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Financial Stocks Paring Earlier Losses; Ocwen Financial Falls to New Low After Warning of Federal Probe

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JPM -2.61%

BAC -1.11%

WFC -0.10%

C -1.28%

USB -0.02%

Financial stocks were moderately lower today with the NYSE Financial Sector Index slipping about 0.3% while the S&P Financial 100 Index also was down about 0.5%.

In company news, shares of Ocwen Financial Corp. ( OCN ) slid to a new 52-week low Monday after the mortgage originator and servicing company late Friday said U.S. authorities are investigating stock options surrendered by its executive board chairman last month.

According to a regulatory filing, OCN said it was notified April 28 that one of the Security and Exchange Commission's regional offices was investigating the decision by Executive Chairman William Erbey to surrender previously awarded stock options. The company is cooperating with the probe, it said.

OCN shares slid to a new 52-week low of $34.34 a share earlier in today's session, more recently climbing to its late range around $33.70 a share, up 2.5%.

In other sector news,

(-) MCO, Chris Shumway, the founder and managing partner of Shumway Capital, reportedly touts MCO during remarks today at a philanthropic event, describing it as a "great" and "shareholder friendly" business, according to Reuters.

(-) JPM, Norway drops the company in favor of Citigroup to manage its $865 bln sovereign wealth fund. The bank late Friday also warns of "challenging" trading environment, with Q2 revenue seen declining as much as 20% from year-ago levels.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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