BGC Group expects Q3 revenue at high-end of forecast, shares up

Bgc

01/10/2024 18:48

** Shares of brokerage firm BGC Group  BGC.O  jump as much
as 7.5%, last up 5.1% at $9.65
    ** Late on Monday, BGC said it expects Q3 revenue and
pre-tax adjusted earnings to be "around the high-end" of its
previously stated outlook ranges
    ** BGC in July forecast Q3 revenue to be between $505 mln
and $555 mln and pre-tax adjusted earnings between $110 mln and
$127 mln
    ** Piper Sandler, lone brokerage covering BGC, raises
estimate for Q3 revenue to $543 mln and pre-tax adjusted
earnings to $124.5 mln
    ** Last week, BGC launched its FMX Futures Exchange as
billionaire Howard Lutnick looks to compete with CME Group
 CME.O  for a slice of market share in U.S. Treasuries 
    ** Piper Sandler expects FMX volumes to pick up in the
coming weeks as the incentive rebate program goes live and as
more futures commission merchants are added to the platform
    ** As of last close, BGC shares up 27.1% YTD

 (Reporting by Arasu Kannagi Basil in Bengaluru)
 ((ArasuKannagi.Basil@thomsonreuters.com;))