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News Breaks
February 5, 2014
07:48 EDTCOCOCorinthian Colleges reports Q2 continuing ops EPS 5c, consensus 2c
Reports Q2 revenue $369.9M, consensus $373.41M. Reports new student enrollments totaled 19,760 versus 23,074, a decrease of 14.4%. Total student population at December 31, 2013 was 77,584 versus 87,250 at December 31, 2012, a decrease of 11.1%. The company said results for the quarter were above the company's previous guidance range for diluted earnings per share, and fell below guidance for new student enrollment and revenue.
News For COCO From The Last 14 Days
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January 15, 2015
14:45 EDTCOCOFor-profit education names slip after Wells says search data negative
Shares of a number of for-profit education companies are falling after Wells Fargo wrote that Google search trends do not bode well for the sector. WHAT'S NEW: Google search trends for the fourth quarter indicate that students' interest in for-profit education companies probably did not increase significantly during that period, Wells Fargo analyst Trace Urdan wrote in a note to investors today. The data indicates that new student enrollment at the schools could even come in below already pessimistic expectations, Urdan reported. The analyst found that searches for terms related to for-profit schools dropped in Q4, versus the same period a year earlier. Moreover, there were many more searches in Q4 for non-profit schools than for-profit colleges, Urdan stated. Sentiment towards for-profit education names is already "quite weak" after President Obama on January 9 proposed allowing all Americans to attend community college at no cost and Apollo Education (APOL) on January 8 provided lower than expected Q2 revenue guidance, Urdan stated. As a result, investors may already be expecting schools in the sector to report weak enrollment data, Urdan believes. However, the search data for Strayer (STRA) is "more negative than positive," even though expectations for the company appear to be elevated, the analyst reported. On a positive note, search results for Capella Education (CPLA), Grand Canyon (LOPE), and DeVry's (DV) Chamberlain looked better than average, Urdan reported, adding that investors' expectations towards those names are relatively upbeat. PRICE ACTION: In mid-afternoon trading, Strayer fell 1% to $68, ITT Educational fell 3.6% to $8.37, Bridgepoint Educational (BPI) tumbled 4.5% to $10.10, American Public (APEI) slid 2.25% to $33.89, and Grand Canyon gave back 2% to $43.

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