Piper Jaffray (PJC -4.4%) trades lower after the firm swung to a loss in Q4 on a large...

Piper Jaffray (PJC -4.4%) trades lower after the firm swung to a loss in Q4 on a large impairment charge and continued weak demand for capital markets services. Assets under management came in flat Y/Y and up 8.9% Q/Q largely due to equity market appreciation.