Morning Update: Ocwen Financial Corp (NYSE:OCN); QUALCOMM, Inc. (NASDAQ:QCOM) And Vodafone Group Plc (ADR) (NASDAQ:VOD)

Boston, MA, 02/28/2014 – Ocwen Financial Corp (NYSE:OCN) reported its distressed fourth quarter results yesterday, which fell widely below to the market estimates. The financial company lost the street forecast number in EPS by $0.21, which came in at $0.74. Revenues too were a miss by $6.12 million as it attains the mark of $555.96 million in this quarter. Some of the other key features of the results include 56% increase in the operating income of $215.1 million year-over-year. Apart from this, Ocwen Financial Corp (NYSE:OCN)’s Chairman Bill Erbey stated that they are cooperatively with the New York Department of Financial Services to resolve the issues which led to an indefinite hold on its transactions with Wells Fargo & Company (NYSE:WFC). In the fourth quarter, the company repurchased shares valuing $60 million out of the target of $500 million.

QUALCOMM, Inc. (NASDAQ:QCOM), the renowned chip maker has reportedly dismissed its counterclaims against another of its competitor ParkerVision, Inc. (NASDAQ:PRKR) in its ongoing lawsuit. It is to be noted that the Florida court overseeing the case had already dismissed the Qualcomm’s counterclaims against ParkerVision, in which it had accused the latter for “aiding and abetting a breach of fiduciary duty and tortious interference with a contractual relationship.” Earlier in October, ParkerVision tumbled on $173 million payout verdict to QUALCOMM, Inc. (NASDAQ:QCOM) for infringing its four of the patents. The two companies are expected to get the decision over the pending cases on May 1, 2014.

On Thursday, Samsung Electronics has declared to have entered into an agreement with the world’s larged telecommunications company, Vodafone Group Plc (ADR) (NASDAQ:VOD). As per the terms of the agreement, Samsung will deliver 2G, 3G and 4G infrastructure and solutions to Vodafone. The deal comes to support the Vodafone Group Plc (ADR) (NASDAQ:VOD)’s organic investment program, Project Spring, which aims to establish a stronger network and create service distinction for its users. This deal initiates a strategic partnership between the two companies in the network infrastructure field.

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