Apollo Guides Quarter Lower

It cans its previous full-year guidance.
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Apollo Group

(APOL)

won't hit Wall Street's financial targets for its second quarter and said its previous guidance for the current year is no good.

For the quarter ending Feb. 28, the higher-education purveyor expects to earn 43 cents or 44 cents a share on revenue of about $570 million. Analysts polled by Thomson First Call were expecting earnings of 54 cents a share on revenue of $586 million.

Apollo didn't elaborate on its new estimate. It said it is "suspending" earnings and revenue guidance for the current fiscal year, which ends in August. Analysts were expecting earnings of $2.84 a share on sales of $2.59 billion for that period.

The shares closed at $58.49 Monday. In premarket trading Tuesday, they plunged $7.96, or 13.6%, to $50.51, which would be a 52-week low for the stock.