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Stock Market & Financial Investment News

News Breaks
March 27, 2014
08:01 EDTBGCGeneral Cable cuts Q1 adjusted operating outlook to $17M-$27M from $30M-$45M
Relative to the Companyís previously communicated first quarter outlook, business activity in Venezuela has significantly lagged expectations due to the ongoing social unrest and uncertainty surrounding the recently announced price controls. In North America, operating results are expected to lag managementís expectations principally due to the extreme winter weather experienced across the region as unit volume is anticipated to be in the range of 4-6% lower than previously communicated for the first quarter. Finally, first quarter operating results are expected to be impacted by selling higher average cost inventory into a lower metal price environment as copper prices rapidly declined during the month of March. Given the current lower copper price environment, the ongoing uncertainty in Venezuela and the weather related issues in North America, the Company anticipates generating adjusted operating income for 2014 at around the low end of its previously communicated range of $260 to $320M. Going forward into the second quarter, the Company continues to expect a sharp improvement in operating results as construction activity accelerates and installation work on submarine projects in the North and Baltic Seas resumes. The current full year outlook now assumes copper and aluminum (Midwest Premium) prices of $3.01 and $0.96, respectively, and approximately $30M of operating income from Venezuela which is down from the previously communicated expectation of $45M.
News For BGC From The Last 14 Days
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March 18, 2015
10:00 EDTBGCOn The Fly: Analyst Downgrade Summary
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07:04 EDTBGCGeneral Cable downgraded at BB&T
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06:55 EDTBGCGeneral Cable downgraded to Hold from Buy at BB&T
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March 17, 2015
15:33 EDTBGCGeneral Cable March calls active after report of rival considering takeover bid
General Cable March 14 and 15 calls are active on total call volume of 8K contracts (1K puts) after Bloomberg said Prysmian is considering an acquisition. March call option implied volatility is at 124, April is at 95, May is at 69; compared to its 26-week average of 48 according to Track Data. Active volume suggests traders taking positions for upside price movement.
15:23 EDTBGCGeneral Cable jumps after report of rival weighing takeover bid
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15:18 EDTBGCPrysmian spokesman says no ongoing talks with General Cable, Reuters reports
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14:51 EDTBGCGeneral Cable jumps 11%, halted for volatility after report of takeover interest
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14:50 EDTBGCGeneral Cable acquisition being weighed by Prysmian, Bloomberg says

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