Cowen shares rally on stronger-than-expected profit
Cowen Inc. rose 5.8% on Friday after the investment bank and brokerage company said its first-quarter net income fell to $33.3 million, or $1.05 a share, from $145.8 million, or $4.34 a share in the year-ago quarter. Adjusted profit totaled $1.35 a share in the latest quarter. First-quarter revenue dropped to $364.1 million from $689.9 million. The company surpassed the analysts forecast of 81 cents a share in profit and revenue of $319 million, according to a survey by FactSet. "We are confident that the strategic decisions and focused investments we have made over the last several years will enable us to continue generating consistent profitability throughout the economic cycle," CEO Jeffrey M. Solomon said. Shares of Cowen are now down 33.4% in 2022, compared to a drop of 18.4% by the Nasdaq and a dip of 14.3% by the KBW Bank Index .
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