We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Share Name | Share Symbol | Market | Type |
---|---|---|---|
Leucadia National Corp. | NYSE:LUK | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 23.47 | 0 | 01:00:00 |
By Daniel Huang And Chelsey Dulaney
Jefferies Group LLC said earnings plunged in its fiscal first quarter amid a 56% drop in fixed-income trading revenue.
Jefferies said the year got off to a slow start due to a tepid fixed-income trading environment, but the boutique investment bank expressed optimism about its prospects for the remainder of the year as markets appear to have stabilized.
Viewed by some in the industry as a harbinger of results for other Wall Street firms, the investment-banking unit of Leucadia National Corp. reported Tuesday that its profit fell to $11.7 million from $112.4 million a year earlier. Revenue fell 34% to $591.7 million for the quarter ended Feb. 28.
The latest results from Jefferies follow a downtrodden fourth quarter for many of the largest U.S. banks, with four of the six biggest-- J.P. Morgan Chase & Co., Bank of America Corp., Citigroup Inc. and Morgan Stanley--missing analysts' estimates. A surge in volatility last quarter spooked many investors into pulling out of the market, causing a steep drop in trading revenues at banks with sizable trading platforms. The big six U.S. banks saw their first annual profit drop since the financial crisis, according to SNL Financial.
More recently, some bank executives have said trading has picked up during the two months of the year. Because Jefferies' quarter ends one month earlier than other banks, its results are considered by some to be indicative of how other Wall Street investment banks will fare, especially in trading businesses. March isn't included in the quarterly results released by the securities firm Tuesday morning.
Jefferies also reported lower investment-banking revenue of $272 million, down 34% from the same period a year earlier.
Fixed-income revenue fell to $126 million from $285.9 million.
Write to Daniel Huang at daniel.huang3@wsj.com and Chelsey Dulaney at Chelsey.Dulaney@wsj.com
Access Investor Kit for Bank of America Corp.
Visit http://www.companyspotlight.com/partner?cp_code=P479&isin=US0605051046
Access Investor Kit for Citigroup, Inc.
Visit http://www.companyspotlight.com/partner?cp_code=P479&isin=US1729674242
Access Investor Kit for JPMorgan Chase & Co.
Visit http://www.companyspotlight.com/partner?cp_code=P479&isin=US46625H1005
Access Investor Kit for Leucadia National Corp.
Visit http://www.companyspotlight.com/partner?cp_code=P479&isin=US5272881047
Subscribe to WSJ: http://online.wsj.com?mod=djnwires
1 Year Leucadia Chart |
1 Month Leucadia Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions