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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EDMC After Today’s Fall? Find Out Here
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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Technical Relief After Today’s Fall? Get Free Trend
Analysis
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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Back After recent Turmoil
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.
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