ITT Educational (ESI) Sinks After Disclosing Possibly Higher Default Rates
Shares of ITT Educational Services Inc. (NYSE: ESI) are under heavy pressure today after disclosing that its student defaults rates will rise under new government rules for federal financial aid programs. Shares are down 14% today.
Other education stocks are also under pressure on the news: Apollo Group Inc. (Nasdaq: APOL), Corinthian Colleges Inc. (Nasdaq: COCO) -11%, Career Education Corp. (Nasdaq: CECO) -10%, DeVry, Inc. (NYSE: DV) -9%.
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