The chief executive of a wealth management firm says the exchange network giant Cboe Global Markets (CBOE) is one of his top stocks right now.
In a new interview with CNBC, Ritholtz Wealth Management CEO Josh Brown notes that Cboe thrives on high trading volumes and volatility.
Brown says the company’s stock is rising because traders are trading options “to an extent that we have never seen before.”
“Cboe is a fantastic company, and this is one of the best charts in the market, and this is now one of the best stocks in the market. They have earnings on August 1st, there could be a little bit of a blip, so if you’re looking for an entry and they put out a report and it’s a sell-the-news reaction, and this name comes in a couple of bucks, that’s probably the entry that I would look for as far as risk management.”
CBOE is trading at $246 at time of writing and is up more than 2% in the past 24 hours and more than 3% in the past week. The stock hit an all-time high of $247 this week.
The CEO also notes his other top stocks right now include the retail trading giant Robinhood (HOOD) and the online brokerage Interactive Brokers LLC (IBKR).
“Trading is hot. It’s what people are doing. Institutions and retail. Some are hedging, some are speculating, doesn’t matter, these companies are the gateway, and they’re all raking it in right now.”
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