Fortress Investment Tops Street (Update)

Updated from 10:59 a.m.

Shares of Fortress Investment(FIG Quote), the private-equity and hedge fund, rose as much as 15% Wednesday after the firm beat expectations despite posting a decline in assets under management.

By the close of trading, however, Fortress shares had retreated from those gains and then some, ending the session down nearly 3% at $6.45 on massive volume of 24 million shares. Average daily volume is 1.7 million.

Before the opening bell, Fortress said its loss attributable to Class A Shareholders was $67 million, or 71 cents a share, narrower than the year-ago period's loss of $68.9 million, or 74 cents a share. ...