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March 4, 2013
14:43 EDTAPEI, COCO, LINC, NAUH, LOPE, ESI, STRA, BPI, EDMC, APOL, CECO, DVFor-profit education stocks sink after Senate Democrats propose crackdown
Shares of for-profit education companies are sinking after Senate Democrats proposed a bill that would strengthen the Department of Education's oversight of these companies. The legislation would require the department to conduct reviews of colleges that are spending more than 20% of their revenue on recruiting and marketing and obtain more than 85% of their revenue from federal student aid programs, according to a summary of the bill posted on the website of Democratic Senator Frank Lautenberg. The reviews would assess several areas, including the schools' use of incentive compensation, graduation rates, and misuse of federal funds, the summary added. In a note to investors earlier today, BMO Capital wrote that it believes the bill is unlikely to become law, and that the sell-off in the sector is "a bit severe." However, the firm added that it does understand why investors are concerned about the legislation. In mid-afternoon trading, Apollo Group (APOL) fell 3.4% to $16.08, Career Education (CECO) slid 9.3% to $2.72, Strayer (STRA) dropped 4% to $46.86, ITT Educational (ESI) tumbled 7% to $12.60 and DeVry (DV) declined 1.2% to $29.63.
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October 30, 2014
08:30 EDTLOPEGrand Canyon could buy out shareholders for $50-$60 per share, says Stifel
After Grand Canyon said it was exploring converting to a nonprofit, Stifel estimates that shareholders could be bought out for $50-$60 per share in such a deal. The firm raised its price target on the name to $55 from $51 and keeps a Buy rating on the shares.
06:58 EDTSTRA, APEI, LOPE, ESI, DV, COCO, CECO, BPI, APOLRule would close fewer for-profit programs than previous draft, Politico says
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06:34 EDTSTRAStrayer reports Q3 EPS 46c with items, consensus 18c
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06:18 EDTLOPEGrand Canyon potential buyout a positive for shares, says Citigroup
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05:40 EDTLOPEGrand Canyon upgraded to Overweight from Neutral at Piper Jaffray
Piper Jaffray upgraded Grand Canyon to Overweight with a $52 price target following the company's Q3 results citing "robust" fundamentals and the potential go private transaction.
October 29, 2014
16:29 EDTLOPEGrand Canyon forms committee to explore conversion to nonprofit entity
Grand Canyon Education announced that its board has formed a committee of independent directors to explore options aimed at enhancing stockholder value. The board chose to form the committee after the "University's management expressed a desire to explore the possibility of effecting a conversion of the University to a nonprofit entity." It stated, "Such a transaction would enable the University to conduct itself in the future as a traditional nonprofit university on a level playing field with the other traditional universities with which the University competes and in a manner consistent with which it operated for 55 years prior to financial challenges which forced it to convert to a for-profit entity in 2004 as a means to solicit investment capital and remain in operation." The board "cautions the University's stockholders and others considering trading in its securities that the Board of Directors has not yet received a proposal nor has the Board of Directors determined whether such a transaction would be feasible." The committee intends to engage a financial advisor to aid in its review of any such proposal if made and any other alternatives, which include remaining as a for profit public company.
16:27 EDTLOPEGrand Canyon sees 2014 EPS $2.33, consensus $2.23
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16:26 EDTLOPEGrand Canyon sees Q4 EPS 66c, consensus 64c
Sees Q4 revenue $184.5M, consensus $181.93M.
16:26 EDTLOPEGrand Canyon reports Q3 EPS 62c, consensus 54c
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October 27, 2014
17:23 EDTLINCParadice Investment Management reports 6% passive stake in Lincoln Educational
10:43 EDTAPOLOptions with decreasing implied volatility
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October 24, 2014
10:29 EDTAPOLOptions with decreasing implied volatility
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October 23, 2014
17:17 EDTEDMCEducation Management intends to voluntarily delist shares from NASDAQ
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16:19 EDTDVDeVry reports Q1 EPS ex-items 47c, consensus 29c
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15:30 EDTDVNotable companies reporting after market close
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October 21, 2014
17:22 EDTESIBlum capital lowers stake in ITT Educational to 7.9%
07:34 EDTAPOLApollo Education sees 1Q15 revenue $720M-$730M, consensus $763.70M
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07:33 EDTAPOLApollo Education sees FY15 revenue $2.8B-$2.85B, consensus $2.80B
07:32 EDTAPOLApollo reports Q4 University of Phoenix New Degreed Enrollment down 5.9%
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07:31 EDTAPOLApollo Education reports Q4 EPS from cont. ops. ex-items 34c, consensus 27c
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