Why Cowen Stock Plummeted Almost 10% Today

Investment bank Cowen Inc. (NASDAQ: COWN) got trounced on Monday as the stock fell as much as 16% at 1:47 p.m. ET. It rallied a little but was still down 9.8% at 3:40 p.m. ET, trading at $31.24.

All of the major benchmarks were down slightly as of afternoon trading, with the Dow Jones Industrial Average down about 223 points and the S&P 500 down about 34 points as of 3:40 p.m.

The Dow was up over 300 points in early trading on Monday, driven by a strong second-quarter earnings report from investment bank Goldman Sachs (NYSE: GS), which exceeded the expectations of market analysts.

Source Fool.com