NEW YORK Oct 19 Small- and mid-capitalization
stocks fell more than 1 percent on Friday, with shares of
for-profit education companies among the biggest percentage
decliners following a weak forecast from Apollo Group Inc
earlier this week.
Apollo shares were down 3.7 percent at $20.39, while the
shares of Corinthian Colleges Inc were down 8.1 percent
at $2.51 and Strayer Education Inc shares were down 8.5
percent at $56.38.
Apollo's stock fell to an 11-year low earlier this week
after it announced plans to cut jobs and shut 25 campuses
because of lower student enrollment. The company also forecast a
The S&P MidCap 400 index fell 1.4 percent, while the
S&P SmallCap 600 index dropped 1.7 percent. In
comparison, the benchmark S&P 500 ended down 1.7 percent.
Among other big decliners, Guess Inc shares tumbled
6.2 percent to $24.96 after Morgan Stanley initiated coverage of
the clothing maker with an underweight rating.