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Stock Market & Financial Investment News

News Breaks
February 27, 2014
07:32 EDTOCNOcwen Financial reports Q4 EPS 74c, consensus 80c
Reports Q4 revenue $556M, consensus $559.65M.
News For OCN From The Last 14 Days
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January 16, 2015
10:27 EDTOCNOptions with increasing implied volatility
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January 15, 2015
10:52 EDTOCNChapman Capital discloses Ocwen stake, says it could 'double,' Bloomberg says
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10:29 EDTOCNOptions with increasing implied volatility
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January 14, 2015
14:09 EDTOCNOcwen, Altisource, Home Loan Servicing downgraded by Moody's
Moody's earlier today downgraded the following ratings with a negative outlook: Ocwen Financial (OCN) - Corporate Family Rating to B3 from B2; Senior Secured Bank Credit Facility to B3 from B2; Senior Unsecured Debt to Caa1 from B3; Altisource Solutions (ASPS) - Corporate Family Rating to B3 from B2; Senior Secured Bank Credit Facility to B3 from B2; Home Loan Servicing Solutions (HLSS) -- Corporate Family Rating to B3 from B2; Senior Secured Bank Credit Facility to B3 from B2. The rating agency cited the "continued regulatory scrutiny of Ocwen that could lead to the loss of their license to service loans in California along with the seriously impaired franchise value of the three companies." Moody's attributed its negative outlook to the "uncertain outcome of the California Department of Business Oversight regulatory action and its effects on the Ocwen's ability to operate in California." It added that the downgrades to Home Loan Servicing and Altisource were driven by their businesses' reliance on Ocwen.
10:50 EDTOCNOcwen Financial puts active on wide price movement
Ocwen Financial April 3 and 7 puts are active on 10K contracts (2K calls) after the company commented that it is fully cooperating with the California Department of Business Oversight, or DBO, to resolve an administrative action dated October 3, 2014. January put option implied volatility is at 248, February is at 146, April is at 142; compared to its 26-week average of 68 according to Track Data. Active put volume suggests traders taking positions for price movement.
10:39 EDTOCNOptions with increasing implied volatility
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05:50 EDTOCNStocks with implied volatility movement; NQ OCN
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January 13, 2015
18:37 EDTOCNOn The Fly: After Hours Movers
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16:24 EDTOCNOn The Fly: Closing Wrap
The Wall Street averages spent time in both positive and negative territory during the session, before closing a bit below where they'd started the day. The market opened sharply higher after Alcoa’s (AA) better than expected report gave some optimism about the upcoming earnings season. The early move higher came despite oil continuing its slide. The major averages saw their highs shortly after the open and then began to drift slowly lower. By mid-afternoon the market was in the red, though the equity averages eventually made it briefly back into positive ground, but failed to hold those narrow gains into the close. ECONOMIC EVENTS: In the U.S., the NFIB small business optimism index for December came in at 100.4, which was stronger than the expected 98.5 reading. The JOLTS report showed job openings increased 142K to 4.972M in November, beating the 4.85M consensus forecast. Treasury posted a $1.9B surplus in December, which was a bit below the expected surplus of $3B. Also of note is the fact that the U.S. and European benchmarks of WTI and Brent crude were at parity for the first time since 2013 during the session, with both trading near $46 per barrel for a time. COMPANY NEWS: KB Home (KBH) reported better than expected revenue and higher orders in its fourth quarter, but the stock declined $2.70, or 16.29%, to $13.87 after CEO Jeffrey Mezger warned on the associated earnings call that margins could drop "significantly" in its current quarter from the levels seen last year. KB's margin outlook, which it blamed on rising costs, heavier use of incentives and a sequential decline in average selling prices, dragged down peers in the housing space as well. D.R. Horton (DHI), the biggest homebuilder by market cap, finished the day down $1.26, or 4.83%, to $24.82, while PulteGroup (PHM) also slid $56c, or 2.47%, to $22.13... MetLife (MET) said it will sue to oppose the U.S. Financial Stability Oversight Council’s designation of the insurer as a SIFI, or "systemically important financial institution." The life insurer called the label premature and said it has offered “substantial and compelling evidence” that it isn’t a SIFI. Wells Fargo said it thinks it is appropriate for MetLife to challenge the ruling, though the firm does not presently see a Dodd-Frank provision that enables an entity to shed its designation. Wells added that a MetLife victory would have no impact on either AIG (AIG) or Prudential (PRU), which did not challenge their SIFI designations before their windows closed. MAJOR MOVERS: Among the notable gainers was Emulex (ELX), which rose $1.21, or 20.86%, to $7.01 after the company issued better than expected guidance on its second quarter results. Also higher was McGraw Hill Financial (MHFI), which jumped $5.13, or 5.98%, to $90.89 after reports said the company's Standard & Poor’s rating unit was in talks about a potential $1B settlement to its fight with the Justice Department and state attorneys general over allegations of inflating credit ratings on mortgage investments preceding the financial crisis. Among the noteworthy losers was ChannelAdvisor (ECOM), which plunged $11.32, or 53.52%, to $9.83 after its fourth quarter revenue warning prompted no less than eight downgrades of the stock by Street analysts. Also lower were shares of Ocwen Financial (OCN), which dropped $4.41, or 36.18%, to $7.78 after the Los Angeles Times reported that California is seeking to suspend the company's mortgage license in the state. Altisource Portfolio Solutions (ASPS), which is a related company to Ocwen, also declined $10.45, or 38.79%, to $16.49. Shares of GoPro (GPRO) fell $6.91, or 12.17%, to $49.87 after the Patently Apple blog reported that Apple (AAPL) was granted a patent for a camera system that specifically mentions the weaknesses of GoPro devices. INDEXES: The Dow fell 27.16, or 0.15%, to 17,613.68, the Nasdaq lost 3.21, or 0.07%, to 4,661.50, and the S&P 500 dropped 5.23, or 0.26%, to 2,023.03.
16:18 EDTOCNOcwen cooperating with CA DBO
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15:23 EDTOCNHome Loan Servicing shares oversold on Ocwen news, says Deutsche Bank
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13:39 EDTOCNEarnings Preview: Bernstein, Baird recently cautious on Wells Fargo
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12:48 EDTOCNOn The Fly: Midday Wrap
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11:58 EDTOCNOcwen news not an issue for Home Loan Servicing, says Sterne Agee
Sterne Agee attributes today's pullback in shares of Home Loan Servicing (HLSS) to news that Ocwen's (OCN) mortgage servicing licenses are being challenged in California. The firm says the news is "in no way" a Home Loan Servicing issue and that the company's dividends should be unaffected at current levels. Sterne believes Home Loan has established itself as a separate company and points out it is actively acquiring asserts away from Ocwen. It keeps a Buy rating on Home Loan with a $22 price target.
11:43 EDTOCNHome Loan Servicing shares oversold on Ocwen news, says Keefe Bruyette
10:45 EDTOCNOptions with increasing implied volatility: OCN TLM
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10:44 EDTOCNSources think Ocwen will work out settlement with California, IMF News says
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10:43 EDTOCNHome Loan Servicing shares defended at Sterne Agee
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09:47 EDTOCNCalifornia seeks to suspend Ocwen license, LA Times reports
California is probing potential violations by Ocwen Financial of the state's Homeowners Bill of Rights and is seeking to suspend the company's mortgage license, which would mean Ocwen would mean Ocwen would have to sell its rights to handle bill collection there, reported The Los Angeles Times last night. Ocwen shares are down 23.5% to $9.32 in early trading. Reference Link
09:44 EDTOCNCalifornia seeks to suspend Ocwen license, LAT reports
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