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Investment bank Jefferies(JEF Quote) reported a 59% gain in first-quarter profits, fueled by a big jump in trading revenue that easily surpassed Wall Street expectations.
In the quarter, the firm earned $58.4 million, or 82 cents a share, compared with $36.7 million, or 56 cents a share, in the year-earlier period. Revenue rose 52% to $524 million.
Jefferies blew past Wall Street forecasts. Analysts, as surveyed by Thomson Financial, were looking for earnings of 64 cents a share on revenue of $329.6 million. ...
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