NEW YORK (TheStreet) -- After the three-hour halt on the NASDAQ exchange Thursday, NASDAQ OMX Groupundefined CEO Bob Greifeld finally commented on the situation.
Ken Leon, an equity analyst at S&P Capital IQ, said the CEO's main job was to get the exchange up and running again -- which he did. Nevertheless, his statement didn't provide very many details as to what went wrong.
Perhaps giving him the benefit of the doubt, Leon went on to say, that due to legal complications, it's hard for someone to make detailed comments in situations like this, but, it certainly would have been nice for the individual trader to know what exactly was going on during the halt.
He added that over the next several weeks and months, regulators will sort out what happened and what to make of the situation.
When asked if Greifeld should step down as CEO, Leon defended him, saying his strong leadership is what turned the company around.
Although trading revenues continue to decline, 70% of the exchange's revenues are recurring, which is one of the reasons why his firm upgraded the company to buy from hold.
-- Written by Bret Kenwell in Petoskey, Mich.
Bret Kenwell currently writes, blogs and also contributes to Robert Weinstein's Weekly Options Newsletter. Focuses on short-to-intermediate-term trading opportunities that can be exposed via options. He prefers to use debit trades on momentum setups and credit trades on support/resistance setups. He also focuses on building long-term wealth by searching for consistent, quality dividend paying companies and long-term growth companies. He considers himself the surfer, not the wave, in relation to the market and himself. He has no allegiance to either the bull side or the bear side.