Ocwen's Stock Plunges On Heavy Volume, Again

By Tomi KilgoreMarketWatch Pulse

Ocwen Financial Corp.'s stock plunged 34% in very-active morning trade Tuesday, as concerns over widening losses at mortgage servicing company, coupled with intense regulatory scrutiny, has put the shares on track to close at an eight-year low. Volume was 12.4 million shares just before 11 p.m. Eastern, or nearly five times the full-day average over the past 30 days, according the FactSet. The stock's selloff extends the 38% tumble on volume of 12.8 million shares on Monday, which came in the wake of a much wider-than-expected loss and sharp drop in revenue. That marked the 15th time in the last 16 quarters that Ocwen had missed bottomline estimates. The stock has plummeted 64% year to date, while the S&P 500 has slipped 4.3%

Copyright © 2016 MarketWatch, Inc.

Continue Reading Below