Updated from 5:06 p.m. ET to include latest share prices, additional content on IBM, Fortinet, and Cree.
NEW YORK ( TheStreet) -- Shares of Apollo Group (APOL - Get Report) were tumbling in late trades Tuesday after the for-profit education company missed on the top line in its latest quarter and announced an extensive restructuring program calling for the closing of 115 locations and laying off around 800 employees.
The Phoenix-based company also forecast revenue of $3.65 billion to $3.80 billion for fiscal 2013, below the current consensus view of $4.07 billion.
For its fiscal fourth quarter ended Sept. 30, Apollo reported adjusted earnings excluding special items of $58.6 million, or 52 cents a share, on revenue of $996.5 million, down 11% from last year's equivalent period. The company attributed the decline to "lower University of Phoenix enrollment, partially offset by selective tuition price and other fee changes."The average estimate of analysts polled by Thomson Reuters was for earnings of 49 cents a share in the quarter on revenue of $1.01 billion. Apollo said degreed enrollment at the University of Phoenix fell 13.8% year-over-year to 328,400 at quarter's end with new degreed enrollment down 13.7% compared with the prior year. The stock was last quoted at $25.05, down 9%, on volume of more than 220,000, according to Nasdaq.com.
Shares of Intel (INTC - Get Report) were losing ground after the Dow component topped lowered expectations for its third-quarter results but gave a less than stellar outlook for the fourth quarter. The world's no. 1 chip maker warned in early September, making its actual performance in the September-ended period less important than its guidance. For the fourth quarter, Intel sees revenue of $13.6 billion, plus or minus $500 million. It pegged non-GAAP gross margins at 57-58%, plus or minus a couple of percentage points. Wall Street's current consensus view is for revenue of $13.74 billion in the December period. Intel's stock was last quoted at $21.60, down 3.4%, on volume of more than 11.7 million, according to Nasdaq.com.
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