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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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April 18, 2014
09:45 EDTSLMSallie Mae names Steven McGarry CFO of Sallie Mae Bank
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April 16, 2014
16:21 EDTSLMSallie Mae reports Q1 Core EPS 51c, consensus 55c
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15:17 EDTSLMNotable companies reporting after market close
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April 14, 2014
16:54 EDTESIPoint72 raises passive stake in ITT Educational to 5.7% from 5.0%
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