Apollo Group Soaring On Earnings Beat
by Insider Scoop - June 30th, 2011 4:12 pm
Courtesy of Benzinga
Apollo Group, Inc. (NASDAQ: APOL) shares are soaring in after-hours trading, after the company reported better than expected earnings.
The company reported third quarter earnings of $1.45 per share on $1.24 billion in revenues. Wall Street had been expecting earnings of $1.33 per share on $1.2 billion in revenues.
“During the third quarter, we continued to execute on our key initiatives to improve outcomes, enhance student protections, and elevate the educational experience throughout every touch point of the student lifecycle,” said Apollo Group Co-Chief Executive Officer and Apollo Global Chairman Greg Cappelli. “We are encouraged by the progress we are making in improving retention rates and continuing to shift the mix of our students toward higher degree level programs.”
Apollo Group Co-Chief Executive Officer Chas Edelstein added, “We are committed to differentiating the University of Phoenix by focusing on academic quality and delivering a world class student experience. Our actions, over time, are intended to elevate the brand and reputation of our institutions, improve student outcomes, reduce enterprise risk, and position us for stable, long-term growth.”
The Company offers the following commentary regarding the outlook for fiscal 2011 and fiscal 2012 based on the business trends observed during the third quarter of fiscal 2011, as well as management’s current expectations of future trends, which could change.
For all of 2011, Apollo Group said it sees revenues of $4.65 to $4.75 billion and operating income of $1.15 to $1.20 billion.
For 2012, the company said it sees revenues of $4 to $4.25 billion and operating income of $675 to $800 million.
At last check, shares of Apollo Group were up $1.83 in extended hours to $45.51?, a gain of 4.19%?.
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DiggApollo Group Guides Reaffirms FY 2012 EPS; Guides Revenues $4-4.25B vs. $4.14B Est.
by Insider Scoop - June 30th, 2011 4:08 pm
Courtesy of Benzinga
AZZ Inc Ups FY 2012 View To EPS $2.90-3.10 vs. $2.91 Est
by Insider Scoop - June 30th, 2011 4:05 pm
Courtesy of Benzinga
Christopher & Banks Guides Q2 Same-Store Sales Flat to Low-Single Digits
by Insider Scoop - June 30th, 2011 4:05 pm
Courtesy of Benzinga
CNO Financial Buys Back 2.2M Shares for $16.2M
by Insider Scoop - June 30th, 2011 4:04 pm
Courtesy of Benzinga
CNO Financial Group, Inc. (NYSE: CNO) today announced that during the second quarter of 2011 it repurchased 2,206,648 shares of its common stock for an aggregate purchase price of $16.2 million under the share repurchase program announced on May 16, 2011. The shares were repurchased at an average cost of $7.35 per share, and represented 0.9% of the total outstanding shares as of March 31, 2011.
Montpelier Reports Initial Loss Estimate of $35M from Second Quarter Storms
by Insider Scoop - June 30th, 2011 4:03 pm
Courtesy of Benzinga
Montpelier Re Holdings Ltd. (NYSE: MRH) today announced a preliminary estimate of losses from the severe flood, hail, tornado and wind events that occurred in the United States during the second quarter of 2011.
Montpelier estimates its pretax net loss from these weather events to be $35 million, which is net of reinsurance recoveries and reinstatement premiums.
In view of the uncertainties associated with this preliminary estimate, Montpelier’s actual losses may differ, perhaps significantly, from this estimate.
In addition, Montpelier does not currently expect to incur any losses from the June 2011 New Zealand earthquake and does not currently anticipate any material development to its reported net loss reserves associated with the first quarter 2011 international catastrophe events, which include the Japan and New Zealand Earthquakes and the Australian floods and cyclone.
Tim Geithner: Welcome To The Unemployment Line
by Zero Hedge - June 30th, 2011 3:47 pm
Courtesy of Tyler Durden
The last rat is preparing to jump from the SS Obamic
GEITHNER SAID TO CONSIDER LEAVING TREASURY AFTER BUDGET DEAL
Explains why the market just ripped.
In the meantime, a cubicle at 270 Park is being prepared.
From Bloomberg:
Treasury Secretary Timothy F. Geithner has signaled to White House officials that he’s considering leaving the administration after President Barack Obama reaches an agreement with Congress to raise the national debt limit, according to three people familiar with the matter.
Geithner hasn’t made a final decision and won’t do so until the debt ceiling issue has been resolved, according to one of the people. All spoke on condition of anonymity to discuss private discussions.
The Treasury secretary has said the U.S. risks defaulting on its obligations if Congress doesn’t raise the $14.3 trillion debt ceiling by Aug. 2. The administration and congressional Republicans are at an impasse in negotiations to raise the limit, which also is tied to efforts to cut the nation’s long- term deficit.
An exit by Geithner would complete the turnover in Obama’s original economic team, with Council of Economic Advisers Chairman Austan Goolsbee scheduled to leave in early August to return to the University of Chicago.
That would leave Obama with two key posts to fill as Republicans are seeking to turn the 2012 election into a referendum on Obama’s handling of the economy and the recovery is slowing. The unemployment rate rose to 9.1 percent in May, according to the Labor Department, and the U.S. economy grew at a 1.9 percent pace in the first quarter, according to Commerce Department figures released June 24.
Geithner, 49, has told associates that he needs a break from government service after dealing with the turmoil that followed the collapse of Wall Street firms including Bear Stearns Cos. and Lehman Brothers Holdings Inc., first as president of the Federal Reserve Bank of New York and then as Obama’s treasury secretary.
Family considerations also are playing a role in Geithner’s deliberations, according to the people. His son has decided to finish his final year of high school in New York.
If Geithner does leave the administration, Obama would be losing a member of his economic team who understands Washington institutions and the New York banking world as well the intricacies of the Chinese economy. Geithner has pressed the Chinese to let their currency…
The U.S. Is A Kleptocracy, Too
by ilene - June 30th, 2011 3:34 pm
Courtesy of Tyler Durden
Submitted by Charles Hugh Smith from Of Two Minds
The U.S. Is A Kleptocracy, Too
If we dare look at the plain facts of the matter, we have to conclude the U.S. is a kleptocracy not unlike Greece, only on a larger and slightly more sophisticated scale.
Yesterday, I noted that Greece Is a Kleptocracy; the U.S. is a kleptocracy, too. Before you object with a florid speech about the Bill of Rights and free enterprise, please consider the following evidence that the U.S. is now a kleptocracy worthy of comparison to Greece:
1. Neither party has any interest in limiting the banking/financial cartel. The original Glass-Steagal bill partitioning investment banking from commercial banking was a few pages long, and it was passed in a few days. Our present political oligrachy spends months passing thousands of pages of complex legislation that accomplishes essentially nothing.
As Federal Reserve Bank of Kansas City President Thomas Hoenig recently noted (in a rare admission by an insider--I wonder how long it will be before he "resigns to pursue other opportunities," i.e. is muzzled):
The problem with SIFIs ("systemically important financial institutions," a.k.a. too big to fail banks) is they are fundamentally inconsistent with capitalism. They are inherently destabilizing to global markets and detrimental to world growth. So long as the concept of a SIFI exists, and there are institutions so powerful and considered so important that they require special support and different rules, the future of capitalism is at risk and our market economy is in peril.
Do you really think Dodd-Frank and all the other "fooled by complexity" legislation has accomplished anything? Hoenig cuts that fantasy off at the knees:
As late as 1980, the U.S. banking industry was relatively unconcentrated, with 14,000 commercial banks and the assets of the five largest amounting to 29 percent of total banking organization assets and 14 percent of GDP.
Today, we have a far more concentrated and less competitive banking system. There are fewer banks operating across the country, and the five largest institutions control more than half of the industry’s assets, which is equal to almost 60 percent of GDP. The largest 20 institutions control 80 percent of the industry’s assets, which amounts to about 86 percent of GDP.
In other words, nothing has really changed from 2008 except the domination of…
Alanco Technologies Dips on Negative Story
by Insider Scoop - June 30th, 2011 3:33 pm
Courtesy of Benzinga
@markflowchatter tweets that a negative story about Alanco Technologies (NASDAQ: ALAN) is now circulating. Further links are available at the above link.
Hearing Positive Chatter in Mexco Energy Corporation
by Insider Scoop - June 30th, 2011 3:23 pm
Courtesy of Benzinga
http://www.sec.gov/Archives/edgar/data/66418/000139834411001403/fp0003091_ex991.htm
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