JP, Why'd You Do It?

This morning JP Morgan chose to take the sell-side-can't-get-NYX-right spotlight from the clowns with calculators at Raymond James (read: Raymond James downgraded NYX back around $70 most recently).

Today's comments from Morgan are cited in this Dow Jones news release:

NYSE Group Cut At J.P. Morgan; Integration Risks Cited

Source: DOW JONES NEWSWIRES

J.P. Morgan cut its rating on the NYSE Group, Inc. (NYX) to neutral from overweight, saying that while it continues to believe that the company will be a global exchange winner, clawing back lost U.S. equity market share and continuing to make acquisitions, it feels the positive news is already priced in the shares.

In addition, the broker told clients that although NYSE management has done a great job with the integration of the Pacific Exchange, it sees the Euronext integration as being complex.

"It could be subject to both regulatory and integration setbacks," J.P. Morgan cautioned.

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It's the second to last paragraph that underscores how JP Morgan is missing the boat. How can they cite NYX's integration of the Pacific Exchange when that was an acquisition made by Archipelago way before NYSE and AX merged.

Integrating systems and platforms while broadening the breadth of investment products available to the public, while simoltaneously fostering the fairest, fastest, and most innovative boarse infrastructure in the world is a core competency of NYX and it talented and proven management team.

Also, integrating a centuries-old open outcry floor model with the world's most innovative electronic bourse (AX) should be noted by Morgan. In case they've not heard, Hyrbid is on the way and the art of integration will be demonstrated once again by NYX.

Chuck Berry's prophetic question comes to mind. "JP, Why'd you do it?!"