Can't say I am surprised at this: Robert Rutschow, an analyst at Prudential, lowered his call on Nasdaq to "Underweight" from "Overweight." He also cut his target price to $35 from $40. The main issues seem to stem not from the impeded effort to buy the London Stock Exchange, but from domestic trends. Nasdaq continues to win market share in Big Board-listed stocks, But, according to Rutschow, the exchange is losing share of Nasdaq stocks to smaller entities that have long given it trouble. We'll see if these trends persist, but it is fair to say that the Nasdaq seems to be fighting an uphill battle. Then again, the jury is out on the NYSE's hybrid system as well. Stay tuned.

For more on this:
- here's an update from the AP
- read this on Nasdaq vs. NYSE