Shares of NYSE Euronext Inc. fell to a new year low for a second day in a row Tuesday after Goldman Sachs removed the stock from its influential "Conviction Buy" list.
Analyst Daniel Harris kept his "Buy" rating, but removed the stock from his list because the shares have declined more sharply than the broader market since he upgraded it in April.
Shares of NYSE Euronext, which operates the New York Stock Exchange and the Euronext exchange, have lost 27 percent since getting promoted by Harris on April 8. The broader market as measured by the S&P 500 index is off 6 percent over the same period.
"Investor sentiment on global exchanges has markedly declined over the past few months," he wrote in a note, adding that there is no "near-term catalyst for the shares."
Exchanges benefited in 2007 from a sharp increase in market volatility, which was accompanied by higher trading volumes. That has settled in recent months, with most major operators reporting sharply lower volumes in May.
Harris said NYSE is still "among the best positioned firms...to deliver growth over the next few years, to some extent regardless of industry volumes."
NYSE shares slid $1.15, or 2.3 percent, to close at $49.51. The stock hit a low of $47.43 earlier in the session, after trading as low as $50.30 the day before.
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