Apollo Group Tumbles and 1 Stock Hitting 52-Week Lows
Apollo Group (NASDAQ:APOL): After Apollo Group reported lower than expected fourth quarter revenue and said that their enrollment had tumbled 13.8% during the quarter, as compared with the same period one year earlier, for-profit education stocks are sinking. Apollo believes that part of the reason for the enrollment decline in the fourth quarter was that enrollment had increased by a larger than expected amount during the corresponding quarter last year. Moreover, the company added that their goal is to generate an increase in the number of students enrolling in their classes by the second half of fiscal year 2013. However, in mid-morning trading, Apollo tumbled $4.61, or 16.77%, to $22.88. Other for-profit education stocks also sank, with Corinthian Colleges (NASDAQ:COCO) dropping 4.14% to $2.55, ITT Educational (NYSE:ESI) falling 6.17% to $27.81, DeVry (NYSE:DV) dropping 4.61% to $22.14, and Strayer (NASDAQ:STRA) giving back 5.53% to $62.86. Their shares closed at $21.40, down $6.09 or 22.15% on the day. They have traded in a 52-week range of $25.77 to $58.29.
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Check Point Software (NASDAQ:CHKP): After two other companies in the sector slid sharply following their third quarter results, Internet security product maker Sourcefire (NASDAQ:FIRE) is retreating. Internet security giant Check Point Software reported slightly lower than expected third quarter revenue and provided weaker than expected fourth quarter guidance. Check Point noted that their business in Europe continues to be negatively affected by economic uncertainty on that continent. Meanwhile, Fortinet (NASDAQ:FTNT), another Internet security product maker, also reported lower than expected third quarter revenue and provided weaker than expected fourth quarter guidance. In early trading, Sourcefire fell $2.88, or 6.05%, to $44.75, while Fortinet tumbled 18.10% to $20.31 and Check Point slid 11.81% to $41.82. Their shares closed at $41.15, down $6.27 or 13.22% on the day. They have traded in a 52-week range of $43.18 to $65.00.