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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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September 29, 2014
10:30 EDTBGCHigh option volume stocks
High option volume stocks: RGEN ALIM TIBX MYCC RDWR ATHL DWA ASNA PSDV BGC
07:45 EDTBGCGeneral Cable withdraws proposed offering of senior unsecured notes
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September 23, 2014
17:51 EDTBGCGeneral Cable reviews FCPA in four countries
General Cable disclosed the following in a regulatory filing from Sept. 22: "We have been reviewing, with the assistance of external counsel, certain commission payments involving sales to customers of our subsidiary in Angola. The review has focused upon payment practices with respect to employees of public utility companies, use of agents in connection with such payment practices, and the manner in which the payments were reflected on our books and records. We have determined at this time that certain employees in our Portugal and Angola subsidiaries directly and indirectly made payments at various times from 2002 through 2013 to officials of Angola government-owned public utilities that raise concerns under the FCPA and possibly under the laws of other jurisdictions. We also have been reviewing, with the assistance of external counsel, our use and payment of agents in connection with our Thailand and India operations, which may have implications under the FCPA. We have voluntarily disclosed these matters to the SEC and the DOJ and have provided them with additional information at their request. The SEC and DOJ inquiries into these matters are ongoing. We continue to cooperate with the DOJ and the SEC with respect to these matters. At this time, we are unable to predict the nature of any action that may be taken by the DOJ or SEC or any remedies these agencies may pursue as a result of such actions. We are implementing a screening process relating to sales agents that we use outside of the United States, including, among other things, a review of the agreements under which they were retained and a risk-based assessment of such agents to determine the scope of due diligence measures to be performed by a third-party investigative firm."
September 22, 2014
07:49 EDTBGCGeneral Cable sees FY14 adjusted operating income $200M-$230M
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07:46 EDTBGCGeneral Cable sees Q3 adjusted operating income $60M-$75M
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