Jefferies Group (JEF) Shares Follow Earnings And Revenue Down

Shares of Jefferies Group, Inc. JEF are trading down 5% at $23.00 per share on Wednesday afternoon. The day's trading range for shares of Jefferies Group, Inc has been between $22.47 and $23.50 per share. Analysts covering the company's stock have a consensus price target of $26.92 per share. Early Wednesday morning, New York city based Jefferies Group, Inc. (JEF) announced that it missed Wall Street earnings estimates and that its earnings and revenue both took a dive. Jefferies Group's 3rd quarter net earnings of 23 cents per share were about half what they were during the same quarter a year ago and well below the 31 cents per share that Wall Street was expecting. The company's net revenues also took a hit, dropping to $520.1 million, down from $700.4 million a year earlier. Chairman and chief executive officer Richard B. Handler said, “Trading volumes across the board were painfully slow during the months of June, July and August. The normal seasonal slowdown was exacerbated by continued concerns over the state of the global economy. Jefferies Investment Banking results were solid for the quarter and reflect our ability to serve a broader and more global client base. We have made continued progress during the summer to diversify further by building upon the many initiatives we began during the global financial crises. We are in a strong position to finish 2010 and look forward to building upon our broad foundation in the years ahead.” Volume of 3.3 million shares is already triple the daily average volume of 1.1 million shares. Read more from Benzinga's Company news.