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News Breaks | | | | October 15, 2012 | | 10:10 EDT |  | EDU | New Oriental Education rises after SEC decisions, Oppenheimer upgrade
New Oriental Education (EDU), which provides private educational services in China, is climbing after the company announced late Friday that the SEC had approved various accounting moves it made, and research firm Oppenheimer responded to the news by upgrading the stock earlier today. On Friday evening, New Oriental Education disclosed that the SEC, which had been investigating the company, had approved the consolidation of its variable interest entity, New Oriental China, into its consolidated financial statements. A variable interest entity is an entity in which the investor owns less than a majority stake. The SEC also decided that it would not object to New Oriental Education's consolidation of its schools into New Oriental China or into its wholly owned Chinese subsidiaries, New Oriental Education said. In a note to investors earlier this morning, Oppenheimer analyst Ella Ji upgraded New Oriental Education to Outperform from Perform with a $25 target. The SEC's comments indicate that the outcome of the agency's investigation will be favorable for the company, Ji wrote. Moreover, her channel checks suggest that the company's fundamentals have been strong over the past three months. In early trading, New Oriental Education climbed 96c, or 5.60%, to $18.10. | |
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News For EDU From The Last 14 Days Check below for free stories on EDU the last two weeks. |
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| May 20, 2013 | | 07:29 EDT |  | EDU | Deutsche Bank to host a conference
dbAccess Asia Conference 2013 is being held in Singapore on May 20-22. | |
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