Jefferies Group Inc.'s JEF fiscal second-quarter profit fell 21% as the bank recorded lower revenue, particularly in its investment banking division.
Shares edged up 2.6% to $13.44 in premarket trading as the revenue drop wasn't as steep as feared. The stock is down 4.7% year-to-date.
Jefferies, the first U.S. investment bank to report second-quarter results, is often viewed as a barometer for upcoming results from larger rivals Morgan Stanley (MS) and Goldman Sachs Group Inc. (GS) though its fiscal period ends a month earlier than the two.
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