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Stock Market & Financial Investment News

News For BAC;OCN;WIC;NSM From The Last 14 Days
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March 3, 2015
16:01 EDTBACOptions Update; March 3, 2015
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07:01 EDTOCNOcwen heading in the right direction, says Piper Jaffray
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March 2, 2015
18:52 EDTOCNOn The Fly: After Hours Movers
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17:08 EDTBACOverstock.com market-riggin case to proceed
Overstock.com (OSTK) announces that due to the California Supreme Court's decision last week not to review a lower appellate court ruling, relevant discovery materials gained in its long-fought battle with Goldman Sachs (GS) and Merrill Lynch (BAC) will be released to the public, and it will be proceeding to trial against Merrill Lynch. In a suit filed in 2007, Overstock.com alleged certain brokerages engaged in illegal market manipulation in a deliberate effort to manipulate Overstock.com's share prices. Over many years and millions of dollars of discovery generating millions of documents, it fashioned its case against some of the premier brokerages on Wall Street. As was previously disclosed in a filing with the SEC in December 2010, Overstock.com entered into a settlement with certain other defendants in the aggregate amount of $4.44M, the terms of which are confidential. In January 2012, a California trial court decided that relevant portions of the voluminous discovery records regarding Goldman and Merrill should be made public, but dismissed the case on narrow, technical grounds. Last week's decision by the California Supreme Court not to review the appellate court ruling means that the process for public release of information gathered through the discovery process may now proceed, and also the trial against Merrill Lynch. Overstock SVP and General Counsel Mark Griffin added, "It is unfortunate the Court has decided that, despite the substantial evidence against Goldman Sachs, due to jurisdictional grounds they cannot be made to account for it in a California courtroom. Overstock looks forward to making that evidence available to the public for review, and we can't wait to get Merrill Lynch in front of a jury, and let them decide what to do about these manipulative stock market abuses."
16:35 EDTOCNOcwen not anticipating any material fines from regulators
The company said, "Based on Ocwen's current engagements with state regulators, the Company is not aware of nor anticipating any material fines, penalties or settlements. Ocwen still expects to resolve two open legacy matters for a total of less than $1 million. Ocwen is not aware of any pending or threatened actions to suspend or revoke any state licenses."
16:34 EDTOCNOcwen hired Moelis, Barclays to explore strategic options
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16:33 EDTOCNOcwen no longer sees first call rights transaction in Q1
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16:31 EDTNSM, OCNOcwen Nationstar sees Agency MSR sales netting $550M of proceeds
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16:29 EDTOCNOcwen says $370M-$420M goodwill write-off to impact Q4 results
Ocwen Financial reported that its Q4 results will be impacted by a $370M-$420M non-cash charge to write-off goodwill and the creation of a $15M reserve relating to its remediation plan to address issues around certain erroneously dated borrower correspondence.
16:02 EDTBACOptions Update; March 2, 2015
iPath S&P 500 VIX Short-Term Futures down 91c to 26.70. Option volume leaders: AAPL TSLA TWTR MBI MCD NFLX AMZN GOOG BAC C according to Track Data.
10:00 EDTNSMOn The Fly: Analyst Downgrade Summary
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08:22 EDTOCNAltisource Residential reports Q4 EPS 72c, consensus 61c
Altisource Residential (RESI) reports Q4 revenue $122.2M, consensus $97.88M. CEO Ashish Pandey commented, "During 2014, we demonstrated continued success executing our nonperforming loan and single family rental strategies. Despite the negative headlines surrounding our primary mortgage servicer Ocwen (OCN), our performance has remained strong. We continue to make progress building our portfolio of single family rental homes and resolving NPLs at attractive returns. The strength of our business strategy was further reinforced by our continued ability to access debt capital on favorable terms during the fourth quarter, as we executed our second NPL securitization transaction, amended our repurchase facilities on favorable terms and sold senior bonds retained from our November 2014 securitization in February of 2015."
08:04 EDTNSMNationstar downgraded to Market Perform from Outperform at FBR Capital
FBR Capital downgraded Nationstar Mortgage Holdings to Market Perform citing a lower earnings outlook following the company's Q4 results. FBR says Nationstar's expense outlook overshadows its revenue growth. It cut its price target for shares to $30 from $35.
06:23 EDTNSMNationstar files automatic mixed securities shelf
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05:56 EDTOCNStocks with implied volatility movement; NBG OCN
Stocks with implied volatility movement; National Bank of Greece (NBG) 179, Ocwen (OCN) 116 according to iVolatility.
February 27, 2015
16:19 EDTBACBank of America files mixed securities shelf
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16:06 EDTBACOptions Update; February 27, 2015
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13:00 EDTOCNOcwen says financial impact of transfers immaterial
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10:45 EDTBACBank of America falls after analyst warns of potential Fed test failure
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09:58 EDTOCN, BACOn The Fly: Analyst Downgrade Summary
Today's noteworthy downgrades include: 500.com (WBAI) downgraded to Hold from Buy at Deutsche Bank... Akorn (AKRX) downgraded to Hold after share rally at Needham... Allscripts (MDRX) downgraded to Market Perform from Outperform at Leerink... Bank of America (BAC) downgraded to Neutral from Buy at UBS... Bill Barrett (BBG) downgraded to Hold from Buy at KLR Group... CA Technologies (CA) downgraded to Underperform from Neutral at Credit Suisse... CBOE Holdings (CBOE) downgraded at BofA/Merrill... CONE Midstream (CNNX) downgraded to Sector Perform from Outperform at RBC Capital... Calamos (CLMS) downgraded to Underperform from Neutral at Credit Suisse... Crane (CR) downgraded to Market Perform from Outperform at FBR Capital... Dick's Sporting (DKS) downgraded to Equal Weight from Overweight at Barclays... EnerNOC (ENOC) downgraded to Buy from Strong Buy at Needham... Hercules Offshore (HERO) downgraded to Sell from Buy at Deutsche Bank... Insulet (PODD) downgraded at Oppenheimer... Intelsat (I) downgraded to Underperform from Neutral at Credit Suisse... Laredo Petroleum (LPI) downgraded to Market Perform from Outperform at Northland... Mavenir Systems (MVNR) downgraded to Equal Weight from Overweight at Morgan Stanley... Memorial Production (MEMP) downgraded to Underperform from Perform at Oppenheimer... Mobileye (MBLY) downgraded to Neutral from Buy at Dougherty... NTELOS (NTLS) downgraded to Market Perform from Outperform at Wells Fargo... Ocwen (OCN) downgraded to Sell from Neutral at Compass Point... Pegasystems (PEGA) downgraded to Neutral from Buy at Merriman... Performant Financial (PFMT) downgraded to Neutral from Buy at Compass Point... Pharmacyclics (PCYC) downgraded to Neutral from Buy at Goldman... Potbelly (PBPB) downgraded to Underweight from Overweight at Piper Jaffray... SYNNEX (SNX) downgraded to Hold from Buy at Stifel... Safe Bulkers (SB) downgraded at Credit Suisse... Sarepta (SRPT) downgraded to Market Perform from Outperform at Cowen... Seadrill Partners (SDLP) downgraded to Sector Perform from Outperform at RBC Capital... Spirit Realty (SRC) downgraded at RBC Capital... Transocean (RIG) downgraded to Sector Perform from Outperform at Iberia... UIL Holdings (UIL) downgraded to Neutral from Outperform at RW Baird... WCI Communities (WCIC) downgraded to Neutral from Buy at Citigroup... Walter Investment (WAC) downgraded to Neutral from Outperform at Credit Suisse.
09:42 EDTBACBank of America falls as Chief Accounting Officer, two directors, step down
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09:35 EDTBACActive equity options trading on open
Active equity options trading on open according to Track Data: AAPL MCD GOOG MNST BAC TSLA NFLX SINA AMZN WYNN
09:24 EDTOCNOn The Fly: Pre-market Movers
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08:01 EDTOCNWells Fargo fires Ocwen as bond overseer, hires Credit Suisse, Bloomberg says
Wells Fargo (WFC) has issued notices to Ocwen (OCN) terminating it as overseer of debt backing for two bond deals, reports Bloomberg, citing letters sent from Wells Fargo to bondholders. Wells Fargo stated in notices sent to bondholders that a majority of investors felt the move was correct. Wells Fargo plans to transfer responsibility to Credit Suisse (CS). Reference Link
07:48 EDTOCNOcwen downgraded to Sell from Neutral at Compass Point
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07:17 EDTBACUniversity of Chicago Booth School of Business to hold a forum
U.S. Monetary Policy Forum is being held in New York on February 27.
06:32 EDTBACBank of America Chief Accounting Officer, two directors to step down
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05:50 EDTBACBank of America downgraded to Neutral from Buy at UBS
UBS analyst Brennan Hawken downgraded Bank of America to Neutral from Buy saying disclosures in the bank's recent annual filing raise the risk of a qualitative failure this year. Hawken believes that even with yesterday's 2.7% pullback, shares of Bank of America are not fully pricing in the risk of a qualified failure in the Federal Reserve's Comprehensive Capital Analysis and Review, or CCAR. The analyst writes that even if BofA passes the CCAR, the Fed's annual exercise to assess whether the largest banks have sufficient capital, its regulatory capital ratios are well below peers, which could drive lower capital returns. Hawken cut his price target on the banking giant to $16 from $20. Shares of Bank of America closed yesterday down 45c to $16.04.
February 26, 2015
15:02 EDTBACFed extends capital surcharge for SiFi banks comment period to April 3
The Federal Reserve extended until April 3 the comment period for its proposed rule to implement capital surcharges for the largest, most systemically important U.S. bank holding companies. The Fed extended the comment period to allow interested persons more time to analyze the issues and prepare their comments. Originally, comments were due by March 2. The proposed rule would establish a methodology to identify whether a firm is a global systemically important banking organization and would also establish the size of a firm's risk-based capital surcharge. The proposal is designed to further strengthen the capital positions of these institutions. Large U.S. banks include Bank of America (BAC), Citi (C), Goldman Sachs (GS), JPMorgan (JPM), Morgan Stanley (MS), U.S. Bancorp (USB) and Wells Fargo (WFC).
14:01 EDTBACBarclays to double provision for forex rigging fines, Sky News says
Barclays (BCS), which previously excluded itself from a broader settlement between several banking peers and regulators over alleged manipulation of foreign exchange rates as it worked to secure a binding agreement with all relevant authorities, will more than double its existing provision for forex fines next week, which may indicate that a settlement deal could be announced soon, said Sky News. Barclay took a GBP500M charge during the course of last year in advance of expected forex issue costs, the report noted. Other banks that previously agreed to a settlement included Bank of America (BAC), Citibank (C), HSBC (HSBC), JPMorgan Chase (JPM), RBS (RBS) and UBS (UBS). The report indicates that U.S. regulators have stepped up talks with banks including Barclays and the others involved. Reference Link
10:50 EDTBACNew York regulator considering cybersecurity, cash laundering controls, WSJ says
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10:00 EDTNSMOn The Fly: Analyst Downgrade SummaryStarz
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08:55 EDTNSMNationstar downgraded to Neutral from Buy at Sterne Agee
Sterne Agee downgraded Nationstar to Neutral following the disappointing Q4 report.
07:12 EDTNSMNationstar says growth prospects 'significant' in 2015
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07:12 EDTNSMNationstar reports Q4 core EPS 58c, consensus 91c
Reports Q4 revenue $449.4M, consensus $515.14M.
February 24, 2015
14:43 EDTBACBofA head of Americas equitites leaving company, Bloomberg reports
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12:12 EDTBACBank of America head of equities for America leaving bank, Bloomberg says
07:21 EDTBACSecurities Industry & Financial Markets Association to hold a conference
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February 23, 2015
11:43 EDTOCN, NSMOcwen volatile after MSR sale, New Residential deal for Home Loan Servicing
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11:24 EDTOCNOcwen resumes trading, shares now up 17c to $9.77
11:22 EDTOCN, NSMOcwen halted for volatility after bounce off lows
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09:25 EDTOCN, NSMOn The Fly: Pre-market Movers
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08:06 EDTNSM, OCNOcwen up 6.8% following sale of mortgage servicing rights to Nationstar
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07:47 EDTNSM, OCNOcwen to sell $9.8B portfolio of mortgage servicing rights to Nationstar
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February 19, 2015
06:47 EDTBACReport shows subprime consumer loans at pre-2007 levels, WSJ says
Equifax (EFX) has released a report stating nearly 40%, or 50M, of auto loans, credit cards, and personal loans during the first 11 months of 2014 were made to subprime customers, the highest levels since the 2007 financial crisis, reports the Wall Street Journal. LendingTree (TREE) Chief Marketing Officer Gabriel Dalporto attributes the growth to nonbank lenders under less regulatory scrutiny than large banks. Publicly traded companies in the space include Bank of America (BAC), Citi (C), Goldman Sachs (GS), JPMorgan (JPM), Morgan Stanley (MS), U.S. Bancorp (USB) and Wells Fargo (WFC). Reference Link
February 18, 2015
09:16 EDTOCNOcwen comments on Home Loan Servicing agreement with HSART Trust
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07:21 EDTBACJPMorgan, Citi top government report of riskiest banks, Reuters reports
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