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BGC Group

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BGC Partners

BGC Group Inc is a brokerage and financial technology company that serves the global financial markets, energy and commodities markets. Its service and product offerings include brokerage for a wide range of financial products including fixed income, equities, commodities, derivatives, and real estate, software solutions for trading platforms, clearing, trade execution, and other back-office services. Its clients mostly include banks, financial institutions and corporate clients. BGC operates in one reportable segment, which is providing brokerage services. Geographically the company generates revenue from Asia, Other Europe/MEA, France, Other Americas with the majority of its revenue coming from United Kingdom followed by the United States.

BGC Group Inc

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Piper Sandler analyst Patrick Moley maintains BGC Group (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BGC#NASDAQ">BGC</a>) with a Overweight and raises the price target from $11.5 to $12.

News

Price Target

Analyst Ratings

Piper Sandler Maintains Overweight on BGC Group, Raises Price Target to $12

WIIM

BGC Group shares are trading higher after the company reported better-than-expected Q3 financial results and issued Q4 sales guidance above estimates.

BGC Group (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BGC#NASDAQ">BGC</a>) sees Q4 sales of $545.000 million-595.000 million vs $538.90 million estimate.

Guidance

BGC Group Sees Q4 Sales $545.000M-595.000M vs $538.90M Est

BGC Group (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BGC#NASDAQ">BGC</a>) reported quarterly earnings of $0.26 per share which beat the analyst consensus estimate of $0.23 by 13.04 percent. This is a 36.84 percent increase over earnings of $0.19 per share from the same period last year. The company reported quarterly sales of $561.11 million which beat the analyst consensus estimate of $543.00 million by 3.34 percent. This is a 16.25 percent increase over sales of $482.69 million the same period last year.

Earnings

Earnings Beats

BGC Group Q3 Adj $0.26 Beats $0.23 Estimate, Sales $561.11M Beat $543.00M Estimate

Trading Ideas

BGC Group Option Alert: Sweep Of 2,000 Nov 15 $10 Calls Near Ask At $0.25, Against 5,296 Open Interest; Stock Ref $9.44

OTC Global Holdings, LP is an independent institutional energy and commodities brokerage firm. Through this acquisition, BGC Group will further expand and diversify its global Energy, Commodities, and Shipping (&quot;ECS&quot;) business.
Under the terms of the agreement, BGC expects to acquire OTC in a substantially all-cash transaction, which is subject to customary closing conditions, including applicable regulatory approvals.
&nbsp;

BGC Group Agrees To Acquire OTC Global Holdings Via All-Cash Transaction; No Terms Disclosed

<a href="https://c212.net/c/link/?t=0&amp;l=en&amp;o=4275200-1&amp;h=4149098579&amp;u=https%3A%2F%2Fwww.bgcg.com%2F&amp;a=BGC+Group%2C+Inc.">BGC Group, Inc.</a>&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BGC#NASDAQ">BGC</a>), a leading global brokerage and financial technology company, today announced it recently acquired Sage Energy Partners, LP ("Sage"), an energy and environmental brokerage firm. This acquisition will expand BGC's energy brokerage services in the U.S. and support BGC's global growth efforts across its Energy, Commodities, and Shipping ("ECS") business.

BGC Group Expands Energy And Environmental Brokerage Services With Acquisition Of Sage Energy Partners; No Financial Terms Disclosed

BGC Group shares are trading higher after the company provided an update for its Q3 revenue and pre-tax adjusted earnings outlook.

BGC Group, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BGC#NASDAQ">BGC</a>), today announced that it has updated its outlook for the quarter ending September 30, 2024.
Updated Outlook BGC expects to be around the high-end of its previously stated outlook ranges for revenue and pre-tax Adjusted Earnings for the third quarter of 2024. The Company's outlook was contained in BGC's financial results press release issued on July 30, 2024, which can be found at <a href="https://c212.net/c/link/?t=0&amp;l=en&amp;o=4266904-1&amp;h=1169362756&amp;u=http%3A%2F%2Fir.bgcg.com%2F&amp;a=http%3A%2F%2Fir.bgcg.com">http://ir.bgcg.com</a>.

BGC Group Expects To Be Around The High-End Of Its Previously Stated Outlook Ranges For Revenue And Pre-Tax Adjusted Earnings For Q3 2024

BGC Group Inc., (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BGC#NASDAQ">BGC</a>) a financial services firm led by Cantor Fitzgerald CEO Howard Lutnick, plans to launch an exchange that will start trading <a href="https://www.benzinga.com/markets/cryptocurrency/24/08/40423424/donald-trump-names-howard-lutnick-to-lead-transition-team-heres-what-it-means-for-crypto">secured overnight financing rate</a> (SOFR) futures on Sept. 23 on its new FMX Futures Exchange.
The SOFR is a benchmark interest rate for dollar-denominated derivatives and loans that replaced the London Interbank Offered Rate (LIBOR) in June 2023.
&#8220;I think we&#8217;re going to bring competition into the market and I&#8217;m jazzed, jazzed, jazzed,&#8221; Lutnick said in announcing the new exchange on Bloomberg Television on Wednesday.
 FMX Futures Exchange is a consortium backed by Bank of America Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BAC#NYSE">BAC</a>), Barclays (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BCS#NYSE">BCS</a>), Citadel Securities, Citigroup Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/C#NYSE">C</a>), The Goldman Sachs Group Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GS#NYSE">GS</a>), J.P.Morgan Chase &amp; Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/JPM#NYSE">JPM</a>), Morgan Stanley (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MS#NYSE">MS</a>), Jump Trading Group and Tower Research.
On April 25, these financial services companies together bought a 26% stake in FMX for $172 million, which valued the exchange at $667 million. BGC gave the partners an additional 10% stake contingent upon them hitting certain volume targets, Piper Sandler analyst Patrick Moley wrote in a note on Thursday.
Moley noted that FMX&#8217;s intent is to take some of the Chicago Mercantile Exchange&#8217;s (CME) total monopoly SOFR futures, which make up 30% to 40% of CME&#8217;s interest rate derivative volumes.
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&#8220;We&#8217;re going to create a break in the monopoly built by the Chicago Mercantile Exchange,&#8221; Lutnick said Wednesday. &#8220;It&#8217;s so fun and it&#8217;s so exciting.&#8221;
FMX plans to start trading U.S. Treasury futures in next year&#8217;s first quarter.
FMX is not expected to take "meaningful" market share from CME in interest rate futures until the third year after its launch, Moley said.
&#8220;However, CEO Lutnick believes FMX will have record open interest for a new exchange at the end of year 1,&#8221; he wrote.
Moley said that CME CEO Terry Duffy believes that U.S. regulations will not allow FMX to succeed, given that trades will be cleared by LCH Group, a London-based clearing house.
But Lutnick disagrees with Duffy, Moley said. As a Commodity Futures Trading Commission-recognized organization, it will be clearing trades through a U.S. subsidiary on U.S. soil.
&#8220;Bottom line, FMX has all the regulatory approvals / registrations needed to launch on September 23rd,&#8221; Moley wrote.
&#8220;And while CEO Duffy believes the U.S. government / regulators will eventually intervene and possibly block FMX's use of clearing partner LCH (which we believe would ultimately lead to FMX failing to succeed in IR futures), there is no evidence to suggest this will occur at this point in time.&#8221;
BCG Price Action: BCG Group ticked up 0.11% to $9.26 into Thursday&#8217;s early afternoon trading.
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Analyst Color

Equities

Government

Futures

Treasuries

Markets

BGC Group To Trade Futures On New Exchange: CEO Lutnick Is 'Jazzed, Jazzed, Jazzed'

Piper Sandler analyst Patrick Moley reiterates BGC Group (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BGC#NASDAQ">BGC</a>) with a Overweight and maintains $11.5 price target.

Reiteration

Piper Sandler Reiterates Overweight on BGC Group, Maintains $11.5 Price Target

Suzano S.A. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/suz#NYSE">SUZ</a>) announced that it closed the previously mentioned acquisition of a 15% stake in Lenzing from its current majority stakeholder, B&amp;C Group (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/bgc#NASDAQ">BGC</a>). This move will help Suzano expand in new markets.
<h2>Details on Suzano&#39;s Deal With B&amp;C</h2>
In June 2024, Suzano and B&amp;C announced that they would form a long-term syndicate to together hold a 52.25% stake in the Vienna-based cellulosic fibers supplier company, Lenzing. Per their deal, Suzano will acquire a 15% stake in Lenzing and B&amp;C will hold the majority of the stake (37.25%) and remain the controlling member of the new syndicate.
Along with the 15% stake, Suzano received the right to two seats on Lenzing&#39;s board of directors.
As part of the long-term partnership, Suzano has the choice to acquire another 15% stake in Lenzing&nbsp;from B&amp;C until 2028.
<h2>Transaction to Boost Lenzing &amp; SUZ&#39;s Position</h2>
Lenzing is a global supplier of premium cellulosic fibers for the textile and non-woven industry. This deal will further strengthen Lenzing&#39;s position as a global market leader for sustainable cellulosic fibers. SUZ aims to boost Lenzing&#39;s position with its established technology, product range and technical knowledge.
SUZ will gain from Lenzing&#39;s deep-rooted understanding of pulp production and cost excellence. The partnership will help Suzano strengthen its competitive position and global presence.
The transaction marks the continuation of Suzano&#39;s strategy to focus on investments, which will enlarge its addressable market in scalable and competitive business models. The investment also moves the company closer to end consumers.
<h2>Suzano&#39;s Q2 Performance</h2>
In the second quarter of 2024, the company reported net sales of $2.2 billion, up from $1.8 billion in the prior-year quarter. The company reported an adjusted loss of 56 cents in the quarter under review against the prior-year quarter&#39;s earnings of 79 cents.
<h2>SUZ Share Price Performance</h2>
Shares of Suzano have lost 3.7% in the past year against the industry&#39;s 32.7% growth.
<img alt="Zacks Investment Research" src="https://staticx-tuner.zacks.com/images/articles/charts/a1/76253.jpg?v=2004195176" />
Image Source: Zacks Investment Research
<h2>Zacks Rank &amp; Stocks to Consider</h2>
SUZ currently has a Zacks Rank #3 (Hold).
Some better-ranked stocks from the basic materials space are Carpenter Technology Corporation (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/crs#NYSE">CRS</a>), IAMGOLD Corporation (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/iag#NYSE">IAG</a>) and Eldorado Gold Corporation (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/ego#NYSE">EGO</a>). CRS, IAG&nbsp;and EGO sport a Zacks Rank #1 (Strong Buy) at present.
The Zacks Consensus Estimate for Carpenter Technology&#39;s fiscal 2025 earnings is pegged at $6.06 per share. The consensus estimate for 2025 earnings has moved 17% north in the past 60 days. It has an average trailing four-quarter earnings surprise of 15.9%. CRS shares have gained 155.9% in a year.
The Zacks Consensus Estimate for IAMGOLD&#39;s 2024 earnings is pegged at 39 cents per share. The consensus estimate for 2024 earnings has moved 44% north in the past 60 days. It has an average trailing four-quarter earnings surprise of 200%. IAG shares have gained 137% in a year.
The Zacks Consensus Estimate for Eldorado Gold&#39;s 2024 earnings is pegged at $1.32 per share. The consensus estimate for 2024 earnings has moved 22% north in the past 60 days. It has an average trailing four-quarter earnings surprise of 430%. EGO shares have gained 103% in a year.
<a href="https://www.zacks.com/stock/news/2330552/suzano-closes-15-stake-buyout-deal-with-lenzing-to-expand-business?cid=CS-BENZ-FT-analyst_blog|company_news_corporate_actions-2330552">To read this article on Zacks.com click here.</a>

Large Cap

Latin America

Mid Cap

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Suzano Closes 15% Stake Buyout Deal With Lenzing to Expand Business

BofA Securities analyst Craig Siegenthaler downgraded CME Group Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CME#NASDAQ">CME</a>) to Underperform from Neutral, <a target="_blank" href="https://www.benzinga.com/quote/CME/analyst-ratings" rel="noreferrer noopener">lowering the price target from&nbsp;$212&nbsp;to&nbsp;$177.</a>
The company now faces competition on three fronts from BGC Group, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BGC#NASDAQ">BGC</a>), Cboe Global Markets, Inc. (BATS:<a class="ticker" href="https://www.benzinga.com/stock/CBOE#BATS">CBOE</a>), and Intercontinental Exchange Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ICE#NYSE">ICE</a>). This intensifying rivalry could result in market share losses and pricing pressures, the analyst cautions.
The analyst projects CME to reduce its pricing on interest rate futures by over 10% as a defensive strategy, given the imminent launch of BGC&#8217;s FMX Futures Exchange.
Additionally, the analyst forecasts a 15% CAGR for CBOE&#8217;s index options volume through 2026, predicting that options will increasingly replace CME&#8217;s equity futures.
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Due to its defensive nature, CME significantly benefited from the VIX surge in August, presenting a compelling entry point.
After weak U.S. employment data reignited fears of a hard landing, the VIX spiked 34% to an average of 19 in August, up from 14 the previous month. This drove CME&#8217;s strongest trading volumes since the start of the COVID-19 pandemic, with August volumes rising 28% month-over-month, particularly in financial futures.
Consequently, CME&#8217;s stock outperformed all sectors in our coverage as well as the S&amp;P 500. While the analyst projects that volatility will stay relatively high through the U.S. election season, the analyst sees downward normalization throughout 2025, making the second half of 2024 an ideal time to consider an Underperform rating.
Price Action: CME shares are trading lower by 1.77% to $211.92 at last check Tuesday.
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Downgrades

General

CBOE

CME Group Downgraded: Analyst Sees Cutthroat Competition From BGC Group, Cboe Global & Intercontinental Exchange

Piper Sandler analyst Patrick Moley maintains BGC Group (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BGC#NASDAQ">BGC</a>) with a Overweight and raises the price target from $10 to $11.5.

Piper Sandler Maintains Overweight on BGC Group, Raises Price Target to $11.5

BGC Sees Q3 FY24 Revenue Of $505M - $555M  Vs. $534.1M Est.

Dividends

BGC Declares Quarterly Qualified Cash Dividend Of $0.02

BGC Partners (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BGC#NASDAQ">BGC</a>) reported quarterly earnings of $0.23 per share which met the analyst consensus estimate. This is a 15 percent increase over earnings of $0.20 per share from the same period last year. The company reported quarterly sales of $550.76 million which beat the analyst consensus estimate of $545.00 million by 1.06 percent. This is a 11.70 percent increase over sales of $493.08 million the same period last year.

BGC Partners Q2 Adj $0.23, Inline, Sales $550.76M Beat $545.00M Estimate

Piper Sandler analyst Patrick Moley reiterates BGC Group (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BGC#NASDAQ">BGC</a>) with a Overweight and maintains $10 price target.

Piper Sandler Reiterates Overweight on BGC Group, Maintains $10 Price Target

BGC Group Reaffirms Q2 2024 Revenue And Pre-Tax Adj. Earnings Guidance

BGC Group shares are trading higher after Piper Sandler maintained an Overweight rating on the stock and raised its price target from $9 to $10.

CME Group: An Attractive Business Relatively Out Of Favor

O'Keefe Stevens Advisory Q3 2024 Investor Letter

BGC Group (BGC) announced that it has entered into an agreement to acquire OTC Global Holdings, the largest independent institutional energy and co...

BGC Group to acquire OTC Global Holdings in an all-cash transaction

BGC Group Q3 2024 Earnings Preview

Here's the major earnings before the open tomorrow

BGC Group Non-GAAP EPS of $0.26 beats by $0.03, revenue of $561.1M beats by $18.1M

BGC Group, Inc. 2024 Q3 - Results - Earnings Call Presentation

BGC Group, Inc. (BGC) Q3 2024 Earnings Call Transcript

Bgc Group, Inc. ( ($BGC) ) has released its Q3 earnings. Here is a breakdown of the information Bgc Group, Inc. presented to its investors. BGC Gro...

BGC Group Reports Robust Q3 2024 Earnings Growth

Robinhood, Coinbase among week's biggest financial losers; regional banks advance

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Offerings

Press Releases

BGC Announces Launch of Exchange Offer for its 6.600% Senior Notes due 2029

BGC Group to Present at the Barclays 22nd Annual Global Financial Services Conference on September 9, 2024

BGC Group's FMX Futures Exchange to launch on September 23, 2024

BGC Group launches FMX Futures Exchange

BGC Group Announces Extension of Exchange Offer for its 6.600% Senior Notes Due 2029

BGC Group Updates its Outlook for the Third Quarter of 2024

BGC Group to Report Third Quarter 2024 Financial Results on October 31, 2024

Commodities

BGC Group expands energy and environmental brokerage services with acquisition of Sage Energy Partners

Small Cap

BGC Group announces agreement to acquire OTC Global Holdings

BGC Reports Third Quarter 2024 Financial Results

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