Pair Of Downgrades Slams Ocwen Financial After Q2 Report

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em>Joel Elconin is the co-host of
Benzinga's #PreMarket Prep
, a daily trading idea radio show.
Ocwen Financial Corp.
OCN
shares are trading lower by $3.07 at $8.69 in Friday's session. The company reported a Q2 EPS of $0.08 which may not compare to the Street's estimates. Sales came inline at $463.3M vs. Est. $463.52M.. What is driving the issue lower is a pair of downgrades. Before the open, Sterne Agree downgraded the issue from Neutral to Underperform. In addition, Bank of America downgraded the issue from Neutral to Underperform. After a lower ($9.89 vs. Thursday's close of $11.75), it managed to rally to $10.22 before sellers flooded the issue. The ensuing decline has taken the issue to $8.56 and at this time had not been able to distance itself from that low. The current low coincides with its April 30 low at $8.45. Today's decline is taking place on much higher than average volume. So far, it has traded 9.4M shares compared to its 20 day average of 2.17M shares.
Posted In: TechnicalsIntraday UpdateMoversTrading Ideas
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