Jeffries Drops, AbbVie Not Acquiring Revolution, Raytheon Falls on Trump Threats

On this episode of Stock Movers:

- Jefferies Financial Group Inc. posted a drop in quarterly profit due to a $30 million pre-tax loss tied to the collapse of auto-parts supplier First Brands Group. Net earnings for the fiscal fourth quarter declined 7.2% from a year earlier to $191 million, despite a comeback in dealmaking and trading activity.

- AbbVie Inc. said it’s not in talks to acquire the cancer-focused biotech company Revolution Medicines. Revolution’s shares fell 12% after markets closed in New York, after surging 32% following the Wall Street Journal report that cited people familiar with the talks. A representative for Revolution declined to comment.

- President Trump says Raytheon (RTX) has been the “least responsive” to the needs of the Department of Defense. Shares of RTX as well as rival defense firms Northrop Grumman Corp., Lockheed Martin Corp. and General Dynamics Corp. declined during regular trading after Trump’s earlier comments.

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