Compass Point analyst Kevin Barker reiterated a Sell rating and $7 price target on Ocwen Financial Corp (NYSE: OCN), however, he said shares could react positively to the update after close on various near-term issues regarding the company. The analyst said the news "shows OCN is increasing cash balances via asset sales while the company could record gains from the sales of the agency MSRs."
The analysts write their note the morning after Ocwen Financial announced more MSR sales, and the hiring of advisors to explore strategic options. The team is suspending Ocwen EPS estimates for 2015 and 2016 "since we have no idea what the new Ocwen will look like." Sterne's best estimate of tangible book value is about $10 per share
A $370 – $420 million non-cash charge to write-off goodwill
You can't be this big of a fool, are you? Keep pumping while smart money dumping... See u at $0000000
Genworth tumbles after disclosing accounting "material weakness"
Genworth (GNW -6.6%) discloses in its 2014 10-K it has "concluded that we did not have adequate controls designed and in place to ensure that we correctly implemented changes made to one of our methodologies as part of our comprehensive long-term care insurance claim reserves review completed in the third quarter of 2014," and that this deficiency resulted in the company failing to "identify a $44 million after-tax calculation error."
Though this error didn't cause "a material misstatement" for Genworth's financials, the company has "concluded a material weakness exists in the controls over the implementation of our long-term care insurance claim reserves assumption and methodology changes because such a misstatement could have occurred." It's working to address the weakness.
NEW YORK (TheStreet) -- Shares of Ensco (ESV - Get Report) are down 1.8% to $24.03 in morning trading today after BMO Capital Markets downgraded the London-based offshore driller to "underperform" from "market perform" and lowered its price target to $17 from $30.
"While we should have launched with an "underperform" rating on February 17, we did not expect the company to cut its dividend so soon. The dividend cut , to $0.60 from $3.00, removes the relative yield support and should lead to the stock trading toward our normalized NAV," analysts said.
Increased risk to the 8500 series rigs have also surfaced and analysts think these assets are likely to have a difficult time competing given "lower capabilities and efficiencies" when compared to other deepwater rigs, as suggested by Anadarko Petroleum Corp. (APC) on its fourth quarter conference call.
JinkoSolar Holding beats by $0.13, misses on revenue
JinkoSolar Holding (NYSE:JKS): Q4 EPS of $1.00 beats by $0.13.
Revenue of $478.88M (+32.5% Y/Y) misses by $9.85M.
Well hurry up & pull the trigger, so that we will not have to endure your mindless post.