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If you can get it out, lube the cable. If you can't get it out raise the end of the cable that connects to the speedo as high as possible and try to get some lubricant to flow down into the housing (depending on how the cable is routed you may not be able to do this but give it a try).
Second place to look if the speedo is fitted with it is the 90 degree fitting on the back of the speedo. Mine actually has a zerk fitting on it. Ran into a little bit of a bouncing needle early on, lubed the fitting and the bounce went away.
DonC
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