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January 25, 2013
11:05 EDTBPI, DV, APEI, ESI, CECO, STRA, LINC, COCO, EDMC, LOPE, APOL, NAUHITT Educational retreats though analysts differ on prospects
Several for-profit education stocks are retreating after Citigroup analyst James Samford issued a note on for-profit education company ITT Educational Services (ESI). In a note to investors earlier today, Samford wrote that the rally by the company's stock yesterday was "unwarranted." ITT reported a fourth quarter loss due to write-downs and charges, and the company has still not reserved enough capital to cover the costs of the private student loans it has guaranteed, Samford wrote. ITT confirmed this assessment, the analyst reported. Moreover, the company rolled out new scholarships which are expected to trigger an improvement in its enrollment outlook, but will cause revenue per student and margins to drop significantly, added Samford. Citi reiterated its Sell rating on ITT shares. Conversely, William Blair analyst Brandon Dobell wrote that ITT's losses on student loans it has guaranteed appear to be more limited than some investors had assumed. The company has become more transparent about its loan default outlook, making the stock "more investable," according to Dobell, who maintained an Outperform rating on the shares. In mid-morning trading, ITT Educational tumbled 7.35% to $15.62, Strayer (STRA) sank 3.15% to $54.19, Apollo Group (APOL) dropped 1.75% to $20.20 and Bridgepoint Education (BPI) gave back $1.52% to $10.40.
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November 24, 2015
13:14 EDTESIJudge grants preliminary approval to $16.9M settlement in ITT Educational suit
A federal judge has granted preliminary approval to an approximately $16.96M cash settlement achieved by Lead Plaintiffs Plumbers and Pipefitters National Pension Fund and Metropolitan Water Reclamation District Retirement Fund with defendants ITT Educational Services, Inc., and two of its officers, Daniel M. Fitzpatrick and Kevin M. Modany.The proposed settlement approved by Judge J. Paul Oetken, of the United States District Court for the Southern District of New York, on Monday, Nov. 23, resolves securities fraud claims asserted under Section 10(b) and 20(a) of the Securities Exchange Act of 1934 by the Plumbers and Pipefitters National Fund and Metropolitan Water Retirement Fund against the defendants for alleged material misrepresentations and omissions concerning the company's liabilities under certain risk-sharing agreements it had entered into with third-party student enders of ITT student loans. The proposed $16.96M cash settlement will benefit a putative class of persons and entities who purchased or otherwise acquired ITT Educational Services, Inc., common stock between April 24, 2008, and Feb. 25, 2013. In the order issued on Nov. 23, Judge Oetken also gave authorization for the class notice to be issued to class members. A court hearing will be held on March 8, 2016, to determine whether the settlement should be given final approval and to hear any objections to the settlement.
November 23, 2015
18:42 EDTAPOLS&P announces changes to the S&P 400, 500, 600 indices
S&P Dow Jones Indices will make the following changes to the S&P 500, S&P MidCap 400 and S&P SmallCap 600 indices: CSRA (CSRA) will be added to the S&P 500 after the close of trading on Friday, November 27, replacing Computer Sciences (CSC), which will be removed from the S&P 500 after the close of trading on Monday, November 30. CSRA will be added to the S&P 500 on a zero price basis reflecting its spin-off from Computer Sciences. Following the spin-off, the Computer Sciences stub will replace Apollo Education Group (APOL) in the S&P MidCap 400. Computer Sciences' post spin market capitalization will be more representative of the mid-cap market space. Apollo Education is ranked at the bottom of the S&P MidCap 400 Phibro Animal Health (PAHC) will replace Pericom Semiconductor (PSEM) in the S&P SmallCap 600 after the close of trading on Wednesday, November 25. S&P SmallCap 600 constituent Diodes (DIOD) is acquiring Pericom Semiconductor in a deal expected to be completed soon pending final conditions.
17:23 EDTAPOLCSC to replace Apollo Education in S&P 400 as of 11/30 close
November 16, 2015
14:00 EDTEDMCDoJ: Education Management to pay $95.5M over allegedly 'unlawful recruitment'
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