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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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August 14, 2014
10:05 EDTGMOn The Fly: Analyst Initiation Summary
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August 13, 2014
16:07 EDTGMGeneral Motors initiated with an Underperform at Credit Suisse
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10:02 EDTGMGeneral Motors invests $174M in new Lansing stamping facility
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06:24 EDTGMGM says antitrust regulator approached China division, Reuters says
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06:07 EDTGMOpel CFO expects to be profitable in Europe by mid-decade, Detroit News reports
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06:04 EDTGMGM workers returning to Warren tech center after flooding, Detroit News reports
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August 12, 2014
09:27 EDTOCNOcwen Financial to restate certain financial statements
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09:19 EDTGMGeneral Motors shares washed out, says Sterne Agee
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06:21 EDTGMGeneral Motors to streamline international business model, WSJ reports
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August 11, 2014
15:23 EDTGMJPMorgan to hold a conference
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06:38 EDTGMGM's ignition switch fund receives 63 death case claims, AP reports
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06:07 EDTGMGM's Lansing plant to halt Cadillac production temporarily, Detroit News reports
General Motors will halt Cadillac production at its Lansing Grand River Assembly Plant for three weeks, effective August 18, the Detroit News reports. According to sources, the halt is due to lower than expected demand for the cars. Reference Link
August 9, 2014
15:40 EDTGMGM loses attempt to dismiss revived ignition-death lawsuit, Bloomberg says
A Georgia judge rejected General Motors' attempt to dismiss a revived lawsuit over the death of woman that precipitated the recall of 2.59M cars over faulty ignition switches, says Bloomberg. Reference Link
August 8, 2014
14:09 EDTGMGeneral Motors announces 269K vehicle recall
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06:47 EDTGMGM aims to unveil new Volt hybrid in six months, Reuters says
GM said that it plans to showcase its newest model of its Chevrolet Volt hybrid electric vehicle in six months, reported Reuters. Company officials did not explain details on the pricing or driving range of the 2016 model, but said the car will be revealed at the North American International Auto Show. Reference Link
August 7, 2014
08:18 EDTNSMNationstar earnings momentum continuing, says Oppenheimer
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06:18 EDTGMGM issues recall for certain model year SAABs, Trailblazer EXTs, others
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August 6, 2014
08:37 EDTGMGoldman Sachs to hold a field trip
Autos Field Trip travels to Detroit on August 6.
07:19 EDTNSMNationstar Q2 core EPS 87c, consensus 90c
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07:09 EDTNSMNationstar confirms FY14 GAAP EPS guidance of $4.00-$5.00
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