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January 29, 2014
10:32 EDTNNI, FMD, SLMSLM climbs after Obama fails to mention student loan initiative
Shares of SLM Corp. (SLM) are advancing after President Obama did not express support yesterday for legislation that would enable student loans to be refinanced at lower interest rates. SLM Corp, formerly known as Sallie Mae, provides loans to college students. WHAT'S NEW: In his State of the Union speech yesterday, President Obama did not mention a proposal to enable student loans to be refinanced at lower rates. Earlier this month, Senator Elizabeth Warren said she intended to introduce a bill to let students refinance their old loans at lower rates. Some had speculated that Obama would express support for this initiative during the State of the Union speech. ANALYST REACTION: In a note to investors earlier today, Keefe Bruyette & Woods analyst Sanjay Sakhrani wrote that Obama's speech was "surprisingly tame on student lending." He kept an Outperform rating on SLM Corp. OTHERS TO WATCH: Other companies that provide student loans include First Marblehead (FMD) and Nelnet (NNI). PRICE ACTION: In mid-morning trading, SLM gained 1% to $23.15, First Marblehead lost 0.6% to $6.30, and Nelnet inched down 0.3 to $37.05.
News For SLM;FMD;NNI From The Last 14 Days
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April 17, 2014
12:00 EDTNNINelnet rises 10.5%
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10:00 EDTNNINelnet rises 11.2%
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April 16, 2014
17:45 EDTNNICIT Group to sell $3.6B in student loans to Nelnet
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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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