$53.090
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Jefferies Financial Allegedly Linked to Fake Invoices for Sapphire Minmetals
Jefferies Financial has been told that some of the invoices for its financing of iron ore trader Sapphire Minmetals Corp. are not genuine, Archie Hunter, Jack Farchy and Katherine Doherty of Bloomberg report, citing people familiar with the matter. The discovery came after Jefferies checked invoices with Vitol Group, sources told Bloomberg. "We categorically and strongly deny the above rumors," Sapphire Minmetals Chairman Sethi said in an email. "This is untrue and unsubstantiated." Shares of Jefferies are down 1% to $55.13 following the report.
Micron Technology Shares Rise 14.4%, Boosting Semiconductor Sector
The tech sector remained under pressure on Wednesday as investors continued to flock to the safety of counter-cyclical areas of the market such as Utilities and Health Care. Energy lagged as continued signs of a Middle East de-escalation and progress in Strait of Hormuz reopening has pulled the price of WTI Crude Oil futures below $70 per barrel.The evening session and a blowout earnings report from Micronhas manifested a sea change in sentiment and the likelihood of a snap-back rally in the AI trade on Thursday. Shares of the memory maker were up over 14%, nearly erasing all of yesterday's broadbased losses. The strong results from Micron also put a bid under the other semiconductor and memory names. Elsewhere, a robust medium-term outlook from Qualcommwith a higher non-handset revenue target of $40B further relieved the tensions regarding valuations in Semis. Late in afterhours, S&P e-minis are up 10.6% and Nasdaq 100 contract is up 2.0%.Check out this evening's top movers from around Wall Street, compiled by The Fly.HIGHER AFTER EARNINGS -Micronup 14.4%; Other semis and memory names broadly up in sympathy: Lam Researchup 6.5%, Rambusup 6.8%, Arm Holdingsup 6.7%, Sandiskup 11.1%, Western Digitalup 10.9%.Methode Electronics, Inc.up 14.4%ALSO HIGHER -Qualcommup 12.9% after disclosing medium-term targetsNETSTREITup 5.8% after entering S&P SmallCap 600 indexFormFactor, Inc.up 5.2% after being added to Russell 1000 indexDOWN AFTER EARNINGS -MillerKnolldown 4.9%Trip.com Group Limiteddown 4.3%H.B. Fullerdown 1.9%Jefferiesdown 1.6%ALSO LOWER -ARS Pharmaceuticalsdown 23.8% after commercial update on neffyTaysha Gene Therapiesdown 7.8% after equity offeringCG Oncology, Inc.down 5.4% after block trade
Jefferies Q2 Revenue at $2.21B, Below Expectations
Reports Q2 revenue $2.21B, consensus $2.30B. "The continued acceleration in our core businesses during the second quarter drove record first half net revenues in Advisory, total Investment Banking, Equities, total Capital Markets and combined Investment Banking and Capital Markets. We expect to build further on this momentum in coming periods. Investment Banking net revenues were $1.21 billion, up 57% from the prior year quarter. Growth was driven by continued market share gains and a growing addressable market in our Advisory and Equity Underwriting businesses and represent a balanced performance, as no single outsized fee drove our results. We continue to make progress in building our corporate M&A business, while staying focused on our historical areas of strength in sponsor-led activity and had very strong performance during the quarter with corporates particularly in the healthcare, industrials and energy sectors. The new issue market remains resilient. We continue to be optimistic about the second half of 2026, given the strength of our current backlog and new business bookings. Capital Markets net revenues were $799 million, up 14% from the prior year quarter. Equities delivered record net revenues of $601 million, up 14% from the prior year quarter. Our continued growth in Equities is being driven by market share gains in cash and electronic trading in EMEA, Asia and the Americas, as well as growth in prime services where we have become an increasingly important strategic partner to some of the most significant, well diversified, hedge funds in the world. While the growth of client-related prime brokerage balances has added to our overall balance sheet size, it has added a layer of high quality, consistent revenues that supports a more durable earnings profile. Additionally, our equity derivatives business continues to expand in sync with our investment banking business, and has allowed Jefferies to support some of our corporate clients' most important transactions with strategic derivative solutions. The shape and scale of growth in our Equities business is translating to higher overall equities operating margins after we invested the past few years in infrastructure to support meaningfully larger global volumes. Fixed Income net revenues were $199 million, up 12%, from the prior year quarter, reflecting strong performance in our distressed, municipal and emerging markets businesses. Asset management fees and investment return revenues were $46 million, down 35% compared to the prior year quarter due to weaker performance across several fund strategies, as well as the impact of our strategy to reposition the business by reducing capital allocated to certain funds in line with the announcement we made last fall when we disclosed our intent to acquire 50% of Hildene. In the short term, this has resulted in modestly lower investment return until we close our investment in Hildene, which we are targeting to complete in our third quarter, and should be immediately accretive to results," said Richard Handler, CEO.
Jefferies Financial Down 4% to $55.85 After Q2 Results
Jefferies Financial down 4% at $55.85 after Q2 results
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