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Stock Market & Financial Investment News

News Breaks
January 28, 2014
10:06 EDTBPI, COCO, LOPE, CECO, DV, ESI, STRA, APEI, APOLFor-profit education stocks mixed after probes disclosed
Shares of for-profit education companies are mixed after two companies in the sector disclosed that they are being probed by multiple states. WHAT'S NEW: Yesterday night Corinthian Colleges (COCO) stated that its business practices were being probed by 13 states. The company added that it had received Civil Investigative Demands, or CIDs, from most of those states. The CIDs seek documents and a wide range of additional information from Corinthian, including information on tuition and loans, and lead generation activities, the company noted. Moreover, Corinthian stated that "several other companies" in the sector had received similar CIDs. One such company is ITT Educational (ESI), which disclosed last night that it had received CIDs from 12 states. The CIDs include requests for information and documents relating to the company's students and its practices, ITT Educational stated. WHAT'S NOTABLE: On January 6, Corinthian Colleges disclosed that it had received a CID from the U.S. Consumer Financial Protection Bureau, or CFPB. The CID sought information in order to determine whether the company or other entity was engaged in illegal practices, Corinthian reported at the time. ITT Education has also come under scrutiny by the CFPB. On December 27, the company disclosed that the agency was considering taking legal action against the company for violating a number of laws. PRICE ACTION: In early trading, Corinthian added 0.7% to $1.55, while ITT Educational lost 0.6% to $40.75. Meanwhile, Apollo Educatio (APOL) was flat at $33, Strayer (STRA) gained 1.75% to $36.90 and DeVry (DV) added 0.4% to $37.75.
News For BPI;COCO;LOPE;CECO;DV;ESI;STRA;APEI;APOL From The Last 14 Days
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September 26, 2014
17:07 EDTCOCOCorinthian receives CID from DoJ over grade manipulation, seeks more liquidity
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September 23, 2014
17:58 EDTESICDK Global set to join S&P MidCap 400, Bill Barrett to join S&P small cap 600
CDK Global Inc. (CDKVV) will replace Bill Barrett (BBG) in the S&P MidCap 400, and Bill Barrett will replace ITT Educational Services (ESI) in the S&P SmallCap 600 after the close of trading on Tuesday, September 30. S&P 500 constituent Automatic Data Processing (ADP) is spinning off CDK Global in a deal expected to be completed on that date. Bill Barrett's market capitalization is below $1.2B, making it more representative of the small cap market space. ITT Educational Services is ranked at the bottom of the S&P SmallCap 600. CDK Global provides integrated information technology and digital marketing solutions to retail locations and manufacturers. Headquartered in Hoffman Estates, IL, the company will be added to the S&P MidCap 400 GICS Application Software Sub-Industry index. Bill Barrett acquires, explores, and develops oil and natural gas resources. Headquartered in Denver, CO, the company will be added to the S&P SmallCap 600 GICS Oil & Gas Exploration & Production Sub-Industry index.
17:22 EDTESIBill Barrett to replace ITT Educational in S&P 600 as of 9/30 close
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September 19, 2014
17:40 EDTCOCOCorinthian Colleges received grand jury subpoena on September 3
On September 3, the company received a grand jury subpoena for documents from the United States Attorney’s Office in the Middle District of Florida. The subpoena seeks documents and records relating to an internal investigation of a former employee’s misconduct at the Everest Brandon campus and the company’s return of Title IV funds as a result of the investigation. The company initially self-reported the results of the internal investigation to the Office of Inspector General for the Department of Education on June 28, 2013. It is not clear whether the subpoena seeks this information regarding the former employee, the company or both. The company is evaluating the subpoena and intends to cooperate fully with the request. On September 10, the company received a grand jury subpoena for documents from the United States Attorney’s Office in the Northern District of Georgia. The subpoena seeks documents and records relating to the Everest Jonesboro and Everest Decatur campuses regarding matters including job placement, graduation rates, admissions, attendance, and student and employee information. The grand jury subpoena is signed by the same assistant United States attorney that assisted with the original, April 11, 2011 civil investigative demand for similar documents related to the same two campuses. The company is evaluating the subpoena and intends to cooperate fully with the request. On September 15, the company received a letter from the Accrediting Commission of Career Schools and Colleges, or ACCSC, the institutional accrediting agency for forty campuses, notifying the company that it was placing the Corinthian system of schools on “Warning,” continuing the company’s schools on Employment Verification Reporting, continuing to review the materials and responses submitted by the company regarding all outstanding matters both within ACCSC and externally, directing the company’s ACCSC schools to inform current and prospective students that it is on Warning, placing Corinthian’s schools on Financial Reporting, and restricting the company’s schools from applying for certain substantive changes.
14:10 EDTESIITT Educational weakness a buying opportunity, says Wells Fargo
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10:53 EDTESI Options with increasing implied volatility: ESI INO VALE AGNC
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10:07 EDTESIHigh option volume stocks
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09:19 EDTESIOn The Fly: Pre-market Movers
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07:59 EDTESIITT Educational discloses receipt of SEC 'Wells Notice' in August
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September 18, 2014
11:12 EDTCECOCareer Education CEO says committed to turnaround
CEO Scott Steffey says "well on way" to accomplishing turnaround goals. Says previously forecast $75M of savings in operating expenses by end of Q2, says has achieved $63M already. Says well on the way to achieving or surpassing $75M figure. Says "very well capitalized" for turnaround. Sees favorable market dynamics ahead. Comments made at the BMO Capital Markets Back to School Education Conference.
07:17 EDTAPEI, DV, CECO, BPI, APOL, STRABMO Capital to hold a conference
14th Annual Back to School Education Conference to be held in New York on September 18 with webcasted company presentations to begin at 8 am; not all company presentations may be webcasted. Webcast Link
06:59 EDTCECOCareer Education comments on objectives to turnaround strategy
Says priorities in turnaround strategy include: Strengthening academic outcomes, generating modest university total student enrollment growth, reducing organizational cost structure, stabilizing career school enrollments, completing the teach out of transitional schools. Says regularly evaluates company's assets to determine where best to deploy capital. Comments from slides that will be presented at the BMO Capital Markets Back to School Education Conference.
September 16, 2014
13:00 EDTCOCOCorinthian Colleges sued by CFPB over predatory loans, Reuters says
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