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The repurchase of shares signals confidence in BGC's future. Historical buybacks often lead to positive price momentum as seen with other firms.
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Howard Lutnick is selling ownership stakes as part of an ethics agreement. BGC Group is repurchasing over 16.4 million shares for $151.5 million. Shares will be bought at about $9.21 each, the average price last week. Cantor Fitzgerald maintains control over BGC Group and Newmark Group. Lutnick’s deals involve family trusts benefiting his children.
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