Wednesday's Winners & Losers: Apollo Group

Shares of Apollo Group(APOL Quote) were among the Nasdaq's losers Wednesday, tumbling 18% after the education company posted disappointing fourth-quarter results and said that its ongoing stock-option review has revealed deficiencies.

For the period ended Aug. 31, the company earned $93.5 million, or 54 cents a share, on revenue of $624.2 million. Analysts polled by Thomson First Call expected earnings of 66 cents a share and revenue of $633.3 million. A year earlier, Apollo earned $106.2 million, or 58 cents a share, on revenue of $591.8 million.

As for the options review, the company said that the accounting impact of the issue hasn't been quantified. "There can be no assurances that the results of the investigation will not require a possible restatement of the company's financial statements when the potential errors are quantified and assessed," Apollo said. Shares recently were trading down $8.76 to $39.92.

Illinois Tool Works(ITW Quote) slid 4% after the diversified manufacturer posted third-quarter earnings that missed expectations. The company earned $446.1 million, or 78 cents a share, compared with analysts' estimate of 80 cents. Revenue totaled $3.54 billion, matching Wall Street's target. During the year-earlier quarter, the company earned $408.2 million, or 72 cents a share, on revenue of $3.2 billion.

For the fourth quarter, Illinois Tool anticipates earnings of 77 cents to 81 cents a share. Analysts project earnings of 80 cents a share. Shares were trading down $1.85 to $47.65.