Piper Jaffray Skyrocketing (PJC)

Piper Jaffray Companies PJC shares are skyrocketing today, gaining almost 12% after the Minnesota-based investment bank reported better than expected earnings for the fourth quarter. The company reported earnings of 97 cents per share, excluding items, well above the 47 cents per share Wall Street was expecting. Revenues rose 33% to $176 million. At last check, shares of Piper Jaffray were up $4.31 to $40.37, a gain of 11.95%. Piper Jaffray Companies provides investment banking services, institutional sales, trading and research services, and asset management services worldwide.