By Dean Seal
Shares of BGC Group climbed after the financial-brokerage firm said it would buy back about $234 million in stock owned by Commerce Secretary Howard Lutnick.
The stock was up 8.4%, at $9.99, Monday afternoon. The shares have risen about 11% since the beginning of the year.
The repurchase is part of a deal in which Lutnick is handing ownership of his firm Cantor Fitzgerald over to his children. Cantor has a controlling stake in BGC.
As part of a government ethics agreement, Lutnick would cede his interests in Cantor by selling his stake in BGC and another affiliate, the real-estate company Newmark Group.
Newmark shares were up less than 1%, to $11.65.
Write to Dean Seal at dean.seal@wsj.com
(END) Dow Jones Newswires
May 19, 2025 14:10 ET (18:10 GMT)
Copyright (c) 2025 Dow Jones & Company, Inc.
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