|Bid||19.01 x 1000|
|Ask||19.02 x 1100|
|Day's Range||18.70 - 19.04|
|52 Week Range||15.17 - 20.90|
|Beta (3Y Monthly)||1.77|
|PE Ratio (TTM)||6.02|
|Earnings Date||Jan 8, 2020 - Jan 13, 2020|
|Forward Dividend & Yield||0.50 (2.76%)|
|1y Target Est||25.00|
(Bloomberg Opinion) -- When JPMorgan Chase & Co. reports its earnings Tuesday, one question investors will want answered is what the bank is doing with WeWork. The disgraced unicorn, whose valuation went from $47 billion to less than $15 billion in a matter of weeks, could run out of money as soon as next month. Just like the rest of the junk-rated corporate world, WeWork is looking to dig out of its cash-flow woes with more credit. The company is currently weighing two options: a roughly $5 billion financing package led by JPMorgan, and selling a controlling stake to SoftBank Group Corp. WeWork prefers the bank rescue, Bloomberg News reported.Part of the deal may include at least $2 billion in financing with an exorbitant 15% coupon, a person familiar with the matter said. That’s double what WeWork paid for a $702 million bond in April 2018, and compares with a range of 2.5% to 6.2% for its bank loans, according to the company’s prospectus. To top it off, the $2 billion chunk is structured as payment-in-kind notes, which allows the company to pay interest via the issuance of additional bonds. This structure essentially allows WeWork to squirm out of cash outlays and kick the repayment can down the road.JPMorgan CEO Jamie Dimon could well say that WeWork’s rescue package proves the full-service bank will “be there in good times and bad” for its clients. The reality is, the lender can’t wriggle out of WeWork as easily as your traditional investment bank, whose responsibilities end when an IPO is pulled. JPMorgan has been at WeWork’s side the entire time, grooming the company to become the $47 billion bubble that it was. In recent years, Dimon has made a considerable effort to win big IPO deals by pitching the bank as a soup-to-nuts operation. With WeWork, JPMorgan did just that. The bank participated in a funding round that valued the company at $5 billion in 2014, and followed up with a $650 million credit line in 2015 and an additional $500 million two years later. JPMorgan’s role was so prominent that WeWork listed the bank, along with founder Adam Neumann, SoftBank and Benchmark Capital, among its “investors” in the 2018 bond-offering memorandum. It’s therefore not unreasonable to suspect that JPMorgan is trying to avoid potential impairments by rescuing the startup from the brink of collapse. Jefferies Financial Group Inc., for instance, already wrote down the value of its WeWork investment by $146 million. Potential losses related to WeWork have also prompted analysts to cut earnings estimates for Goldman Sachs Group Inc., which also reports Tuesday — a revision amounting to a 25% fall in profit from a year earlier.Some of this could hit JPMorgan indirectly, too. Any pullback in the operations of WeWork, a major lessee of commercial real estate, could swipe at the entire sector, which counts JPMorgan as its third-biggest lender in the U.S.But most likely, the WeWork hiccup won't leave a dent in the business of megabanks like JPMorgan, which spans commercial to investment banking. Rather, this $5 billion rescue may reflect Dimon’s faith that throwing capital at a business concept with no profitability in the foreseeable future is still an effective strategy in the fantastical world of unicorns. Just look at how the financing is being restructured: The $2 billion of debt may carry an equity warrant so that investors can boost their return to around 30% if the company achieves a $20 billion valuation, Bloomberg News reported. In other words, as long as credit investors keep the liquidity taps open, WeWork’s business model could still scale up quickly. Once it’s too big to fail, wouldn’t stock investors want exposure, too?And who else on the Street can provide better financing than JPMorgan? As I’ve written, the lender has emerged as a big winner from the collapse of Lehman Brothers Holdings Inc. Thanks to fast retail growth, it has more money to lend. And well-loved by shareholders, JPMorgan can afford to take some risks, such as branching into lending to non-conventional corporates (like WeWork).No doubt, WeWork is a cash vampire. But who can feed one better than a bank? So move over, SoftBank. When it comes to incubating startups, your $100 billion Vision Fund has nothing on the most prominent commercial lender in the U.S. To contact the author of this story: Shuli Ren at email@example.comTo contact the editor responsible for this story: Rachel Rosenthal at firstname.lastname@example.orgThis column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.Shuli Ren is a Bloomberg Opinion columnist covering Asian markets. She previously wrote on markets for Barron's, following a career as an investment banker, and is a CFA charterholder.For more articles like this, please visit us at bloomberg.com/opinion©2019 Bloomberg L.P.
(Bloomberg) -- Exxon Mobil Corp. has hired investment bank Jefferies Financial Group Inc. as it considers options including a sale of its U.K. North Sea assets, according to people familiar with the matter.The U.S. energy giant, which has interests in nearly 40 producing oil and gas fields in U.K. waters, may raise at least $2 billion from the sale, the people said, asking not to be identified because the matter is private. Exxon has held preliminary discussions with potential suitors ahead of a formal sale kick-off, the people said. No final decisions have been taken and Exxon may decide to retain the assets, they said.Representatives for Exxon and Jefferies declined to comment.An exit from the U.K., where Exxon has been present for about 50 years, would follow the company’s sale of stakes in Norwegian oil and natural gas fields last month for $4.5 billion to Var Energi AS, marking its exit from production in the country. Big U.S. oil companies have been leaving the North Sea as they seek to divest non-core assets and focus efforts on their home market. Jefferies also worked with Exxon on the Norway sale.Exxon’s U.K. offshore operations are mainly managed through a 50-50 joint venture with Royal Dutch Shell Plc. The U.S. major is responsible for about 5% of the U.K.’s oil and gas production, supplying an average of 80,000 barrels of oil and 441 million cubic feet of gas a day, according to its website.\--With assistance from Kevin Crowley.To contact the reporters on this story: Kelly Gilblom in London at email@example.com;Dinesh Nair in London at firstname.lastname@example.orgTo contact the editors responsible for this story: Aaron Kirchfeld at email@example.com, James Herron, Amanda JordanFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
Jefferies Financial Group Inc. (JEF) could be a stock to avoid from a technical perspective, as the firm is seeing unfavorable trends on the moving average crossover front.
New York-based asset manager appeared on our Five Star radar screen: Jefferies Financial Group Inc. (JEF), asserts growth and income specialist Mark Skousen, editor of Five Star Trader.
Del Frisco's Double Eagle located in Midtown Manhattan is one of the highest-grossing-volume restaurants in the country.
Jefferies, a long-standing lender to Tilman Fertitta’s Landry’s Inc, has committed US$300m in debt financing to fund the restaurateur's acquisition of Del Frisco’s’ steakhouse business from private equity firm L Catterton, three sources familiar with the transaction said. The acquisition expands Fertitta’s hospitality and entertainment portfolio, which already comprises Landry’s, National Basketball Association team the Houston Rockets and the Golden Nugget Casino.
HOUSTON/NEW YORK, Sept 27 (Reuters) - Jefferies Financial Group has laid off 15 people in its energy investment banking team, as the bank reacts to a slowdown of mergers and acquisitions activity among oil and gas companies, sources familiar with the matter said on Friday. Jefferies declined to comment. The slowdown comes as shareholders, unhappy with years of substandard returns from their investments in oil and gas, have pushed companies to eschew growth and focus on developing existing positions, and cost cutting - all aimed at boosting the amount of cash given back to investors.
(Bloomberg) -- Jefferies Financial Group Inc.’s earnings took a hit from an unlikely source: WeWork’s dropping valuation.Third-quarter revenue came in below even the lowest analyst expectation Thursday as the company’s merchant banking unit wrote down the value of its investment in We Co. by $146 million. Net revenue fell slightly to $777 million despite increases in both fixed-income and equities trading, Jefferies said Thursday in a statement.We, which was valued at $47 billion earlier this year, halted its initial public offering process last week as tepid demand meant it may have gone public at a valuation below $15 billion. It’s now likely to wait until 2020 to go public, Bloomberg reported this week.Jefferies currently owns 0.8% of We’s diluted shares, and said it has already received $31 million in cash from its $9 million investment. Jefferies said the updated valuation was as of Aug. 31. It had previously said that its WeWork stake was worth $269 million as of May 31.Equities trading revenue jumped 13% from a year earlier to $193 million, while fixed-income trading climbed 6% to $148 million. Investment banking fees fell 11% to $403 million.To contact the reporter on this story: Gwen Everett in New York at firstname.lastname@example.orgTo contact the editors responsible for this story: Michael J. Moore at email@example.com, Dan ReichlFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
Jefferies Financial Group Inc. announced today that the Board of Directors has declared a quarterly cash dividend equal to $0.125 per Jefferies common share payable on November 29, 2019 to record holders of Jefferies common shares on November 18, 2019.
As previously announced, Jefferies Financial Group Inc. will host an investor meeting on Wednesday, October 16, 2019, from 9:00 a.m. until noon in Manhattan.
Despite the lackluster start to Monday's action, the bulls staged a respectable recovery effort. By the time yesterday's closing bell rang, however, those buyers were backing down. The S&P 500 essentially broke even in yesterday's session.Source: Shutterstock Overstock.com (NASDAQ:OSTK) is arguably the reason stocks couldn't log a gain on Monday. Although not a particularly large company, the particularly large loss of 25% it booked yesterday still proved to be dead weight. The announcement of a new CEO and his subsequent contraction of the company's EBITDA guidance rattled investors. At the other end of the spectrum, Advanced Micro Devices (NASDAQ:AMD) rallied 2%. With considerably more decliners than advancers though, that move just wasn't enough. * 7 Stocks to Buy Under $10 Headed into Tuesday's session, it's the stock charts of Gilead Sciences (NASDAQ:GILD), Jefferies Financial Group (NYSE:JEF) and Baker Hughes a GE Co. (NYSE:BHGE) that deserve a more detailed inspection. Here's what's most noteworthy.InvestorPlace - Stock Market News, Stock Advice & Trading Tips Baker Hughes a GE Co. (BHGE)All oil and gas stocks are tricky to trade, impacted not just by demand for fuel, but impacted by changes in supply as well. Throw on the political aspects of crude pricing, and anything goes.Still, energy stock charts are subject to the same interpretations other charts are. That's also true of Baker Hughes, and even at a time when its partial-parent company General Electric (NYSE:GE) is severing its relationship with the oil and gas player. It's that event, in fact, that's driving the finality of an event that has been taking shape for some time now. * Click to EnlargeThe falling resistance line that's ultimately responsible for the weakness since the middle of last year, plotted as a blue dashed line on both stock charts, is under pressure again. * Although that technical ceiling has been tested before, resulting in lower lows, since the low around $20.50 was made late last year that level appears to have become a more absolute floor. * Simultaneously, Baker Hughes shares are once again testing the technical resistance of the 200-day moving average line, marked in white on both stock charts. The struggle to clear it is actually encouraging. Gilead Sciences (GILD)Gilead Sciences has been off and on our trading radar for months now. Just when it looks like it's going to break out, it falters. But, just when it looks like it's going to break down, it rebounds. The end results is a range-bound chart … a range that's narrowing.GILD stock, however, continues to inch closer to a breakout by virtue of (once again) testing the upper boundary of that narrowing trading range. Although still not over the hurdle, another test is coming this week. That test has something of a bullish edge. * It's subtle, but take note of the fact that the purple 50-day moving average line is close to crossing above the white 200-day moving average line after the two lines bearishly diverged last year. * We've seen it before to no avail, but this time, the amount of bullish volume seems to be a little more solid than usual. * The weekly chart is telling. A long-standing falling resistance line plotted in purple is bearing down on a couple of rising support levels, plotted in blue and yellow. With little room left to roam, support and resistance will soon force a move outside of the range that's in play. Jefferies Financial Group (JEF)Contrary to the common assumption, a reversal of a stock chart isn't necessarily a singular even. Sometimes it's a process that can take shape over time, and requires several repeated efforts to shrug off the old trend and start a new one.That may be what's happening with Jefferies Financial Group shares right now. Last year's bearishness hasn't been perfectly and completely supplanted by new bullishness. But, the wide swings are now starting to force some higher highs and higher lows. It has also started to happen with decided support that bodes well from here. * Click to EnlargeIt's difficult to see given all the volatility since late last year. But, the re-convergence of all the key moving average lines beginning last month ends last year's bearish divergence. * Yesterday's action is also more meaningful than it may seem on the surface. The gain, which took shape on a tepid day for the market, was spurred by support at the white 200-day line and unfurled on huge volume. * Zooming out to the weekly timeframe, much-needed help for the budding uptrend can be seen. Although not perfect, a rising support line marked in yellow has materialized, giving the bulls something to latch onto.As of this writing, James Brumley did not hold a position in any of the aforementioned securities. You can learn more about him at his website jamesbrumley.com, or follow him on Twitter, at @jbrumley. More From InvestorPlace * 2 Toxic Pot Stocks You Should Avoid * 7 Stocks to Buy Under $10 * 30 Marijuana Stocks to Buy as the Future Turns Green * 7 Consumer Stocks Ready to Rally Hard The post 3 Big Stock Charts for Tuesday: Baker Hughes, Gilead Sciences and Jefferies Financial Group appeared first on InvestorPlace.
M Science, the pioneer in data-driven research and analytics, today launched a significant expansion to its enterprise software and cloud services industry coverage. The company’s expanded coverage brings a new level of transparency and insight into software, domain registrations, and cloud services companies. With recent advances in technology, major investments in data science and engineering, and a continued prioritization of insight generation, M Science has firmly crossed the chasm to provide true business-to-business (B2B) transparency and visibility for our clients,” said M Science CEO, Michael V. Marrale.
NEW YORK , Sept. 20, 2019 /PRNewswire/ -- S&P Dow Jones Indices will make the following changes to the S&P 500, S&P MidCap 400, and S&P SmallCap 600 effective prior to the open of trading on Thursday, ...
“The Industrials launch represents yet another major step forward for M Science as we continue to deliver transparency to our clients across major market sectors and geographies,” said Michael V. Marrale, CEO of M Science. The new Industrials coverage represents a combination of M Science’s fundamental expertise and world-class data capabilities.
Jefferies announced today a total donation of $4.4 million to 16 organizations providing needed assistance to victims of Hurricane Dorian in the Bahamas. The firm's clients helped to generate $3.075 million in donations through global trading commissions on September 16th.
The dividend amounts to 1 share of the Wisconsin consumer-products specialist for each 40 shares of the New York investment bank.
Jefferies announced that today is the firm’s global trading day for Hurricane Dorian relief efforts in the Bahamas. Jefferies will offer investors around the world the opportunity to join efforts to assist those affected by the devastation of this event by trading with Jefferies. As previously announced, Jefferies will donate all net trading commissions earned today from U.S., European and Asia equity, fixed income and foreign exchange trading.
Jefferies Financial Group Inc. (NYSE:JEF or Jefferies), which currently owns 7,514,477 shares, or approximately 15.4%, of the common stock of Spectrum Brands Holdings, Inc. (NYSE:SPB or Spectrum Brands), announced today that its Board of Directors has approved a distribution to stockholders of Jefferies of these Spectrum Brands shares. Jefferies will distribute the 7,514,477 Spectrum Brands shares through a special pro rata dividend (the “Distribution”) effective on October 11, 2019 (the “Distribution Date”) to Jefferies’ stockholders of record as of the close of business on September 30, 2019 (the “Record Date”).
Jefferies confirmed that the firm’s global trading day for Hurricane Dorian relief efforts in the Bahamas will be held on Monday, September 16. Jefferies will offer investors around the world the opportunity to join efforts to assist those affected by the devastation of this event by trading with Jefferies. As previously announced, Jefferies will donate all net trading commissions on Monday, September 16, from U.S., European and Asia equity, fixed income and foreign exchange trading.
Due to the need to maximize awareness and participation of our clients and employees in this effort and to better coordinate with relevant relief organizations, Jefferies Charity Day supporting the victims of Hurricane Dorian will be changed to Monday, September 16th.
(Bloomberg) -- Team17 Group Plc, the British video game maker that just posted a 97% gain in first-half revenue, is in no hurry to sign up to Apple Inc.’s upcoming games subscription service, Apple Arcade.“We have plenty of cash so we’re not looking to people like Apple for development financing in exchange for periods of exclusivity on games,” Chief Executive Officer Debbie Bestwick in an interview on Tuesday. “It’s not our model.”The company -- famous for the Worms games franchise where heavily armed earthworms battle their way across different landscapes -- said that gross profit rose 119% to 15.1 million pounds ($18.6 million), and adjusted earnings per share up 356% to 7.31 pence. Blasphemous, a highly anticipated new game for PCs and games consoles, was also released on Tuesday.Team17 “launched a lot of new IP this year, and that’s one of the most difficult jobs in this industry,” Bestwick said. “But we’ve also focused on releasing updates to back catalog titles, such as Worms WMD.”The company also benefitted from gamers playing on home computers. Bestwick said titles released for PCs had now overtaken Nintendo Co.’s Switch to be the most popular single platform for Team17’s releases, driven in part by the growth of Epic Games Inc.’s download store, a rival to Valve’s Steam.Shares of Wakefield, England-based Team17 were up 2.5 pence to 304.5 pence at 9:38 a.m. in London after earlier rising as much as 6%. The stock has risen about 56% so far this year, giving the company a market value of about 400 million pounds.Jefferies Financial Group Inc. analysts Ken Rumph and Lyra Li, who recommending holding, wrote in a note to clients that the results were “encouraging,” and said they were raising their price target for the stock to 290 pence from 235 pence. Of the six analyst recommendations tracked by Bloomberg, four maintain a buy position while two advise holding.To contact the reporter on this story: Nate Lanxon in London at firstname.lastname@example.orgTo contact the editors responsible for this story: Giles Turner at email@example.com, Amy ThomsonFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.