Editors Note: This story has been updated to reflect BGC Partners' third quarter distributable earnings revenue and pre-tax distributable earnings guidance as being above the level previously listed in this article. The company expects revenue to be above the $410 million - $435 million range that was previously reported.
NEW YORK (TheStreet) -- BGC Partners (BGCP) shares are up 3.9% to $7.44 in after-hours trading on Monday after the global brokerage company updated its third quarter revenue and distributable earnings guidance.
The company expects third quarter distributable earnings revenue to be above the $410 million to $435 million guidance it had previously estimated. The firm also now expects pre-tax distributable earnings to be above the high end of its previous guidance of between $52 million and $60 million. STOCKS TO BUY: TheStreet Quant Ratings has identified a handful of stocks that can potentially TRIPLE in the next 12 months. Learn more.
TheStreet Ratings team rates BGC PARTNERS INC as a Hold with a ratings score of C+. TheStreet Ratings Team has this to say about their recommendation:
"We rate BGC PARTNERS INC (BGCP) a HOLD. The primary factors that have impacted our rating are mixed - some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks. Among the primary strengths of the company is its solid stock price performance. At the same time, however, we also find weaknesses including deteriorating net income, disappointing return on equity and poor profit margins."