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Stock Market & Financial Investment News

News Breaks
December 12, 2012
17:18 EDTASPSAltisource Solutions reports form 10 registration for spin-offs effective
Altisource Portfolio Solutions S.A. announced that in connection with its proposed spin-offs of Altisource Residential Corporation and Altisource Asset Management Corporation the SEC has declared effective Residential's Registration Statement on Form 10. In addition, the SEC has completed its review of AAMC's Registration Statement on Form 10 that has become effective by rule. The New York Stock Exchange has authorized the listing of the Residential Shares on the NYSE. Residential will trade under the symbol "RESI" following the spin-off. FINRA and the OTCQX Market have authorized the quotation of the AAMC Shares on the OTCQX. AAMC will trade under the symbol "AAMC" following the spin-off. There is no current market for the Residential Shares or the AAMC Shares.
News For ASPS From The Last 14 Days
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January 26, 2015
08:53 EDTASPSBig name mortgage investors take step toward Ocwen lawsuit, Reuters says
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08:31 EDTASPSOcwen-linked stocks jump after California settlement
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January 23, 2015
16:54 EDTASPSLeon Cooperman reports 5.06% passive stake in Altisource
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13:21 EDTASPSAltisource
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January 21, 2015
13:45 EDTASPSCooperman files sale of 33K Altisource shares after purchases
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11:49 EDTASPSCooperman raises stake in Altisource with recent purchases
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10:47 EDTASPSOptions with decreasing implied volatility
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January 20, 2015
08:50 EDTASPSAltisource downgraded at Sterne Agee
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08:32 EDTASPSAltisource names John Vella as Chief Revenue Officer
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07:46 EDTASPSAltisource downgraded to Neutral from Buy at Sterne Agee
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07:43 EDTASPSAltisource CEO doubts California's case against Ocwen, NY Post says
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January 16, 2015
16:29 EDTASPSOn The Fly: Closing Wrap
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12:43 EDTASPSOn The Fly: Midday Wrap
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11:06 EDTASPSAltisource sees FY15 adjusted EPS $4.40-$7.95, consensus $5.33
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11:02 EDTASPSAltisource sees FY14 adjusted EPS $7.27-$7.40, may not compare to $8.32
Sees FY14 service revenue $935.8M-$945.8M. FY14 revenue consensus $1.06B.
11:01 EDTASPSAltisource sees Q4 adjusted EPS 38c-51c, may not compare to consensus $1.55
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January 14, 2015
14:09 EDTASPSOcwen, Altisource, Home Loan Servicing downgraded by Moody's
Moody's earlier today downgraded the following ratings with a negative outlook: Ocwen Financial (OCN) - Corporate Family Rating to B3 from B2; Senior Secured Bank Credit Facility to B3 from B2; Senior Unsecured Debt to Caa1 from B3; Altisource Solutions (ASPS) - Corporate Family Rating to B3 from B2; Senior Secured Bank Credit Facility to B3 from B2; Home Loan Servicing Solutions (HLSS) -- Corporate Family Rating to B3 from B2; Senior Secured Bank Credit Facility to B3 from B2. The rating agency cited the "continued regulatory scrutiny of Ocwen that could lead to the loss of their license to service loans in California along with the seriously impaired franchise value of the three companies." Moody's attributed its negative outlook to the "uncertain outcome of the California Department of Business Oversight regulatory action and its effects on the Ocwen's ability to operate in California." It added that the downgrades to Home Loan Servicing and Altisource were driven by their businesses' reliance on Ocwen.
11:01 EDTASPSAltisource volatility elevated on wide price movement
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January 13, 2015
16:24 EDTASPSOn The Fly: Closing Wrap
The Wall Street averages spent time in both positive and negative territory during the session, before closing a bit below where they'd started the day. The market opened sharply higher after Alcoa’s (AA) better than expected report gave some optimism about the upcoming earnings season. The early move higher came despite oil continuing its slide. The major averages saw their highs shortly after the open and then began to drift slowly lower. By mid-afternoon the market was in the red, though the equity averages eventually made it briefly back into positive ground, but failed to hold those narrow gains into the close. ECONOMIC EVENTS: In the U.S., the NFIB small business optimism index for December came in at 100.4, which was stronger than the expected 98.5 reading. The JOLTS report showed job openings increased 142K to 4.972M in November, beating the 4.85M consensus forecast. Treasury posted a $1.9B surplus in December, which was a bit below the expected surplus of $3B. Also of note is the fact that the U.S. and European benchmarks of WTI and Brent crude were at parity for the first time since 2013 during the session, with both trading near $46 per barrel for a time. COMPANY NEWS: KB Home (KBH) reported better than expected revenue and higher orders in its fourth quarter, but the stock declined $2.70, or 16.29%, to $13.87 after CEO Jeffrey Mezger warned on the associated earnings call that margins could drop "significantly" in its current quarter from the levels seen last year. KB's margin outlook, which it blamed on rising costs, heavier use of incentives and a sequential decline in average selling prices, dragged down peers in the housing space as well. D.R. Horton (DHI), the biggest homebuilder by market cap, finished the day down $1.26, or 4.83%, to $24.82, while PulteGroup (PHM) also slid $56c, or 2.47%, to $22.13... MetLife (MET) said it will sue to oppose the U.S. Financial Stability Oversight Council’s designation of the insurer as a SIFI, or "systemically important financial institution." The life insurer called the label premature and said it has offered “substantial and compelling evidence” that it isn’t a SIFI. Wells Fargo said it thinks it is appropriate for MetLife to challenge the ruling, though the firm does not presently see a Dodd-Frank provision that enables an entity to shed its designation. Wells added that a MetLife victory would have no impact on either AIG (AIG) or Prudential (PRU), which did not challenge their SIFI designations before their windows closed. MAJOR MOVERS: Among the notable gainers was Emulex (ELX), which rose $1.21, or 20.86%, to $7.01 after the company issued better than expected guidance on its second quarter results. Also higher was McGraw Hill Financial (MHFI), which jumped $5.13, or 5.98%, to $90.89 after reports said the company's Standard & Poor’s rating unit was in talks about a potential $1B settlement to its fight with the Justice Department and state attorneys general over allegations of inflating credit ratings on mortgage investments preceding the financial crisis. Among the noteworthy losers was ChannelAdvisor (ECOM), which plunged $11.32, or 53.52%, to $9.83 after its fourth quarter revenue warning prompted no less than eight downgrades of the stock by Street analysts. Also lower were shares of Ocwen Financial (OCN), which dropped $4.41, or 36.18%, to $7.78 after the Los Angeles Times reported that California is seeking to suspend the company's mortgage license in the state. Altisource Portfolio Solutions (ASPS), which is a related company to Ocwen, also declined $10.45, or 38.79%, to $16.49. Shares of GoPro (GPRO) fell $6.91, or 12.17%, to $49.87 after the Patently Apple blog reported that Apple (AAPL) was granted a patent for a camera system that specifically mentions the weaknesses of GoPro devices. INDEXES: The Dow fell 27.16, or 0.15%, to 17,613.68, the Nasdaq lost 3.21, or 0.07%, to 4,661.50, and the S&P 500 dropped 5.23, or 0.26%, to 2,023.03.
14:07 EDTASPSAltisource to hold a conference call
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