|Over a week ago|
BGC Partners sees Q2 revenue $5525M-$575M, consensus $566.85M » 08:0805/0505/05/20
Sees Q2 pre-tax adjusted…
Sees Q2 pre-tax adjusted earnings $89M-$109M. BGC's revenues, excluding its insurance brokerage business, increased by approximately 2% YoY for the first 21 trading days of the second quarter. This reflects mixed global industry volumes thus far in the quarter as well as continued dislocation for BGC's brokers and their clients due to COVID-19. The Company's guidance assumes that industry volumes and its non-insurance brokerage revenues are flat to down slightly year-on-year for May and June. In addition, BGC expects its insurance brokerage revenues to be relatively flat YoY in the quarter, but to generate accelerating growth through the balance of the year. The Company's outlook includes the impact of its recent insurance brokerage hires who are incurring costs and are not yet generating meaningful revenue. But for this investment, the mid-point of the range for BGC's pre-tax Adjusted Earnings outlook would have been up year-over-year. Due to the unpredictable nature of the continuing macroeconomic environment, the Company has a wider outlook range than normal. BGC expects to update its guidance toward the end of June
BGC Partners reports Q1 adjusted EPS 19c, consensus 18c » 08:0605/0505/05/20
Reports Q1 revenue…
Reports Q1 revenue $603.2M, consensus $592.75M.
|Over a month ago|
Point72 reports 5.0% passive stake in BGC Partners » 19:0404/1604/16/20
Point72 Asset Management…
Point72 Asset Management disclosed a 5.0% stake in BGC Partners, which represents over 15.52M shares. The filing does not allow for activism.
Fly Intel: Wall Street's top stories for Friday » 16:2503/2703/27/20
GM, F, AAPL, CCL, RCL, NCLH, CL, GME, AAL, UAL, BGCP
From a peak of 3,393 in…
Fly Intel: Wall Street's top stories at midday » 12:2803/2703/27/20
GM, F, CCL, RCL, NCLH, CL, GME, HBI, BGCP
Stocks are pulling back…
Raymond James downgrades BGC Partners to Market Perform after dividend cut » 07:5503/2703/27/20
As previously reported,…
As previously reported, Raymond James analyst Patrick O'Shaughnessy downgraded BGC Partners two notches, to Market Perform from Strong Buy, stating that he was "surprised by and concerned with" the decision to slash the firm's quarterly dividend to 1c per share. While the firm's positive Q1 revenue and pre-tax income update suggests a favorable operating environment, the dividend cut, combined with drawing down the firm's revolver, makes him question whether there are risks to BGC's business model that he had not previously considered, O'Shaughnessy tells investors.
BGC Partners downgraded to Market Perform from Strong Buy at Raymond James » 04:4303/2703/27/20
Raymond James analyst…
Raymond James analyst Patrick O'Shaughnessy downgraded BGC Partners to Market Perform from Strong Buy.
Fly Intel: After-Hours Movers » 19:0003/2603/26/20
BGCP, TXMD, VMW, GPS, LULU, PRGS, HTZ, KBH, GME, SPWH, NBSE, OSS
Check out this…
BGC Partners lowers quarterly dividend to 1c per share » 16:1703/2603/26/20
BGC expects to reduce its…
BGC expects to reduce its quarterly dividend to 1c per common share. The Board of Directors intends to review the Company's quarterly cash dividend policy as developments warrant at a future time. Additionally, BGC Holdings, L.P. also expects to reduce its distributions of income from the operations of BGC's businesses to its partners. BGC Partners has drawn down an aggregate of $230M from its revolving credit facility since December 31, 2019, for a total of $300M outstanding. The company increased this borrowing in order to preserve financial flexibility given current uncertainty in the global markets resulting from the COVID-19 pandemic. BGC notes that it has no meaningful debt maturities due until 2021. The proceeds from the revolving credit facility may be used for general corporate purposes.
BGC Partners sees Q1 performance better than previous outlook » 16:1403/2603/26/20
BGC Partners provided an…
BGC Partners provided an update on its operations and other relevant financial information. BGC believes that it is likely to perform better than it had expected when it provided its previous outlook. March has been highly volatile, with significant volumes across numerous global instruments. The company's initial outlook was for Q1 revenue of $540M-$580M, consensus $561.15M. Q1 outlook for pre-tax adjusted earnings was $90M-106M.