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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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July 31, 2015
16:18 EDTOCNOn The Fly: Top stock stories for Friday
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12:11 EDTOCNOn The Fly: Top stock stories at midday
The Wall Street averages began the session slightly lower, soon turned mixed and have all returned to positive ground near midday. The Nasdaq has been the strongest of the indexes throughout. The S&P 500 is trying to hold onto its gain of about 1.5% for the month as July comes to a close. ECONOMIC EVENTS: In the U.S., the employment cost index for the second quarter increased 0.2%, versus expectations for an increase of 0.6%. The Chicago PMI business barometer index bounced to 54.7 in July, topping the expected reading of 50.8. The final reading of the University of Michigan consumer confidence index for July came in at 93.1, which was down from the 93.3 flash reading and below the 94 that was expected. In Europe, Athex stated that the Athens Stock Exchange will reopen on August 3. COMPANY NEWS: Shares of Exxon Mobil (XOM) and Chevron (CVX) declined 2.9% and 3.6%, respectively, after both energy majors reported lower than expected earnings due to falling oil prices. Exxon noted that its Downstream and Chemical segment earnings increased significantly from the second quarter of last year, but that those higher earnings were more than offset by the impact of weaker Upstream realizations and lower asset management gains. Chevron, meanwhile, recorded impairments of $1.96B and other charges of approximately $670M relating to project suspensions and adverse tax effects, all of which stemmed from a downward revision in the company’s longer-term crude oil price outlook. MAJOR MOVERS: Among the notable gainers was Coca-Cola Enterprises (CCE), which rose 13% after the Wall Street Journal reported that the company is in advanced merger talks with Coca-Cola bottlers for Germany and the region of Spain, Portugal and Andorra. Also higher following their earnings reports were MoneyGram (MGI), which gained 27%, Expedia (EXPE), which added 10%, and SkyWest (SKYW), which rallied 20%. Among the noteworthy losers was FireEye (FEYE), which fell 5% after reporting quarterly results and announcing that CFO Michael Sheridan intends to leave the company. Also lower following their earnings reports were Ocwen Financial (OCN), which fell 28.5%, and Hanesbrands (HBI), which dropped 10%. INDEXES: Near midday, the Dow was up 10.36, or 0.06%, to 17,756.34, the Nasdaq was up 18.60, or 0.36%, to 5,147.38, and the S&P 500 was up 3.98, or 0.19%, to 2,112.61.
10:02 EDTOCNOn The Fly: Analyst Downgrade Summary
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09:25 EDTOCNOn The Fly: Pre-market Movers
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09:23 EDTOCNOcwen downgraded on valuation at Sterne Agee CRT
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08:57 EDTOCNOcwen downgraded to Underperform from Neutral at BofA/Merrill
06:07 EDTOCNOcwen downgraded to Neutral from Buy at Sterne Agee CRT
July 30, 2015
19:35 EDTOCNOn The Fly: After Hours Movers
UP AFTER EARNINGS: YRC Worldwide (YRCW), up 17.7%... SkyWest (SKYW), up 11.5%... Zeltiq Aesthetics (ZLTQ), up 9%... Columbia Sportswear (COLM), up 11%... Expedia (EXPE), up 7.9%... Ellie Mae (ELLI), up 7%... Comfort Systems (FIX), up 6.2%... DigitalGlobe (DGI), up 5%... Fiesta Restaurant Group (FRGI), up 8%... Amgen (AMGN), up 1.9%. ALSO HIGHER: Juno Therapeutics (JUNO), up 1.7% after getting FDA clearance for IND application for JCAR015... Priceline (PCLN), up 1.5% following Expedia's quarterly results... Coca-Cola Enterprises (CCE), up 9.6% after the Wall Street Journal reported that the company is in advanced talks with Coca-Cola bottlers... Endurance Specialty (ENH), up 2.6% after being added to the S&P MidCap 400. DOWN AFTER EARNINGS: Oculus (OCLS), down 17%... Computer Programs (CPSI), down 11.9%... Outerwall (OUTR), down 9.2%... FireEye (FEYE), down 5.2% after reporting quarterly results and that CFO Michael Sheridan intends to leave the company... Hanesbrands (HBI), down 8.5%... Solazyme (SZYM), down 8.8%... Boston Beer (SAM), down 5.2%... Ocwen Financial (OCN), down 10.7%... LinkedIn (LNKD), down 4.5%... Electronic Arts (EA), down 3.2%.
16:30 EDTOCNOcwen reports Q2 EPS 8c, consensus 20c
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