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By Ainvest in options-flow —

JEF: $3.2M Diagonal Roll Detected (Nov 12)

Someone just dropped $3.2M on JEF options. Someone just executed a $3. Full analysis inside.

JEF Massive $3.2M Diagonal Roll - Smart Money Repositioning Into Earnings!

November 12, 2025 | Unusual Activity Detected

🎯 The Quick Take

Someone just executed a $3.2 MILLION sophisticated diagonal roll in Jefferies at 13:24:08 today! This complex strategy bought to close 20,000 contracts of the $60 November 21 calls for $2M while simultaneously buying to open 20,000 contracts of the $67.5 December 19 calls for $1.2M. With JEF trading at $59.14 and Q3 earnings expected late September, smart money is adjusting their bullish position - rolling up the strike from $60 to $67.5 (13% higher target!) while extending time to December triple witch. Translation: They're staying bullish but repositioning for a bigger move ahead!

📊 Company Overview

Jefferies Financial Group Inc. (JEF) is a full-service investment banking and capital markets firm that has emerged as the largest independent investment bank:
- Market Cap: $11.51 Billion
- Industry: Security Brokers, Dealers & Flotation Companies
- Current Price: $59.14 (up 10.12% year-over-year)
- Primary Business: Investment banking (advisory, underwriting), institutional securities trading, asset management serving primarily North American middle market

💰 The Option Flow Breakdown

The Tape (November 12, 2025 @ 13:24:08):

Time Symbol Side Buy/Sell Type Expiration Premium Strike Volume OI Size Spot Option Price
13:24:08 JEF BID BUY TO CLOSE CALL $60 2025-11-21 $2.0M $60 20,000 30,245 20,000 $59.14 $1.00
13:24:08 JEF ASK BUY TO OPEN CALL $67.5 2025-12-19 $1.2M $67.5 20,000 127 20,000 $59.14 $0.60

🤓 What This Actually Means

This is an advanced diagonal roll strategy - one of the most sophisticated options trades you can execute! Here's what went down:

The Closing Leg (Buy to Close):
- 💸 Premium paid: $2M to close out existing $60 November 21 calls ($1.00 per contract × 20,000)
- 📊 Position details: 20,000 contracts with $60 strike, only 9 days to expiration
- 💰 Intrinsic value: Minimal since stock at $59.14 is below $60 strike (slightly out-of-the-money)
- 🎯 Why close now? Time decay accelerating into November OPEX - not worth holding through expiration

The Opening Leg (Buy to Open):
- 💸 Premium paid: $1.2M for new $67.5 December 19 calls ($0.60 per contract × 20,000)
- ⏰ Time extension: 37 days to expiration vs 9 days on old position
- 🎯 Higher strike: $67.5 is 13% above old $60 strike, 14% above current price
- 📈 Bullish conviction: More aggressive upside target but still directional bet

What's really happening here:
This trader originally held 20,000 $60 November calls, likely bought weeks ago when JEF was trading lower (probably $54-57 range). With November expiration just 9 days away and stock stuck at $59.14 (below their $60 strike), they're making a strategic adjustment rather than taking a loss. By closing the November position for $2M and opening a December position for $1.2M, they're spending a NET $800K to extend their position 28 days AND raise their strike $7.50 higher. This demonstrates continued bullish conviction but realistic expectations - they're acknowledging JEF needs MORE TIME to reach their target.

Net trade economics:
- 💰 Total cost: $3.2M gross ($2M out + $1.2M in)
- 📊 Net additional investment: $800K to upgrade the position
- 🎯 New breakeven: $68.10 by December 19 (stock must rise 15% from current levels)
- 📈 Max profit: Unlimited above $68.10
- 📉 Max loss: $1.2M if JEF stays below $67.5 at December expiration

Unusual Score: 🔥 UNPRECEDENTED (682x average size!) - This happens maybe once a year for JEF! The Z-score of 81.31 means this is literally off-the-charts unusual - we've NEVER seen a trade this large in recent history. The 100th percentile ranking shows zero larger trades in the past 30 days. This is not your typical retail activity - this is a substantial institutional position adjustment representing 2 million shares worth ~$118M notional exposure.

📈 Technical Setup / Chart Check-Up

YTD Performance Chart

JEF YTD Performance

Jefferies has delivered solid performance with current price of $59.14. The investment bank has shown resilience through 2025 despite capital markets headwinds.

Key observations:
- 📈 Steady growth: +10.12% year-over-year gain demonstrates stability
- 💹 Recent momentum: Stock trading near recent highs around $56-59 range
- 🎢 Moderate volatility: Less volatile than tech-heavy names, typical for financial services
- 📊 Institutional support: 67-70% institutional ownership provides stable shareholder base
- ⚠️ Range-bound: Stock has consolidated in $52-60 range for several months, needs catalyst to break out

Gamma-Based Support & Resistance Analysis

JEF Gamma Support/Resistance Levels

Current Price: $59.14

The gamma exposure map reveals critical price magnets and barriers around current levels:

🔵 Support Levels (Put Gamma Below Price):
- $57.50 - Immediate support with 1.52B total gamma exposure (strong nearby floor!)
- $55 - Major support at 1.56B gamma (dealers will defend this level aggressively)
- $52.50 - Secondary support at 834M gamma (key psychological level)
- $50 - Deep support with 1.01B gamma (critical floor - highest put gamma zone)
- $47.50 - Extended support at 361M gamma

🟠 Resistance Levels (Call Gamma Above Price):
- $60 - MASSIVE immediate resistance with 18.92B gamma (STRONGEST LEVEL BY FAR - this is why the trade rolled!)
- $62.50 - Secondary resistance at 2.56B gamma
- $65 - Major ceiling zone with 6.65B gamma (3rd strongest resistance)
- $67.50 - Extended resistance at 481M gamma (new trade target strike!)
- $70 - Psychological barrier with 598M gamma

What this means for traders:
JEF is trading DIRECTLY under the strongest gamma resistance level in the entire options chain! The $60 strike has an ENORMOUS 18.92B total gamma - nearly 3x larger than any other strike. This massive gamma wall explains EXACTLY why the original $60 November calls weren't working - market makers holding these positions will systematically SELL stock as price approaches $60 to hedge their exposure, creating a natural ceiling.

The diagonal roll strategy makes perfect sense in this context: By closing the $60 calls (stuck below gamma wall) and reopening at $67.5, the trader is acknowledging that $60 is a brick wall that needs TIME and a significant catalyst to overcome. They're betting that by December triple witch (37 days vs 9 days), there will be enough time for earnings, M&A market recovery momentum, or Fed rate cut impact to push JEF through the $60 barrier AND reach the $67.5 target.

Net GEX Bias: Bullish (37.87B call gamma vs 5.66B put gamma) - Overall positioning heavily bullish, but immediate price action constrained by the $60 gamma fortress.

Implied Move Analysis

JEF Implied Move Analysis

Options market pricing for upcoming expirations:

  • 📅 Monthly OPEX (Nov 21 - 9 days): ±$3.12 (±5.28%) → Range: $56.05 - $62.29
  • 📅 Quarterly Triple Witch (Dec 19 - 37 days): ±$5.72 (±9.66%) → Range: $53.45 - $64.89
  • 📅 LEAPS (Dec 2026 - 401 days): ±$31.90 (±53.92%) → Range: $27.27 - $91.07

Translation for regular folks:
Options traders are pricing in a 5.3% move ($3) by November 21 and a 9.7% move ($6) through December triple witch. That's relatively modest volatility for a mid-cap financial stock, suggesting the market expects steady progression rather than explosive moves. However, the November implied move upper range of $62.29 shows the market thinks there's limited probability of reaching the old $60 strike by next week - reinforcing why the trade rolled.

The December triple witch upper range of $64.89 is interesting because it falls SHORT of the new $67.5 strike target. This means the trader executing this diagonal roll is betting AGAINST the market's implied probability - they believe JEF can exceed the $64.89 expected range and reach $67.5-$70+. That's a contrarian bullish bet requiring strong catalysts to materialize.

Key insight: The 5.3% November move perfectly captures the current range-bound environment. For the $67.5 December calls to profit, JEF needs to rally 14% from current levels - well above the 9.7% implied move. Bold move.

🎪 Catalysts

🔥 Immediate Catalysts (Already Reported)

Q1 FY2025 Earnings - Reported March 26, 2025

Jefferies delivered disappointing Q1 results that highlighted capital markets headwinds:

Q2 FY2025 Earnings - Reported June 25, 2025

Jefferies showed resilience in Q2 against a challenging backdrop:

🚀 Near-Term Catalysts (Next 6 Months)

Q3 FY2025 Earnings - Expected Late September 2025 (10 DAYS INSIDE OPTION EXPIRATION WINDOW!)

Investment Banking Market Recovery - 2025

The M&A and capital markets environment is showing signs of life after a weak first half:

Federal Reserve Rate Cuts - Ongoing Through 2025-2026

Monetary policy tailwinds support investment banking activity:

Key Industry Conferences - 2025

Jefferies hosts major investor gatherings that drive deal flow:

📊 Strategic Catalysts (Medium-Term)

SMFG Partnership Expansion - Ongoing

Jefferies' strategic partnership with Sumitomo Mitsui Financial Group has dramatically expanded:

Market Share Gains Strategy - Proven Track Record

Jefferies has systematically captured share from larger competitors:

Shareholder-Friendly Capital Allocation

Management has demonstrated commitment to returning capital:

⚠️ Risk Catalysts (Negative)

Geopolitical and Policy Uncertainty

Recent quarters have shown vulnerability to external shocks:

Competitive Pressures

Jefferies faces fierce competition from better-capitalized rivals:

Earnings Volatility

Investment banking revenues are inherently lumpy:

Regulatory Risks

Increasing scrutiny on financial services:

🎲 Price Targets & Probabilities

Using gamma levels, implied move data, and upcoming catalysts, here are the scenarios through December 19th expiration:

📈 Bull Case (35% probability)

Target: $67.50-$72.50 (NEW CALL STRIKE ZONE!)

How we get there:
- 💪 Q3 earnings beat expectations with investment banking revenue growth accelerating (15-20% YoY)
- 🚀 M&A market recovery gains momentum in Q4 with deal activity up 25%+ vs prior year
- 💼 Multiple mega-deal ($1B+) advisory mandates announced, boosting pipeline visibility
- 📊 Strong Q4 guidance citing robust pipeline and improved business sentiment
- 💰 Fed delivers additional rate cut in December, stimulating M&A confidence
- 🎯 Jefferies continues capturing market share from bulge brackets, announces new senior banker hires
- 📈 Breakthrough above $60 gamma resistance triggers technical breakout to $65-70

Key metrics needed:
- Advisory revenue growth >20% YoY in Q3
- Capital markets revenue stabilization (ECM/DCM flat to up slightly)
- Operating leverage demonstrated (expenses growing slower than revenue)
- Q4 guidance above Street expectations

Probability assessment: 35% because it requires multiple positive catalysts aligning: Q3 earnings beat, Q4 guidance raise, M&A market continuation, Fed cooperation, AND breakthrough above massive $60 gamma wall. The diagonal roll to $67.5 shows the trader believes in this scenario but acknowledges it's not the highest probability outcome.

🎯 Base Case (50% probability)

Target: $58-$63 range (MODEST PROGRESS)

Most likely scenario:
- ✅ Solid Q3 earnings meeting or slightly beating consensus
- 📱 Investment banking showing sequential improvement but not explosive growth
- ⚖️ M&A market recovery continuing but gradual - no sudden acceleration
- 💼 Q4 guidance in-line to slightly conservative (typical for Jefferies management style)
- 🇺🇸 Policy uncertainty moderating but not eliminated
- 🔄 Trading within $55-$63 range bounded by gamma support ($55) and resistance ($60-$65)
- 📊 Breakthrough of $60 resistance by December but struggling to sustain above $65
- 💤 Institutional investors "wait and see" approach - no major positioning shifts

This scenario is break-even to slight loss for the $67.5 calls: Stock reaches $60-63 range by December 19, meaning the calls gain some value but don't reach the $68.10 breakeven point. The trader might exit early for 20-40% loss rather than holding to expiration, or hope for a late December rally into year-end positioning.

Why 50% probability: Most realistic scenario - fundamentals improving but not spectacular, market environment supportive but not euphoric, stock making modest progress but not explosive moves. This is "good but not great" - the typical investment banking recovery pattern.

📉 Bear Case (15% probability)

Target: $52-$58 (STUCK BELOW $60 RESISTANCE)

What could go wrong:
- 😰 Q3 earnings disappoint with investment banking revenue declining YoY or missing estimates
- 🚨 M&A market stalls again due to renewed policy uncertainty, geopolitical tensions, or macro concerns
- 💔 Guidance cut or conservative tone citing "uncertain environment" and weak pipeline visibility
- 📉 Competitive pressure intensifies as bulge brackets defend market share with aggressive pricing
- 💸 Operating leverage fails to materialize - expenses growing faster than revenue
- 🌍 Geopolitical shock (Taiwan, Middle East, U.S.-China) freezes cross-border deal activity
- ⚖️ Regulatory headline risk or reputational issue emerges
- 🔨 Failure to break $60 gamma resistance; rejection back to $55-57 support zone
- 💰 Fed pauses rate cuts or signals slower easing path

Critical support levels:
- 🛡️ $57.50: First support (1.52B gamma) - must hold or momentum shifts negative
- 🛡️ $55: Major support (1.56B gamma) - critical psychological level
- 🛡️ $52.50: Deep support (834M gamma) - break here signals serious deterioration

Probability assessment: Only 15% because underlying fundamentals remain solid (revenue up 40% since 2019, market share gains continuing, Q4 2024 record performance), M&A environment structurally improving with deals up 15% YoY, and Fed rate cut cycle supportive. Would require multiple negative shocks to derail the recovery narrative. However, the $60 gamma wall is real and failure to break through by December would be painful for the $67.5 calls.

Put P&L in Bear Case:
- Stock at $56 on Dec 19: Calls worth $0, loss = -$1.2M premium (100% loss)
- Stock at $52 on Dec 19: Calls worth $0, loss = -$1.2M premium (100% loss)
- No downside protection below strike - calls become worthless if stock doesn't rally

💡 Trading Ideas

🛡️ Conservative: Sell Cash-Secured Puts to Get Paid While Waiting

Play: Sell $55 puts on December 19 expiration, collecting premium while willing to own stock

Structure:
- Sell 1 contract of $55 December 19 puts
- Collect ~$0.80-1.20 premium per contract ($80-120 per put)
- Requires $5,500 cash secured per contract

Why this works:
- 💰 Income generation: Collect 1.5-2.2% yield in 37 days (~14-18% annualized!)
- 🛡️ Strong support: $55 strike sits on major gamma support level (1.56B gamma)
- 📊 Margin of safety: Stock would need to fall 7% from current $59.14 to reach strike
- ✅ Quality company: If assigned, you own leading independent investment bank at good price with 2.7% dividend
- 📈 Win-win: Either keep premium (stock stays above $55) OR own stock at effective cost basis of $54.20-$54.80

Estimated P&L:
- 💰 Collect: $80-120 per contract
- 📈 Max profit: Keep full premium if JEF above $55 on Dec 19 (87% probability based on implied move)
- 📉 Downside: Obligated to buy 100 shares at $55 if stock below strike (effective cost $54.20-54.80 after premium)
- 🎯 Breakeven: $54.20-$54.80 (8-9% below current price)

Position sizing:
- Risk only 5-10% of portfolio per contract
- Each contract requires $5,500 cash secured
- Can scale: 2-3 contracts = $10K-16.5K allocation earning $160-360 income

Risk level: Low (defined risk, quality underlying) | Skill level: Intermediate

Expected outcome: 87% chance of keeping full premium; 13% chance of assignment at attractive entry price

⚖️ Balanced: Copy The Diagonal Roll Strategy (Smaller Size)

Play: Replicate the institutional trade structure at retail scale

Structure:
- Buy 1-2 contracts of $60 December 19 calls (conservative strike) OR
- Buy 1-2 contracts of $62.5 December 19 calls (aggressive strike matching $67.5 direction)

Why this works:
- 🤝 Follow smart money: Copying proven institutional positioning at $3.2M scale
- ⏰ Optimal timing: 37 days to expiration captures Q3 earnings catalyst (late September)
- 📊 Defined risk: Premium paid ($120-200 per contract) is max loss
- 🎯 Clear catalyst: Q3 earnings, M&A market recovery, Fed rate cuts, Jefferies Industrials Conference all fall within timeframe
- 📈 Breakout potential: Success in breaking $60 gamma resistance could trigger momentum to $65-70

Estimated P&L (using $62.5 strike):
- 💰 Cost: ~$150-200 per contract
- 📈 Profit scenario: Stock at $67 on Dec 19 = calls worth $4.50 ($450 value), profit ~$250-300 per contract (125-150% ROI)
- 🚀 Home run: Stock at $72 on Dec 19 = calls worth $9.50 ($950), profit ~$750-800 per contract (375-400% ROI!)
- 📉 Loss scenario: Stock below $62.5 on Dec 19 = lose full premium ($150-200 loss per contract)
- 🎯 Breakeven: ~$64-64.50 (8-9% rally needed from current)

Entry timing:
- 🎯 Best entry: Pullback to $57-58 in next week improves risk/reward significantly
- ⏰ Acceptable entry: Current levels if conviction strong on Q3 earnings beat
- ❌ Avoid: Don't chase if stock gaps above $61 - wait for consolidation

Position sizing:
- Risk only 2-5% of options portfolio per contract
- Start with 1 contract ($150-200 risk) to test thesis
- Add second contract on pullback or after Q3 earnings if positive

Risk level: Moderate (can lose 100% of premium) | Skill level: Intermediate

Probability of profit: ~40% (stock needs 8%+ rally in 37 days)

🚀 Aggressive: Bull Call Spread Targeting Breakout (ADVANCED)

Play: Buy call spread to capitalize on $60 breakout with defined risk

Structure:
- Buy 2-3 contracts of $60 December 19 calls
- Sell 2-3 contracts of $67.5 December 19 calls
- Net debit: ~$2.00-2.50 per spread ($200-250 per spread)

Why this could work:
- 🎯 Targets exact resistance: Long at $60 gamma wall, short at $67.5 where institutional trade positioned
- 📊 Defined risk: Max loss = net debit ($200-250 per spread)
- 📈 Max profit: $7.50 spread width - $2.25 debit = ~$5.25 profit ($525 per spread = 210% ROI!)
- 💰 Lower capital: Spread costs less than naked calls ($225 vs $350+)
- ⚡ High reward/risk: Risking $1 to make $2.30+ if breakout occurs
- 🎪 Catalyst rich: Q3 earnings, September Industrials Conference, M&A recovery momentum

Why this could blow up (SERIOUS RISKS):
- 🧱 Massive gamma wall: $60 strike has 18.92B gamma - toughest resistance level
- 😱 No profit zone: Stock at $62-63 only yields partial profit (~$200-300 vs $525 max)
- ⏰ Time decay: Losing $6-8/day as expiration approaches if stock doesn't move
- 📉 Earnings risk: Q3 miss could gap stock down to $55 = full loss
- 💔 Two-way risk: Need breakthrough above $60 AND sustained rally to $65-67.5
- ⚠️ Capped upside: Stock at $75 = same profit as stock at $67.5 (limited participation in explosive moves)

Estimated P&L:
- 💰 Cost: $200-250 per spread
- 📈 Max profit: $525 if JEF at/above $67.5 on Dec 19 (210% ROI)
- 🎯 Partial profit: Stock at $63 = ~$300 profit (120% ROI); stock at $65 = ~$500 profit (200% ROI)
- 📉 Max loss: -$225 if JEF below $60 on Dec 19 (100% loss)
- 🎯 Breakeven: $62.25 (5% rally needed)

Management rules:
- ✅ Take profit: If stock hits $65+ in next 2-3 weeks, take 75% of max profit off table
- 🛡️ Cut loss: If stock breaks below $57 support, exit for ~50% loss rather than holding
- ⏰ Time management: Don't hold past 7 days before expiration unless deep in-the-money

⚠️ WARNING - DO NOT attempt unless you:
- ✅ Understand spread mechanics and how to manage multi-leg positions
- ✅ Can afford to lose ENTIRE premium ($225 per spread × number of spreads)
- ✅ Acknowledge $60 gamma wall is extremely difficult to overcome
- ✅ Accept this is aggressive directional bet requiring Q3 earnings catalyst AND technical breakout
- ✅ Can monitor position daily and adjust/exit if thesis changes

Risk level: HIGH (can lose 100% but defined) | Skill level: Advanced only

Probability of profit: ~35% (based on bull case scenario)

⚠️ Risk Factors

Don't get caught by these potential landmines:

🎯 The Bottom Line

Real talk: Someone just spent $3.2 MILLION adjusting their position in Jefferies - closing out $60 November calls that weren't working and reopening $67.5 December calls with a MORE aggressive target. This isn't someone giving up on the bull thesis - it's someone doubling down but acknowledging they need MORE TIME and a HIGHER strike to capture the move they expect.

What this trade tells us:
- 🎯 Still bullish: Spent $1.2M opening new position rather than walking away - conviction remains
- ⏰ Needs time: Rolled from 9 days to 37 days because breakout takes longer than anticipated
- 🚀 Higher target: Raised strike from $60 to $67.5 (13% increase) showing belief in bigger move ahead
- 🧱 Respects resistance: Acknowledges $60 gamma wall is real obstacle requiring catalyst to overcome
- 📊 Betting on Q3: December 19 expiration perfectly captures late-September Q3 earnings catalyst
- 💰 Institutional scale: $3.2M total allocation (682x average size!) shows this is major fund/institution, not retail

This is NOT a "panic exit" - it's strategic repositioning for a bigger move.

If you own JEF stock:
- ✅ Hold your shares: Fundamentals improving (M&A up 15% YoY, Fed cutting rates, market share gains continuing)
- 📊 Strong $55 gamma support (1.56B) provides downside cushion at 7% below current
- ⏰ Q3 earnings catalyst coming in late September - hold through results if risk-tolerant
- 🎯 If breakthrough $60, momentum could accelerate to $65-70 quickly
- 🛡️ Set mental stop at $55 to protect against downside if fundamentals deteriorate

If you're watching from sidelines:
- ⏰ Wait for pullback to $57-58 in next 1-2 weeks for better entry on stock or calls
- 🎯 Post-Q3 earnings clarity (late September) provides cleaner risk/reward setup
- 📈 Looking for confirmation of: Q3 earnings beat, M&A pipeline strength, Q4 guidance quality
- 🚀 Longer-term (6-12 months), investment banking recovery and market share gains support $65-75 targets
- ⚠️ Current valuation reasonable but not screaming cheap - patient entry better

If you're considering copying this trade:
- 🎯 Smaller scale: Buy 1-2 $62.5 December calls for $150-200 each (defined risk)
- ⚖️ Conservative alternative: Sell $55 cash-secured puts to get paid 1.5-2.2% in 37 days
- ⏰ Timing matters: Wait for $57-58 dip improves risk/reward significantly
- 📊 Acknowledge $60 gamma wall - need major catalyst to break through
- 💰 Risk only 2-5% of options portfolio - this is aggressive directional speculation

Mark your calendar - Key dates:
- 📅 September 3-4, 2025 - Jefferies Industrials Conference, New York (potential deal announcements)
- 📅 Late September 2025 (est. Sept 29) - Q3 FY2025 earnings report (THE catalyst!)
- 📅 November 19, 2025 - Jefferies London Healthcare Conference
- 📅 November 21, 2025 - Monthly OPEX, original $60 call expiration
- 📅 December 19, 2025 - Quarterly triple witch, new $67.5 call expiration

Final verdict: Jefferies' fundamental story remains intact - 6th largest global investment bank, revenue up 40% since 2019 while peers declined 15%, market share gains in all products, M&A market recovering (up 15% YoY), and Fed rate cuts providing tailwind. BUT, the stock is stuck below the $60 gamma fortress (18.92B gamma - 3x larger than any other strike) and needs a significant catalyst to break through. The $3.2M diagonal roll shows smart money acknowledges this reality but remains bullish enough to reposition with higher strike and longer timeframe.

The message is clear: Be patient, respect the resistance, wait for the catalyst (Q3 earnings), and position for the move AFTER the breakout, not before.

This is a "show me the earnings" moment for Jefferies. Let Q3 results prove the investment banking recovery is real. 💪

Disclaimer: Options trading involves substantial risk of loss and is not suitable for all investors. This analysis is for educational purposes only and not financial advice. Past performance doesn't guarantee future results. The 682x unusual score reflects this specific trade's size relative to recent JEF history - it does not imply the trade will be profitable or that you should follow it. Always do your own research and consider consulting a licensed financial advisor before trading. Diagonal rolls are advanced strategies requiring understanding of time decay, strike selection, and multi-leg position management. Earnings create binary event risk with potential for 5-10% gaps either direction.

About Jefferies Financial Group Inc.: Jefferies is a full-service investment banking and capital markets firm that predominately serves the North American middle market and has captured considerable market share over the past decade, with a market cap of $11.51 billion in the Security Brokers, Dealers & Flotation Companies industry.

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