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Stock Market & Financial Investment News

News Breaks
May 21, 2014
09:50 EDTOCN, ASPS, NSM, WACLawsky says extending probe of Ocwen, other mortgage servicers
Benjamin Lawsky, Superintendent of Financial Services for the State of New York, delivered remarks yesterday at the Mortgage Bankers Association National Secondary Market Conference, during which he said the regulator has highlighted its concerns about ancillary services with "one particular non-bank servicer," most likely referring to Ocwen Financial (OCN), which the regulator has said it is probing. However, Lawsky added "they are not the only industry player doing this. So you should expect us to expand our investigation into ancillary services in the coming weeks and months," according to prepared remarks posted to the DFSNY website. Altisource Portfolio Solutions (ASPS) was previously spun-off from Ocwen. Other mortgage servicing companies include Nationstar (NSM) and Walter Investment (WAC). Reference Link
News For OCN;ASPS;NSM;WAC From The Last 14 Days
Check below for free stories on OCN;ASPS;NSM;WAC the last two weeks.
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July 24, 2014
07:25 EDTASPSAltisource reports Q2 EPS $2.45, consensus $1.79
Reports Q2 revenue $263.17M, consensus $240.67M.
July 21, 2014
12:15 EDTASPSAltisource acquires Mortgage Builder Software
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July 16, 2014
10:00 EDTWAC, NSMOn The Fly: Analyst Downgrade Summary
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09:23 EDTNSM, WACOn The Fly: Pre-market Movers
HIGHER: Time Warner (TWX), up 15% after company confirmed that it rejected an $80B takeover offer from 21st Century Fox (FOX, FOXA), as had been reported earlier this morning... Apple (AAPL), up 2% after announcing an enterprise mobile partnership with IBM (IBM), which is also up 2%... International Game (IGT), up 9.5% after agreeing to be acquired by GTECH for $4.7B in cash and stock... FireEye (FEYE), up 5% after shares upgraded at Goldman... Precision Drilling (PDS), up 4% after announcing strategic agreement with Schlumberger (SLB), upgraded at Deutsche Bank... Mellanox (MLNX), up 4.7% following upgrade at Jefferies. UP AFTER EARNINGS: Intel (INTC), up 5.4%... HCA Holdings (HCA), up 6%... Textron (TXT), up 3.2%... Abbott (ABT), up 1%. DOWN AFTER EARNINGS: PNC Financial (PNC), down 2.5%... MGIC Investment (MTG), down 3.6%. LOWER: Yahoo (YHOO), down 3% after downgraded at CRT Capital following second quarter earnings report... Ares Capital (ARCC), down 2.5% after filing to sell 11.85M shares of common stock... Nationstar (NSM), down 2.4% after downgraded at Wells Fargo... Walter Investment (WAC), which was also downgraded at Wells Fargo, down 1.6%.
07:19 EDTNSM, WACNationstar, Walter Investment downgraded to Underperform at Wells Fargo
Wells Fargo downgraded both Nationstar (NSM) and Walter Investment (WAC) to Underperform from Market Perform and reduced its sector weighting for Mortgage Servicers to Underweight from Market Weight after its cash flow analysis pointed to share downside. Wells also highlights the continued regulatory issues for the space. The firm lowered its price target range for Nationstar shares to $25-$27 from $29-$32 and for Walter to $22-$24 from $27-$32. Wells keeps Buy ratings on Home Loan Servicing (HLSS) and PennyMac (PFSI).
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.
06:00 EDTNSMNationstar downgraded to Underperform from Market Perform at Wells Fargo
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06:00 EDTWACWalter Investment downgraded to Underperform from Market Perform at Wells Fargo
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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.
07:06 EDTOCN, ASPSAltisource 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.
July 11, 2014
12:31 EDTASPSAltisource Solutions names Barbara Goose as Global Chief Marketing Officer
Altisource Portfolio Solutions has named Barbara Goose global Chief Marketing Officer. An accomplished marketing executive who has overseen programs for General Motors, Dunkin' Donuts, Zipcar, Lenovo and many other brands, Goose will lead Altisource in building its brand and positioning it in the global market.

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