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Election rewards for-profit schools (except Bridgepoint)
Stock plunges almost 10 percent on poor results
Prior to Tuesday's election, some Wall Street analysts named industries that would gain from a Republican victory. For-profit universities were among them. Yesterday (November 5), stocks of some for-profits rose stoutly: Strayer, up 3.33 percent; DeVry, up 1.55 percent; and Apollo, up 0.59 percent, for example.
But San Diego-based Bridgepoint, which has been under state and federal investigations, plunged 9.87 percent. The company reported that its third quarter revenue was $162.7 million, down from $182.8 million for the same quarter a year ago. Net income more than halved — to $6.3 million from $14.2 million. Enrollment dropped to 59,552 from 68,556 a year earlier. The company laid off 223 workers on Monday, November 3. The company missed analysts' revenue estimates but beat earnings-per-share estimates.
Here's something you might be interested in.
Election rewards for-profit schools (except Bridgepoint)
Stock plunges almost 10 percent on poor results
Election rewards for-profit schools (except Bridgepoint)
Stock plunges almost 10 percent on poor results
Prior to Tuesday's election, some Wall Street analysts named industries that would gain from a Republican victory. For-profit universities were among them. Yesterday (November 5), stocks of some for-profits rose stoutly: Strayer, up 3.33 percent; DeVry, up 1.55 percent; and Apollo, up 0.59 percent, for example.
But San Diego-based Bridgepoint, which has been under state and federal investigations, plunged 9.87 percent. The company reported that its third quarter revenue was $162.7 million, down from $182.8 million for the same quarter a year ago. Net income more than halved — to $6.3 million from $14.2 million. Enrollment dropped to 59,552 from 68,556 a year earlier. The company laid off 223 workers on Monday, November 3. The company missed analysts' revenue estimates but beat earnings-per-share estimates.
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