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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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October 17, 2014
12:23 EDTESIITT leaps after upping scholarships, projecting FY15 positive cash flow
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11:34 EDTESIITT expects interest expense reduction in FY15 vs. FY14
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11:28 EDTESIITT Educational says Q3 enrollment impacted by 11% admissions decline
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07:34 EDTESIITT Educational reports preliminary Q2 new student enrollments down 8.1%
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07:34 EDTESIITT Educational reports preliminary Q3 new student enrollments down 9.5%
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October 15, 2014
07:07 EDTESIFor profit education positive catalysts outweigh negative, says Wells Fargo
Wells Fargo expects for-profit education stocks to benefit from improved hiring trends and a sale by Corinthian of its assets that, according t othe firm ,would set a valuation floor for the sector. The firm continues to believe that the final gainful employment rule will be neutral to positive for the group. Wells favors the option value on the long side for the sector. Publicly traded companies in the space include American Public Education (APEI), Apollo Education (APOL), Bridgepoint Education (BPI), Career Education (CECO), Corinthian Colleges (COCO), DeVry (DV), Grand Canyon (LOPE), ITT Educational (ESI) and Strayer (STRA).
October 14, 2014
17:23 EDTESIBarnstar Opportunities reports 5.4% passive stake in ITT Educational
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15:29 EDTSLMNotable companies reporting after market close
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