed with the best market data possible.

The Researcher Pack comes with a fast 2-Core 5GHz, 8GB-RAM backtest server to run your cloud backtests, a jupyter research node to do historical batch research, and a live-trading node wired up and ready for trading.

The Trading Firm pack comes with 2 high-powered backtest nodes each with 4-5GHz Cores and 12GB RAM. They have a powerful research node and an upgraded live trading node. The Trading Firm pack lets you collaborate with team members to quickly deploy your ideas.

RedSky Markets

RedSky Markets is a complimentary service, and does not require a subscription.

Redsky Markets is a data analytics company that has developed a proprietary software language allowing for rapid queries of large datasets. When certain market thresholds are met in CME Group's major products, Redsky is designed to provide real-time alerts via text message, RSS feed or mobile app. Additionally, Redsky can provide historical context around every market alert.

Refinitiv is a complimentary service, and does not require a subscription.

Recognizing that professionals need trusted information, filtered, and expertly managed, Refinitiv provides a wide range of business-critical information and software for actionable insight.

Sadif Analytics

To subscribe to Sadif Analytics, log in to Client Portal, toggle to User Settings > select Research Subscriptions > select the Current Research Configuration Icon

SADIF is an independent research firm providing unbiased and conflict-free rating updates and quarterly equity research on more than 20,000 companies worldwide. SADIF recommendations are based on fundamental financial analysis, complemented by technical inputs. Our ratings provide a comprehensive tool for analysis and development of actionable investment ideas.

To subscribe to Seasonax, log in to Client Portal, toggle to User Settings > select Research Subscriptions > select the Current Research Configuration Icon

Seeking Alpha

Seeking Alpha is a complimentary service, and does not require a subscription.

Stock market insights & financial analysis. Provides research articles covering broad range of stocks, ETS and investment strategies. Insights are provided by buy side investors and industry expert.

Simpler Trading Company

To subscribe to Simpler Trading Company, log in to Client Portal, toggle to User Settings > select Research Subscriptions > select the Current Research Configuration Icon

Simply Wall Street

Simply Wall Street is a complimentary service, and does not require a subscription.

Simply Wall St helps investors make more informed decisions. Simply Wall Street conducts in-depth and unbiased fundamental analysis on thousands of listed companies worldwide allowing you to quickly identify and research opportunities. Our products are easy to understand, visual, and comprehensive.

Slingshot Insights

To subscribe to Slingshot Insights, log in to Client Portal, toggle to User Settings > select Research Subscriptions > select the Current Research Configuration Icon

Slingshot Insights is an expert network and management access company, focused on the healthcare and biotech space. Slingshot Insights focuses on fulfilling specific interview requests for investors on stocks, and records and transcribes telephone interviews.

Interactive Broker clients can access these completed KOL interviews, conducted by professional portfolio managers, for a monthly fee.

GET ACCESS TODAY

Slingshot Insights' Exclusive Package for GFIS Customers includes:

Access to Slingshot's completed expert interview transcripts after a 2 week holding period.

Immediate access to Slingshot Insights' management call transcripts as well as the ability to access live calls.

To subscribe to Smartkarma, log in to Client Portal, toggle to User Settings > select Research Subscriptions > select the Current Research Configuration Icon

Smartkarma is an independent investment research network uniting Insight Providers, Investors, and Investor Relations Professionals. Smartkarma challenges conventions by providing differentiated, independent analysis on companies, markets, and industries across the world. This includes insights on areas under-reported by mainstream market coverage, including Event-Driven, IPOs & Placements, and Small/Mid-Cap Equities, as well as a wealth of financial data and analytics provided by exchanges, banks, brokers, and more.

Smartkarma's online platform empowers asset managers and private accredited investors who want to access market-moving, differentiated intelligence; corporates who need to maximise their outreach; and analysts who wish to reach global investors with their written reports and bespoke services. Smartkarma is backed by notable investors such as Sequoia Capital, SGX, Wavemaker Partners, Jungle Ventures, and Enterprise Singapore.

The network continues to grow as Smartkarma bolsters its offerings and services:

Premium Services allow asset managers to engage with Insight Providers in a deeper, more nuanced way through desk access and differentiated bespoke reports.

Smartkarma Originals are bespoke and exclusive research pieces that look at current topics through unique perspectives, to deliver even more differentiated research to Smartkarma's client base.

Corporate Solutions helps listed companies monitor investor and analyst sentiment, improve their research coverage, and streamline investor relations workflows.

Private Investor Solutions (Smartkarma Plus) empowers private investors with differentiated and actionable investment ideas with a niche focus on Asian markets. Private investors can now have access to Smartkarma's extensive archive of independent and institutional-quality research, trusted by global institutional investors with million-dollar budgets.

Smartkarma is headquartered in Singapore, with offices in London and New York.

Context Analytics

Context Analytics is a complimentary service, and does not require a subscription.

Context Analytics, Inc. (CA) aggregates the intentions of professional investors as expressed on Twitter. CA uses patented proprietary Sentiment NLP, Topic Modelling, and Source Technology to compare current conversations to historical baselines identifying if the conversation is significantly more positive or negative than normal. CA is a licensed Twitter partner with access to the full Twitter Firehose. We provide nearly 12 years of out-of-sample historical data and have applied our machine learning to this historical dataset. Our data has proven to be predictive at statistically significant levels.

Stock Traders Daily

Stock Traders Daily is a complimentary service, and does not require a subscription.

Trading Reports and Ahead of the Curve

Buy and sell signals, fundamental charts, and technical data for day, swing, and long term trades. Includes a daily hand-drawn combined analysis of near, mid, and long term straight-line technicals for the NDX, DOW, RUT and SPX. This market analysis helps distill anomalies.

Daily Tech Market Analysis

Stock Traders Daily offers a Daily Comprehensive Market Analysis that combines the Dow Jones Industrial Average, NASDAQ 100, S&P 500, and Russell 2000 (combining analyses to help identify anomalies and opportunities). Market analysis helps investors tune out the noise associated with stocks and company specific dynamics and make improved investment decisions. This subscription provides market analysis and commentary, forward guidance, strategy updates, and trading plans updated aftermarket every day, in advance of the next trading session. Traders using index futures and leveraged ETFs use Stock Trader Daily's raw data to define entry and exit levels, while investors, advisors, and funds use the daily commentary to monitor changes to sentiment.

Strategies and Timing

Stock Traders Daily offers Strategy indicators and Timing Tools that are designed to help investors make long and short trading and investing decisions over varying time frames. The Strategy indicators are a simplified way of understanding whether a portfolio should be exposed to the market or protected, for example. These are updated after hours every day, for the next session, and during market hours when necessary too. Tools include Sentiment Tables and Fibonacci Calculations to help investors with their timing strategies. Please email [email protected] and request more information about the accuracy of their Fibonacci Timing Tool. With Strategy Indicators and Timing Tools, both investors and Traders can gauge their market exposure, and make decisions supported by proven techniques.

Economic Analysis

Stock Traders Daily offers a big-picture approach to economic observations; less focused on the day to day changes to economic data, and more focused on data and events that shape the macroeconomic picture. Stock Traders Daily focuses on global liquidity, central bank monetary policy, and long-term economic trends.

Stockpulse GmbH

To subscribe to Stockpulse, log in to Client Portal, toggle to User Settings > select Research Subscriptions > select the Current Research Configuration Icon

Data collectors are continuously scanning myriads of different internet sources for relevant financial topics, communication, and other unstructured data. Latest Artificial Intelligence, Machine Learning, and Natural Language Processing (NLP) methodologies are used to process and aggregate data quality and extract cryptic knowledge of raw and unstructured data sets into viable and comprehensible information such as trading signals.

We have one of the most extensive and most diversified coverages of social media sources around the globe, with a specific focus on financial markets. Beyond the usual sources like Twitter or Stocktwits, we provide insights into Reddit, Discord, Telegram, highly frequented stock message boards, and many other specialized sources. Our coverage is global, we currently monitor more than 40.000 equities from all regions of the world and 9.000 crypto currencies. Natural Language Processing (NLP) is done in several languages, e.g. English, German, Chinese, Swedish, Danish, Finnish, Icelandic, etc.

StreetInsider.com

To subscribe to StreetInsider.com, log in to Client Portal, toggle to User Settings > select Research Subscriptions > select the Current Research Configuration Icon

When it comes to real-time market intelligence and analysis there is no substitute for StreetInsider Premium. Trusted by thousands of money managers, traders and analysts at the world's top banks, hedge funds and exchanges, StreetInsider Premium gives members the edge they need in a fast moving market. StreetInsider Premium offers members hard hitting, market moving news feed that weeds out non-actionable items. Some key trading trading categories covered include: M&A, hedge fund news, analyst rating action/comments, FDA news, Trader Talk, Rumors and Momentum movers to name a few. There are many news services that can spit out headlines, but only StreetInsider.com Premium thinks like a trader. We cover derivative plays, special situations, momentum plays, calendar plays and big picture ideas, among other items that can take your market intelligence to the next level.

To subscribe to Stockcalc, Log in to Client Portal, toggle to User Settings > select Research Subscriptions > select the Current Research Configuration Icon.

Stockcalc provides fundamental valuations each day for over 9,000 stocks, 2,000 ETFs and 150 industries on the NYS, NASDAQ, TSX and TSX-V. Their platform empowers you to find under and overvalued stocks and make investment decisions with confidence, whether as an advisor or retail investor. They use a combination of fundamental analysis coupled with technical, economic and volatility indicators as well as commodity prices to calculate what a stock is worth today and what its value will be over the next 12 months. The modelling has had a 99% success rate on predicting the current price and a 78% success rate over the next 12-month period. Their platform allows you to quickly identify investment opportunities to grow your portfolio or build your own models using our suite of tools.

TalkMarkets

TalkMarkets is a complimentary service, and does not require a subscription.

TFI Securities

TFI Securities is a complimentary service, and does not require a subscription.

TFI has a strong research platform with diversified coverage. Subscription includes access to fundamental and economic research reports from Hong Kong and China.

To subscribe to The Fly, log in to Client Portal, toggle to User Settings > select Research Subscriptions > select the Current Research Configuration Icon

The Fly is a leading digital publisher of real-time financial news. Our financial market experts understand that news impacting stock prices can originate from anywhere, at any time. The Fly team scours all sources of company news, from mainstream to cutting-edge, then filters out the noise to deliver short-form stories consisting of only market moving content.

The Motley Fool

The Motley Fool is a complimentary service, and does not require a subscription.

The Motley Fool's purpose is to make the world smarter, happier, and more prosperous. While other companies may focus on one or two of these, TMF aims to do all three by providing outstanding business and investing advice - with a decidedly Foolish bent.

theScreener

To subscribe to theScreener, log in to Client Portal, toggle to User Settings > select Research Subscriptions > select the Current Research Configuration Icon

For more than 20 years, the research specialists have been successfully developing solutions that enable strategists, decision-makers and advisors in the investment field to do their demanding job more easily, faster and better.

Whether navigating top-down over markets, sectors and asset classes or a targeted individual value analysis – everything is possible in theScreeneer CIO.

TheStreet Ratings

To subscribe to TheStreet Ratings, log in to Client Portal, toggle to User Settings > select Research Subscriptions > select the Current Research Configuration Icon

TheStreet Ratings is TheStreet's award-winning quantitative equity rating service and it will put your portfolio through the kind of tough scrutiny it must pass to succeed. With specific buy, hold, or sell recommendations for over 4,300 U.S. equities; each stock comes with a specific A through F score and a detailed up-to-date five-page research report.

The Tie Crypto Newsfeed is a news service, and does not require a subscription.

The TIE is the leading provider of information services for digital assets. Our core offering, the Crypto SigDev™ Terminal, is the fastest and most comprehensive workstation for institutional digital asset investors. SigDev brings together real-time news from thousands of primary sources, with sentiment analytics, spot and derivatives, alternative, and on-chain data in a powerful and intuitive platform.

The TIE's clients include the leading traditional and crypto-native hedge funds, OTC desks, market makers, trading venues, banks, sell-side firms, and other institutional market participants.

To subscribe to TipRanks, log in to Client Portal, toggle to User Settings > select Research Subscriptions > select the Current Research Configuration Icon

TipRanks offers a suite of powerful tools for individual and professional investors that turn any system into a fully-fledged research platform. Use TipRanks to generate trade ideas, perform market research and manage portfolios.

TipRanks serves as a comprehensive investment tool for traders and financial institutions. TipRanks aggregates stock ratings made on stocks in the NASDAQ and NYSE and tracks both the performance of analysts and bloggers who publishes stock advice, as well as track the gains made by top hedge funds and corporate insiders. TipRanks can be used to draw data-based insights on investor holdings, accompanied by simple graphics. TipRanks crunches data so investors can act on insights.

Analyst Activity

For stock, TipRanks aggregates the ratings made by analysts in the last 3 months to determine the overall consensus, ranging from Strong Sell to Strong Buy. The average 12-month price target is displayed along with the potential upside/downside from current market value, illustrated by a graph that extrapolates the high, low, and median stock price estimates for the next 12 months. Below, view a summary of the recent analyst ratings made on the stock. This includes the analyst name, firm, and rank next to the rating details. To learn about the rationale behind each rating, refer to the "Read article" link that will redirect investors to the reasoning behind the analyst's call.

Analyst Profile

TipRanks creates a comprehensive score card for analysts, allowing investors to view the potential gains from each analyst's history. The name, firm, and sector of the analyst can be viewed alongside the analyst's success rate and average return. Analysts are rated according to a combination of their success rate at making recommendations, average return of all recommendations, and the statistical significance of their results.

To subscribe to TOGGLE, log in to Client Portal, toggle to User Settings > select Research Subscriptions > select the Current Research Configuration Icon

TOGGLE AI is an easy-to-use, institutional-grade investing assistant. It was named the winner of "Best Financial Research Company" at Benzinga's 2021 Global Fintech Awards.

With TOGGLE AI, you'll get AI investment ideas every day, access to the TOGGLE Leading Indicators, instant alerts, help to plan entry and exit points, and much more.

Join a global community of over 100,00 investors who supercharge their investing with TOGGLE AI.

How does TOGGLE AI work?

• TOGGLE AI monitors billions of data points across valuations, momentum, economic growth
• Using the power of machine learning, TOGGLE's AI distills this vast ocean of data into actionable insights on more than 40,000 assets.
• TOGGLE covers all asset classes, including global equities, currencies, crypto, futures, commodities, and fixed income.

What do I get with TOGGLE Copilot?

• Get access to the ultimate idea generation tool, putting all of TOGGLE's insights at your fingertips.
• Connect all your portfolios in one place and receive daily alerts on how current market movements, new data releases, and news headlines might affect your securities.
• Easily filter the universe by sector, insight quality, direction, and more.
• From business cycle analysis to entry-point indicators, you'll get access to all the insights favored by institutional investors.
• Regardless of your subscription plan, all users get access to live workshops, small-group orientations, and world-class client support.

Why should I upgrade to TOGGLE Pro?

• TOGGLE Pro is our full professional suite geared toward experienced investors. In addition to all the features available on Copilot, Pro users will get access to insights on futures, credit, and fixed income.
• You'll also get access to our Scenario tool, which uses state-of-the-art data science to help you explore potential movements on a macro level. How do copper prices affect your mining stocks? If inflation is really high, what could happen to your bank stocks? Test all your hypotheses with one click, no coding required.
• IB Global Investments LLC, a subsidiary of Interactive Broker Group Inc., the parent company of Interactive Brokers LLC, is a minority owner of Toggle AI.

Trade Ideas

To subscribe to Trade Ideas, log in to Client Portal, toggle to User Settings > select Research Subscriptions > select the Current Research Configuration Icon

"Trade Ideas gives technology reserved for hedge funds to the Individual Retail Investor with goal of enabling better decisions in the U.S. and Canadian equity markets. Our A.I. watches every stock and ETF in real-time to identify opportunities everyone else is missing.

Trade Ideas' Machine Learning AI performs a Quantitative Combine daily that reduces, via idea generations and risk management testing, a large universe of algorithms to 6 or 7 per day optimized for capturing alpha with the highest probability of success."

Tradestation

To subscribe to Tradestation, log in to Client Portal, toggle to User Settings > select Research Subscriptions > select the Current Research Configuration Icon

TradeStation offers state-of-the-art trading technology and online electronic brokerage services to active individual and institutional traders in the U.S. and worldwide.

Trading Central is only available in listed professional data bundle.

The Trading Central team prides themselves in successfully supporting investors through innovation. This goal is at the core of everything they do, creating a dynamic and continuously growing list of investor-centric innovations that are designed to facilitate confident, educated trade decisions. Trading Central's patented pattern recognition applications continually scan 89 markets globally to provide coverage of over 75,000 instruments. Their insightful analysis and investment research tools enable users to find and validate suitable investment opportunities based on their individual preferences, optimize the timing of their trades, continually learn about markets while running their own portfolios.

Markets never sleep, and with offices in Paris, London, Cyprus, New York, Ottawa, Sydney, Hong Kong and Shanghai, Trading Central is always there to support investor decisions in the moments most needed.

UBS Live Desk Institutional

To subscribe to UBS Live Desk, log in to Client Portal, toggle to User Settings > select Research Subscriptions > select the Current Research Configuration Icon

UBS Live Desk offers a window into the global trading floor of one of the world's largest investment banks. UBS Live Desk delivers streaming commentary from traders and sales in short, easy-to read snippets to keep you up to date with the very latest developments in global financial markets. The commentary includes updates on assets as well as views and opinions on the key themes driving markets.

To subscribe to Updata, log in to Client Portal, toggle to User Settings > select Research Subscriptions > select the Current Research Configuration Icon

"Updata is a market leader in the provision of technical analysis and automated trading software. The software is compatible dozens of different data sources including Interactive Brokers right up to professional market terminals such as Bloomberg and Refinitiv Eikon. Users can run hundreds of different charts across multiple workspaces. The Technical Analysis tools cover all the bases including world leading point and figure. Automatic price targets are given with a single key press.

Scan large universes of stocks for the ones that meet a given criteria and set complex technical alerts for trade generation ideas. The system testing capability lets users write their own trading systems and Updata's Indicators libraries provide over 1,000 pre written systems to run and test right away. This can be linked trough to trading on the IB platform."

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Validea's Stock Research suite is a web-based investment research tool that analyzes stocks using a series of systematic, fundamentally-oriented investing models that are based on the strategies of Wall Street legends and other demonstrable investing methods. The service consists of 22 "guru"-inspired models and time-tested investment strategies that are used in individual stock analysis, new investment idea generation, model portfolios, trade alerts, stock ratings and additional features like Validea's ETF models portfolios and more. The guru models on Validea include approaches based on Warren Buffett, Peter Lynch, Ben Graham, Joel Greenblatt, Martin Zweig and many others.

• Validea Stock Reports: Access individual stock reports based on guru strategies and point in time fundamental data.
• Validea Standard: Access stock selection models based on Buffett, Lynch, Graham and other Great Investors.
• Guru Analysis: Real-time analysis of any stock using proven factor-based strategies.
• Guru Stock Screener: Screen for stocks that pass any guru models.
• Model Portfolios: 14 easy to follow model portfolios that make following Validea's system easy. Users also have access to ETF Asset Allocation models, which have been tested back to 2006.
• Trend Following: Buy and sell signals for stocks and major asset classes based on a proven technical timing system.

Validea Professional: Elite research tool with 22 demonstrable investing models, including portfolio set and much more.

• Get All 22 Guru Models: Models based on fundamental momentum, private equity, value composites and shareholder yield are available in the model portfolios, guru analysis and guru stock screening features.
• Model Portfolios: Unlock all 22 guru-based models. Users also have access to all ETF model portfolios (factor, sector and asset allocation strategies).
• Trade Alerts: Individual stock alerts based on high conviction guru signals.
• Industry and Country Portfolios: Industry- and country- based portfolios that contain the top stocks according to Validea's guru models.
• Trend Following: Buy and sell signals for industries and investing styles based on a proven technical timing system.
• My Validea Pro: Follow any industry or country/region and receive email alerts on upgrades and downgrades within them.

To subscribe to ValuEngine, log in to Client Portal, toggle to User Settings > select Research Subscriptions > select the Current Research Configuration Icon

ValuEngine (VE) is a stock valuation and forecasting service founded by Ivy League finance academics and Wall Street professionals in 1996. ValuEngine provides individual stock valuation and forecasting reports on over 4,000 US stocks (including 800+ ADRs) and over 1,200 Canadian stocks. In addition, we provide reports on 16 Sectors which are further broken down into 140 Industries. All reports are updated daily after market close.

Our Rating and Forecast Report incorporates the outputs from all of our proprietary models and includes a valuation overview, rating, fair value assessment, return forecasts, market ratio-based valuations, comparable stock analysis, and complete company financials.

ValuEngine's Rating and Forecast Reports for over 5000 stocks provide a recommendation that is based on the proprietary ValuEngine one-year forecast return model output for each individual equity. ValuEngine's Five-Engine rating stocks have an averaged annual return of 26.40% since 2002.

ValuEngine also provides a forecast for 1-3-6 months as well as 1-2-3 years. The predictive variables used in Valuengine's forecast model include both proprietary and well-established variables derived from credible financial studies and publications. We use a distinct forecasting model for each time horizon and apply the most advanced statistical/econometric techniques to ensure that our stock return forecasts are as reliable as possible.

To subscribe to Vermilion, log in to Client Portal, toggle to User Settings > select Research Subscriptions > select the Current Research Configuration Icon

Booster Shots:

Booster Shots is a great source of ideas for value-oriented investors. The charts presented in this report exemplify selling exhaustion, bottoming patterns, and in some cases, positive inflections. Stocks demonstrating bottom-finishing patterns, as they are known, may be indicators of improving price and relative strength reversals.

Vermilion Compass:

• Weekly strategy recap and presentation of actionable themes.
• Weekly reiteration of Vermillion's top-down investment thesis with updates and a selection of actionable Sector and Group ideas.
• Provides bottom-up analysis of over 3,000 stocks broken-down by sector and characterized as being in one of six technical cycles.

Vermilion ETF Pathfinder:

• Comprehensive technical assessment of ETF landscape.
• Pathfinder offers a comprehensive technical appraisal of the ETF universe.
• Provides commentary and strategy for ETF investors broken down by asset class, geography and sector.
• Explores actionable ETF themes, highlighting the most technically significant charts to help investors identify significant trends and their component drivers.

Vermilion Insights:

• Actionable sector and group themes.
• Provides cyclical and secular investment ideas based on thematic sector and group moves.
• Ideas are generated through the use of Vermilion's proprietary RSR rankings, and a comprehensive review of individual charts.
• Ideas are selected on the basis of significant trend inflections, increasing the likelihood for immediate and sustainable performance.

Short Shots:

Short Shots is a collection of technically vulnerable charts culled from the "Negative Inflecting" and "Toppy" columns within Vermilion's Weekly Compass Report or, from their various technical screening processes. The charts contained within the report demonstrate concerned technical patterns that suggest further price deterioration is possible. For these reasons Short Shots makes sense as a source for ideas by investors interested in short-selling candidates.

Wall Street Horizon

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Wall Street Horizon Corporate Event Data for Retail and Institutional users (API)

In the volatility that surrounds corporate events, investors use Wall Street Horizon's accurate and timely single-stock event data to stay on top of company happenings for their portfolio and watchlist companies. Knowledge of forthcoming events and event changes gives them the lead time they need to gain a trading edge.

The Wall Street Horizon universe covers 10,000 publicly traded companies worldwide including NYSE, NASDAQ, OTC, FTSE 100, CAC 40, DAX 30, Hang Seng 50, Nikkei 225, EAFE and Dow Jones STOXX 1000 constituent companies. Wall Street Horizon event data includes more than 20 event classes, highlights include:

Lifecycle of Earnings Dates through to EPS and Earnings Conference Call

• Earnings Calendar
• EPS Results
• Earnings Conference Calls
• Future Quarters

Announced Dividends with Status

• Dividend dates, frequency, amounts and status

Investor Conferences and Events for Event Cluster Volatility

• Conferences & presentations
• Company travel
• Business updates
• Analyst days
• Capital markets days

Merger Events

• Mergers & Acquisitions

Stock Events

• Secondary Offerings
• Stock Splits

Additional Corporate Events

• Interim calendar

WaveStructure

To subscribe to WaveStructure, log in to Client Portal, toggle to User Settings > select Research Subscriptions > select the Current Research Configuration Icon

WaveStructure provides its subscribers with access to daily Elliott Wave and Action Reaction line analysis covering the following markets:

• Commodities
• US Equities
• EU Equities

Analysis of the instruments within each asset class is continuously updated. Alerts about imminent trade opportunities are issued on a daily basis before market open. Alerts fall within the following categories:

• Action Reaction line break (see Education section)
• Elliott Wave breakout (e.g. price rallies above the top of wave 1, entering into wave 3 territory)
• Elliott Wave divergence (e.g. price action in wave 5 not confirmed by a new extreme in the RSI reading)

On average there are about 10-30 alerts issued per day. Alerts follow a simple format: Date Period Ticker Instrument Event Sentiment

31/12 Daily ZL Soybean Oil Divergence Bearish

Subscribers get instant access to educational materials with detailed explanation of our methodology and examples of how the system is applied in real life trading. These materials are divided into 7 parts:

• Market Structure
• Wave Principle
• Action Reaction Lines
• Application
• Alan Andrews' Original Action Reaction Course

For more information, reach us at [email protected] .

Wright FIRST

To subscribe to Wright First, log in to Client Portal, toggle to User Settings > select Research Subscriptions > select the Current Research Configuration Icon

The Wright FIRST Investment Research Service For GFIS provides tools to help with portfolio management, and includes proprietary Wright Quality Rating® for each company, Investment Commentaries, extensive economic and securities markets Chart Files, and Special Report for over 38,000 of the leading companies in 69 countries.

The service facilitates business development and client servicing. Financial Advisors and Investment Professionals can provide prospects and clients with timely information and research. The Wright FIRST Investment Research Chart File provides an extensive resource with insightful graphs and tables that can be included in client account review presentations.

To subscribe to Yuan Talks, log in to Client Portal, toggle to User Settings > select Research Subscriptions > select the Current Research Configuration Icon

Yuan Talks is an independent news platform providing real-time and original information about China's economy and financial markets, with details and data you don't find anywhere else.

They fill the gap between local business information in China and the information that global investors can get from mainstream media outlets. Yuan Talks walk you through every trading day, grab every piece of news with a potential of moving the markets and present it to clients at the earliest possible time. They organize highly scattered China market news to keep you informed in a streamlined and efficient way.

Yuan Talks closely track policies and regulations, official data, independent data from industry associations and research institutions, views and comments from officials, economists, analysts, etc.

Zacks Investment Research

Zacks Investment Research is a complimentary service, and does not require a subscription.

Zacks Investment Research is a Chicago-based research and money management firm founded in 1978 to provide institutional investors with quantitative models designed to predict stock prices for US companies. The product line has expanded over the years to provide a wide range of investment-related information services and software tools to individual investors.

Zacks stock research methodology represents a blend of quantitative and fundamental research, with analyst-written research reports on approximately 960 stocks and quantitatively-driven one-page Snapshot reports on an additional 2,600 stocks. At the core of our rating system is the Zacks Rank, which reflects estimate revisions momentum and earnings surprises.

A new addition to the Zacks Equity Research Reports is the Zacks Style Score, which provides an additional tool for investors to sort through the large number of Zacks Rank 1 and 2 stocks at any time based on one or more of the Value, Growth and Momentum investment styles. The idea is to help investors pick the most appropriate Zacks Rank stocks based on their individual stock-picking preferences. The individual A, B, C, D, E or F Style Score for each stock results from a back-tested evaluation process that uses the metrics with the most predictive value for each style. The top-rated stocks combine Zacks Rank of 1 or 2 with Style Scores of A or B.

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The Value of Equity Research

Equity research is an invaluable asset for anyone looking to stay up-to-date on market and industry trends. In this guide, you will learn about the type of information contained in equity research, the value it offers to corporate professionals, and how the most advanced teams are already leveraging the expertise of Wall Street’s top analysts to inform critical business decisions.

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Introduction.

Equity research, which forms a multi-billion dollar industry for investment banks, is produced by thousands of analysts worldwide to provide the market with valuable information on companies, industries, and market trends. Today, over 90% of equity research is consumed by fund managers, who have the Wall Street relationships to acquire it and the analyst resources to mine it for insights. For corporate strategy professionals who lack this access, however, equity research has historically been challenging to obtain and navigate.

To help corporations circumvent these challenges, AlphaSense has introduced Wall Street Insights, the first and only equity research collection purpose-built for the corporate user. Through the AlphaSense platform, any business making strategic plans or product decisions, conducting competitive analysis, evaluating M&A, or engaging in investor relations can now tap into the deep industry expertise of Wall Street’s top analysts.

What is Equity Research?

Equity research is developed by sell-side firms to help investors and hedge fund managers discover market opportunities and make informed investment decisions. Increasingly, this expert analysis has also been identified by forward-looking corporations as a highly valuable tool to inform strategic decision-making.

There are thousands of sell-side firms that employ expert analysts around the globe to write equity research for the market. The majority of firms producing equity research are hyper-focused and only have one or two analysts developing reports on a specific industry. However, larger firms, such as Morgan Stanley and Bank of America, collectively employ thousands of analysts to write reports on thousands of public companies–covering everything from TMT giants to niche products.

Equity research analysts are deep subject matter experts who are often former executives, industry veterans, or academics. These analysts conduct in-depth research and publish reports on corporations, industries, and macro trends, offering an expert lens into a subject.

Historically, over 90% of equity research was consumed by buy-side fund managers, who had the Wall Street relationships to acquire it and the analyst resources to mine it for insights. For buy-side professionals, equity research is a critical tool to inform sound investment decisions backed by expert insights.

Today, equity research is increasingly relied upon by corporate teams as a high-value source of information. These teams leverage equity research to make strategic business plans, conduct competitive analysis, evaluate mergers and acquisitions, and make product and marketing decisions. For corporations, the value of equity research lies in the detailed coverage of their company, their competitors, and how they are performing related to the marketplace they are within.

What is an Equity Research Report?

An equity research report is a document prepared by an equity research analyst that often provides insight on whether investors should buy, hold, or sell shares of a public company. In an equity research report, an analyst lays out their recommendation, target price, investment thesis, valuation, and risks.

There are multiple forms of equity research, including (but not limited to):

An update report that highlights the latest news, company announcements, earnings reports, Buy Sell Hold ratings, M&A activity, anything that impacts the value of the company.

A comprehensive company report that is compiled when an analyst or firm initiates their coverage of a stock. Initiation reports cover all of the divisions and products of a company in-depth to provide a baseline of what the company is and how it is performing. Initiation reports can be tens to hundreds of pages long, depending on the complexity of a company.

General industry updates that cover a group of similar companies within a sector. Industry-specific reports typically dive into additional factors such as loan growth, interest rates, interest income, net income, and regulatory capital.

A report compiled by research firms either daily or weekly. These reports can often be a great place to get more in-depth insight on commodities and also get market opinions from commodity analysts or traders who write the reports.

A quick 1-2 page report that comments on a news release from a company or other quick information

What is Included in a Typical Equity Research Report?

Research reports don’t need to follow a specific formula. Analysts at different investment banks have some latitude in determining the look and feel of their reports. But more often than not, research reports follow a certain protocol of what investors expect them to look like.

A typical equity research report includes in-depth industry research, management analysis, financial histories, trends, forecasting, valuations, and recommendations for investors. Sometimes called broker research reports or investment research reports, equity research reports are designed to provide a comprehensive snapshot that investors or corporate leaders can leverage to make informed decisions.

Here’s a quick overview of what a standard equity research report covers:

This section covers events, such as quarterly results, guidance, and general company updates.

Upgrades/Downgrades are positive or negative changes in an analyst’s outlook of a particular stock valuation. These updates are usually triggered by qualitative and quantitative analysis that contributes to an increase or decrease in the financial valuation of that security.

Estimates are detailed projections of what a company will earn over the next several years. Valuations of those earnings estimates form price targets. The price target is based on assumptions about the asset’s future supply & demand and fundamentals.

Management Overview and Commentary helps potential investors understand the quality and makeup of a company’s management team. This section can also include a history of leadership within the company and their record with capital allocation, ESG, compensation, incentives, stock ownership. Plus, an overview of the company’s board of directors.

This section covers competitors, industry trends, and a company’s standing among its sector. Industry research includes everything from politics to economics, social trends, technological innovation, and more.

Historical Financial Results typically cover the history of a company’s stock, plus expectations based on the current market and events surrounding it. To determine if a company is at or above market expectations, Analysts must deeply understand the history of a specific industry and find patterns or trends to support their recommendations.

Based on the market analysis, historical financial results, etc., an analyst will run equity valuation models. In some cases, analysts will run more than one valuation model to determine the worth of company stock or asset.

Absolute valuation models : calculates a company’s or asset’s inherent value.

Relative equity valuation models : calculates a company’s or asset’s value relative to another company or asset. Relative valuations base their numbers on price/sales, price/earnings, price/cash flow.

An equity research analyst’s recommendation to buy, hold, or sell. The analyst also will have a target price that tells investors where they expect the stock to be in a year’s time.

What Does an Equity Research Analyst Do?

Equity research analysts exist on both the buy-side and the sell-side of the financial services market. Although these roles differ, both buy-side and sell-side analysts produce reports, projections, and recommendations for specific companies and stocks.

An equity research analyst specializes in a group of companies in a particular industry or country to develop high-level expertise and produce accurate projects and recommendations. Since ER analysts generally focus on a small set of stocks (5-20), they become specialists in those specific companies and industries that they evaluate or follow. These analysts monitor market data and news reports and speak to contacts within the companies/industries they study to update their research daily.

Analysts need to comprehend everything about their ‘coverage’ to give investment endorsements. Equity research analysts must be conversant with the business regulations and regime policies within the country to decide how it will affect the market environment and business in general. The more you understand the industries in detail, the easier it will be for you to decipher market dynamics.

One prevalent aspect of an equity research analyst’s job is building and maintaining valuable relationships with corporate leaders, clients, and peers. Equity research is largely about an analyst’s ability to service clients and provide insightful ideas that positively influence their investing strategy.

EQUITY RESEARCH ANALYSTS:

• Analyze stocks to help portfolio managers make better-informed investment decisions.
• Analyze a stock against market activity to predict a stock’s outlook.
• Develop investment models and provide trading strategies.
• Provide expertise on markets and industries based on their competitive analysis, business analysis, and market research.
• Use data to model and measure the financial risk associated with particular investment decisions.
• Understand the details of various markets to compare a company’s and sector’s stock

Buy-Side vs. Sell-Side Analysts

Although the roles of buy-side and sell-side analysts do overlap in some respects, the purpose of their research differs.

How Do Corporates Currently Access Equity Research?

If you were to Google “equity research reports,” you would not get access to equity research, earnings call transcripts or trade journals. You would, however, discover an unmanageable amount of noise to sift through.

Accessing equity research reports is highly dependent on relationships and entitlements, particularly for corporate teams. Unlike financial firms and investor relations teams, who can access equity research by procuring the right entitlements, corporate teams have a much harder time finding and purchasing high-quality equity research.

If you were to search online for equity research, for example, you would be presented with sub-par options such as:

Some websites allow you to search for research reports on companies or by firms. Some of the reports are free, but you must pay for most of them. Prices range from just $15 to thousands of dollars.

If you want just the bottom-line recommendations from analysts, many sites summarize the data. Nearly all the websites that provide stock quotes also compile analyst recommendations, however, you will only get the big picture and not any of the detailed analysis.

Some independent research providers sell their reports directly to investors. These reports typically include an overview of what a stock’s price could be, plus an analysis of the company’s earnings. These reports often cost less than $100 but can be more.

The majority of equity research is completely unsearchable, which is why AlphaSense’s Wall Street Insights is changing the game for corporations globally. Now, with WSI, corporations can leverage this high-quality research to augment their understanding of specific companies and industries; plus, AlphaSense’s corporate clients can now conduct more meaningful analysis and make more data-driven decisions.

Real-Time Research : Real-Time research is available to eligible users (based on an entitlement) immediately upon publication by the broker. Financial Services users with entitlements are the primary consumers of real-time research, while some Corporate professionals are also eligible. Payment for real-time research is made directly from clients to brokers through trading commissions or hard dollar agreements.

Aftermarket Research : Aftermarket research is a collection of many of the same documents as the real-time collection, but it is available after a zero to fifteen-day delay. Investment bankers, consultants, and corporate users are the primary consumers of Aftermarket research.

What is Wall Street Insights?

Wall Street Insights is the first and only equity research collection purpose-built for the corporate market, providing corporations unprecedented access to a deep pool of equity research reports from thousands of expert analysts.

Through partnerships with Morgan Stanley, Bank of America, Barclays, Bernstein, Bernstein Autonomous, Cowen, Deutsche Bank, Evercore ISI, HSBC, and others, corporate professionals can now access the world’s most revered equity research, indexed and searchable in the AlphaSense platform.

From macro market trends and industry analyses to company deep-dives, the Wall Street Insights content collection provides corporate professionals with a 360-degree view of every market. With the valuable expertise of thousands of analysts on your side, corporate teams can quickly compare insights, validate internal assumptions, and generate new ideas to guide critical business decisions and strategies.

In terms of search and accessibility, Wall Street Insights is the first of its kind. Not only does AlphaSense offer hard-to-find equity research reports, but we also provide a robust and seamless search experience.

What Research Do You Get Access to with WSI?

Get access to the world’s leading equity research with Wall Street Insights. Download the e-book to learn more about equity research from Morgan Stanley, Barclays, Bernstein, Deutsche Bank, and more.

“We are delighted to partner with AlphaSense to expand access to Morgan Stanley’s global research platform,” says Simon Bound, Global Head of Research at Morgan Stanley. We have over 600 publishing analysts covering companies, industries, commodities, and macroeconomic developments across more than 50 countries. Morgan Stanley will bring corporates a unique perspective from our best in class analysts, a global platform, and a collaborative culture that enables us to unravel the most complex market and industry trends.”

How Can Companies Leverage Equity Research?

Discover how the world’s most innovative companies leverage Wall Street Insights to make critical business decisions every day. Download the e-book to read real case studies from a Corporate Development team and a Corporate Strategy team.

“AlphaSense’s corporate users are typically Corporate Strategy, Corporate Development, and Investor Relations professionals. Today, thousands of enterprises rely on equity research to power data-driven decision making. These teams leverage equity research reports to:”

• Create investment ideas
• Monitor peers in real-time (and discover what equity research is being produced about them)
• Model and evaluate companies (for M&A or general benchmarking)
• Dive deep into customers, partners, and prospects
• Get up-to-speed quickly on specific industry trends
• Prepare for earnings season

Ready to explore the world’s leading equity research

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Research Updates

Power your investment decisions.

Whether you’re generating investment ideas, performing financial analysis, or conducting risk assessments, our robust collection of sell-side research reports can help you gain the insights you need. Combine our research offerings with the power of data and analytics from the S&P Capital IQ Pro platform for a comprehensive enterprise-wide solution.

Keep up with the latest research from leading analysts worldwide with our extensive collection of broker and independent research reports. We provide streamlined access to research from the world’s largest investment banks, high quality regional brokers, boutiques and independents—along with the tools you need to monitor, search, and audit reports efficiently.

Our Aftermarket Research collection features more than 35 million analyst research reports from 1,800+ global investment research providers, including top-ranked investment banks such as Citi, Credit Suisse, Barclays, UBS, J.P. Morgan, HSBC, and Deutsche Bank. Gain the essential insights you need to monitor the markets and find new opportunities.

RatingsXpress®: Research

Leverage textual analysis and machine learning for investment, credit risk modeling, and developing sentiment/early warning models with RatingsXpress: Research, S&P Global Ratings’ digitized credit research.

1,800+ CONTRIBUTORS. 35+ MILLION RESEARCH DOCUMENTS.

Access our recap of 2023 broker research coverage

Real-time investment research.

Our comprehensive collection of real-time research features equity, fixed income, sector, economic, and strategy reports from leading analysts worldwide. Download analyst earnings models in their original Excel format for easy manipulation and streamline your workflow with our sophisticated search functionality, alerting tools, and links into the portals of top investment banks.

Access real-time research reports

including equity, fixed income, sector, economic and strategy reports from thousands of brokers.

Connect seamlessly

into the proprietary portals of the world's leading investment banks.

Pinpoint search results

by analyst, broker or report type.

Stay up-to-date with watchlists

and customized alerts delivered directly to your inbox.

Access real-time entitlements

by submitting contact information for your brokers to our support team

The market moves in real time. Don’t miss any key developments.

Explore our research solutions.

Deep sector coverage, analyze firms from a 360° perspective, insights on emerging trends, bolster market knowledge, get in-depth reports from 1,800+ research providers with aftermarket research.

• Access to a vast library of sector-focused investment research can help you stay on top of your most crucial markets. The Aftermarket Research collection from S&P Global Market Intelligence brings you fresh, exclusive insights from the leading brokers in each key sector, such as Barclays, Citi, Credit Suisse, Deutsche Bank, J.P. Morgan, Macquarie, ODDO BHF, UBS, and more.
• View our complimentary infographics to see how deep our Aftermarket Research coverage goes for the 11 GICS sectors by region and five of the largest global stock indices .
• Investment research customers are provided with direct access to our team of research experts for seamless diagnostic training and in-depth support. Customers can access our research without mid-term overage charges.

Tap into expert analysis on your next M&A target

• Assessing the credit risk of your peers, competitors and acquisition targets can be challenging if you don’t have high-quality research to help drive your due diligence.
• Company-level insights from the brokers in our Aftermarket Research collection can help users discover key information, including financial performance, leverage and valuations, to fuel risk analysis.
• See how the Aftermarket Research offering helped a bank assess the creditworthiness of potential acquisitions and enabled a leading private equity firm gain insights on ideal portfolio targets

Find out what Wall Street’s top analysts are saying with access to more than 35 million reports

• The Aftermarket Research collection from S&P Global Market Intelligence provides users with access to valuable company research and sector investment research from the world’s top brokers, providing you with a single source of insights on the latest trends, developments, and company performance.
• To help quantify the growing focus on the hottest topics in the financial markets, we've taken stock of the increased volume of inflation-related investment reports available in our Aftermarket Research collection and created infographics to visualize report totals, broker coverage, and some popular equity research reports. Access our latest infographics on AI , bank earnings , and electric vehicles .

Adapt to abrupt changes or dive into a new segment with exclusive research

• The Aftermarket Research platform is integrated into the S&P Capital IQ Pro and Capital IQ platforms for easy access to more than 35 million broker research reports on new or core markets. Users can preview research before downloading, create alerts to stay on top of the latest content, and search for research by company, topic, contributor, and other criteria.
• Read our case studies to learn how we help investment banks , commercial banks , universities , and other corporations monitor key trends for a competitive advantage.
• Learn more about the key regional brokers that have been added to our research library, underscoring our commitment to continually deliver new expert insights to our customers.

Unlock Valuable Insights for Your Law Firm with S&P Global Aftermarket Research

Search for Research with our AI-powered Document Viewer

Discovering and analyzing Investment Research on the Capital IQ Pro platform is now much easier, as research reports are now available on the Document Viewer. This tool enables users to:

• Instantly locate keywords and concepts within research reports
• Share excerpts with colleagues to enhance project collaboration
• Add personalized annotations to documents
• Access related company filings, transcripts, and investor presentations on a single screen
• Export tables directly to Excel with one click, with fully formatted data, ready for models and calculations.

The enhanced  Document Viewer  can help you stay ahead of the market and your competition by finding exactly what you need. Company and industry forecasts, and critical opinions from the market's leading research firms are at your fingertips. View our interactive tutorial  to see how you can access investment research through the Document Viewer.

Learn about the top five Aftermarket Research reports from each month

Ratingsxpress ®.

Data scientists, research teams, and quantitative strategists interested in textual analysis and machine learning for investment, credit risk modeling, and developing sentiment/early warning models can now use RatingsXpress: Research, S&P Global Ratings’ digitized credit research.

Create meaningful financial benchmarks

for internal risk models.

Gain more insights

into when the credit quality of an entity may be shifting.

Better differentiate

between issuers with the same rating.

Enhance your analysis with current and historical credit ratings.

Get the insights you need to power your decisions.

Hdfc securities investment research now available through s&p capital iq pro, wells fargo is now available in s&p global’s aftermarket research collection, tudor, pickering, holt & co. research now available, mizuho securities is now available in s&p global’s aftermarket research, shore capital is now available in s&p global’s aftermarket research collection, william blair officially added as an aftermarket research contributor, jmp securities is now available in the s&p global market intelligence aftermarket research collection, needham & company is now available in the s&p global market intelligence aftermarket research collection, baird research is now exclusively available in s&p global’s aftermarket research collection, s&p global market intelligence becomes exclusive provider of citigroup aftermarket research, nomura securities is now available in the s&p global market intelligence aftermarket research collection, request follow up.

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Here’s How to Write an Equity Research Report: The Best Guide

October 17, 2016

Equity Research is a rewarding career.

To keep up, you need a strong foundation with the judgment to think critically, act independently, and be relentlessly analytical.

That’s why I wrote this guide — to empower you with the equity research(ER) report writing skills to stay ahead in the equity research career.

There is almost NO guide available that teaches you how to write an equity research report.

From textbooks to online video tutorials, you can check and let me know if you find one.

And, I felt that I should write a detailed and step-by-step guide— a guide that really starts at the beginning to equip already-intelligent analysts with a healthy balance of conceptual and practical advice.

The Advanced Guide to Equity Research Report Writing takes your writing to the next level.

Who Is This Guide for?

I wrote this guide for an audience of equity research analysts , investment banking professionals, industry analysts, market research professionals, business management students, and freelance writers.

Most of all, I want you to walk away from this guide feeling confident about your equity report writing skill.

What Is an Equity Research Report

This chapter explains what exactly an ER report is.

The questions like—Who makes it? Who reads and uses it? What are the different types of equity research reports?—are answered clearly and elaborately.

It briefly talks about the various key contents of an ER report.

And lastly, it explains the need to provide a disclaimer at the end of an ER report.

So before understanding how to write an ER report, let’s try to understand what exactly an equity ER is.

FINRA , the Financial Industry Regulatory Authority, defines an equity research report, in Rule 2711 (a)(8) as,

 “A written or electronic communication that includes an analysis of equity securities of individual companies or industries , and that provides information reasonably sufficient upon which to base an investment decision.

Readers of Equity Research, more so than anything else, identify trends that make investment decisions easier to justify.

In simpler words, equity research is a document written and published by a brokerage house or securities firm for its clients to help them to make better decisions regarding which stocks to choose for profitable investment.

The report should be such that it should convince the client to make a decision.

The report should be crisp; the point of view should be clearly structured and articulated concisely.

In the investment industry, equity reports usually refer to ‘sell-side’ research, or investment research created by brokerage houses.

Such research is circulated to the corporate and retail clients of the brokerage house that publishes it.

Research produced by the ‘buy-side’, which includes mutual funds, pension funds, and portfolio managers, is usually for internal use and is not distributed to outside parties.

a. Different types of equity reports

In the above paragraph, we saw terms such as ‘sell-side’ and ‘buy-side’.

Let’s quickly understand what these terms mean:

There are two main types of equity research reports:

i. Sell-Side reports

Sell-side reports are the most common type of equity research reports in circulation.

They are normally produced by investment banks , typically for their clients to guide their investment decisions.

A sell-side analyst works for a brokerage firm or bank which manages individual clients and makes investment recommendations to them.

Sell-side analysts issue the often-heard recommendations of “buy”, “hold”, “neutral”, or “sell”.

These recommendations help clients make decisions to buy or sell stocks.

This is favourable for the brokerage firm as each time a client takes a decision to trade; the brokerage firm gets a commission on the transactions.

Click here to see some examples of sell-side reports

ii. Buy-Side reports

The ‘buy-side’ reports are internal reports, produced for the bank itself, and are guided by differing perspectives and motivations.

A buy-side analyst generally works for a mutual fund or a pension fund company.

They perform research and make recommendations to the money managers of the fund that hires them.

Buy-side analysts will verify how promising an investment seems and how well it fits with the fund’s investment strategy.

These recommendations are made exclusively for the benefit of the fund that employs them and is not available to anyone outside the fund.

Within the buy/sell group, there are other types of reports like initiating coverage reports, standard reports, Issue reports, Investor notes, and sector reports.

iii. Initiating coverage reports

The initiating coverage reports are conducted on firms that the bank has begun following and are typically more comprehensive in nature.

Initiating coverage reports analyze a company’s historical financial information, order books, efficiency, SWOT, cash-flows, and future earning potential, basis which it estimates the future earnings of the company and its P/E multiples.

Click here to see some examples of initiating coverage reports

iv. Standard reports

After an initiating report is produced standard reports will follow for as long as the brokerage house continues to track the stock.

Stocks that are tracked are typically part of an index like the SENSEX or are amongst the top stocks in an industry as these are the stocks that investors care about and are traded in larger volumes.

v. Issue reports

These reports are issued when generally companies announce earnings each quarter (Quarterly earnings reports).

vi. Investor notes

These reports are published a few times in between for incremental information and news.

For example – investor conference companies hold a big M&A deal or a major new product announcement from a competitor.

These are usually short-run updates and are typically just quantitative in nature.

vii. Sector reports

A sector report is a document that evaluates a given industry and the companies involved in it.

It is often included as part of a business plan and typically seeks to establish how one company can gain an advantage in industry through detailed research on competition, products, and customers.

Click here to download the sector report

b. Contents of an equity research report

Now that we have understood the different types of equity research reports, let’s try to see the contents of an ER report.

An ER report should not be more than 10 to 15 pages long and should be very crisp and concise.

It should give the reader a clear understanding of the opinion of the analyst writing the report.

An ER report typically has the following contents:

1. Analyst opinion and summary

2. Key highlights of the company

3. A snapshot of the industry

4. Financial ratio analysis

5. Financial Modeling and Valuation analysis

6. Risk factors

7. Disclosure and rationale of rating

Usually, most of the equity research reports have this information; however, there is no hard and fast rule in which an ER report should be written.

We will study in detail (with examples) how to write each of these segments of an ER report in the forthcoming chapters.

c. Importance of Disclaimers in Analyst Reports

As every ER report is an investment document, and investors use it to make decisions for buying or selling securities based on it, it is important for the report to have certain disclaimers to show un-biases of the analyst writing the report.

Some typical disclaimers are as follows:

• Every ER report entirely reflects views and personal opinions of the analyst as on the date of publication
• The equity research analyst does not have an interest in the shares of the company
• Compensation of the analyst is not linked directly to any specific research recommendations contained in the report

Financial Analysts or equity research analysts working in brokerage firms or sell-side analysts write equity research reports.

Equity research report writing process

Equity Research Report writing

After completing the fundamental analysis, financial statement analysis, ratio analysis, and valuation, the last part of the equity research process is writing equity research reports.

As an equity research analyst, you need to analyze the industry and the company first and then write the stock research report.

This step is paramount in your equity research analysis career .

This is important to write the equity research reports in such a way that your clients understand every word of it.

It’s also important to include relevant analysis that you’ve done in the report.

How to write a report

Let’s see each step of writing an equity research report in detail.

1. Company fundamental analysis

a) Macroeconomic Analysis

b) Checking public information of the company

c) Discussion/ interviews with company management

d) Prepare a 5-year cash flow model and earnings forecast model

e) Review your operational and financial assumptions

f) Assess management and competitive environment, buyers, suppliers, substitutes, porter 5-forces model that tells you the competitive advantage of the company.

2. Company valuation analysis

1. Use intrinsic valuation—Discounted Cash Flow(DCF) method

2. Relative valuation

3. sum-of-the-parts valuation method, wherever required.

Pointers for writing equity research reports

I’ve created a list of pointers purely based on my experience and observations and a bit of research about dos and don’ts while writing an equity research report.

1. A clear view of the company

Before writing the report, have a clear view of the company in terms of—Investment rationale, risk assessment, key growth drivers, cost drivers, and revenue drivers.

2. Recommendation/Rating

Clearly write the company’s name at the top of the report and mention your recommendation—buy, sell, hold.

You can also use the words—outperform, underperform, neutral or accumulate based on your valuation.

Have an image of an equity research report in your mind, and so you won’t miss these details.

Usually, there are templates available in your company and you need to write the report using these templates.

3. Target price

You need to mention the target price based on your valuation along with the recommendation.

4. Investment rationale

Write clearly your investment rationale. Why do you think the share price will go up/down?

5. Share price chart

Include a price chart of the stock that will show the last 52-weeks’ share price movement.

6.Business model

Mention the analysis of the company’s business model and how will it perform in the next 2-3 years.

7. Key ratio analysis

Include important ratio analysis of the company and 52-week high-low share price on a stock exchange.

Include market capitalization, Enterprise Value(EV), Earnings Before Interest Tax and Depreciation (EBITDA), EV/EBITDA, and dividend yield (%)

8. Product profile and segments

Analyze the company’s product profile, its various segments, and brands. Include current sales and forecasted revenue figures, cost, market size, company’s market share, competition, the company’s performance in domestic and other markets.

9. Economy-Industry-Company (E-I-C) Analysis

Cover the company’s fundamental analysis with supportive data.

10. Intrinsic and relative valuation

Perform DCF analysis and relative valuation. Relative valuation should be done with the company’s peers on the basis of Price-Earnings ratio (P/E), Price to Book ratio (P/B), Price to Sales (P/S), Return on Equity (ROE) and Return on Capital Employed (ROCE).

11. Reasoning for recommendation

Write proper reasoning for your recommendation. For example—Why buy the stock or why not to buy the stock. So, your reasoning has to be strong.

12. Unlock the value

Write what can unlock/increase/reduce the value of the company .

13. Legal matters

If the company is battling any case, write what could be its effects on the stock price.

14. Common industry points

While writing industry reports, write the points which are common for all players in the industry, for example, regulatory limitation, excise duty, oil prices, etc.

15. Covering all the areas in an equity research report

While writing the equity research report, assume that the reader is new to the company and he doesn’t have any idea about its business.

So, your report should include precise information about—product, financials, management, market, future plans of the company, growth estimates, and the risk factors of the company.

In short, as an equity research analyst, your equity analysis report writing process should be structured and you should follow the dos and don’ts mentioned in this post.

Sample equity research reports (PDFs):

The Walt Disney Company

If you have any queries, Speak Your Mind.

Key Takeaways

• Equity research report writing is a skill . You need to build this skill to go to the next level in your career . Top-notch careers in finance–equity research, investment banking , asset management, financial research, Knowledge Process Outsourcing (KPO) units value this skill in high regard.
• There are different types of research reports–sell-side, buy-side, initiating coverage, standard, issue, investor notes, and sector reports. As an analyst, you should know all these reports.
• Contents of an equity research report include Analyst opinion and summary, Key highlights of the company,  A snapshot of the industry, Financial and ratio analysis, Valuation analysis, Risk factors, and Disclosure and rationale of rating. I’m going to cover all these sections in detail with examples in the coming chapters.

Now You Try It

I hope you can see the potential of equity research report writing skills for your career.

Yes, it takes hard work to create something great.

But with this skill, you already know ahead of time that your hard work is going to pay off.

I want you to give the skill a try and let me know how it works for you.

If you have a question or thought, leave a comment below and I’ll get right to it.

• Download BIWS Course sample videos here .
• Read Students’ Testimonials here .

Avadhut is the Founder of FinanceWalk. He enjoys writing on Finance Careers topics. Check our Financial Modeling Courses . Contact us for  Career Coaching based on Your Inner GPS.

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How To Do Equity Research: An Actionable Guide

ContentsWho Is This Guide for?What Is an Equity Research Reporta. Different types of equity reportsi. Sell-Side reportsii. Buy-Side reportsiii. Initiating coverage reportsiv. Standard reportsv. Issue reportsvi. Investor notesvii. Sector reportsb. Contents of an equity research reportc. Importance of Disclaimers in Analyst ReportsEquity research report writing processHow to write a report1. Company fundamental analysis2. Company valuation analysisPointers for writing equity research reports1. A clear view of the company2. Recommendation/Rating3. Target price4. Investment rationale5. Share price chart6.Business model7. Key ratio analysis8. Product profile ...

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The state of diversity in global private markets: 2023

Over the course of 2022, the global private markets industry experienced a slowdown in fundraising and deal making because of rising interest rates and other factors. Despite the rocky year, private equity and alternative investments (hereafter PE) and alternative investments remain significant in the global economy. The industry now manages $11.7 trillion in assets, up from $8.0 trillion the previous year. 1 “ McKinsey Global Private Markets Review: Private markets turn down the volume ,” McKinsey, March 21, 2023. The financial power of PE reinforces the importance of understanding the composition of its talent, particularly the professionals who decide how this capital is deployed.

About the authors

This report is a collaborative effort by Pontus Averstad , Fredrik Dahlqvist , Eitan Lefkowitz, Alexandra Nee , Gary Pinshaw , David Quigley,  and Mohammed Shafi, representing views from McKinsey’s Private Equity & Principal Investors Practice.

Building on McKinsey’s 2022 report , this year’s report examines the diversity of talent in PE firms, which we will refer to simply as PE firms. Specifically, we examine the gender breakdown in every region in our study and look at ethnicity and race in the United States and Canada (for more on the research and analysis, see sidebar “About the study”).

We are excited to invite Private Equity/Alternative Investing firms and Institutional Investors to participate in McKinsey & Company’s State of Diversity in Global Private Markets 2024 study! This annual study is the largest and most comprehensive study of diversity in private market firms globally.

This year’s report centers on the following core research objectives:

• understand the current state of gender diversity globally, and ethnic and racial diversity in the US and Canada, for the PE industry—specifically, which types of firms are leading and lagging on diverse talent
• how institutional investors influence the representation of diverse talent at PE firms, and the extent to which diversity matters to them
• highlighting the specific challenges facing different minority groups and identifying actions that can increase the diversity of talent in PE firms

About the study

In our second annual report, we build on the insights and findings from our inaugural report in 2022, as well as on prior McKinsey research on diversity in the workplace. This research explores diversity, equity, and inclusion (DEI) in the global private-markets industry, with a focus on private equity and alternative investment firms (PE) and institutional investors. We aim to make this the largest study of gender diversity and ethnic and racial diversity in the global private markets industry.

This year’s survey covers 66 discrete PE firms and institutional investors around the world. We also conducted interviews with several industry leaders to supplement the survey data we received from their firms. Participating firms directly employ more than 60,000 people globally and range from megafirms with more than $100 billion in assets under management (AUM) to smaller funds with less than $5 billion in AUM. Collectively, participating PE firms manage more than $6 trillion, and participating institutional investors manage more than $5 trillion in AUM.

Given the limitations of data collection, this report largely focuses on gender diversity globally and ethnic and racial diversity in private market firms with offices in the United States and Canada. We recognize there are several other categories that contribute to employee diversity and hope to broaden the categories we examine in future research as private market firms collect more diversity data on their employee base.

This report finds encouraging signs of progress in recent years. Diversity on investment committees (ICs) has ticked up, and the reporting of diversity metrics to institutional investors continues to grow.

Still, gaps remain, particularly regarding gender diversity in senior investing roles and uneven rates of progress for different ethnic and racial groups across roles and regions, and types of firms. Given the current pace of progress, it will be several decades before the PE industry achieves gender parity at the principal and managing-director levels.

Given the current pace of progress, it will be several decades before the PE industry achieves gender parity at the principal and managing-director levels.

A global view on gender diversity in private equity and alternative investing

There is a popular assumption that PE is dominated by men, but the evidence reveals a more nuanced reality. As we noted last year, PE firms have almost achieved gender parity globally at the entry level. At the end of 2022, 48 percent of all entry-level roles in PE were held by women.

Job levels in private equity

The language we use to classify jobs in private equity (PE) has not changed from last year's. The six levels we identify apply to PE jobs in investing, operational, and other noninvesting functions. For most of these levels, we include multiple possible job titles. In descending order of seniority, the roles are as follows:

L1. C-level executives or fund heads. We refer to this level as the C-level or C-suite.

L2. Managing directors or partners. We refer to jobs at this level as managing directors.

L3. Principals, directors, or senior vice presidents. We refer to jobs at this level as principals.

L4. Vice presidents or senior managers. We refer to jobs at this level as VPs.

L5. Associates or managers. We refer to jobs at this level as associates.

L6. Entry level roles.

For the sake of simplicity, we will refer to each level with only one title.

However, women in PE are still underrepresented in leadership positions, with only 20 percent representation in managing-director roles (for more on job levels, see sidebar “Job levels in private equity”). As Kelley King, senior vice president and chief DEI officer at HarbourVest, explained, “Identifying and attracting early-career diverse talent is not as challenging as finding later-career talent. As you ascend higher in the organization, the more patient and intentional firms need to be to reap the benefits of their DEI efforts.”

Women are well represented in most noninvesting roles, but gender parity remains distant in investing and operating roles

Disaggregating the data into investing, operating, and other noninvesting roles (the latter of which we will refer to as noninvesting roles) reveals that women hold only 33 percent of entry-level investing roles, compared with 44 percent of operating roles and 59 percent of noninvesting roles at that level. Women are also underrepresented at the managing-director level (L2), with only 15 percent of managing-director-level investing roles (Exhibit 1).

Women in PE have made modest gains in investing roles over the course of 2022. The share of C-suite roles held by women globally increased by 3.5 percentage points over the past year to 17 percent at the end of 2022. Similarly, women’s representation in post-MBA investing associate (L5) roles improved by three percentage points. However, gender diversity at the managing-director level remained constant.

Women in PE are slightly less represented in operating roles than in investing roles, with women holding only 25 percent of all operating roles. Notably, women in operations have achieved gender parity at the associate level (L5), with 52 percent of roles. However, gender diversity undergoes a steep decline at higher levels, with women holding just 21 percent of managing-director-level (L2) operating jobs.

Progress is generally cause for optimism, but if the pace of progress doesn’t accelerate, the path to gender parity in the industry will be long. At the current rate of progress, reaching gender parity in investing roles at the managing-director level (L2) would take more than six decades. Achieving gender parity at the principal level (L3) would take more than three decades (Exhibit 2).

While these numbers are sobering, the outlook is significantly brighter at the entry level. Based on current figures, the industry could reach gender parity at the analyst level (L6) and associate level (L5) within the next decade.

At the current rate of progress, reaching gender parity in investing roles at the managing-director level (L2) would take more than six decades.

Promotion rates: Women in investing face a longer road

In demanding PE careers, women find themselves navigating a longer route to reach the same milestones as their male colleagues. At almost every level, women in investing roles are promoted at significantly lower rates than men. Globally, men in investing roles are about 50 percent more likely, on average, to be promoted than their female colleagues, a trend that persists across all levels in investing roles (Exhibit 3).

The largest gap affects promotions into the principal level (L3), with men 2.75 times more likely than women to be promoted. One contributor to this disparity may be limited sponsorship and mentorship for women at the vice president (VP) level. As the head of talent for a North American PE fund put it, “At that [middle] level is where we find a number of ethnic minorities and women who have really felt like the levels they are at have a sticky floor. They found that it’s really hard to get that next promotion. They feel left out. They haven’t received the kind of mentorship and the kind of apprenticeship that they’re really going to need or the sponsorship to get promoted.”

The road to meaningful progress will likely be long. However, there’s a bright spot: the promotion gap at the managing-director level (L2) shrank in 2022.

Globally, men in investing roles are about 50 percent more likely, on average, to be promoted than their female colleagues.

Significant differences in representation between leading and lagging firms

Some firms have made noteworthy strides on the diversity of their talent pool, so much so that the industry’s global average of women in 15 percent of investing managing-director roles looks paltry by comparison. Leading firms had women in 45 percent of managing-director (L2) roles as the end of 2022. These firms also had significantly higher proportions of women at every level and overall had women in 38 percent of their investing roles, compared with the global average of 25 percent.

Interestingly, firms that were leaders in gender diversity (as indicated by relatively high proportions of women in managing-director roles) also retained women at higher rates than the industry average. However, firms that lagged on gender diversity showed significantly higher attrition in 2022 among women in investing. These firms in our sample did not have women in managing-director (L2) investing roles and had only 17 percent women in investing roles overall compared to the 25 percent global benchmark. Furthermore, these firms’ attrition rates for women in investing were 1.7 times higher, at 27 percent, than the global average over the course of 2022 (Exhibit 4).

For investing roles, our findings suggest a correlation between the representation of women at the top and higher overall gender representation, as well as between lack of women at the top and their ability to retain women at all levels of investing roles.

Our findings on gender diversity over time also highlight the feasibility of substantial progress when decision makers deploy effective strategies. Indeed, the results of our study show that not all PE firms are equal when it comes to cultures that support diverse talent.

Different regions have different timelines to gender parity

The timelines to achieving gender parity vary by region. For instance, despite advances, Europe still faces significant challenges related to women’s representation at senior levels. At its current pace, Europe would require more than six decades to reach gender parity at senior levels.

By contrast, based on the rate of recent progress, the Americas are the furthest from achieving gender parity at middle and junior levels for investing roles. The situation is notably different in the Asia–Pacific region, which has done the most to close the gender gap at middle and senior levels recently (Exhibit 5).

A concerning trend has emerged over the past two years: gender representation has seen a minor decrease in the Asia–Pacific region at the associate level (L5). Although this decline starts from a relatively high base, it indicates the need for ongoing efforts to maintain a diverse talent pipeline that can help the industry achieve gender parity.

Ethnic and racial diversity in private equity

Consistent with our past findings, ethnic and racial minorities in PE face similar underrepresentation as women. At nearly every level, investing roles have lower ethnic and racial diversity than noninvesting and operating-partner roles.

Our research data from the United States and Canada shows that ethnic and racial minorities represent only 20 percent of managing-director-level investing professionals (Exhibit 6). For context, people who identify as ethnic and racial minorities account for 30 percent of the Canadian population and 41 percent of the US population. 2 “QuickFacts: United States population estimates,” US Census Bureau, July 1, 2022; “The Canadian census: A rich portrait of the country's religious and ethnocultural diversity,” Statistics Canada, October 26, 2022. However, we found positive progress in ethnic and racial diversity in ICs in 2022. Ethnic and racial minorities represented 18 percent of investment committee members, nearly matching the ethnic and racial diversity of managing directors (L2) that year.

The improvement in the diversity of talent in investment committees over the course of 2022 may be the result of new requirements for PE firms to disclose C-suite- and investment-committee-level diversity data to prospective investors. The chief HR officer of a midsize PE firm headquartered in North America referred to this as “a standard part of the due diligence questionnaire these days.”

Investment professionals who identify as White held 70 percent of all investing roles and 80 percent of managing-director roles. As of 2022, White men made up the majority of White PE professionals at 79 percent, with 86 percent at the managing-director level. By contrast, women who identify as ethnic and racial minorities were the least represented group among investment professionals across all levels. White professionals lead promotion rates into every level except principal (L3). The difference in promotion is most drastic at the managing-director level (L2), in which White professionals were more than 2.3 times more likely to be promoted than any other race or ethnicity. And once they make it to the top, White professionals has the lowest rates of attrition, trailing only Hispanic and Latino investing professionals in attrition rates at the principal level (L3) and managing-director level (L2).

Firms with more ethnic and racial diversity at the top tend to have more-diverse talent pools

Not all PE firms have struggled to attract and develop talent from ethnic and racial minorities. Leading firms have reached or are nearing representative levels, with 42 percent of investing talent identifying as ethnic or racial minorities, compared with 30 percent of the Canadian population and 41 percent of the US population.

Lagging firms, on the other hand, have almost no ethnic and racial diversity at senior levels. These challenges at the top are reflected throughout the organization, with only 23 percent of investing professionals at lagging firms identifying as ethnic and racial minorities.

Firms that lead the industry in ethnic and racial diversity have demonstrated that significant progress is possible, but there is still work to be done to make PE offices in the United States and Canada more representative. Black and Hispanic professionals remain underrepresented, even at firms that lead on ethnic and racial diversity. Fourteen percent of the US population is Black, and 19 percent is Hispanic, 3 “QuickFacts: United States population estimates,” US Census Bureau, July 1, 2022. but even at leading firms, only 8 percent of managing directors are Black, and 9 percent are Hispanic.

Institutional investors are asking more about DEI metrics

When making funding decisions, institutional investors increasingly take PE firms’ DEI practices into account.

Institutional investors are broadening their view of DEI beyond the investment team and institutional investors now increasingly ask about DEI metrics within portfolio companies and their boards (Exhibit 7). This growing interest from institutional investors has encouraged PE firms to systematically track and report on these metrics, fueling momentum toward diversity and inclusion in the industry. As a partner at a North American PE fund put it, “Data requests from LPs [limited partners] on diversity and inclusion have gone from zero in the 2000s to everyone asking about it today.”

Notably, some institutional investors track PE firms’ year-over-year improvements in diversity and inclusion as part of their DEI assessments. Forward-looking institutional investors have started to move beyond simply tracking DEI metrics and are beginning to set minimum thresholds on some metrics. For instance, one institutional investor in our sample requires PE firms to meet minimum racial- and gender-diversity thresholds before the institutional investor considers making an investment.

Structural barriers for PE firms owned by ethnic and racial minorities and women

Institutional investors are continuing to gather data on diversity inclusion. But are their allocations consistent with their stated priorities?

Institutional investors that participated in last year’s study said they would be willing to give more capital to more-diverse deal teams. 4 “QuickFacts: United States population estimates,” US Census Bureau, July 1, 2022. However, institutional investors face challenges in making that promise a reality. As of 2021, PE firms owned by ethnic and racial minorities and women managed only 6 percent of total AUM in PE. 5 Knight diversity of asset managers research series: Industry , Knight Foundation, December 2021. If diversity is high on institutional investors’ priority list, why don’t minority-owned funds receive more capital?

The hurdle for minority- and women-owned funds is not their track record or the investing team’s experience. The challenges are structural and make it harder for institutional investors to allocate to these firms. For instance, compared with their competitors, minority- and women-owned firms are smaller and newer on average. In the current macroeconomic environment, institutional investors are relying more on existing long-term relationships with general partners to weather the cycle, leaving even fewer slots for these firms to compete over. To connect with these firms, institutional investors would have to go through brokers or adjust their minimum allocation rules to directly invest in smaller raises.

As institutional investors continue to shape the future of private equity, their influence will be vital in ensuring that DEI remains top of mind. Through thoughtful capital allocation and continued focus on DEI metrics, institutional investors have the power to drive meaningful change in the sector, making PE more inclusive, more diverse, and ultimately more successful.

From aspiration to action: Tangible steps toward a more diverse future

Our study highlights that to achieve a more diverse, equitable, and inclusive industry, firms require additional internal actions and practices as well as external pressures. Strategies to retain and promote diverse talent within PE firms would need to coexist with a collaborative commitment from institutional investors to demand DEI metrics and support women- and minority-owned funds. Our discussion focuses on specific actions and regional considerations that can accelerate the path to greater diversity of talent within investing roles in private markets globally.

Must-haves: A focus on retaining diverse talent and practices that accelerate the path to equity

PE firms have made initial progress in diversifying their entry-level talent pipelines. To establish a more inclusive culture and move toward gender parity, those efforts would need to extend to the senior ranks. It’s important for practices that promote diversity and inclusion to be embedded in every level of the organization. DEI should not be seen as just a recruitment initiative.

Key practices to implement include the following:

• analyzing attrition and promotion rates by gender, ethnicity, and race where possible, along with other measures of diversity, to shed light on firms’ effectiveness in retaining and promoting diverse talent
• developing intentional sponsorship and mentorship programs that can guide diverse talent, especially in midlevel roles
• establishing employee resource groups (ERGs) for diverse talent to offer safe spaces for interaction, discussion, and mutual support
• implementing more flexible HR policies, such as remote work, to cast a wider net for talent and improve inclusion for professionals from diverse backgrounds
• hosting unconscious-bias and conscious-inclusion training to minimize the impact of unconscious prejudices on decision-making processes
• creating intentional on-ramps and off-ramps for employees as they transition to and from parental leave or extended time off to help normalize these journeys

These initiatives go beyond recruitment and are crucial in building an inclusive environment that not only welcomes diverse team members but also enables them to flourish and ascend the ranks. By committing to these practices, PE firms can nurture diversity throughout their organizations, from the entry level to top leadership.

The road toward equity in PE is long, but a continued focus on actions that could accelerate progress can put the industry’s aspirations within reach. Institutional investors can continue to reinforce the industry’s commitment to DEI, and by acting on these commitments, PE firms can hone the edge that comes with diversity.

Pontus Averstad and Fredrik Dahlqvist are senior partners in McKinsey’s Stockholm office; Eitan Lefkowitz is a consultant in the New Jersey office; Alexandra Nee is a partner in the Washington, DC, office, where Mohammed Shafi is a consultant; Gary Pinshaw is a senior partner in the Sydney office; and David Quigley is a senior partner in the New York office.

The authors wish to thank Alejandro Beltrán, Diana Ellsworth, Carlos Esber, Tim Ewing, Catherine Falls, James Gannon, Chris Gorman, Kori Hill, Alexis Howard, Gil Sander Joseph, Claudy Jules, Bruck Kebede, Drew Knapp, Connor Kramer, Alexis Krivkovich, Ju-Hon Kwek, Bola Lawrence, Robin Lore, Tess Mandoli, Emma Moriarty, Andrew Mullin, Suraya Narayan, Margret-Ann Natsis, Hilary Nguyen, Daniel Obed, Vivek Pandit, David Pinski, Luis Rivera, Nicole Robinson, Elise Sauve, Jennifer Schmidt, Jeanette Stock, Neha Verma, Monne Williams, Jackie Wong, and Lareina Yee for their contributions to this report.

The authors also wish to thank all the participating private equity firms and institutional investors, without whose participation these industry-wide benchmarks would not be possible.

We are appreciative of McKinsey and LeanIn.org’s Women in the Workplace study, which has informed the creation of this work.

Explore a career with us

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The state of diversity in global private markets: 2022

The state of diversity in US private equity

Tracking diversity, equity, and inclusion data in private markets

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The larger the nonprofit, the more likely it is run by a white man, says new Candid diversity report

Candid CEO Ann Mei Chang poses for a photo at the nonprofit’s headquarters on Wednesday, Jan. 31, 2024, in New York. Chang, CEO since 2021, believes her organization can help the philanthropic sector work more efficiently by making more data from donors and grantees available to the public.(AP Photo/Peter K. Afriyie)

Candid CEO Ann Mei Chang poses for a photo at the nonprofits’s headquarters on Wednesday, Jan. 31, 2024, in New York. Chang, CEO since 2021, believes her organization can help the philanthropic sector work more efficiently by making more data from donors and grantees available to the public. (AP Photo/Peter K. Afriyie)

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NEW YORK (AP) — White men are most likely to lead the largest, best-funded nonprofits, while women of color tend to lead the organizations with the fewest financial resources, according to a study from the nonprofit data research organization Candid.

“ The State of Diversity in the U.S. Nonprofit Sector ” report released by Candid on Thursday is the largest demographic study of the nonprofit sector, based on diversity information provided by nearly 60,000 public charities.

According to the study, white CEOs lead 74% of organizations with more than $25 million in annual revenue, with white men heading 41% of those nonprofits, despite being only about 30% of the population. Women of color, who make up about 20% of the U.S. population, lead 14% of the organizations with more than $25 million in revenue and 28% of the smallest nonprofits — those with less than $50,000 in revenue.

The Candid report provides data for nonprofits who have complained for years that minority-led nonprofits attract fewer donations, government resources and sales, even after the racial reckoning following the murder of George Floyd and promises from funders of all sizes seeking change. Many groups argue that when the leadership of a charity comes from the community it is serving, its needs are met more effectively. According to a report from the Ms. Foundation for Women and the consulting group Strength in Numbers, less than 1% of the $67 billion that foundations donated in 2017 was earmarked specifically for minority women and girls.

“Our mission is to use data to help make the whole sector more efficient, effective and equitable,” Candid CEO Ann Mei Chang told The Associated Press. “We think that data is a force for good and can help everybody trying to do good, to do good better.”

The report’s findings are based on data gathered from the Demographics via Candid initiative, where nonprofits voluntarily report the diversity numbers of their organizations. Cathleen Clerkin, Candid’s associate vice president of research, said authors of the report compared its findings to other sector-wide data and found them to be consistent.

Because the diversity information was self-reported, Clerkin said Candid studied whether nonprofits would be more likely to share their information because they were more diverse, but found that was not the case. What was more likely to determine whether a nonprofit reported its diversity information was how much they depended on outside donations, said Clerkin, adding that Candid hopes the report will encourage more charities to provide its organization’s information.

The report found that environmental and animal welfare groups were least likely to have diverse leadership, with 88% having a white CEO. Nearly three-quarters of religious nonprofits had white CEOs, according to the report.

Portia Allen-Kyle, chief of staff and interim head of external affairs at the racial justice nonprofit Color of Change, said the report’s findings were not surprising. “The backsliding of Black leadership and other underrepresented populations is exactly what we unfortunately expect to see in an era of attacks on the tools of Black power like affirmative action, like DEI (diversity, equity and inclusion), et cetera,” she said. ”It’s a nonprofit space where disproportionately white leaders disproportionately receive resources from these white, ultrawealthy donors, while Black leaders from the most impacted communities are expected to often turn water into wine, using nothing but pennies on the dollar.”

Allen-Kyle said the fact that the report also finds that women of color are overrepresented as leaders of the smallest charities is also not a surprise. “With these small nonprofits, especially with advocacy, Black women are going to be doing this work regardless and they’re doing it on nothing and whether or not they get paid because they believe in it,” she said.

The report also found that Latinos were underrepresented as nonprofit CEOs in nearly every state.

“We have been talking about that for decades,” said Frankie Miranda, president and CEO of the Hispanic Federation, which supports Latino communities and nonprofits. “It’s the reason the Hispanic Federation was created in 1990 — to advocate for Latino-led, Latino-serving providers because we were not part of the conversation when decision-making around funding and support was happening.”

That has led to Hispanic Federation becoming one of the nation’s largest grantmakers for Latino nonprofits. However, even though its findings are not unexpected, the Candid study is still extraordinarily valuable, Miranda said.

“This study will validate our argument,” he said. “This is critically important for us to be able to say, ‘Here’s the proof.’ It’s proof for major donors that you need to do better when it comes to diversity within your organization. Your institution needs to have the cultural competency to understand the importance of investing in our organizations, the importance of getting to know these organizations. They know how to serve these communities.”

Associated Press coverage of philanthropy and nonprofits receives support through the AP’s collaboration with The Conversation US, with funding from Lilly Endowment Inc. The AP is solely responsible for this content. For all of AP’s philanthropy coverage, visit https://apnews.com/hub/philanthropy .

Microsoft to Release Next 'Call of Duty' Game on Subscription Service, Source Says

Microsoft to Release Next 'Call of Duty' Game on Subscription Service, Source Says

File photo: Activision games "Call of Duty" are pictured in a store in the Manhattan borough of New York City, New York, U.S., January 18, 2022. REUTERS/Carlo Allegri/File photo

By Peter Frontini and Yuvraj Malik

(Reuters) -Microsoft plans to release the coming installment of the "Call of Duty" videogame to its subscription service, in a departure from its longtime practice of only selling the title independently, a source familiar with the matter said on Friday.

The move is expected to be announced at the company's annual Xbox showcase, scheduled for June 9, the person said on the condition of anonymity as the plans are private.

Microsoft did not immediately respond to a Reuters request for comment. The Wall Street Journal first reported the news on Friday.

Microsoft acquired "Call of Duty" through its buyout of Activision Blizzard in a $69 billion deal, which closed late last year.

The first-person shooter video-game is among the most successful entertainment properties and has generated more than $30 billion in lifetime revenue.

Activision has long released new editions of the game annually priced at around $70 each in recent years.

The development comes just days after Xbox President Sarah Bond said in a conference the company plans to release all first-party Xbox games on Game Pass on the day of their launch.

Microsoft manages a subscription service called Game Pass, which offers access to games from Xbox and other developers for a fee.

The Redmond, Washington-based company has tried to build out the Netflix-style game subscription services aggressively in recent years as part of its efforts to break the dominance of PlayStation consoles made by Japanese rival Sony Corp.

Microsoft said in February Game Pass had 34 million subscribers, up from the 25 million it reported in 2022.

Analysts said the launch of "Call of Duty" — a franchise with a large and loyal fan base — would help draw more people to Game Pass but could affect the overall sales generated by the title.

"Call of Duty: Modern Warfare III", released in November 2023, is the second-best selling game so far this year. It trails Sony's "Helldivers II", according to industry tracker Circana.

(Reporting by Yuvraj Malik in Bengaluru; Additional reporting by Aditya Soni and Zaheer Kachwala Editing by Shilpi Majumdar and Shounak Dasgupta)

Copyright 2024 Thomson Reuters .

Tags: video games , United States

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GoPro (GPRO) Reports Q1 Loss, Revenues Surpass Estimates

GoPro, Inc ( GPRO Quick Quote GPRO - Free Report ) reported first-quarter 2024 non-GAAP loss of 21 cents per share, narrower than the Zacks Consensus Estimate of a loss of 24 cents. The company incurred a loss of 18 cents in the year-ago quarter. It generated revenues of $155.5 million, down 11% year over year. The top line beat the consensus mark by 5.6%. Revenue growth in the Retail business segment along with increasing subscriber base cushioned the top-line performance. Shares are up 3.3% in the pre-market trading on May 8. In the past year, shares of GPRO have lost 58.2% of their value compared with the sub-industry’ s decline of 12.6%.

Quarter in Details

GoPro shipped 393 million camera units during the reported quarter, down 14.9% year over year. It recorded 2.5 million subscribers, marking 6% year-over-year growth at the end of the quarter under discussion. Management envisions subscribers at 2024-end to be between 2.5 million and 2.6 million. Region-wise, revenues from the Americas totaled $76.6 million (49.2% of total revenues), down 14% from the prior-year levels. Revenues from Europe, the Middle East and Africa of $52 million (33.5%) improved 13% year over year. The Asia Pacific generated revenues of $26.9 million (17.3%), down 31% on a year-over-year basis.

GoPro, Inc. Price, Consensus and EPS Surprise

GoPro, Inc. price-consensus-eps-surprise-chart | GoPro, Inc. Quote

Based on channels, revenues from GoPro.com of $49.2 million (31.6%) plunged 48.1% year over year. Our estimate was pegged at $69.1 million. In this channel, hardware revenues totaled $23.3 million compared with $71.7 million in the prior-year quarter. Subscription revenues amounted to $25.9 million, up 12% year over year. Retail channel registered revenues of $106.3 million (68.4%), which grew 33% year over year. The uptick was driven by strategic pricing action, increasing retail doors and retail efforts including merchandising. We suggested the metric to be $78 million. Management noted that it added more than 4,200 new retail doors since the second quarter of 2023. It further added that it remains on track to add another 3,000 to 6,000 new doors by the end of 2025, to boost its go-to-market capabilities for its product roadmap. GPRO is also planning to upgrade its point-of-purchase merchandisers, augment in-store brand presence and boost account management throughout the retail channel. The company had $131.3 million in inventory compared with $154.8 million in the year-earlier quarter.

Other Details

Gross profit of $53 million increased 1% year over year. Total operating expenses of $94.5 million rose 2.3% year over year. Operating loss totaled $41.4 million compared with $39.8 million in the prior-year quarter. Non-GAAP gross margin came in at 34.4% compared with 30.3% in the year-ago quarter. Adjusted EBITDA loss was $29.3 million compared with $27.5 million a year ago. Cameras with suggested retail prices at or above $400 contributed 70% to revenues in the reported quarter compared with 87% in the prior-year quarter. Entry-level products accounted for 20% of camera revenues in the first quarter.

Cash Flow & Liquidity

In the quarter under review, GoPro used $98.4 million of net cash from operating activities compared with $67.1 million in the year-earlier quarter. As of Mar 31, the company had $133.7 million of cash and cash equivalents with $92.7 million of long-term debt.

For the second quarter of 2024, revenues are estimated to be $170 million (+/- $5 million).  Non-GAAP adjusted loss is forecast to be 26 cents per share (+/- 2 cents). Gross margin is anticipated to be 30% (+/- 50 basis points). Street ASP is projected to be nearly $330. Owing to the development process taking longer than anticipated, GPRO, expects the launch of new entry-level camera in the third quarter of 2024 instead of the second quarter.  The new 360 camera is expected to be launched in the fourth quarter now.  The delay in launches will have a negative impact of $65-$85 million on revenues in 2024. As a result, GPRO now expects units to be 2.85 million whereas revenues to be slightly above $900 million for 2024. Apart from the delays, muted consumer spending in absence of promotional activity, declining camera sales at GoPro.com, global macroeconomic concerns and increasing competition remain headwinds. GoPro currently has a Zacks Rank #3 (Hold).

Stocks to Consider

Some better-ranked stocks worth consideration in the broader technology space are Badger Meter ( BMI Quick Quote BMI - Free Report ) , Salesforce ( CRM Quick Quote CRM - Free Report ) and The Descartes Systems Group Inc ( DSGX Quick Quote DSGX - Free Report ) . While BMI sports a Zacks Rank #1 (Strong Buy), CRM and DSGX carry a Zacks Rank of 2 (Buy) each, at present. You can see the complete list of today’s Zacks #1 Rank stocks here. The Zacks Consensus Estimate for Badger Meter’s 2024 EPS is pegged at $3.89, up 9.9% in the past 60 days. The long-term earnings growth rate is 15.6%.

BMI’s earnings beat the Zacks Consensus Estimate in each of the last four quarters, the average surprise being 12.7%. Shares of BMI have soared 39.1% in the past year.

The Zacks Consensus Estimate for CRM’s fiscal 2025 EPS is pegged at $9.71. Salesforce’s earnings beat the Zacks Consensus Estimate in each of the last four quarters, the average surprise being 5.1%.

The long-term earnings growth rate is 17.4%. Shares of CRM have gained 40.1% in the past year.

The Zacks Consensus Estimate for DSGX’s fiscal 2025 EPS has increased 1.2% in the past 60 days to $1.69. Descartes earnings beat the Zacks Consensus Estimate in two of the last four quarters, while missing in the remaining two quarters, the average surprise being 5.1%. Shares of DSGX have improved 25.8% in the past year.

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You’re invited to our virtual event! Digital Equity/Inequity in Seattle: Learning from 2024 Seattle Technology Access & Adoption Study community research

Join us for a data discovery and discussion session as Seattle IT presents Digital Equity/Inequity in Seattle: Learning from 2024 Seattle Technology Access & Adoption Study presentation and discussion on Tuesday, May 21, from 3-4 p.m. with an optional extended conversation from 4-4:30 p.m. This virtual Webex event is an opportunity for us to share what we’ve learned from the report released this year. We will share the survey and focus group results, what this means for our community, and how to explore our dashboards and data. We’ll be joined by the City’s Interim Chief Technology Officer Jim Loter, Community Technology Advisory Board members, Digital Equity Advisor David Keyes, and research partners at Olympic Research and Strategy and Inclusive Data.

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