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Stock Market & Financial Investment News

News Breaks
December 4, 2012
10:03 EDTCECOCareer Education retreats after analyst downgrades stock
For-profit education company Career Education (CECO) is falling after Wells Fargo analyst Trace Urdan downgraded his rating on the stock to Market Perform from Outperform. The outlook for Career Education's enrollment and margins is uncertain, the analyst wrote. Moreover, the company is likely to spend a great deal of money on closing campuses, Urdan added. Career Education last month announced that it would close 23 of its schools and lay off about 900 of its employees. While this restructuring initiative should result in a "healthy" 2014 operating profit, Career Education may have to use much of its cash reserves to pay the restructuring costs, the analyst wrote. Urdan believes the stock could remain range bound until the company provides more information about its earnings outlook, and he slashed his valuation range on the shares to $2-$6 from $5-$7. In early trading, Career education fell 6c or 2.13%, to $2.76.
News For CECO From The Last 14 Days
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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 EDTCECOBMO 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.

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