Although we don't believe in timing the market or panicking over market movements, we do like to keep an eye on big changes -- just in case they're material to our investing thesis.
So what: Interestingly, Jefferies felt the need to issue a press release today saying that it has "no meaningful exposure" to debt from Portugal, Italy, Ireland, Greece, or Spain. That is no doubt a major issue on bank investors' minds today in the wake of Greece's call for a referendum vote on the recent bailout agreement as well as the failure of MF Global (NYS: MF) .
Obviously, the press release wasn't enough to keep Jefferies stock from tanking today. While some investors may have been encouraged by it, the downward pressure that Greece's move is putting on the entire banking sector makes it like trying to swim against a tsunami surge.
Now what: If Greece manages to succeed in unraveling its bailout and, possibly, its membership in the euro, that wouldn't be bad news for banks around the world -- whether directly exposed to European debt or not. Is Jefferies the bank I'd be most worried about, though? Hardly.
Want to keep up to date on these stocks?
At the time thisarticle was published Motley Fool newsletter services have recommended buying shares of Jefferies Group. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors.Fool contributor Matt Koppenheffer does not have a financial interest in any of the companies mentioned. You can check out what Matt is keeping an eye on by visiting his CAPS portfolio, or you can follow Matt on Twitter @KoppTheFool or Facebook. The Fool's disclosure policy prefers dividends over a sharp stick in the eye.
Copyright © 1995 - 2011 The Motley Fool, LLC. All rights reserved. The Motley Fool has a disclosure policy.