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Stock Market & Financial Investment News

News Breaks
August 18, 2014
07:10 EDTOCNOcwen Financial discloses material weakness in internal control
Ocwen Financial stated in a regulatory filing, "Management has concluded that the Company’s disclosure controls and procedures and internal controls over financial reporting were not effective as of December 31, 2013 solely due to a material weakness in internal control over financial reporting related to the accounting convention when applying the interest method in accounting for financing liabilities related to Rights to MSRs sold to HLSS. Specifically, our controls were not properly designed to calculate the appropriate allocation of cash payments between principal and interest in connection with the financing liability." Ocwen added, "We have corrected our application of the interest method in connection with the accounting for financing liabilities related to sales of Rights to MSRs to HLSS by eliminating the accounting convention as a result of the restatement. We are also in the process of implementing new controls related to the monitoring and oversight of valuations of Level 3 assets and liabilities and the level and timing of critical assumptions used in third-party valuations we use in our accounting processes and reporting. Management believes these initiatives will remediate the material weakness in internal control over financial reporting described above. We will test the ongoing operating effectiveness of the new controls in future periods."
News For OCN From The Last 14 Days
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May 4, 2015
10:31 EDTOCNOptions with decreasing implied volatility
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May 1, 2015
10:00 EDTOCNOn The Fly: Analyst Upgrade Summary
Today's noteworthy upgrades include: CVR Refining (CVRR) upgraded to Neutral from Underperform at Credit Suisse... Cash America (CSH) upgraded to Outperform from Market Perform at JMP Securities... Chipotle (CMG) upgraded on positive catalysts at BMO Capital... Cypress Semiconductor (CY) upgraded to Strong Buy from Buy at Needham... Energy Transfer Equity (ETE) upgraded to Strong Buy from Outperform at Raymond James... Expedia (EXPE) upgraded to Outperform from Sector Perform at RBC Capital... Immersion (IMMR) upgraded to Buy from Hold at Ascendiant... Integra LifeSciences (IART) upgraded to Outperform from Market Perform at Wells Fargo... Key Energy (KEG) upgraded to Neutral from Reduce at Global Hunter... Limelight Networks (LLNW) upgraded to Buy from Neutral at B. Riley... Live Nation (LYV) upgraded followin strong core results at Stifel... Mosaic (MOS) upgraded to Outperform from Sector Perform at RBC Capital... Ocwen (OCN) upgraded to Buy from Neutral at Sterne Agee CRT... Pacific Biosciences (PACB) upgraded to Outperform from Market Perform at William Blair... Pinnacle Financial (PNFP) upgraded to Buy from Hold at Sandler O'Neill... SPX Corp. (SPW) upgraded to Overweight from Neutral at JPMorgan... Titan International (TWI) upgraded to Buy from Hold at Feltl... Ultra Petroleum (UPL) upgraded to Market Perform from Underperform at Raymond James... United Insurance (UIHC) upgraded to Outperform from Market Perform at Keefe Bruyette... Western Union (WU) upgraded to Outperform from Market Perform at Wells Fargo... Zayo Group (ZAYO) upgraded to Strong Buy from Outperform at Raymond James.
09:12 EDTOCNOn The Fly: Pre-market Movers
UP AFTER EARNINGS: Ocwen Financial (OCN), up 13.7%... Century Aluminum (CENX), Expedia (EXPE), up 6.1%... FireEye (FEYE), up 5.6%... Agnico Eagle Mines (AEM), up 3%... Gilead Sciences (GILD), up 2.9%... CVS Health (CVS), up 1.4%. ALSO HIGHER: EnerNOC (ENOC), up 26.5% after announcing collaboration with Tesla (TSLA)... Tesla up 1.2% after announcing Tesla Energy and partnerships... Cyberark (CYBR), up 2.9% after FireEye reported quarterly results... Cyberark (CY), up 2.5% after being upgraded to Strong Buy from Buy at Needham. DOWN AFTER EARNINGS: LinkedIn (LNKD), down 19.2%... Pixelworks (PXLW), down 7.5%... Cooper Tire (CTB), down 6.2%... JDS Uniphase (JDSU), down 3.2%... First Solar (FSLR), down 2.4%. ALSO LOWER: Tetralogic (TLOG), down 10.3% after 6.25M share Spot Secondary priced at $4.00.
07:07 EDTOCNOcwen upgraded to Buy from Neutral at Sterne Agee CRT
April 30, 2015
19:01 EDTOCNOn The Fly: After Hours Movers
UP AFTER EARNINGS: Ellie Mae (ELLI), up 10%... Ocwen Financial (OCN), up 9%... athenahealth (ATHN), up 8.5%... Expedia (EXPE), up 4.5%... Skyworks Solutions (SWKS), up 3.7%... Eastman Chemical (EMN), up 2.4%... Nektar Therapeutics (NKTR), up 1.4%... FireEye (FEYE), up 2%. ALSO HIGHER: Monsanto (MON), up 3.6% following a Bloomberg report that the company approached Syngenta (SYT) about a takeover... Altera (ALTR), up 4.4% following a Reuters report that Intel (INTC) has a standstill pact set to end in June. DOWN AFTER EARNINGS: LinkedIn (LNKD), down 21.3%... Hutchinson Technology (HTCH), down 15.3%... Insulet (PODD), down 13.9%... Accuray (ARAY), down 14%... Constant Contact (CTCT), down 9.9%... Trimble Navigation (TRMB), down 6.6%... First Solar (FSLR), down 4.4%... JDS Uniphase (JDSU), down 3%... BioMarin (BMRN), down 1.8%... Visa (V), down 1.6%.
17:38 EDTOCNOcwen says adjusted base case book value per share $12.88
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17:32 EDTOCNOcwen says expects to be profitable in 2015 and beyond
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17:08 EDTOCNOcwen reports Q1 preliminary EPS 27c, consensus 13c
Reports Q1 revenue $510.4M, consensus $488.00M.
April 29, 2015
15:53 EDTOCNOcwen, Assurant agree to $140M settlement in class-action, HousingWire says
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07:25 EDTOCNOcwen discloses motion seeking final approval of settlement reached in 2014
In a regulatory filing, Ocwen disclosed that on April 27, a motion seeking final approval of a proposed settlement Ocwen Financial Corporation reached in 2014, related to a class action lawsuit concerning Lender Placed Insurance was filed with the United States District Court for the Southern District of Florida. Under the proposed settlement, a claims administration process will be set up whereby borrowers who were charged for LPI and either paid all or a portion of the charge or still owe the charge can submit a claim for settlement benefits. The company established a reserve for its portion of the settlement during the third quarter of 2014, and believes that it is adequately reserved. The company decided to settle this matter to avoid prolonged and distracting litigation. The company does not admit any liability or wrongdoing with respect to this matter. The company believes the settlement is in the best interests of the company and its borrowers, employees and shareholders. The company remains committed to full compliance with all legal and regulatory requirements and helping homeowners.

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