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The Real Most Active - NASDAQ.(B)
Byline: Christina Wise
The Nasdaq shot north in the first few hours of trading Friday, but saw most of its gains slip away. It closed with a gain of just 0.8%. Still, that was good enough to snap its four-day losing streak.
Downgrades and earnings worries slapped down Corinthian Colleges and helped make its Commercial Services-Schools group the day's worst performing industry. Corinthian tumbled 13.50 points, or nearly 26%, to 39.35 on some of the day's heaviest downside volume.
The California-based for-profit school managed to beat analysts' fiscal fourth-quarter estimates by a penny with profit of 34 cents a share. But it predicted first-quarter earnings will come in between 25 and 28 cents a share. That means it could potentially fall short of analysts' 28-cent consensus estimate. Corinthian also received a downgrade from a U.S. Bancorp Piper Jaffray analyst, who cited the stock's valuation as reason for his rating reduction. Corinthian has nearly doubled in price the last year.
The news sparked sell-offs for many of its industry peers. Career Education dived 8.49 points, or 13%, to 57.76, landing beneath its 50-day moving average. Volume increased ...
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