On Tuesday, Shares of Transocean Ltd. (NYSE:RIG), lost -1.61% to $12.22, hitting its lowest level, despite Global crude prices rose from multi-month lows on Tuesday, assisted by a stock market rally in No. 2 oil consumer China, but abundant supply and a weak demand outlook make crude’s rebound unlikely to hold, traders and analysts said, according to Reuters.
Brent, the world benchmark for oil, and U.S. crude settled up for the first time in four sessions, a day after Monday’s 5 percent rout triggered by weak factory activity in China. Reuters Reports
Transocean Ltd., together with its auxiliaries, provides offshore contract drilling services for oil and gas wells worldwide. The company primarily offers deepwater and harsh environment drilling services.
Finally, Ocwen Financial Corp. (NYSE:OCN), ended its last trade with -6.61% loss, and closed at $7.91.
Ocwen Financial stated net income of $10 million, or $0.08 per share, for the three months ended June 30, 2015 contrast to net income of $67 million, or $0.48 per share, for the three months ended June 30, 2014. Ocwen generated revenue of $463 million, down 16% contrast to the second quarter of the preceding year. Income from operations was $111 million for the three months ended June 30, 2015 contrast to $208 million for the second quarter of 2014. Cash from Operating Activities was $210 million for the three months ended June 30, 2015, up $196 million over the same period last year.
Second Quarter Results
Pre-tax income for the second quarter of 2015 was influenced by a number of noteworthy items counting but not limited to: $30 million of net gains from sales of performing and non-performing agency mortgage servicing rights (MSRs) with a total unpaid principal balance (UPB) of $56.5 billion, $(15) million of planned advisor expenses and $(6) million of monitor costs. Servicing contributed $45 million of pre-tax income inclusive of the gain on sales of MSRs, and the Lending segment generated $14 million of pre-tax income for the second quarter of 2015.
Ocwen Financial Corporation, a financial services holding company, engages in servicing and origination of mortgage loans in the United States. Its Servicing segment provides residential and commercial mortgage loan servicing, special servicing, and asset administration services to owners of mortgage loans and foreclosed real estate.
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