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Stock Market & Financial Investment News

News Breaks
January 23, 2013
16:19 EDTBGCGeneral Cable provides status update of restated financial statements
As described in the Forms 8-K dated October 29 and November 13, the company intends to correct the effect of the accounting errors including the potential inventory theft in Brazil on previously issued interim financial statements by restating the three and nine months ended September 30, 2011 that will be presented comparatively in its Quarterly Report on Form 10-Q for the period ended September 28, 2012 and amending previously filed Forms 10-Q for the periods ended June 29, 2012 and March 30, 2012. Contemporaneous with the filing of the above referenced Quarterly Reports, the Company also intends to file an Annual Report on Form 10-K/A to restate previously issued annual financial statements and related financial information contained therein as of December 31, 2011 and 2010 and the three year period then ended.
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August 1, 2014
15:09 EDTBGCGeneral Cable reports SEC subpoenas related to formal investigation
General Cable stated in a regulatory filing that, as previously disclosed, the company conducted internal investigations, subject to the oversight of the Audit Committee of the company's board of directors and with the assistance of external counsel, relating to matters addressed in the amended Forms 10-K and Forms 10-Q the Company filed in March 2013 and January 2014. The company voluntarily contacted the SEC to advise it of the company's initial internal investigations, and the company has provided information on an ongoing basis as the company's internal investigations proceeded. The SEC has issued a formal order of investigation. Pursuant to that formal order, the SEC has issued subpoenas to the company seeking relevant documents and to certain current and former employees seeking their testimony. "The company continues to cooperate with the SEC in connection with its investigation. Any determination that the company's operations or activities are not in compliance with existing laws or regulations could result in the imposition of substantial fines, civil and criminal penalties, and equitable remedies, including disgorgement and injunctive relief. Because the government investigations and our review regarding the Angola matter are ongoing, the company is unable to predict their duration, scope, results, or consequences. At this time, the company is unable to make an estimate of the amount of loss, if any, or range of possible loss that the company could incur as a result of the foregoing matters," the company stated.
July 30, 2014
17:09 EDTBGCGeneral Cable backs 2014 adjusted income view $200M-$230M
General Cable sees 2014 global unit volume flat to down low single digits year-over-year due to the lack of consistent momentum in utility and construction spending in North America and Latin America as well as ongoing challenges in Spain and Thailand. The company expects to generate $135M-$165M of operating cash flow in 2014 with capital spending below depreciation. The revised operating cash flow outlook principally reflects funding higher working capital for 2014.
17:07 EDTBGCGeneral Cable sees Q3 adjusted 35c-55c, consensus 51c
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17:05 EDTBGCGeneral Cable reports Q2 adjusted EPS 29c, consensus 28c
Reports Q2 revenue $1.53B, consensus $1.60B.

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