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NEW YORK (AP) - Shares of General Cable Corp., which makes cables for the electric utility and communications industries, rose Wednesday after the company reported adjusted quarterly earnings and offered a first-quarter outlook that beat Wall Street's expectations.
Shares of General Cable rose $2.55, or 11 percent, to close at $25.52 Wednesday on the New York Stock Exchange, on high volume. Earlier, it hit a new 52-week high of $27.06, surpassing the previous high of $25.36 reached Tuesday.
The Highland Heights, Ky.-based company said despite higher raw materials costs and price hikes, it saw accelerating product demand in the fourth quarter.
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