Piper Jaffray, an investment bank, said Wednesday its profit in the second quarter more than doubled -- but missed Wall Street's expectations, because of light stock-trading volume.
The company's shares lost $4.71, or some 8.62%, in Wednesday morning trade on the New York Stock Exchange.
Piper Jaffray reported second-quarter net income of $9.3 million, or 52 cents per share, compared with earnings of $4.1 million, or 21 cents per share, in the second quarter of 2006.
Profit excluding the private-client services business, which Piper Jaffray sold to UBS Financial Services last year, was 58 cents per share. Analysts polled by Thomson Financial forecast profit of 74 cents per share.
Revenue rose 11 percent to $127 million, from $114.4 million. Wall Street expected revenue of $132 million.