Ocwen Financial (OCN) Showing Signs Of A Dead Cat Bounce Today

Editor's Note: Any reference to TheStreet Ratings and its underlying recommendation does not reflect the opinion of TheStreet, Inc. or any of its contributors including Jim Cramer.

Trade-Ideas LLC identified Ocwen Financial ( OCN) as a "dead cat bounce" (down big yesterday but up big today) candidate. In addition to specific proprietary factors, Trade-Ideas identified Ocwen Financial as such a stock due to the following factors:

  • OCN has an average dollar-volume (as measured by average daily share volume multiplied by share price) of $27.2 million.
  • OCN has traded 1.4 million shares today.
  • OCN is up 3.1% today.
  • OCN was down 6.5% yesterday.

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More details on OCN:

Ocwen Financial Corporation, a financial services holding company, engages in servicing and origination of mortgage loans in the United States. Currently there are 2 analysts that rate Ocwen Financial a buy, 1 analyst rates it a sell, and 3 rate it a hold.

The average volume for Ocwen Financial has been 4.3 million shares per day over the past 30 days. Ocwen Financial has a market cap of $1.3 billion and is part of the financial sector and real estate industry. The stock has a beta of 2.88 and a short float of 32.1% with 11.68 days to cover. Shares are down 38% year-to-date as of the close of trading on Friday.

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Closing Bell: Ocwen Financial Loses Half Its Value; Nasdaq Sets New Record