Ocwen rebounds after plunge; California Resources continues to tick down; Valeant falls

By Colin Hanner

Chicago, April 21 – The last trading day of the week saw a resurgence for Ocwen Financial Corp. in the distressed debt market, which a trader said was a recalibration of an issue whose 18-point decline on Thursday was “overdone.”

The Atlanta-based residential and commercial mortgage provider saw a several-point swing in the opposite direction on Friday, a day following a lawsuit brought forward by the Consumer Financial Protection Bureau.

Ocwen disputes the tenets of the lawsuit.

The price of crude oil slipped under $50 per barrel, dragging distressed California Resources Corp. down as well. Data released by the Energy Information Agency showed oil stockpiles in the U.S. continued to increase as other global players are shifting toward extending supply cuts into the second half of the year.

Elsewhere, Valeant Pharmaceuticals International, Inc. was down on the session, capping off a week off mostly declining issues.

iHeartCommunications, Inc., which was active for most of the week, saw sudden downturn in activity on the same day Reuters reported a group of iHeartMedia, Inc. lenders agreed to oppose the exchange offer aimed at avoiding bankruptcy, which ended on Friday.

And one of Intelsat SA’s subsidiaries was down on the same session the company decided to extend exchange offers for several sets of its notes.

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