U.S. stocks turned mildly lower in the late morning session after early strength as investors booked profit after recent sharply rally. The stock had been rallied strongly since last Friday s an unexpected drop in jobless claims. The Dow Jones Industrial Average was down 30.05 (-0.23%) to 13,145.59, the S&P 500 fell .94 (-0.07%) to 1,401.28, while the NASDAQ Composite (INDEXNASDAQ:.IXIC) bucked the trend and rose 2.48 (0.08%) to 3,013.73.
Education Management Corp (NASDAQ:EDMC) shares declined 22.31% to $3.10 in the morning hour after the company reported fourth quarter net loss of $1.2 billion, or $9.51 per share, as compared to a net income of $34.8 million, or $0.26 per share, for the prior year quarter. Adjusted net income was $12.7 million or $0.10 per share for the latest quarter. Net revenues were $639.2 million, down 8.1% from $695.4 million in the comparable quarter last year. Analysts expected the company to report earnings of $0.08 per share on revenues of $643.25 million for the quarter.
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Doral Financial Corp. (NYSE:DRL) stock plunged 26.03% to $1.08 after the company reported second quarter net loss of $1.6 million, as compared to a net income of $2.6 million for the quarter ended March 31, 2012 and a net income of $4.5 million for the quarter ended June 30, 2011. For the six months ended June 30, 2012, the company reported a net income of $1.0 million compared to a net income of $7.8 million for the same period of 2011.
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Sagent Pharmaceuticals Inc (NASDAQ:SGNT) stock plummeted 20.99% to $14.08 after the company posted second-quarter net loss of $4.72 million or $0.17 per share, as compared to the loss of $8.2 million or $0.37 per share in the same quarter a year ago. Net revenue for the quarter were up to $42.68 million from $32.25 million in the prior-year quarter. Analysts expected the company to report a loss of $0.26 per share on revenues of $39.69 million for the quarter.
Zynga Inc (NASDAQ:ZNGA) shares rose 2.44% to $3.02, well off session low of $2.79 after the company said that chief operating officer John Schappert has resigned. Schappert's resignation did not arise from any disagreement with the Company on any matter relating to the company’s operations, policies or practices.
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Additionally, the company reported a net loss for its second quarter in late July and cut its full-year earnings per share forecast.
Select Medical Holdings Corporation (NYSE:SEM) shares declined 17.70% to $11.32 in the morning hour after the shares of the company had its price target increased by Bank of America from $11.50 to $12.50 in a research report sent to investors yesterday. The firm currently has a neutral rating on the stock.
The company posted second-quarter profit of $44.8 million or $0.31 per share from $31.7 million or $0.08 per share in the same period last year. Operating revenues totaled $750.2 million, up 7.4% from $698.7 million last year. Analysts expected the company to earn $0.24 per share on revenues of $730.39 million.