Career Education GAINS SVP and 4 Stocks Plummeting to 52-Week Lows
Apollo Group (NASDAQ:APOL) revealed that it has entered a Share Purchase Agreement with MPW Holdco, who is a Levine Leichtman Capital Partners affiliate, under which Apollo’s subsidiary BPP Holdings has sold all outstanding shares of its subsidiary, Mander Portman Woodward Limited, to MPW Holdco for $85.3 million. Mander Portman Woodward is a secondary education institution which has contributed 3c per diluted share to the company’s financial results for FY11. The sale shows Apollo Group’s strategy to focus on the market for post-secondary education. Mander Portman Woodward financial results are not material to Apollo Group’s consolidated financial position or results from operations, meaning this sale is not expected to show an important accretive or dilutive impact on financial results. Apollo group predicts a gain on the sale during Q4 of around $25 million, net of transaction costs. The shares closed at $31.01, down $0.94 or 2.94% on the day. They have traded in a 52-week range of $30.93 to $58.29.
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Au Optronics Corp (NYSE:AUO) expects to obtain EPC PV systems installation projects with a capacity of 15MW in Japan for the remainder of 2012, DigiTimes reports. The shares closed at $3.58, down $0.01 or 0.28% on the day. They have traded in a 52-week range of $3.55 to $6.29.
Aurico Gold Inc (AUQ): For health reasons, Marion has tendered his resignation effective September 3, and Scott Perry will take the role of President and CEO. Russell Tremayne and Peter MacPhail will continue as COOs of Mexico and Canada, respectively. Colin Benner is the newest executive chairman and will work through the transitional period with the management team. The shares closed at $6.62, down $0.92 or 12.2% on the day. They have traded in a 52-week range of $6.69 to $14.17.
Career Education Cor (NASDAQ:CECO) Senior Vice President and Chief Career Education Officer has recently become Daniel J. Hurdle. The new Career Education Group will encompass over 70 culinary, health, and art, design and technology education institutions, which will server over 40,000 U.S. students and will be lead by Hurdle. CEC Executive Vice President and CFO Michael J. Graham, will keep leading the company’s International Education Group as well as his CFO role. The shares closed at $5.27, down $0.26 or 4.7% on the day. They have traded in a 52-week range of $5.32 to $25.26.
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