UPDATE: Stifel Nicolaus Downgrades NYSE Euronext to Sell

Stifel Nicolaus cuts its rating on NYSE Euronext

to Sell from Hold as it believes the com[any's 2012 earnings power is overstated. Stifel Nicolaus says, "NYX has lost market share in its U.S. and EU cash equities and EU derivatives businesses, and global volume trends remain tepid. We also see strategic challenges in management's plan to organically build out vertical clearing for European derivatives, and see the potential for an EU transaction tax as a further risk to trading volumes." NYX closed at $29.95 a share yesterday.