July 14, 1999 |
Brokerages Merrill Lynch & Co., PaineWebber Group Inc. and Jefferies Group Inc. on Tuesday reported record second-quarter earnings that exceeded expectations, driven by strong commission income and fat fees from advising corporations on mergers and takeovers. The bumper profits, which follow a string of record earnings by investment banks, show Wall Street's money machine is humming. The profits kept coming even as fears of higher U.S.
May 28, 2000
* Andrew Winner has been named chief technical officer for Tradebonds.com. in Newport Beach. Before joining the company, Winner was a manager at Western Asset Management Co. He was also a founding employee of Investment Technology Group Inc. * Bruce C. Edwards has joined the board of directors of Emulex Corp. in Costa Mesa. Edwards is president and chief executive of Powerwave Technologies Inc. Before that, he was at AST Research Inc.
May 6, 1994 |
When you're trying to sell something, but the bids are coming in dismally low, it helps to get a few more opinions. That strategy has worked beautifully for Los Angeles-based brokerage Jefferies Group this year. Unable to attract many buyers to its stock, even though the price was less than seven times earnings, Jefferies in March decided to spin out its crown jewel technology unit as a separate entity. On Wednesday, 3.7 million shares in Jefferies' Investment Technology Group Inc.
October 15, 1999 |
General Motors Corp. said Thursday that it had third-quarter profit of $877 million, or $1.33 a share, rebounding from a loss in the year-earlier period when strikes hobbled the world's largest auto maker. The earnings exceeded the $1.24-a-share average forecast by analysts in a First Call Corp. survey and were in line with so-called whisper estimates of about $1.34 a share. Total revenue rose 28% to $42.8 billion. GM's results were driven by strong performance in North America--where U.S.
March 22, 1998 |
It wasn't long after he hired a close-knit team of junk bond refugees from Drexel Burnham Lambert that Frank E. Baxter realized he had to confront a potentially explosive personnel problem. As chairman and chief executive of Jefferies & Co., the Los Angeles investment banking firm, Baxter found himself at odds with one trader over how much risk was best for his company.