Bloomberg News reports the earnings for the three months ended Aug. 31 climbed to $82 million from $12 million a year earlier, New York-based Jefferies said in a statement. The figure is preliminary, and was released ahead of the firm’s investor-day presentation Wednesday.
Fixed-income revenue climbed to $207 million from $33 million a year earlier and equities revenue increased 7.9 percent to $163 million, Jefferies said. Analysts and investors often watch Jefferies’s results for signs of how larger firms like Goldman Sachs Group Inc. and Morgan Stanley will fare. Those banks will report third-quarter results in October.
'Market conditions had improved in June and the first couple of weeks in July, so I would view their report encouragingly, that perhaps condition remained benign for the rest of the summer,' said William Fitzpatrick, an analyst at Manulife Asset Management. 'At the margin, confidence in the U.S. has increased.'
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