Shares of for-profit educators were dragged down Tuesday after it was reported Corinthian Colleges was under investigation by the U.S. Securities and Exchange Commission. The company announced it had received a subpoena from the SEC on June 6th requesting documents related to student information in the areas of recruitment, attendance, completion, job placement, loans and compliance with U.S. Education Department rules. For-profit educators thrived at the start of the recession as a poor economy created a boom in student demand, but have since come under pressure due to falling enrollment and new federal regulations. Here is how some companies reacted to the news Tuesday:
Corinthian Colleges Inc. (NASDAQ: COCO) shares traded in the range of $2.28 to $2.59 Tuesday before settling to close at $2.46 a decrease of 11.83 percent. The stock appears to be facing resistance at $2.46 with some support at $2.35. The company reported new student enrollments totaled 26,738 for the third quarter of fiscal 2013, a decrease of 5.7 percent when compared to the year ago quarter.
More information on Corinthian Colleges and access to the free equity report can be found at:
Career Education Corp. (NASDAQ: CECO) shares traded in the range of $2.92 to $3.15 Tuesday before settling to close at $3.04, a decrease of 2.25 percent. The stock appears to be facing stiff resistance at $3.14. The company reported a net loss of $15.2 million, or $(0.23) per diluted share, for the first quarter of 2013, compared to a net income of $52.1 million, or $0.78 per diluted share, in the year ago quarter. Shares of Career Education have fallen approximately 13.5 percent in 2013.
More information on Career Education and access to the free equity report can be found at:
DeVry Inc. (NYSE: DV) shares traded in the range of $29.99 to $30.95 Tuesday before settling to close at $30.23, a decrease of 2.48 percent. The stock appears to be facing some resistance at $31.46 with support at $30.14. The company reported revenues were $509 million for the third quarter of fiscal 2013, a decrease of 5.9 percent when compared to the year ago quarter. Shares of DeVry have gained approximately 27.4 percent in 2013.
More information on DeVry and access to the free equity report can be found at: www.WallStreetFundamentals.com/DV
ITT Educational Services, Inc. (NYSE: ESI) shares traded in the range of $26.40 to $28.00 before settling to close at $27.20, a decrease of 2.09 percent. The stock appears to be facing some resistance at $27.83. The company reported total student enrollment decreased 14.2 year-over-year to 61,039. Shares of ITT Educational Services have gained approximately 57 percent in 2013.
More information on ITT Educational Services and access to the free equity report can be found at:
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