We use cookies to understand how you use our site and to improve your experience. This includes personalizing content and advertising. To learn more, click here. By continuing to use our site, you accept our use of cookies, revised Privacy Policy and Terms of Service.
You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. ZacksTrade and Zacks.com are separate companies. The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating individual securities.
If you wish to go to ZacksTrade, click OK. If you do not, click Cancel.
BGC Partners, Inc. has lowered its revenue guidance for third-quarter 2020. The company also updated its outlook for pre-tax adjusted earnings.
Earlier on Jul 30, BGC Partners issued the third-quarter outlook. Revenues were expected to be in the range of $440-$490 million, while pre-tax adjusted earnings were projected at $63-$83 million.
However, given the subdued operating backdrop due to the lower industry volumes across rates, foreign exchange and credit, the company has lowered its guidance. BGC Partners now expects revenues and pre-tax adjusted earnings for the to-be-reported quarter between the mid-point and the low-end of the range of its prior estimate of $440-$465 million and $63-$73 million, respectively.
Further, the Zacks Consensus Estimate for the third-quarter sales is pegged at $465.85 million, indicating a decline of 10.6% year on year. Moreover, the consensus estimate for earnings is pinned at 12 cents, calling for a 20% year-over-year decline.
Notably, in the first half of 2020, the company recorded revenues of $1.1 billion, marking year-on-year growth of 2.4%, mainly on increase in brokerage revenues.
In addition, at the 2020 Barclays Global Financial Services Conference last month, top executives from some of the major global banks, including Bank of America (BAC - Free Report) , JPMorgan (JPM - Free Report) , Wells Fargo and Citigroup (C - Free Report) warned investors of disappointing revenue performance in the September-end quarter and the full year. Low interest rates and weak loan demand are the key reasons for the dismal top-line performance.
We believe amid the global market turmoil due to the coronavirus crisis and the low rate environment, finance companies are very skeptical about the third-quarter top-line performance. Nevertheless, ample support from the Federal Reserve and expectations of a second stimulus package will likely aid industry players in the upcoming quarters.
These Stocks Are Poised to Soar Past the Pandemic
The COVID-19 outbreak has shifted consumer behavior dramatically, and a handful of high-tech companies have stepped up to keep America running. Right now, investors in these companies have a shot at serious profits. For example, Zoom jumped 108.5% in less than 4 months while most other stocks were sinking.
Our research shows that 5 cutting-edge stocks could skyrocket from the exponential increase in demand for “stay at home” technologies. This could be one of the biggest buying opportunities of this decade, especially for those who get in early.
Image: Bigstock
BGC Partners (BGCP) Lowers Q3 Revenue Guidance Amid Concerns
BGC Partners, Inc. has lowered its revenue guidance for third-quarter 2020. The company also updated its outlook for pre-tax adjusted earnings.
Earlier on Jul 30, BGC Partners issued the third-quarter outlook. Revenues were expected to be in the range of $440-$490 million, while pre-tax adjusted earnings were projected at $63-$83 million.
However, given the subdued operating backdrop due to the lower industry volumes across rates, foreign exchange and credit, the company has lowered its guidance. BGC Partners now expects revenues and pre-tax adjusted earnings for the to-be-reported quarter between the mid-point and the low-end of the range of its prior estimate of $440-$465 million and $63-$73 million, respectively.
Further, the Zacks Consensus Estimate for the third-quarter sales is pegged at $465.85 million, indicating a decline of 10.6% year on year. Moreover, the consensus estimate for earnings is pinned at 12 cents, calling for a 20% year-over-year decline.
Notably, in the first half of 2020, the company recorded revenues of $1.1 billion, marking year-on-year growth of 2.4%, mainly on increase in brokerage revenues.
In addition, at the 2020 Barclays Global Financial Services Conference last month, top executives from some of the major global banks, including Bank of America (BAC - Free Report) , JPMorgan (JPM - Free Report) , Wells Fargo and Citigroup (C - Free Report) warned investors of disappointing revenue performance in the September-end quarter and the full year. Low interest rates and weak loan demand are the key reasons for the dismal top-line performance.
We believe amid the global market turmoil due to the coronavirus crisis and the low rate environment, finance companies are very skeptical about the third-quarter top-line performance. Nevertheless, ample support from the Federal Reserve and expectations of a second stimulus package will likely aid industry players in the upcoming quarters.
These Stocks Are Poised to Soar Past the Pandemic
The COVID-19 outbreak has shifted consumer behavior dramatically, and a handful of high-tech companies have stepped up to keep America running. Right now, investors in these companies have a shot at serious profits. For example, Zoom jumped 108.5% in less than 4 months while most other stocks were sinking.
Our research shows that 5 cutting-edge stocks could skyrocket from the exponential increase in demand for “stay at home” technologies. This could be one of the biggest buying opportunities of this decade, especially for those who get in early.
See the 5 high-tech stocks now>>