Market Overview

New Residential Investment Corp Attempts To Stabilize

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New Residential Investment Corp (NYSE: NRZ) shares are trading lower by $0.20 (9 percent) at $16.14 in Monday's session.

The stock was hit hard last Thursday when it was revealed the company owns some Ocwen Financial's (NYSE: OCN) servicing rights.

See Also: New Residential Investment Corp Hammered By Ocwen News

Late in Thursday's session, Ocwen said it had received various orders from state banking regulators and that they're under review related to alleged mismanagement of escrow accounts and the company’s poor financial standing.

On Thursday, Ocwen fell from its previous close of $5.40 to $2.49; New Residential Investment Corp swooned from $17.75 to $16.34.

In today's price action, New Residential has found resistance just above the close at $16.38. On the downside, it has found support well ahead of Thursday's panic low ($15.37) at $15.75.

Posted-In: Technicals Intraday Update Movers Trading Ideas

 

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