NYSE Euronext reported a lower-than-expected quarterly profit, hurt by rising acquisition-related expenses.

Some analysts said they were disappointed by the expenses from a flurry this year of smaller-scale purchases intended to stem a loss of market share that continued into the latest quarter.

NYSE Euronext stood by its estimates of $275 million in savings from last year's transatlantic NYSE-Euronext merger.

"With the head count management that we've been undertaking this year, and the expense management on the technology side ... I think we're all very confident that our so-called core expense space is absolutely going down," Chief Executive Duncan Niederauer said on a conference call.

The closing of one of NYSE Euronext's buyouts, the American Stock Exchange, is now set for September instead of August, as previously planned.

Niederauer said on the call that the company was "well on our way to delivering" the $250 million in technology-related savings, and another $25 million in other merger benefits, by the end of 2010.

What I am not sure of is why this stock has taken such a beating. I haven't seen these prices since it was still Archipelago. You can't bet against the house! Help me to understand this.