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News For BAC;OCN;WIC;NSM From The Last 14 Days
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January 30, 2015
09:35 EDTBACActive equity options trading
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January 29, 2015
08:38 EDTBACAmeris Bancorp announces private placement of common stock
Ameris Bancorp (ABCB)announced the sale of shares of the company's common stock at a price of $22.50 per share to institutional accredited investors through a private placement. The company has received commitments for the sale of up to 5,320,000 shares and is in the process of closing the issuance, which is expected to be completed by January 30. The company expects to receive net proceeds from the private placement of approximately $114.5M, which it intends to use, in part, to fund the cash consideration for its recently announced acquisitions of Merchants & Southern Banks of Florida, Inc. and eighteen Bank of America (BAC) branches located in North Florida and South Georgia.
January 28, 2015
16:56 EDTBACFederal judge says FOREX manipulation case to proceed, Reuters reports
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January 27, 2015
11:06 EDTOCNStocks with call strike movement; OCN LINE
Ocwen (OCN) July 8 call option implied volatility decreased 2% to 112, LINN Energy (LINE) July 12 call option implied volatility decreased 4% to 59 according to IVolatility.
January 26, 2015
13:10 EDTOCNOcwen shopping $10B of MSRs to pay for settlements, IMF News says
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12:49 EDTBACFederal Reserve discloses plan to improve U.S. payment system, WSJ reports
The Federal Reserve released a plan that would improve the U.S. payment system, saying the current outlook, which covers banking, checking, credit cards and online transactions is fragmented and outdated with respect to new technologies that may harm consumers, the Wall Street Journal reports. The Federal Reserve invited banks, credit card companies and payment processors to coordinate efforts. 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
12:23 EDTOCNOn The Fly: Midday Wrap
Stocks on Wall Street opened lower and hit their session lows a short time after the opening bell rang. In addition to some jitters about a vote in Greece, investors were focused on the massive impending winter storm set to hit the Northeast. With weather pundits expecting the snowfall in feet rather than inches, a number of companies have already rescheduled their earnings announcements. The market was mixed at midday, with the Dow and Nasdaq a bit lower and the S&P up fractionally. ECONOMIC EVENTS: In the U.S., the Dallas Fed manufacturing index fell 8.5 points to -4.4 in January, versus the consensus forecast for a reading of 4.0. In Europe, Greece's far-left Syriza party swept to power, renewing concerns about the country's future as a member of the Eurozone. COMPANY NEWS: Today was a "merger Monday," with at least four deals worth more than $1B announced. Energy Transfer Partners (ETP) announced plans to acquire Regency Energy Partners (RGP) in an $18B unit-for-unit transaction that includes assuming $6.8B of net debt and other liabilities. Rock-Tenn (RKT) and MeadWestvaco (MWV) agreed to merge to create a consumer and corrugated packaging company with a combined equity value of $16B. Under the terms of the deal, the resulting ownership of the new company will be approximately 50.1% by MWV shareholders and 49.9% by RockTenn shareholders. AXIS Capital (AXS) and PartnerRe (PRE) announced a "merger of equals" that will create a specialty insurance and reinsurance company with total capital of more than $14B and cash and invested assets of more than $33B. Additionally, cereal maker Post Holdings (POST) agreed to pay $1.15B in cash and stock to buy privately-held MOM Brands, which makes Malt-O-Meal and other breakfast products. MAJOR MOVERS: Among the notable gainers was Universal Display (OLED), which gained 11% after the company announced the signing of a new OLED technology license agreement and material purchase pact with LG Display (LPL). Also higher was Ocwen Financial (OCN), which rose 17% after the California Department of Business Oversight announced a $2.5M settlement with Ocwen Loan Servicing on Friday evening over the firms failure for more than a year to provide loan information needed by the DBO to assess compliance with state mortgage lending laws. Also of note, Ocwen denied any basis for default under trust agreements that had been alleged by certain hedge funds and other RMBS investors to trustees and master servicers in connection with 119 RMBS trusts, which are serviced by Ocwen. Among the noteworthy losers was Brookdale Senior Living (BKD), which dropped 8% after the company lowered its forecast for FY15 Cash From Facility Operations, citing a combination of lower than expected occupancy and certain higher-than-anticipated insurance reserve adjustments. Also lower following its earnings reports was hard disk-drive maker Seagate (STX), which fell about 9%. INDEXES: Near midday, the Dow was down 1.41, or 0.01%, to 17,671.19, the Nasdaq was down 4.02, or 0.08%, to 4,753.86, and the S&P 500 was up 2.34, or 0.11%, to 2,054.16.
09:19 EDTOCNOn The Fly: Pre-market Movers
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09:13 EDTOCNOcwen to 'vigorously defend itself against' BlueMountain allegations
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08:53 EDTOCNBig name mortgage investors take step toward Ocwen lawsuit, Reuters says
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08:31 EDTOCNOcwen-linked stocks jump after California settlement
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08:23 EDTNSMSolutionstar closes Title365 acquisition
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07:59 EDTOCNOcwen denies any basis for default under trust agreements
Ocwen sent a letter to Gibbs & Bruns in response to its letter dated Friday, January 23. The letter satated, "We represent Ocwen Financial Corporation and respond to your letter on behalf of certain hedge funds and other RMBS investors to trustees and master servicers, dated January 23, in connection with 119 RMBS trusts, which are serviced by Ocwen. The letter purports to describe certain contractual breaches that you contend could result in Events of Default under the Trust transaction documents. These are essentially the same baseless allegations that you have already asserted on behalf of some of these same investors in their failed attempt to block the transfer of servicing from OneWest to Ocwen. As you know, those claims were thoroughly reviewed by an independent expert firm retained by the Trustees, and after reviewing that expert report, the Trustees cleared the transfer to Ocwen. The allegations are as groundless now as they were then. Ocwen denies that there is any basis for a default under the Trust agreements, and it will respond, at the appropriate time, after it has had a chance to review the exhibits mentioned in your letter. In the meantime, however, because it is apparent that your letter was drafted in an inflammatory tone, with misleading content, and coordinated with media release so as to create wildly false impressions, we make the following initial points in response. Your letter obscures the ultimate objective of your investor clients: to stop servicers from modifying loans and force them to foreclose on and evict as many struggling homeowners as quickly as possible. While knee-jerk foreclosures may redound to the special economic interests of your clients, they are not in the best interests of the Trusts as a whole, not consistent with industry practice, and therefore prohibited under the servicing agreements. Contrary to the suggestions in your letter, all of Ocwen's mortgage loan modifications, including principal reductions, are designed to be Net Present Value positive. As a result, Ocwen's approach makes sound economic sense because, again, it seeks to service loans in the best interest of the Trusts as a whole. Perhaps most egregious is your clients' continuing objection to the principal reduction modification targets in the government's national mortgage settlements with RMBS issuers and servicers. Indeed, Ocwen's national mortgage settlement provides that such modifications shall be done subject to, and within the confines of, the servicing agreements. We note that your clients' ill-conceived effort to push foreclosures and stop principal reduction is not directly solely at Ocwen but is part of their ongoing industry-wide pro-foreclosure campaign, which has been roundly criticized by numerous national housing, consumer protection and civil rights groups as anti-consumer and contrary to good public policy."
06:10 EDTOCNOcwen implied volatility of 157 at upper end of index mean range
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January 25, 2015
14:24 EDTOCNOcwen settles dispute with California for $2.5M
On Friday evening, the California Department of Business Oversight-DBO announced a $2.5M settlement with Ocwen Loan Servicing, over the firms failure for more than a year to provide loan information needed by the DBO to assess Ocwens compliance with state mortgage lending laws.The Department is committed to supporting a fair and secure financial services marketplace for all California consumers, said DBO Commissioner Jan Lynn Owen. This settlement allows us to move forward and ensure that Ocwen is meeting its obligations under the law. Under the consent order agreement, the DBO will select an independent, third-party auditor, paid for by Ocwen, whose duties will include ensuring Ocwen provides the DBO all the information it has requested from loan files. Ocwen also will pay $2.5M in penalties and cover the DBOs administrative costs associated with the case. The settlement also prohibits Ocwen from taking on any new California customers until the DBO determines the firm can fully respond in a timely manner to future requests for information, and the DBO will drop its effort to suspend Ocwens license to operate in California. Filed Oct. 3, the formal accusation grew out of Ocwens conduct during a routine regulatory examination and will now be withdrawn. Shares of Ocwen were up over 27% in after hours trading on Friday to $8.08. Reference Link
January 23, 2015
16:32 EDTOCNOn The Fly: Closing Wrap
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14:01 EDTOCNOcwen, Home Loan Servicing slide after BlueMountain claims default event
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13:38 EDTNSMNationstar volatility elevated
Nationstar February call option implied volatility is at 67, March is at 70, April is a 66; compared to its 26-week average of 49 according to Track Data, suggesting large near term price movement.
13:28 EDTOCNOcwen Financial volatility increases on wide price movement
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07:23 EDTBACBass does not expect large U.S. banks to break up
Publicly traded companies in the space include Bank of America (BAC), Citi (C), JPMorgan (JPM), and Wells Fargo (WFC). Kyle Bass of Hayman Capital continues speaking on CNBC.
06:42 EDTBACU.S. banks preparing for prolonged low bond yields, Reuters says
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05:58 EDTOCNOcwen implied volatility of 150 at upper end of index mean range
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January 22, 2015
16:00 EDTBACOptions Update; January 22, 2015
iPath S&P 500 VIX Short-Term Futures down 2.13 to 31.32 Option volume leaders: AAPL TSLA TWTR AMZN FB FXCM AVP BAC according to Track Data.
January 21, 2015
05:59 EDTOCNOcwen implied volatility of 152 at upper end of index mean range
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January 20, 2015
10:45 EDTOCNOptions with increasing implied volatility
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09:38 EDTBACActive equity options trading
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09:01 EDTOCNOcwen says Erbey's decision to resign not due to disagreements with company
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08:54 EDTBACBank of America upgraded to Conviction Buy from Buy at Goldman
Goldman added Bank of America to the Conviction Buy List with an $18 price target following recent underperformance. The firm continues to believe shares to will be driven by better than expected top-line growth, accelerated capital returns, and a business shift towards less capital intensive earnings streams.
08:50 EDTOCNAltisource downgraded at Sterne Agee
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07:43 EDTOCNAltisource CEO doubts California's case against Ocwen, NY Post says
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07:28 EDTBACTreasury Institute for Higher Education to hold a symposium
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