Palm Beach, FL 11/9/11 (StreetBeat) --Shares of Leucadia National Corp. (NYSE: LUK) slipped in premarket trading Wednesday after the company reported a $291 million quarterly loss, due in part to the diversified holding company's ownership stake in investment bank Jefferies Group Inc.After markets closed on Tuesday, Leucadia reported its net loss for the three months ended Sept. 30 was $1.19 per share. In the same quarter a year ago, Leucadia reported net income attributable to common shareholders of $287.8 million, or $1.17 per share. Revenue rose 27 percent to $236.1 million.
But the New York-based company suffered $296.8 million in losses related to associated companies, net of taxes. In the year-ago quarter, Leucadia reported $324.7 million in income related to associated companies.
Leucadia announced plans on April 8 to buy $125 million in Jefferies Group stock as part of Jefferies' $500 million stock offering.
But shares of Jefferies have dropped about 49 percent since Leucadia's announcement, and the stock has been unusually volatile this month amid concerns about Jefferies' exposure to European debt. Leucadia reported in a regulatory filing that it took a $431.8 million loss on its Jefferies stake for the latest quarter.
In the filing, Leucadia said it owned about 28 percent of the outstanding shares of Jefferies. Leucadia also has interests in industries such as manufacturing, oil and gas-drilling services and gaming
The company reported $7.2 million in net securities gains in the latest quarter, compared with a net securities loss of $64,000 in the year-ago period.
Shares of Leucadia fell 35 cents, or 1.3 percent, to $25.96 in late trading on Wednesday, after the shares rose 57 cents in the regular session. The stock has traded in a 52-week range of $20.81 to $39.14.
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