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Stock Market & Financial Investment News

News Breaks
August 5, 2014
10:04 EDTPIKE, LRN, SALE, OCN, QLTI, LRE, FRP, HCOM, ILIAF, FIVN, ESIOn The Fly: Analyst Downgrade Summary
Today's noteworthy downgrades include: FairPoint (FRP) downgraded to Hold from Buy at Drexel Hamilton... Five9 (FIVN) downgraded at Pacific Crest... Hawaiian Telcom (HCOM) downgraded to Equal Weight from Overweight at Stephens... ITT Educational (ESI) downgraded to Underperform from Neutral at BofA/Merrill... Iliad (ILIAF) downgraded to Neutral from Buy at UBS... K12 (LRN) downgraded to Hold from Buy at Stifel... LRR Energy (LRE) downgraded to Market Perform from Outperform at Wells Fargo... Ocwen Financial (OCN) downgraded at Oppenheimer... Pike Electric (PIKE) downgraded to Hold from Buy at BB&T... QLT Inc. (QLTI) downgraded to Neutral from Buy at Roth Capital... RetailMeNot (SALE) downgraded at RBC Capital.
News For FRP;FIVN;HCOM;ESI;ILIAF;LRN;LRE;OCN;PIKE;QLTI;SALE From The Last 14 Days
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May 18, 2015
06:53 EDTOCNOcwen says in talks with lender for renenwal, replacement or extension of debt
In a regulatory filing, Ocwen stated: "We currently are in negotiations with our lenders for the renewal, replacement or extension of our debt arrangements that mature or begin amortization in 2015. We may also consider other capital markets transactions including, but not limited to, the sale and financing of advance receivables in the event we do not renew, replace or extend a portion or all of our existing advance financing facilities. We have entered into commitment letters to refinance certain of our debt agreements and extended certain facilities ahead of their scheduled maturity...Our lenders’ obligations to fund under these commitment letters are subject to conditions precedent, some of which are outside our control. In the event we are unable to renew, replace or extend all of these debt agreements, we may not have adequate sources of funding for our business. Due to the significant level of cash requirements related to servicing advances, we may not have sufficient levels of liquidity to fund the operations without our advance financing facilities. We typically require significantly more liquidity to meet our advance funding obligations than our available cash on hand."
May 15, 2015
08:46 EDTFRPFairPoint to close call center in South Burlington, Vermont
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08:45 EDTFRPFairPoint to cut approximately 260 jobs in workforce reduction
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07:09 EDTOCNHayman Capital gives quarterly update on stakes
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06:04 EDTESIITT Educational implied volatility of 190 at upper end of index
May 14, 2015
16:54 EDTESIITT Educational says SEC case 'will not withstand judicial scrutiny'
ITT Educational disclosed the following in a filing: "On May 12, a complaint was filed by the SEC against ITT Educational Services and its CEO and CFO in the United States District Court for the Southern District of Indiana under the following caption: United States Securities and Exchange Commission v. ITT Educational Services, Inc., Kevin M. Modany and Daniel M. Fitzpatrick. The complaint relates to the matters addressed in the Wells notice that the company previously received and disclosed. The complaint is a civil enforcement action and alleges that the defendants engaged in a fraudulent scheme and course of business and made various false and misleading statements and omissions to defraud the company’s investors. The company was surprised by this action and disappointed that the Commission allowed this matter to go forward despite fundamental flaws in their case. The SEC does not credit the findings of the Audit Committee investigation that disputed key SEC allegations. The SEC ignored the fact that the very auditors that were allegedly 'misled' stayed on as the company’s auditors, even after being informed of the SEC’s allegations, and later delivered an audit opinion. Nowhere in the complaint is there a citation to a document or email that evidenced any intent to deceive anyone. The company believes that the SEC could not do so because there was no intent to deceive. The company believes there are many other major flaws in the SEC’s case. In essence, the company believes this is little more than a “fraud by hindsight” case that will not withstand judicial scrutiny. The company remains of the belief that any perceived shortcomings related to the complex accounting matters involved were acts taken in good faith and are being mischaracterized by the SEC as deception. Nevertheless, the company takes seriously the SEC action and will vigorously defend itself against the unjustified charges. Moreover, the company’s Board of Directors is heightening its oversight of the process leading up to the filing of the company’s late Form 10-K for 2014. It is expected that the Form 10-K with audited financials will be filed in a matter of weeks, though no assurance can be given that the current estimated timetable will be met."
09:31 EDTOCNJPMorgan to buy $45B in mortgage servicing rights from Ocwen
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09:31 EDTOCNJPMorgan to buy $45B in mortgage servicing rights from Ocwen
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05:49 EDTESIStocks with implied volatility movement; ESI BRCM
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May 13, 2015
08:13 EDTFIVNFive9 looks to have compelling upside optionality, says Canaccord
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May 12, 2015
16:26 EDTFIVNFive9 raises FY15 adjusted EPS to (54c)-(49c) from (60c)-(54c), consensus (58c)
Raises FY15 revenue to $120M-$124M from $117M-$122M, consensus $120M. "We believe demand remains strong for our cloud-based software solution and as a result we are increasing our guidance for 2015," said the company.
16:25 EDTESIOn The Fly: Top stock stories for Tuesday
Stocks began the session deep in negative territory as bond yields in Europe and the U.S. were moving higher. The market saw its lows shortly after the open and soon began to recapture some of its losses. By noon, the losses were cut in half and the Dow made it all the way back to positive ground by the afternoon. Unable to gather any upside momentum, the rally stalled and the averages limped into the close. ECONOMIC EVENTS: In the U.S., the National Federation of Independent Business' small business optimism rose 1.7 points to 96.9 in April, versus expectations for a 96.0 reading. The JOLTs report showed job openings fell 150K to 4.99M in March, versus expectations for 5.11M openings. The 10-year U.S. Treasury yield climbed at high as 2.37% earlier in the session, which was its highest intraday mark since last November, before easing back by midday. Outside of the U.S., bond yields surged on 10-year notes in Japan, Italy, Spain, Portugal, and Germany. COMPANY NEWS: Shares of AOL (AOL) advanced $7.93, or 18.62%, to $50.52 after Verizon (VZ) agreed to buy the company for $50 per share in a deal valued at $4.4B. Verizon's John Stratton, speaking at the Jefferies 2015 Global TMT Conference, said the AOL deal was primarily about ad technology and Re/code reported that "one scenario" the service has heard about is that Verizon plans to spin off some or all of the content operations it is acquiring by buying AOL, such as the Huffington Post. Yahoo (YHOO) also rose 24c, or 0.55%, to $43.84, as Cantor Fitzgerald analyst Youssef Squali said he now views it as the "last remaining large scale digital media company of its kind." MAJOR MOVERS: Among the notable gainers was Pall Corp. (PLL), which advanced $19.31, or 19.44%, to $118.62 after The Wall Street Journal reported that the company is near a possible sale and listed Danaher (DHR) and Thermo Fisher (TMO) as potential buyers. Also higher was Pain Therapeutics (PTIE), which gained 68c, or 35.05%, to $2.62 after announcing that a study of its lead drug candidate, that is specifically designed to discourage certain common methods of drug tampering and misuse, demonstrated with statistical significance that both intact and chewed Remoxy were less "liked" than immediate-release oxycodone on the two primary endpoints of Drug Liking and Drug High. Among the noteworthy losers was ITT Educational Services (ESI), which plunged $1.75, or 43.53%, to $2.27 after the SEC announced that it had charged the company, along with its CEO and CFO, with fraud. Also lower were shares of NewLink Genetics (NLNK), which dropped $15.59, or 29.9%, to $36.55 after stating that it would continue its flagship IMPRESS trial as planned despite disclosing the FDA did not endorse management's plan to change the statistical analysis plan as defined in the original protocol. INDEXES: The Dow fell 36.94, or 0.2%, to 18,068.23, the Nasdaq slid 17.38, or 0.35%, to 4,976.19, and the S&P 500 dropped 6.21, or 0.29%, to 2,099.12.
16:24 EDTFIVNFive9 sees Q2 adjusted EPS (17c)-(15c), consensus (16c)
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16:23 EDTFIVNFive9 reports Q1 adjusted EPS (12c), consensus (17c)
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12:42 EDTESIOptions with increasing put volume and implied volatility
Options with increasing put volume and implied volatility: ESI VIPS WETF
12:42 EDTESIITT Educational disagrees with SEC position
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12:37 EDTESIFor-profit education stocks slide after SEC charges ITT with fraud
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11:32 EDTESIITT Educational down 45% after SEC announces fraud charges against company
10:23 EDTESISEC announces fraud charges against ITT Educational Services
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May 11, 2015
17:57 EDTOCNOcwen files 2014 10-K without 'going concern' qualification
Ocwen Financial Corporation announced that it has filed its 2014 Form 10-K with the SEC. "We believe the filing of our 2014 Form 10-K, without a qualification as to our ability to operate as a going concern, is additional evidence that our strategy to strengthen our compliance management system, strengthen the service we provide to our customers and improve our financial stability is working and that confidence in the company is being restored," stated Ocwen CEO Ron Faris.
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