Jefferies Surges After Egan Says Firm May Avoid Equity Raise |
| BusinessWeek - Dec 20, 2011 |
Jefferies Group Inc. jumped 19 percent, the most in three years, after fiscal fourth-quarter profit beat analysts' estimates and Egan-Jones Ratings Co. said the firm may not need to raise more equity.
The stock advanced to $14.04 at 11:34 a.m. in New York. Earnings per share excluding some items amounted to 17 cents for the three months ended Nov. 30, compared with the 14-cent average estimate of eight analysts surveyed by Bloomberg. Net income fell 23 percent to $48.4 million from the year-earlier period, the New York-based firm said in a statement.
The company's shares slid this year as Wall Street banks struggle to maintain trading revenue and as MF Global Holdings Ltd.'s Oct. 31 bankruptcy fueled what Jefferies called unfounded speculation it may be toppled by Europe's debt crisis. Fixed- income trading revenue surged to $140.7 million from $33.1 million in the third quarter.
Read Full Article from BusinessWeek
- Posted: 2011-12-20 11:18:15
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