Tag Archives: Jefferies Financial Group Inc

Business

Taiwan Semi, Paramount Global and more

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Check out the companies making headlines in after-hours trading.

Taiwan Semiconductor Manufacturing — Shares of Taiwan Semiconductor jumped 6.4% after Warren Buffett’s Berkshire Hathaway said it now has a $4.1 billion stake in the company. It’s a new position for Buffett’s firm.

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Paramount Global — Shares of Paramount Global gained 3.4% in after-hours trading after Warren Buffett’s Berkshire Hathaway disclosed that it increased its holding in the company to $1.7 billion in the third quarter.

Louisiana-Pacific — Louisiana-Pacific, a building company, gained 9.3% after Berkshire Hathaway took a new position in the name, investing $297 million in the third quarter.

Jefferies Financial Group — Shares of the investment bank rose 5.3% after Warren Buffett’s company Berkshire Hathaway announced a $12.8 million stake, which it bought in the third quarter.

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Business

GameStop, Uber, Nielsen Holdings and more

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A screen displays the logo and trading information for GameStop on the floor of the New York Stock Exchange (NYSE) March 29, 2022.

Brendan McDermid | Reuters

Check out the companies making headlines in midday trading.

GameStop — Shares of the video game retailer dropped 6% on huge trading volume. More than 8 million shares traded through 10:50 a.m. ET, already doubling its 30-day average full-day volume of 4.6 million. There were some large block trades of GameStop in early trading on the NYSE.

Nielsen Holdings – Shares spiked about 20% following news that a group of private equity investors led by Brookfield Business Partners will acquire the ratings company for $16 billion. The company had previously rejected a $9 billion offer from the same group.

NortonLifeLock — Shares for the cybersecurity company dropped 4.5% in midday trading. On Tuesday, Morgan Stanley downgraded NortonLifeLock’s stock to equal-weight, saying the firm sees “limited catalysts” for the cybersecurity company. A regulatory probe in the United Kingdom into NortonLifeLock’s $8.6 billion deal with Avast and higher inflation costs is weighing on the stock.

FedEx – FedEx shares gained 4.2% on news that CEO Fred Smith will step down on June 1. Smith, who founded the package and delivery company more than 50 years ago, will serve as executive chairman. President and Chief Operating Officer Raj Subramaniam will replace him as CEO.

Uber — Shares rose 6% as the ride-hailing company is close to a deal to include San Francisco taxis to its app, The New York Times reported. The report comes after Uber last week announced an agreement to offer New York City taxi rides on its platform.

Dave & Buster’s — Shares of the arcade company soared 10% despite missing on the top and bottom lines of its quarterly results. Dave & Buster’s said that business “strengthened” in the first eight weeks of the first quarter with same-store sales up 5.4% over the same period in 2019.

Reynolds Consumer Products — Shares of the maker of consumer products fell nearly 3% in midday trading after Goldman Sachs double downgraded the stock to sell from buy. The Wall Street firm said consensus estimates are too high for Reynolds.

Stellantis — Shares of the automaker rose 7% in midday trading despite news that it is laying off an undisclosed number of workers at its Illinois Jeep plant in an effort to “operate the plant in a more sustainable manner.”

Jefferies — Shares of Jefferies popped more than 7% in midday trading after reporting better than expected quarterly profit and revenue.  Jefferies earned $1.23 per share, well above the 89 cent consensus estimate, according to Refinitiv.

UnitedHealth Group — Health care giant UnitedHealth Group announced a deal to buy LHC Group for $170 per share. LHC Group rose 1% in midday trading while UnitedHealth Group was about flat.

— with reporting from CNBC’s Samantha Subin, Sarah Min, Hannah Miao, Tanaya Macheel and Yun Li.

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Business

Nielsen Holdings, FedEx, LHC Group and more

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Take a look at some of the biggest movers in the premarket:

Nielsen Holdings (NLSN) – The TV ratings company’s stock surged 20.9% in the premarket after it agreed to be acquired by a private-equity consortium for $28 per share. The deal is worth $16 billion, including assumed debt.

FedEx (FDX) – FedEx CEO Fred Smith will step down from that role at the company he founded more than 50 years ago. He’ll become executive chairman on June 1 and will be replaced as CEO by President and Chief Operating Officer Raj Subramanian. FedEx shares rose 2% in the premarket.

LHC Group (LHCG) – UnitedHealth (UNH) will buy the home health-care specialist for $5.4 billion in cash, or $170 per share, according to The Wall Street Journal. LHC will become part of UnitedHealth’s Optum health-care services unit. LHC shares jumped 7.5% in premarket action.

Uber Technologies (UBER) – Uber is close to an agreement with a San Francisco taxi company to include taxis in its ride-hailing platform in that city, according to people familiar with the matter who spoke to The New York Times. Uber recently struck a similar agreement in New York City. The stock added 1.9% in premarket action.

Jefferies Financial (JEF) – The asset management firm’s stock rallied 3.7% in the premarket after reporting better-than-expected quarterly profit and revenue. Jefferies earned $1.23 per share, well above the 89 cents a share consensus estimate, even as profit fell from a year earlier amid what the company called a “challenging” trading environment.

GameStop (GME) – GameStop remains on watch as the videogame retailer’s stock rides a 10-session winning streak that has seen it gain 143%. Another “meme stock” on a roll is movie theater operator AMC Entertainment (AMC), which surged 45% Monday, its best day since last June. GameStop fell 3.5% in premarket trading, while AMC slid 4.5%.

Stellantis (STLA) – The automaker is laying off an undisclosed number of workers at its Illinois Jeep plant in an effort to “operate the plant in a more sustainable manner.” The plant saw several layoffs last year as well as it tried to deal with the impact of the global semiconductor shortage. Stellantis shares jumped 4.5% in premarket trading.

Southwest Gas (SWX) – The energy producer will sell $400 million in shares at $74 per share to help repay debt used in its $2 billion acquisition of Questar Pipelines in December. That deal had been opposed by investor Carl Icahn, whose offer to buy Southwest at $82.50 per share was rejected by the company on Monday. Southwest fell 3.4% in the premarket.

Dave & Buster’s (PLAY) – The restaurant chain’s stock slumped 5.9% in the premarket after a top and bottom-line miss for its latest quarter. Dave & Buster’s fell 8 cents a share shy of estimates, with quarterly earnings of 52 cents per share. Dave & Buster’s said its results were strong in light of ongoing Covid-19 headwinds.

Pinterest (PINS) – Shares of the image-sharing site operator slid 2.7% in premarket trading after Morgan Stanley downgraded it to “equal-weight” from “overweight.” Morgan Stanley points to challenging user trends, including a greater proportion of time spent on activities with lower monetization potential.

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Business

Merck, Lordstown Motors, Coty, Zoom and others

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Check out the companies making headlines before the bell:

Merck (MRK) – Merck shares surged 7.5% in the premarket after it announced that its experimental Covid-19 pill cut the risk of death and hospitalization by 50% in a late-stage study. Merck plans to file for emergency use authorization as soon as possible.

Lordstown Motors (RIDE) – Lordstown struck a deal to sell its Ohio plant to Taiwan’s Foxconn for $230 million, with Foxconn taking over the manufacturing of Lordstown’s full-sized electric pickup truck. It was reported earlier this week that a deal between the two sides was near. Lordstown rallied 6.3% in premarket trading.

Coty (COTY) – The cosmetics company’s stock gained 2% in the premarket as it announced a deal to sell another 9% stake in its Wella beauty business to private equity firm KKR (KKR). In return, KKR will redeem about half its remaining convertible preferred shares in Wella, reducing Coty’s stake to about 30.6%. Coty had sold a 60% stake in Wella to KKR last December.

Zoom Video Communications (ZM) – Zoom and Five9 (FIVN) have terminated a nearly $15 billion deal by mutual consent. Zoom had struck a deal to buy the contact center operator, but it was rejected by Five9 shareholders. The two sides will continue a partnership that had been in place prior to the proposed transaction. Zoom jumped 4% in the premarket while Five9 slid 1.4%.

Walt Disney (DIS) – Disney and Scarlett Johansson have settled a lawsuit involving the “Black Widow” movie. Johansson had sued Disney over the release of the movie on the Disney+ streaming service at the same time it was debuting in theaters. Terms of the settlement weren’t disclosed.

Wells Fargo (WFC) – Wells Fargo will have to face a shareholder fraud lawsuit involving its attempt to rebound from years of scandals. A judge rejected the bank’s moved to have the suit dismissed, saying it was plausible that statements by various Wells Fargo officials about the recovery were false or misleading.

Exxon Mobil (XOM) – Exxon Mobil said in an SEC filing that higher oil and gas prices could boost third-quarter earnings by as much as $1.5 billion. Exxon profits have been improving amid the rising prices as well as cost cuts by the energy giant.

Nio (NIO) – Nio reported deliveries of 10,628 vehicles in September, a 126% increase over a year ago for the China-based electric vehicle maker. Nio added 1.8% in the premarket.

International Flavors (IFF) – The maker of food flavoring and cosmetic ingredients said Chairman and Chief Executive Officer Andreas Fibig plans to retire, although he’ll remain at the helm of the company until a successor is found. Shares added 2.5% in premarket action.

Jefferies Financial Group (JEF) – Jefferies reported a quarterly profit of $1.50 per share, beating the 99-cent consensus estimate, with the financial services company’s revenue also topping Wall Street forecasts. Jefferies saw its results boosted by a strong performance in its investment banking business. Jefferies gained 1.4% in the premarket.

MGM Resorts (MGM) – Susquehanna Financial downgraded MGM to “negative” from “neutral,” saying the DraftKings (DKNG) bid for British gambling company Entain weakens MGM’s prospects in the digital gaming and betting market.

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Business

Bank of America, BlackRock, Delta, Peloton and more

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Check out the companies making headlines before the bell:

Bank of America (BAC) – Bank of America shares slid 2.2% in the premarket after it reported a quarterly profit of $1.03 per share, including a one-time tax benefit. The consensus estimate was 77 cents. The bank’s revenue came in below Wall Street forecasts and it also reported higher expenses.

BlackRock (BLK) – The asset management firm reported an adjusted quarterly profit of $10.03 per share, beating the consensus estimate of $9.46, while revenue was also above Wall Street forecasts. Assets under management surged to a record $9.49 trillion during the quarter. Despite the beat, BlackRock fell 1.4% in premarket action.

Delta Air Lines (DAL) – Delta lost $1.07 per share for the second quarter, less than the $1.38 per share loss that analysts were anticipating. Revenue topped forecasts, with Delta noting accelerated customer demand and a “solid” pretax profit for the month of June. Delta gained 2.6% in premarket action.

Peloton (PTON) – Pelton shares fell 2.2% in the premarket after Wedbush Securities downgraded the fitness equipment maker’s stock to “neutral” from “outperform”. Wedbush points out that consumers now have a growing number of workout alternatives, as well as the post-pandemic option of out-of-home workouts.

American Airlines (AAL) – American expects to report positive cash flow for the second quarter, the first time that’s happened since the pandemic began. At the height of the global travel shutdown, American was burning about $100 million per day in cash. American shares jumped 2.9% in premarket trading.

Broadcom (AVGO) – The chipmaker is no longer in talks to buy software company SAS Institute, according to people familiar with the matter who spoke to the Wall Street Journal. The end of the discussions reportedly came after SAS co-founders Jim Goodnight and John Sall changed their minds about possibly selling the company.

Apple (AAPL) – Apple is asking suppliers to build as many as 90 million next-generation iPhones, according to people with knowledge of the matter who spoke to Bloomberg. That would represent an up to 20% increase over 2020 levels. Apple rose 1.8% in the premarket.

EBay (EBAY) – eBay agreed to sell part of its stake in Norway’s Adevinta to satisfy a demand from Austrian competition regulators. Austria wanted eBay to cut its stake to no more than 33%, in order to give its approval for a tie-up between the classified ad businesses of the two companies. EBay will sell a 10.2% Adevinta stake to private equity firm Permira for $2.25 billion.

L Brands (LB) – L Brands raised its fiscal second-quarter earnings guidance, thanks to better-than-expected profit margins and improved sales at its Victoria’s Secret and Bath & Body Works units. Separately, L Brands filed to sell 20 million shares held by founder Leslie Wexner and affiliated stockholders. The company will not receive any proceeds from the sale. L Brands fell 2.1% in the premarket.

Jefferies Financial (JEF) – Japan’s Sumitomo Mitsui Financial Group is considering buying a 5% stake in Jefferies for about $380 million, according to multiple reports. Sumitomo did acknowledge it was considering a financial alliance with Jefferies and would announce further details once they are worked out. Jefferies shares rallied 3.5% in premarket trading.

Lululemon (LULU) – The apparel maker’s shares rose 1.1% in the premarket after Goldman initiated coverage with a “buy” rating and inclusion on the firm’s “Conviction Buy” list. Goldman said the post-Covid recovery period has been favorable for apparel and strong brands.

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