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Stock Market & Financial Investment News

News Breaks
January 9, 2013
09:56 EDTESI, SLMITT Educational continues slide after Citi downgrades stock
Shares of for-profit education company ITT Educational (ESI) are retreating after Citigroup analyst James Samford downgraded the stock to Sell from Neutral in a note to investors earlier today. On January 4, ITT announced that it had reached a $46M settlement with Sallie Mae (SLM) over the latter company's lawsuit related to underperforming loans whose risk the companies had agreed to share. ITT said the deal would reduce its Q4 earnings per share by 56c. ITT has $500M of additional loans that could also perform below the company's estimates, Samford wrote. As a result, the company may have to make more payments related to underperforming loans and take more write-downs, the analyst believes. ITT will be saddled with$15M-$25M in annual charges and cash payments as a result of higher default rates, predicted Samford, adding that the company could report results below analysts' consensus estimates. The analyst slashed his price target on the stock to $13 from $24. Shares of ITT Educational, which have dropped about 24% since the company announced its settlement with Sallie Mae, fell 4.41% to $14.52 in early trading.
News For ESI;SLM From The Last 14 Days
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July 23, 2014
17:26 EDTSLMSallie Mae sees FY14 EPS 41c-43c, consensus 48c
The company expects full-year private education loan originations of $4B, full-year operating expenses of $312M, including $32M of reorganization expenses, $1.2B of private education loan sales in the second half of the year, and provision for private education loan losses of approximately $60M in the second half of the year.
17:23 EDTSLMSallie Mae reports Q2 adjusted EPS 10c, consensus 10c
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16:02 EDTSLMSallie Mae names Jeffrey Dale as company’s first Chief Risk Officer
Sallie Mae (SLM) appointed Jeffrey Dale as the company’s first Chief Risk Officer. Mr. Dale will work with senior executives and other company stakeholders to build out the enterprise risk management function and framework for the company and its Sallie Mae Bank subsidiary. Mr. Dale arrives from Citigroup (C) where he most recently served as the North American Group Risk Director responsible for consumer credit in the United States, Puerto Rico and Canada.

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