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News Breaks
February 12, 2014
08:00 EDTOCNOcwen Financial shares should be bought on weakness, says Oppenheimer
After The Financial Times reported that a number of MBS investors were considering taking legal action against Ocwen, Oppenheimer believes that the financial risk to Ocwen from such an event is limited. The firm keeps a $57 price target and Outperform rating on the shares.
News For OCN From The Last 14 Days
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October 22, 2014
12:44 EDTOCNOptions with increasing implied volatility: OCN MJN HSY
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10:09 EDTOCNOn The Fly: Analyst Downgrade Summary
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09:21 EDTOCNOn The Fly: Pre-market Movers
UP AFTER EARNINGS: Dow Chemical (DOW), up 3.7%... iRobot (IRBT), up 12%... Six Flags (SIX), up 13%... GlaxoSmithKline (GSK), up 2%... Broadcom (BRCM), up 7%... Boston Scientific (BSX), up 4.3%... Abbott (ABT), up 1.8%... Yahoo! (YHOO), up 6%. ALSO HIGHER: Blue Earth (BBLU), up 26.4% after CEO says statements in Seeking Alpha blog are "false and misleading."... GW Pharmaceuticals (GWPH), up 5.4% after Epidiolex receives orphan designation from EMA. DOWN AFTER EARNINGS: 3D Systems (DDD), down 15%... Biogen (BIIB), down 7%... Lumber Liquidators (LL), down 13.4%... Norfolk Southern (NSC), down 3%... Angie's List (ANGI), down 8.8%. ALSO LOWER: Nanosphere (NSPH), down 33% after filing secondary, reporting preliminary Q3 revenue... Himax Technologies (HIMX), down 16% after announcing that Google (GOOG) will not exercise an additional investment option in the company... Cree (CREE), down 10.5%, downgraded at DA Davidson and Canaccord following the company's Q1 earnings results... Ocwen Financial (OCN), down 7% after downgraded to Hold at Evercore, downgraded to Neutral at BofA Merrill Lynch... VMware (VMW), down 7.8%, downgraded at Nomura and Raymond James following the company's Q3 results.
07:03 EDTOCNOcwen Financial downgraded to Neutral from Buy at BofA/Merrill
06:32 EDTOCNOcwen Financial downgraded to Hold from Buy at Evercore
Evercore downgraded Ocwen Financial to Hold and reduced its price target to$24 from $40 citing increased regulatory scrutiny.
06:32 EDTOCNStandard & Poor's downgrades Ocwen to 'B' from 'B+'
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06:30 EDTOCNOcwen, Altisource, Home Loan Servicing cut by Moody's
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October 21, 2014
18:36 EDTOCNOn The Fly: After Hours Movers
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16:42 EDTOCNOcwen Financial corrects earlier statement in response to letter from NY DFS
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16:36 EDTOCNOn The Fly: Closing Wrap
Stocks on Wall Street were higher after a report showed existing homes sales hit their fastest pace in a year during September and Apple (AAPL) gave a better than expected sales forecast for its December quarter. ECONOMIC EVENTS: In the U.S., existing home sales beat estimates in September, rising 2.4% from the prior month to a 5.17M rate. In China, GDP slowed to 7.3% year-over-year growth pace in Q3 from 7.5% in Q2, though that was slightly better than expected. Chinese industrial production expanded at a 8.0% rate in September, which was well above projections and up from 6.9% growth in August. China's retail sales grew 11.6% in September compared to the prior year, which was nearly in-line with expectations. COMPANY NEWS: Shares of Apple rose $2.71, or 2.72%, to $102.47 after the company reported better than expected quarterly results and gave a better than expected forecast for its sales during the holiday quarter. Following last night's report, analysts at Cantor Fitzgerald said the iPhone maker "executed impressively" in Q4 and provided a strong outlook for Q1. The firm, which believes investors should "start thinking more boldly" about the company, raised its price target for shares to $143 from $123 and kept a Buy rating on the stock... Five of the Dow's 30 members reported on their quarterly results this morning and Coca-Cola (KO) was the clear loser in the bunch. The soda giant's shares dropped $2.61, or 6.03%, to $40.68 after its revenue missed expectations, it warned that it now expects to be below its long-term EPS growth target for 2014, and the company announced new cost-saving measures. Among the other four, McDonald’s (MCD) fell 0.63%, Verizon (VZ) added 0.43%, United Technologies (UTX) gained 0.49%, and Travelers (TRV) rose 1.12%. MAJOR MOVERS: Among the notable gainers following their earnings reports were medical equipment manufacturer Waters (WAT), which rose $9.63, or 9.87%, to $107.17, and motorcycle maker Harley-Davidson (HOG), which advanced $4.27, or 7.31%, to $62.65. Among the noteworthy losers was Ocwen Financial (OCN), which plunged $4.78, or 18.2%, to $21.48 after the company was called out by the New York Department of Financial Services for erroneously dated letters to borrowers. Benjamin Lawsky, the Superintendent for the NYDFS, stated in his letter to the company that if his department concludes it cannot trust Ocwen's systems and processes, "then it cannot trust Ocwen is complying with the law." Also lower following their earnings reports were Mexican restaurant operator Chipotle (CMG), which fell $45.48, or 6.96%, to $607.55, and defense contractor Lockheed Martin (LMT), which slid $2.92, or 1.66%, to $172.61. INDEXES: The Dow gained 215.14, or 1.31%, to 16,614.81, the Nasdaq advanced 103.40, or 2.4%, to 4,419.48, and the S&P 500 rose 37.27, or 1.96%, to 1,941.28.
15:12 EDTOCNOcwen Financial price target lowered to $32 from $42 at Piper Jaffray
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14:00 EDTOCNOcwen Financial options active, addresses letter from New York DFS
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13:45 EDTOCNOcwen Financial addresses letter from New York DFS
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13:26 EDTOCNOcwen Financial trading halted, pending news
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12:59 EDTOCNSterne says Ocwen likely addressed backdating issue
Sterne Agee says the backdating issue brought up in Benjamin Lawsky's letter has likely been addressed by Ocwen Financial and that the company may be in compliance with the CFPB's guidelines. The firm has a Neutral rating on Ocwen after downgrading the stock on August 1.
12:15 EDTOCNOcwen falls after accused of backdating letters by NY regulator
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12:03 EDTOCNOcwen Financial sent letter by NYDFS head Lawsky over backdating
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October 10, 2014
09:21 EDTOCNOcwen Financial holder Capital Research lowers stake to 3.5%
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