Ocwen Financial down big after lawsuit comes forward; Petsmart down; pharma mixed

By Colin Hanner

Chicago, April 20 – Activity in the distressed debt market was business as usual on Thursday, traders said, although the sharp downturn of a high-yield company dove it into distressed territory.

Atlanta-based residential and commercial mortgage provider Ocwen Financial Corp. was down at least 20 points during intraday trading, traders said, on the back of the Consumer Financial Protection Bureau suing the company for engaging in “significant and systemic misconduct at nearly every stage of the mortgage servicing process,” according to a Reuters report.

“Everything else is lowlight after that highlight,” a trader said of the other movers of the day.

Elsewhere, Petsmart, Inc. continued to leak following its acquisition of Chewy Inc. on Tuesday, a trader said.

Crude oil futures slowed its losses on Thursday, as did California Resources Corp.

Pharmaceuticals companies Valeant Pharmaceuticals International, Inc. and Concordia International Corp. were mixed following consistent losses on Tuesday and Wednesday.

iHeartCommunications, Inc. notes were down, and several idiosyncratic issues from Wednesday continued to trade into Thursday’s session.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.