IG vs Stonex: why the prices moved differently

Weekly · monthly · quarterly news summaries, side by side in time

IG Group Holdings PLC (IGG.LSE)

Q3 20268 Jul – 2 Oct 2026

▼2▲1

IG Group's US growth bet collides with weak trading revenue

Q3 revenue warning and outlook cut IG said Q3 revenue would fall 14% to about £240m because it kept less of customers' trading losses, and cut its 2026 growth outlook. Shares fell as much as 27%, as investors feared the core business is weakening.
This is the single biggest new driver of the share price this period.
Underdog acquisition and US pivot IG is buying US fantasy-sports firm Underdog for up to $1.3bn, doubling US revenue and boosting customers. But it paused buybacks until 2027 and faces regulatory fights in 16 states, so the promised growth comes with real risk.
The deal is the main strategic force behind the stock and explains both optimism and the sell-off.
Jersey redomicile and restructuring costs IG is moving its holding company to Jersey and reshaping its organisation, with about £30m of one-off costs expected in 2026. The move adds uncertainty and expense, and the stock fell 3% when it was first reported.
It is a new structural change that affects costs and investor perception.
Underdog shifts fully to prediction markets Underdog is giving up fantasy-sports licences in seven states to focus on prediction markets, which IG expects to be almost all of its business long term. That sharpens the US growth story, though state regulators remain a hurdle.
It shows how the acquired business is adapting and supports the long-term growth case.

August 20268 Jul – 2 Oct 2026

▼2▲1

IG Group's US growth bet collides with weak trading revenue

Q3 revenue warning and outlook cut IG said Q3 revenue would fall 14% to about £240m because it kept less of customers' trading losses, and cut its 2026 growth outlook. Shares fell as much as 27%, as investors feared the core business is weakening.
This is the single biggest new driver of the share price this period.
Underdog acquisition and US pivot IG is buying US fantasy-sports firm Underdog for up to $1.3bn, doubling US revenue and boosting customers. But it paused buybacks until 2027 and faces regulatory fights in 16 states, so the promised growth comes with real risk.
The deal is the main strategic force behind the stock and explains both optimism and the sell-off.
Jersey redomicile and restructuring costs IG is moving its holding company to Jersey and reshaping its organisation, with about £30m of one-off costs expected in 2026. The move adds uncertainty and expense, and the stock fell 3% when it was first reported.
It is a new structural change that affects costs and investor perception.
Underdog shifts fully to prediction markets Underdog is giving up fantasy-sports licences in seven states to focus on prediction markets, which IG expects to be almost all of its business long term. That sharpens the US growth story, though state regulators remain a hurdle.
It shows how the acquired business is adapting and supports the long-term growth case.

Latest8 Jul – 2 Oct 2026

▼2▲1

IG Group's US growth bet collides with weak trading revenue

Q3 revenue warning and outlook cut IG said Q3 revenue would fall 14% to about £240m because it kept less of customers' trading losses, and cut its 2026 growth outlook. Shares fell as much as 27%, as investors feared the core business is weakening.
This is the single biggest new driver of the share price this period.
Underdog acquisition and US pivot IG is buying US fantasy-sports firm Underdog for up to $1.3bn, doubling US revenue and boosting customers. But it paused buybacks until 2027 and faces regulatory fights in 16 states, so the promised growth comes with real risk.
The deal is the main strategic force behind the stock and explains both optimism and the sell-off.
Jersey redomicile and restructuring costs IG is moving its holding company to Jersey and reshaping its organisation, with about £30m of one-off costs expected in 2026. The move adds uncertainty and expense, and the stock fell 3% when it was first reported.
It is a new structural change that affects costs and investor perception.
Underdog shifts fully to prediction markets Underdog is giving up fantasy-sports licences in seven states to focus on prediction markets, which IG expects to be almost all of its business long term. That sharpens the US growth story, though state regulators remain a hurdle.
It shows how the acquired business is adapting and supports the long-term growth case.

Stonex Group Inc (SNEX)

Q3 202617 Jun – 6 Aug 2026

▲3

StoneX Earnings Surge, Shinhan Deal, RJO Synergies Drive Growth

Record Q2 earnings and revenue surge StoneX reported a 64% jump in operating revenues to $1.57 billion and net income up 143% to $174.3 million, beating estimates. This shows the company is growing fast and making more money, which pushes the stock price up.
This is a major new earnings report that directly shows strong financial performance, a key driver of stock price.
Shinhan Bank partnership expands payments Shinhan Bank chose StoneX Payments as its cross-border payments partner, giving access to over 385 correspondent banks and 140 currencies. This adds a large new client and expands StoneX's reach in Asia, boosting future revenue and the stock price.
This is a new strategic partnership that expands StoneX's customer base and global footprint, a positive growth signal.
Q3 earnings beat and RJO synergies on track StoneX beat Q3 earnings and revenue estimates, with net income up 102% year-over-year. The R.J. O'Brien acquisition is delivering cost savings, targeting $50 million in synergies by early 2027. This confirms strong growth and efficient integration, supporting a higher stock price.
This is the latest earnings report and an update on cost synergies, both key to the company's profitability and stock valuation.
Valuation concerns after big rally Despite strong results, StoneX stock has rallied 110% in six months and now trades at 21 times forward earnings, well above peers. This high valuation means the stock could fall if future results disappoint, acting as a counterweight to the positive news.
This provides a balanced view, highlighting a risk that could limit upside or cause a pullback, important for investors to know.

July 202617 Jun – 6 Aug 2026

▲3

StoneX Earnings Surge, Shinhan Deal, RJO Synergies Drive Growth

Record Q2 earnings and revenue surge StoneX reported a 64% jump in operating revenues to $1.57 billion and net income up 143% to $174.3 million, beating estimates. This shows the company is growing fast and making more money, which pushes the stock price up.
This is a major new earnings report that directly shows strong financial performance, a key driver of stock price.
Shinhan Bank partnership expands payments Shinhan Bank chose StoneX Payments as its cross-border payments partner, giving access to over 385 correspondent banks and 140 currencies. This adds a large new client and expands StoneX's reach in Asia, boosting future revenue and the stock price.
This is a new strategic partnership that expands StoneX's customer base and global footprint, a positive growth signal.
Q3 earnings beat and RJO synergies on track StoneX beat Q3 earnings and revenue estimates, with net income up 102% year-over-year. The R.J. O'Brien acquisition is delivering cost savings, targeting $50 million in synergies by early 2027. This confirms strong growth and efficient integration, supporting a higher stock price.
This is the latest earnings report and an update on cost synergies, both key to the company's profitability and stock valuation.
Valuation concerns after big rally Despite strong results, StoneX stock has rallied 110% in six months and now trades at 21 times forward earnings, well above peers. This high valuation means the stock could fall if future results disappoint, acting as a counterweight to the positive news.
This provides a balanced view, highlighting a risk that could limit upside or cause a pullback, important for investors to know.

Latest17 Jun – 6 Aug 2026

▲3

StoneX Earnings Surge, Shinhan Deal, RJO Synergies Drive Growth

Record Q2 earnings and revenue surge StoneX reported a 64% jump in operating revenues to $1.57 billion and net income up 143% to $174.3 million, beating estimates. This shows the company is growing fast and making more money, which pushes the stock price up.
This is a major new earnings report that directly shows strong financial performance, a key driver of stock price.
Shinhan Bank partnership expands payments Shinhan Bank chose StoneX Payments as its cross-border payments partner, giving access to over 385 correspondent banks and 140 currencies. This adds a large new client and expands StoneX's reach in Asia, boosting future revenue and the stock price.
This is a new strategic partnership that expands StoneX's customer base and global footprint, a positive growth signal.
Q3 earnings beat and RJO synergies on track StoneX beat Q3 earnings and revenue estimates, with net income up 102% year-over-year. The R.J. O'Brien acquisition is delivering cost savings, targeting $50 million in synergies by early 2027. This confirms strong growth and efficient integration, supporting a higher stock price.
This is the latest earnings report and an update on cost synergies, both key to the company's profitability and stock valuation.
Valuation concerns after big rally Despite strong results, StoneX stock has rallied 110% in six months and now trades at 21 times forward earnings, well above peers. This high valuation means the stock could fall if future results disappoint, acting as a counterweight to the positive news.
This provides a balanced view, highlighting a risk that could limit upside or cause a pullback, important for investors to know.