NEW YORK (
was the worst-performing stock in the
The S&P rose 0.9 points, or 0.06%, Tuesday morning to 1,417.41.
Shares of Apollo declined 8.1% to $39.70. The stock was
to neutral from outperform by Credit Suisse on Tuesday.
The educational program company reported Monday second-quarter net income of $63.9 million, or 51 cents a share, a swing from a year-earlier loss of $64 million, or 47 cents. The earnings trounced analysts' expectations. But revenue fell 7.5% to $969.6 million as enrollments dropped by 8%.
increased 1% in the second quarter from the prior year.
Apollo shares are nearing the 52-week low of $37.12, which was established on Oct. 4. The stock's 52-week high of $58.29 was set on Jan. 17.
Apollo has an estimated price-to-earnings ratio for next year of 11.78 times; the average for specialized consumer services is 14.55. For comparison,
has a lower forward P/E of 10.10;
forward P/E is 15.
Eleven of the 19 analysts who cover Apollo rated it buy; eight analysts gave the stock a hold rating.
gives Apollo a B- grade with a buy rating and
price target. The stock has fallen 25.86% year to date.
-- Written by Alexandra Zendrian
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