I just ran a screen on companies with too much short term debt. What I found doesn't bode well for Jefferies. They have just shy of 19 billion in short term debt. All companies with short term liquidity needs will face tough times. Commercial paper spreads have blow out and the market has for all intensive purposes totally frozen up. Credit isn't likely to free up any time soon either. I don't have a schedule of maturities but the debt maturities are the ticking clock here. I hate to say it but I am a seller of JEF as well. Sell baby Sell.
Jefferies upgraded shares of Safeway (NYSE: SWY) to Hold from Underperform on valuation as they believe the company's pricing pressure and sluggish sales trends are now priced in. The firm raised its target to $23.50 from $21.
Merrill upgraded Pfizer (NYSE: PFE) to Buy from Underperform citing attractive dividend yield and stabilizing businesses.
Banc of America upgraded shares of Apollo Group (NASDAQ: APOL) to Neutral from Sell and raised APOL's target to $60 from $48 on valuation
Jefferies upgraded shares of Safeway (NYSE: SWY) to Hold from Underperform on valuation as they believe the company's pricing pressure and sluggish sales trends are now priced in. The firm raised its target to $23.50 from $21.
Merrill upgraded Pfizer (NYSE: PFE) to Buy from Underperform citing attractive dividend yield and stabilizing businesses.
Banc of America upgraded shares of Apollo Group (NASDAQ: APOL) to Neutral from Sell and raised APOL's target to $60 from $48 on valuation
Ericsson (NASDAQ: ERIC) was upgraded to Add from Hold at WestLB.
JP Morgan upgraded Shire Plc (NASDAQ: SHPGY) to overweight from Neutral to reflect Vyvanse share gains and valuation.
Wachovia upgraded Jefferies (NYSE: JEF) to Market Perform from Underperform because they believe that the recent collapse of the large cap bank sector, Jefferies' cash equity business, and the
Ericsson (NASDAQ: ERIC) was upgraded to Add from Hold at WestLB.
JP Morgan upgraded Shire Plc (NASDAQ: SHPGY) to overweight from Neutral to reflect Vyvanse share gains and valuation.
Wachovia upgraded Jefferies (NYSE: JEF) to Market Perform from Underperform because they believe that the recent collapse of the large cap bank sector, Jefferies' cash equity business, and the
Jefferies Group Inc. (NYSE: JEF), a middle market investment bank, showed that it can deal with the treacherous credit crunch. While its latest quarterly report showed a 16% drop in revenues to $392 million, it wasn't as bad as the Street expected (the consensus estimate was $275 million). Taking out some charges, earnings came to $0.04 per share (the Street estimate was a loss of $0.16).
The major weakness came from the investment banking. However, there was strength on the trading side, such as with junk bonds.
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About Jefferies Group Inc.
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