UPDATE: Piper Jaffray Posts Rise In Q1 Earnings

Piper Jaffray Companies PJC reported a rise in its first-quarter earnings. Piper Jaffray's quarterly profit surged to $10.1 million, or $0.57 per share, versus $2.9 million, or $0.15 per share, in the year-earlier period. Its earnings from continuing operations came in at $0.60 per share. Its net revenue declined 3.4% to $109.5 million. However, analysts expected earnings from continuing operations of $0.50 per share. Its total non-interest expenses fell 7% to $91.4 million. Piper Jaffray shares fell 4.99% to $31.02 in pre-market trading.