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Jefferies (JEF -4.7%) gives back a chunk of yesterday's big gain after Meredith Whitney...

Jefferies (JEF -4.7%) gives back a chunk of yesterday's big gain after Meredith Whitney downgrades the stock and Keefe Bruyette warns of remaining problems, after JEF seemingly soothed investor concerns about its exposure to European debt. KBW largely attributes yesterday's surge to short-covering, while cutting its 2012 EPS view 20% on a lower revenue forecast.
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