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29.09.26 - 19:39
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Jefferies Beats On Record Stock Trading, But Asset Management Revenue Plunges 50% On First Brands, Radiant "Cockroaches" (ZeroHedge)
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Jefferies Beats On Record Stock Trading, But Asset Management Revenue Plunges 50% On First Brands, Radiant "Cockroaches"
Jefferies is once again the first major Wall Street firm to report its quarter, and once again the story is of two very different banks under one roof: a trading and banking franchise running near record highs, and an asset-management arm that keeps finding new ways to lose money on receivables that may or may not exist.
The good news first. In the fiscal third quarter ended August 31, Jefferies reported EPS of $1.08, beating the $1.00 consensus (core EPS of $1.08 also beat Goldman's $1.03 and the Street's $1.01). Core pre-tax income came in 9% ahead of the Street, driven by:
Equities trading: $626 million, up 29% YoY and a record, helped by cash, electronic trading and prime services (i.e., hedge funds levering up into the AI melt-up).
Investment banking: $1.3 billion, up 17%, with advisory up 25% (also a record) and equity underwriting up 69%.
Fixed income tr...
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10.08.26 - 18:30
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Apple Downgraded at Jefferies on iPhone Outlook (Bloomberg)
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Apple is no longer the "king of the supply chain," and that has Jefferies analyst Edison Lee worried. He cut Apple from hold to underperform and lowered the price target to $263.66 from $285.56. Lee says introducing new form factors in the iPhone is harder than expected and plans for an all-glass iPhone model were cancelled. He speaks to Ed Ludlow on "Bloomberg Tech." (Source: Bloomberg)...
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