It’s a comeback! Jefferies’ stock is in the green again, after a morning of see-sawing share prices.
Right now, it’s trading at $12.20 per share, up about 1.6%.
The company has come out and said it will provide a super-specific detailing of its European sovereign debt exposure. It may also be benefiting from the fact that MF Global has found the missing money in an account at JPMorgan
The investment bank saw some investors flee after MF Global declared bankruptcy, on fears of the effect of European debt exposure on smaller unregulated firms.
But it’s made a pretty good recovery – after falling nearly 20% yesterday, it ended the day down 2%. Now, it’s positive.
A flurry of supporters has also come to the company’s aid. Peter Tchir of TF Market Advisors said he was going to buy Jefferies’ this morning on Bloomberg TV. Yesterday, investment firm Leucadia National bought one million more shares of Jefferies, perhaps to both take advantage of the lower prices and show that the company was confident in the investment bank’s stability. The company bought another 500,000 shares today too.