UPDATE: Societe Generale Downgrades NYSE Euronext to Sell

Societe Generale lowers its rating on NYSE Euronext (NYSE: NYX) to Sell following termination of merger with DB, which exposes stakeholders to M&A and buyback risks.

Societe Generale notes, "The termination of the merger brings NYSE Euronext's bondholders back to where they started in 2011 – in a highly volatile business facing major competitive and technological challenges from both established competitors and new entrants. ...The sudden termination of this major transformational deal is likely to lead to major variations in both opex/capex and changes in strategy, especially on the M&A front."

NYX closed at $26.43 a share yesterday.