BGC Rises Most in Two Months as Lutnick Says He’ll Weigh OptionsZeke Faux
BGC Partners Inc. climbed the most in two months after Chief Executive Officer Howard Lutnick said the brokerage is considering options to boost shareholder value.
The stock rose 5 percent to $8.84 at 12:58 p.m. in New York, the biggest intraday gain since August. Lutnick said investors are undervaluing his company’s assets, including Newmark Grubb Knight Frank, the commercial real-estate brokerage he’s been building over the past four years.
“There have got to be moves to make to unlock shareholder value for us and we’re listening,” Lutnick said during a conference call Wednesday to discuss BGC’s results. “NGKF is an incredibly valuable asset that is growing far faster than all the other real estate companies.”
BGC, which is part-owned by Lutnick’s Cantor Fitzgerald LP, won a campaign to take over rival brokerage GFI Group Inc. in February. Lutnick said BGC expects to sell the Trayport business it acquired as part of that deal by the end of the year.