ITT Educational Services Inc.NYSE
Why ITT Educational Services' Equity Is Worthless
Matt Brice • 60 Comments
Matt Brice • 60 Comments
Mon, Sep. 19, 9:20 AM
Fri, Sep. 16, 6:51 PM
- ITT Educational Services (NYSE:ESI) files for bankruptcy, 10 days after ceasing academic operations at all of its ITT Technical Institutes.
- ITT says it was forced to shut down after the U.S. Department of Education demanded a steep increase in the security it would need to post to guarantee federal student aid.
- In its bankruptcy filing, ITT listed both its estimated assets and liabilities at $100M-$500M.
Wed, Sep. 14, 10:32 AM
- Former students at ITT Technical Institutes are launching a debt strike after ending up with what they call worthless academic credentials from the various ITT schools.
- Last week, the Department of Education banned new students at ITT from using federal student aid.
- The debt strike isn't a surprise to those who have been warning about a student loan bubble.
- Shares of ITT Educational Service (NYSE:ESI) are down 90% in the last year amid the unraveling of the company's model.
Tue, Sep. 6, 7:30 AM
- ITT Educational Services (NYSE:ESI) announces that it will permanently discontinue academic operations at all of its ITT Technical Institutes.
- The action follows new funding requirements from the U.S. Department of Education.
- The company says it reached this decision only after having exhausted the exploration of alternatives, including transfer of the schools to a non-profit or public institution.
- ITT expects deep job cuts as a result of the action.
- ESI +7.50% premarket to $0.384 on light volume.
- Previously: ITT Educational Services craters after DOE pulls new federal aid (Aug. 25)
- Source: Press Release
Fri, Aug. 26, 12:45 PM
Fri, Aug. 26, 9:13 AM
Thu, Aug. 25, 2:35 PM
- Shares of ITT Educational Services (ESI -31.2%) plunge after the Department of Education announces new enforcement actions against the company in a new blog post.
- DOE actions: "We’re no longer allowing ITT to enroll new students with federal aid. In addition, in case the school’s actions cause it to close, we’re increasing the amount of cash reserves it must send us and we’re ending its installment payment plan for the amount previously required. Finally, we’re slowing down when ITT receives student aid from the government to ensure that ITT is handling its finances properly."
Fri, Jul. 29, 5:39 PM
Thu, Jul. 28, 9:16 AM
- Gainers: EVOK +31%. GRPN +29%. OCN +25%. ALR +20%. N +18%. ESI +15%. TPX +15%. GRUB +13%. LOGI +13%. VSTM +12%. CRUS +11%. ASPS +11%. CHCI +11%. EBIO +11%. AXTI +11%. VNR +9%. SPHS +9%. VGZ +8%. KONA +7%. CLF +6%. ARIA 6%. SPU 5%. YNDX 5%.
- Losers: INFN -32%. ARGS -18%. AVXL -10%. IVTY -10%. F -8%. CIEN -8%. CBD -8%. XCOM -7%. EXAS -6%. WFM -5%.
Thu, Jul. 28, 6:35 AM
- ITT Educational (NYSE:ESI): Q2 EPS of $0.18 beats by $0.22.
- Revenue of $176.32M (-17.7% Y/Y) misses by $2.73M.
- Shares +1.36% PM.
Mon, Jun. 13, 3:53 PM
- The Department of Education published a set of proposed rules that define when students can take legal action against for-profit colleges and petition to have their federal loans forgiven.
- Some consumer advocacy groups don't think the measures go for enough, while pro-industry associations are railing against the extra regulation.
- On watch: CECO, DV, STRA, ESI, LOPE, APEI, LINC, BPI, LRN, EDU, NAUH.
- Proposed DOE rules (.pdf)
Tue, Jun. 7, 12:50 PM
Tue, Jun. 7, 9:13 AM
Mon, Jun. 6, 5:35 PM
Wed, May 25, 12:50 PM
Wed, May 11, 12:49 PM