Ocwen Financial tumbles 24% after earnings miss, downgrades

• Ocwen Financial (NYSE:OCN) has plunged, -24.3%, after yesterday's earnings miss that's prompted a downgrade by Bank of America.
• The analysts cut the stock's rating to Underperform, from Neutral.
• Net income slipped 85% after operating income was nearly halved, to $111M. The company's also pursuing a cost-cutting plan to shave $150M in expenses.
• Also in the wake of earnings, Sterne Agee has downgraded Ocwen shares to Neutral, from Buy, with a $12 price target.
• Shares closed at $11.77 yesterday. They're trading currently at $8.94.
• Previously: Ocwen Financial higher following Q2 results, plan to cut expenses (Jul. 30 2015)