We recently published a list of 10 Stocks That Stole the Show Today. In this article, we are going to take a look at where BGC Group, Inc. (NASDAQ:BGC) stands against other stocks that stole the show today.
Ten mid-cap companies from diverse sectors stood out on Monday, outperforming the lackluster performance of major indices, thanks to a flurry of corporate developments that sparked investor appetite.
While the firms boasted between 5 and 14 percent gains, the Dow Jones rose by only 0.32 percent, while the S&P 500 and the tech-heavy Nasdaq each inched up by 0.09 percent and 0.02 percent, respectively.
In this article, we list the names of the top-performing stocks and detail the reasons behind their gains.
To come up with the list, we considered only the stocks with a $2 billion market capitalization and $5 million in trading volume.
A portrait of a successful businessman looking up with confidence and optimism, surrounded by financial reports.
BGC Group, Inc. (NASDAQ:BGC)
BGC Group grew its share prices by 8.9 percent on Monday to end at $10.03 apiece following news that it agreed to repurchase more than 16.4 million common shares beneficially owned by US Secretary of Commerce and former chairman and CEO, Howard Lutnick.
In a statement, BGC Group, Inc. said it agreed to buy back the shares at a price of $9.2082 apiece for a total of $151 million, in furtherance of Lutnick’s US government ethics agreement.
“Repurchasing more than 16.4 million of our shares demonstrates our commitment to shareholder capital return,” said BGC Group, Inc. CFO Jason Hauf “Given our record first quarter results and anticipated strong cash flow generation this year, we believe buying back our shares in this highly efficient manner is a great use of our capital that delivers strong value creation to our shareholders.”
The transaction divested Lutnick’s ownership, voting, and economic interests in the company.
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This article is originally published at Insider Monkey.
