UPDATE: Cowen Swings To Q4 Loss

Cowen Group Inc

reported a wider-than-expected fourth-quarter loss. Cowen posted a quarterly net loss from continuing operations of $52.9 million, or $0.49 per share, versus a year-ago net income of $10.3 million, or $0.06 per share. Its revenue declined 29% to $49.5 million. Analysts were expecting a loss of $0.19 per share on revenue of $92.63 million. Cowen's expenses climbed 17% to $125.4 million. Cowen shares closed at $2.88 yesterday.