Apollo Group, Intel: After-Hours Trading (Update 1)

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) 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) 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.

Big Blue was seeing its stock flash red after the closing bell as investors took IBM ( IBM) to task for falling short of Wall Street's revenue expectations in its latest quarter.

The Dow component reported an adjusted profit of $4.2 billion, or $3.62 a share, up from 10% from a profit of $3.28 a share in the prior year's quarter, and a penny ahead of the consensus view.

But revenue came in at of $24.75 billion in the September-ended quarter, down from $26.16 billion in the same period last year, and below the analysts' estimate of $25.36 billion. Currency negatively impacted IBM's revenue by nearly $1 billion in the latest period. The company also acknowledged on its conference call that business fell off in the final month of the quarter in both North America and its growth, or emerging, markets businesses.

The stock was last quoted at $203.75, down 3.4%, on volume of 1.13 million, according to Nasdaq.com.

Other stocks making a splash in late trades were Fortinet ( FTNT), which was down nearly 17% on volume of more than 800,000 after the Sunnyvale, Calif.-based network security company reported in-line results for the third quarter but gave a lower outlook for full year, according to Reuters; and Cree ( CREE), whose shares rose more than 7% on volume of more than 200,000 after the Durham, N.C.-based maker of LED lighting products topped Wall Street's view for its first-quarter earnings by a penny.

-- Written by Michael Baron in New York.

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