Monday, October 26, 2009

Transmission: "General Cable Hit by Weak Construction Market" (BGC)

The stock was recently trading down $3.04 (7.88%) at $35.56.
From Barron's Tech Trader Daily:

Shares of $2 billion market cap General Cable (BGC), a maker of ethernet wiring for corporate data centers, are selling off in a big way after the company beat Q3 expectations but forecast the current quarter below expectations.

Rising metals costs are threatening profits, the company said, and continued fall-off in non-residential construction also means lower profitability. The company expects to trim production this quarter, though it did not say by how much....MORE