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$JEF

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Wire

Jefferies Financial's Fiscal Q2 Expected to Be 'Strong,' Oppenheimer Says

Jefferies Financial (JEF) is expected to report a "strong" fiscal Q2 amid favorable investment banking trends, Oppenheimer said in a Friday note.Activity across key investment banking markets strengthened during Jefferies' fiscal reporting period, according to the brokerage.Investment-grade bond issuance rose 49% year over year, while high-yield issuance increased 48%. Equity capital markets activity climbed 72%, and announced and completed M&A volumes also posted sharp gains from a year earlier.Oppenheimer raised its fiscal Q2 earnings estimate to $1.17 per share from $0.95. Analysts polled by FactSet expect earnings of $1.02 per share.The brokerage said companies appear to be pushing ahead with strategic transactions and financings despite geopolitical uncertainty. It also said losses tied to First Brands and MFS were modest relative to Jefferies' earnings power and balance sheet strength.Oppenheimer maintained an outperform rating on the stock and raised its price target to $87 from $72.Shares of Jefferies were up 4.4% in Friday trading.Price: $62.28, Change: $+2.62, Percent Change: +4.39%

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Sectors

Sector Update: Financial Stocks Gain Late Afternoon

Financial stocks were higher in late Thursday afternoon trading, with the NYSE Financial Index rising 2.2% and the State Street Financial Select Sector SPDR ETF (XLF) climbing 2.6%.The Philadelphia Housing Index increased 0.7%, and the State Street Real Estate Select Sector SPDR ETF (XLRE) added 1.5%.Bitcoin (BTC-USD) was 2.6% lower at $63,852, and the yield for 10-year US Treasuries decreased 1.6 basis points to 4.48%.In economic news, US initial jobless claims rose to a level of 225,000 in the week ended May 30 from a downwardly revised 212,000 level in the previous week, compared with expectations for a 215,000 level in survey of analysts compiled by Bloomberg.Nonfarm productivity was revised down to a 0.3% growth pace in Q1 from a 0.8% increase in the previous estimate, below a 0.4% gain expected in a survey of analysts compiled by Bloomberg and following a 1.6% gain in Q4.In corporate news, JPMorgan Chase (JPM) and Jefferies Financial (JEF) are organizing trips to Caracas as foreign investor interest in Venezuela's economic reopening and debt restructuring grows, Bloomberg reported. JPMorgan shares rose 3.5%, and Jefferies climbed 4.4%.Blackstone's (BX) Blackstone Private Credit Fund said repurchase requests equaled about 10% of shares outstanding in Q2, but it will fulfill requests representing just 5% of its value, according to media reports on Thursday. Blackstone shares climbed 8.4%.Bank of America (BAC) shares rose 2.9% after it said Thursday it plans to introduce a cross-border real-time payment service for corporate and financial institution clients to instantly transfer funds via Swift or its digital CashPro system.Affirm (AFRM) and Canada Pension Plan Investment Board said Thursday that they have renewed and expanded their forward-flow agreement for consumer installment loans. Affirm shares rose 3.7%.

$AFRM$BAC$BX$JEF$JPM
Sectors

Sector Update: Financial

Financial stocks were higher in late Thursday afternoon trading, with the NYSE Financial Index rising 2.1% and the State Street Financial Select Sector SPDR ETF (XLF) climbing 2.6%.The Philadelphia Housing Index increased 0.7%, and the State Street Real Estate Select Sector SPDR ETF (XLRE) added 1.5%.Bitcoin (BTC-USD) was 2.6% lower at $63,852, and the yield for 10-year US Treasuries decreased 1.6 basis points to 4.48%.In corporate news, JPMorgan Chase (JPM) and Jefferies Financial (JEF) are organizing trips to Caracas as foreign investor interest in Venezuela's economic reopening and debt restructuring grows, Bloomberg reported. JPMorgan shares rose 3.6%, and Jefferies climbed 4.2%.

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Wire

Market Chatter: JPMorgan, Jefferies Eye Caracas Visits Amid Venezuela Debt Revival

JPMorgan Chase & Co (JPM) and Jefferies Financial Group (JEF) are organizing trips to Caracas as foreign investor interest in Venezuela's economic reopening and debt restructuring grows, Bloomberg reported.Jefferies executives traveled to Venezuela this week to meet with local banking executives, with a return visit under consideration, while JPMorgan is working to arrange a visit possibly alongside clients, the report said, citing people familiar with the matter.All executives involved in Jefferies' visit were cleared by the bank's compliance department, the report added.Venezuela has hired Hogan Lovells as legal counsel and Centerview Partners as financial adviser for what could be one of the largest sovereign debt restructurings since the Greek crisis, Bloomberg said.JPMorgan and Jefferies did not immediately respond to requests for comment from.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)Price: $312.12, Change: $+11.27, Percent Change: +3.75%

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Research

Research Alert: CFRA Upholds Buy Rating On Shares Of Jefferies Financial Group Inc.

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:We raise our target price by $8 to $58 on a P/E of 12.9x our FY 27 (Nov.) EPS view, a discount to JEF's three-year forward P/E average of 19.8x but more closely aligned with the peer average of 12.3x. We keep our FY 26 EPS estimate at $3.50 and increase FY 27's to $4.51 from $4.38 on respective revenue projections of $8.25B (+12%) and $9.24B (+12%). Shares of JEF have recovered ~25% since Feb-Q earnings (late March), as we think investors have gained confidence that the firm's core investment banking momentum remains intact. Despite this recovery, the stock remains down nearly 20% YTD and continues to trade at a compressed forward P/E multiple of ~14x, suggesting the market has not fully re-rated the shares to reflect operational strength. While we believe JEF's competitive positioning and market share gains support a higher valuation, we note that the current Treasury yield environment could present headwinds to deal activity and client risk appetite if sustained. We view the current valuation as attractive.

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Sectors

Sector Update: Financial Stocks Decline Premarket Friday

Financial stocks were declining premarket Friday, with the State Street Financial Select Sector SPDR ETF (XLF) down 0.4%.The Direxion Daily Financial Bull 3X Shares (FAS) was 1.1% lower and its bearish counterpart Direxion Daily Financial Bear 3X Shares (FAZ) was up 1.3%.Western Union (WU) shares were down more than 10% after the company posted lower Q1 adjusted earnings and revenue.Jefferies Financial Group (JEF) stock was 0.5% lower after the company priced its public offering of $1.1 billion of 5.125% senior notes due April 28, 2031.First Hawaiian (FHB) shares were up 1.7% after the company reported higher Q1 earnings and revenue.

$FAS$FAZ$FHB$JEF$WU$XLF
Wire

Morgan Stanley Posts 'Strong' Q1 on Trading Strength, Valuation Appears Stretched, Oppenheimer Says

Morgan Stanley (MS) reported a "strong" Q1 driven by trading and investment banking, but Oppenheimer said in a note Thursday the stock's valuation appears stretched relative to its historical levels.Q1 results came in well above its estimates, helped mainly by stronger trading revenue and better investment banking fees, with Morgan Stanley benefiting from strength in equities and select fixed income businesses driven more by business mix than a broader industry shift, Oppenheimer said.Banking revenue improved sharply, supported by advisory, equity underwriting, and debt issuance. The pipeline remained firm and pointed to a gradual recovery ahead. Expenses were broadly in line with expectations despite higher revenue which reflects cost discipline alongside continued investment in talent and technology.Morgan Stanley's capital position remained strong, with share buybacks higher than expected and management indicating that potential regulatory changes could be broadly capital neutral.Oppenheimer kept its perform rating for Morgan Stanley, adding that its current valuation looks elevated relative to history, and said it prefers Jefferies Financial (JEF) over Morgan Stanley for now.Price: $188.24, Change: $-3.38, Percent Change: -1.76%

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