New User:

-or-
Username:
Password:
Forgot your password?

Stock Market & Financial Investment News

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
Sign up for a free trial to see the rest of the stories you've been missing.
July 30, 2015
07:48 EDTESIITT Educational reports Q2 EPS 3c, two estimates 10c
Subscribe for More Information
July 22, 2015
16:32 EDTSLMSallie Mae sees 2015 core EPS 57c-59c, consensus 59c
Subscribe for More Information
16:32 EDTSLMSallie Mae reports Q2 EPS 20c, consensus 20c
Subscribe for More Information

Sign up for a free trial to see the rest of the stories you've been missing.

I agree to the theflyonthewall.com disclaimer & terms of use