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News Breaks
January 9, 2013
09:56 EDTSLM, ESIITT 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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November 30, 2015
10:00 EDTSLMOn The Fly: Analyst Initiation Summary
Today's noteworthy initiations include: Cipher Pharmaceuticals (CPHR) initiated with an Outperformer at CIBC... Concordia (CXRX) initiated with a Sector Performer at CIBC... Dynavax (DVAX) initiated with an Outperform at RBC Capital... First Guaranty Bancshares (FGBI) initiated with a Buy at Sandler O'Neill... MGE Energy (MGEE) initiated with a Neutral at Baird... MPLX (MPLX) initiated with a Buy at Ladenburg... Merus Labs (MSLI) initiated with an Outperformer at CIBC... Moelis (MC) initiated with a Buy at Sandler O'Neill... Navient (NAVI) initiated with an Overweight at JPMorgan... Sallie Mae (SLM) initiated with an Overweight at JPMorgan... Teleflex (TFX) initiated with an Overweight at Piper Jaffray... W.R. Grace (GRA) initiated with a Hold at Cantor... WestRock (WRK) initiated with a Buy at Cantor.
06:50 EDTSLMSallie Mae initiated with an Overweight at JPMorgan
JPMorgan analyst Richard Shane started Sallie Mae with an Overweight rating and $10 price target.
November 24, 2015
13:14 EDTESIJudge grants preliminary approval to $16.9M settlement in ITT Educational suit
A federal judge has granted preliminary approval to an approximately $16.96M cash settlement achieved by Lead Plaintiffs Plumbers and Pipefitters National Pension Fund and Metropolitan Water Reclamation District Retirement Fund with defendants ITT Educational Services, Inc., and two of its officers, Daniel M. Fitzpatrick and Kevin M. Modany.The proposed settlement approved by Judge J. Paul Oetken, of the United States District Court for the Southern District of New York, on Monday, Nov. 23, resolves securities fraud claims asserted under Section 10(b) and 20(a) of the Securities Exchange Act of 1934 by the Plumbers and Pipefitters National Fund and Metropolitan Water Retirement Fund against the defendants for alleged material misrepresentations and omissions concerning the company's liabilities under certain risk-sharing agreements it had entered into with third-party student enders of ITT student loans. The proposed $16.96M cash settlement will benefit a putative class of persons and entities who purchased or otherwise acquired ITT Educational Services, Inc., common stock between April 24, 2008, and Feb. 25, 2013. In the order issued on Nov. 23, Judge Oetken also gave authorization for the class notice to be issued to class members. A court hearing will be held on March 8, 2016, to determine whether the settlement should be given final approval and to hear any objections to the settlement.

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