Jefferies Group (JEF) Revenue And Earnings Plunge

New York city based Jefferies Group, Inc. JEF announced on Wednesday morning that it missed consensus Wall Street earnings estimates. Jefferies Group, Inc reported that its 3rd quarter net earnings to common shareholders fell to $46.3 million, or 23 cents per share, down from $86.3 million, or 42 cents per share, a year earlier. Net revenues fell to $520.1 million, down from $700.4 million a year earlier. According to a survey of analysts by Thomson Reuters, the average Wall Street estimate called for earnings of 31 cents per share. Jefferies Group, Inc. (JEF) closed the previous trading day at $24.25 per share. Analysts covering the company's stock give it a consensus price target of $26.92 per share. 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.” Read more from Benzinga's Company news.