Leucadia National (LUK) Pressured; Jefferies Reports Notable Drop in Q1 Profits

Leucadia National (NYSE: LUK) is over 3 percent lower Tuesday following Q1 results from Jefferies Group.

Ahead of the opening bell, Jefferies reported Q1 revenue of $591.7 million and adjusted net earnings of $20.28 million, from revenue of $899.0 million and earnings of $124.4 million reported for the same period last year.

Richard B. Handler, Chairman and Chief Executive Officer, and Brian P. Friedman, Chairman of the Executive Committee, commented: “We experienced a slow first quarter due to a tepid fixed income trading market and fewer new issues in leveraged finance capital markets. Despite these results, and in view of an improving environment, we believe Jefferies’ prospects for the remainder of 2015 are good. Our Investment Banking backlog is currently solid, and fixed income trading markets appear to have stabilized.”

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