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Stock Market & Financial Investment News

News Breaks
March 14, 2014
12:17 EDTNSM, OCN, GMNationstar advances after Kyle Bass ups stake
Shares of mortgage servicer Nationstar Mortgage (NSM) are climbing after hedge fund Hayman Capital announced earlier this morning that it had increased its stake in the company to 5.3% from about 1.2%. WHAT'S NEW: In an interview earlier today on CNBC, Hayman Capital Managing Partner Kyle Bass indicated that the firm was upbeat on Nationstar's outlook in the mortgage sector. About $1.8T of mortgages have moved to nonbank servicers like Nationstar from banks, Bass stated. More importantly, companies like Nationstar are much more effective at servicing mortgages than banks, he said. "We think that this market opportunity will grow from $10 trillion to $11-$12 trillion over the next five years, and (the companies') servicing profitability will increase annually as the number of delinquent loans drop," the hedge fund manager stated. Asked about an investigation launched earlier this month by New York Superintendent of Financial Services Benjamin Lawsky into Nationstar, Bass said, "New York is important but it's one state." Moreover, the ratio of complaints per delinquent loan handled by Nationstar is 1.9%, versus an average ratio of 7% for banks, Bass stated. Nationstar's ratio in this area is also lower than that of all of its peers, the hedge fund manager noted. WHAT'S NOTABLE: The second best ratio of complaints per delinquent loans in the mortgage service industry is held by Ocwen Financial (OCN), Bass reported. Addressing a separate issue, Bass said that General Motors (GM) is "one of the cheapest companies" in the S&P Index, and should reach the high $40s or $50 in the next 18 months. PRICE ACTION: In late morning trading, Nationstar rose $1.50, or 4.8%, to $32.75. Ocwen climbed 4.6% to $40.80 and GM rose 2% to $34.50.
News For NSM;OCN;GM From The Last 14 Days
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July 16, 2014
07:07 EDTOCNOcwen Financial creates Community Advisory Council
Ocwen Financial announced the creation of a Community Advisory Council. The Council will provide a forum for Ocwen leaders and community advocates to share ideas, discuss policy issues and collaboratively identify opportunities for Ocwen to have a positive impact on local communities, particularly those hit hardest by the economic downturn. The Council will work with Ocwen to consider issues such as principal reduction modifications for families with underwater mortgages; reducing urban blight; helping communities of color that have been hardest hit by the mortgage crisis; and improving language access to borrowers with limited English proficiency. The Council will be chaired by Ronald Faris, president and CEO of Ocwen, and will initially consist of 15 leading non-profit community advocates and housing counseling agencies from around the country. Other members may be added to the Council in the future.
06:31 EDTGMDocuments show GM hid defect from regulators, NY Times reports
Documents indicate that GM knew at least three fatal crashes were caused by its faulty ignition switches, but failed to tell regulators that when asked about the cause of the accidents, according to The New York Times. Reference Link
06:29 EDTGMSenators turn scrutiny towards GM General Counsel, WSJ reports
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06:19 EDTGMFord, GM, Chrysler not interested in Tesla patents, Detroit News says
Ford (F), General Motors (GM), and Chrysler (FIATY) either have little interest in Tesla's (TSLA) EV patents or the companies are not sharing their plans, reports the Detroit News. Reference Link
06:00 EDTNSMNationstar downgraded to Underperform from Market Perform at Wells Fargo
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July 15, 2014
17:45 EDTGMGeneral Motors shares should climb 30%, Barron's says
GM shares look inexpensive at current prices and shares should climb over 30% in the next year, Barron's contends in its "Ahead of the Crowd" column. Reference Link
06:38 EDTGMGeneral Motors, VocallQ looking to develop voice-control systems, WSJ reports
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06:27 EDTGMAutomakers backing U.S.-EU trade deal, NY Times reports
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July 14, 2014
16:17 EDTOCNOcwen Financial announces repurchase from WL Ross & Co. Managed Funds
Ocwen Financial announced that earlier the 62,000 outstanding shares of its Series A Perpetual Convertible Preferred Stock were converted into common stock and immediately repurchased and cancelled. "This transaction is in addition to our strategy to repurchase shares of common stock roughly equivalent to our prior period earnings pursuant to our previously announced share repurchase program," commented Bill Erbey, Ocwen's Executive Chairman.
12:40 EDTGMDelphi confirms that it is not focus of investigation, Detroit News reports
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12:36 EDTGMDelphi not target of DOJ's switch investigation, Reuters reports
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08:14 EDTGMFord should beat Q2 estimates while General Motors will miss, says UBS
UBS believes Ford (F) will beat Q2 estimates while General Motors (GM) will miss due to recall costs. Were it not for the recall charges, UBS thinks GM would post solid underlying results. UBS, which thinks Ford is likely to see a strong second half as product launch costs are already factored into guidance, raised its price target on the stock to $22 from $18. UBS increased its GM price target to $54 from $49. The firm keeps Buy ratings on both stocks.
07:19 EDTGMProsecutors centering GM suit around deceptive statements, Reuters says
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07:06 EDTOCNAltisource Solutions pullback a buying opportunity, says Piper Jaffray
Piper Jaffray views the recent pullback in shares of Altisource Solutions (ASPS) as a buying opportunity. Piper says shares recently sold off 10% due to some concerns around Ocwen Financial's (OCN) Homeward origination business joining Ellie Mae's Total Quality Loan Program. Piper believes Altisource's relationship with Ocwen remains "very strong" and it reiterates an Overweight rating on the stock with a $156 price target.
06:34 EDTGMGeneral Motors CEO to appear before Senate subcomittee this week, WSJ says
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July 13, 2014
15:52 EDTGMSouth Africa strike continues with impact on GM output, WSJ says
The National Union of Metalworkers in South Africa has rejected employers concessions and will continue to strike, says the Wall Street Journal. The strike has affected vehicle production at General Motors and BMW facilities in the country, added the Wall Street Journal. Reference Link
July 11, 2014
10:35 EDTGMCadillac confirms Johan de Nysschen as president
General Motors (GM) announced the appointment of Johan de Nysschen as President Cadillac. de Nysschen will be responsible for all aspects of Cadillac globally including sales, pricing and network development, strategic brand development and marketing and product portfolio planning, including critical input for product engineering and design. de Nysschen joins the GM executive leadership team as an executive vice president of the company beginning September 1 and reports to GM President Dan Ammann. de Nysschen spent the last two years as head of the Infiniti (NSANY) brand worldwide.
09:11 EDTGMFormer head of Infiniti taking over Cadillac, CNBC reports
Johan de Nysschen, the former head of Infiniti and Audi USA, will be taking over General Motors' Cadillac division, CNBC's Phil LeBeau reports via Twitter.
July 10, 2014
06:24 EDTGMGeneral Motors to replace faulty ignition switch kits, Detroit News says
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06:06 EDTGMGM recalling Saab convertibles due to safety defect, Detroit News reports
Around 28,790 Saab convertibles from the 2004-2011 model years are being recalled by General Motors, as the driver's seat belt retractor can break, the Detroit News reports. Reference Link
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