Stock Market & Financial Investment News

News Breaks January 9, 2013 09:56 EDT ESI, SLM ITT 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 Check below for free stories on ESI;SLM the last two weeks. Sign up for a free trial to see the rest of the stories you've been missing. May 17, 2013 12:52 EDT ESI ITT Educational spikes higher, levels to watch The shares have essentially moved sideways for much of the week, but today spiked in the later morning, now up over 10% to $27.28. At that price, next resistance is at $28.63. Support is at $26.06. May 15, 2013 10:13 EDT ESI On The Fly: Analyst Downgrade Summary Subscribe for More Information 06:34 EDT ESI ITT Educational downgraded to Equal Weight from Overweight at First Analysis Subscribe for More Information May 14, 2013 12:00 EDT ESI ITT Educational rises 14.7% Subscribe for More Information May 13, 2013 09:01 EDT ESI ITT Educational falls 3.3% Subscribe for More Information May 10, 2013 10:01 EDT ESI House GOP proposes reform of student loan interest rates, The Hill says Subscribe for More Information Sign up for a free trial to see the rest of the stories you've been missing.