The Trump administration will announce on Wednesday a rollback of Obama-era rules devised to close for-profit colleges that are said to leave students with high debt and little job opportunities, according to the Wall Street Journal.

The Education Department will rewrite the rules, known as "gainful employment" regulations, to make them "fair, effective and improved."

The administration will also alter the rules that make it easier for Americans to bring lawsuits against universities and graduate schools accused of committing fraud in promotional materials.

The "borrower defense" rule was designed by the Obama administration and was intended to reimburse Americans who enrolled at schools that made false promises of students getting high-paying jobs after graduating.

Education Secretary Betsy DeVos will announce that the agency will establish committees to rewrite both sets of regulations.

Shares of for-profit educators were down on the news.

Adtalem Global Education Inc. (ATGE) , formerly DeVry Education Group Inc., was down about 2.6% midday Wednesday to $37.20 per share, while shares of Grand Canyon Education Inc. (LOPE) were down less than a percent to $80.10.

What's Hot on TheStreet

Amazon car dealer talk won't go away: This news continues to spread around the globe, probably sparking fear in the minds of all used car sales people. As TheStreet reported this week, Amazon (AMZN) has reportedly taken early steps to become an online car dealership in Europe, this according to a German trade weekly called Automobilwoche. The German newspaper cites Christoph Moeller, an industry specialist, as saying he has been placed in charge of the company's European business with car makers. Amazon is said to be planning to run that business out of Luxembourg and is eyeing the U.K. as its possible first market.

U.S. names that could be at risk should Amazon eventually sell cars in the states: CarMax (KMX) , AutoNation (AN) and struggling upstart dealer Carvana (CVNA) .

Step aside Starbucks: Panera Bread (PNRA) continues to impress on so many fronts. On Tuesday, Panera Bread announced that it has exceeded $1 billion in digital sales. TheStreet reports that the "Amazonization" of fast food continues.

Starbucks SBUX isn't the only one who can do digital well.

Apple and cars: TheStreet dives deep into Apple's (AAPL) car ambitions. To be sure, this is a story that is only just starting to play out. Companies from Ford (F) to Uber should be closely planning for Apple's aggression in the auto space over the next five years.

About Uber: Uber's investors continue to back the embattled ride-sharing company, according to TheStreet's sources.

Starbucks and Apple are holdings in Jim Cramer's Action Alerts PLUS Charitable Trust Portfolio. Want to be alerted before Cramer buys or sells SBUX and AAPL? Learn more now.

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