Apollo Group shares surge after hours
LOS ANGELES (MarketWatch) --
Apollo shares (APOL) were up 5.6% at $345.10, and had climbed 10% after the company, whose institutions include the University of Phoenix, said its fiscal third-quarter earnings excluding special items were $1.20 a share, better than the 97 cents a share analysts polled by FactSet had expected. Revenue was $1.13 billion, down from $1.24 billion in the year-ago period. Analysts had been looking for $1.12 billion.
Net earnings were $134 million, or $1.13 a share, compared with $212.4 million, or $1.51 a share, in the year-ago period. The company also said it expects 2012 net revenue of $4.2 billion to $4.3 billion. Wall Street currently expects $4.28 billion.
Apollo's shares ahead of the quarterly results fell 3.2%, bringing their loss over the past year to about 23%.
In the regular session, U.S. stocks sank as hope dimmed for European leaders to rein in the region's debt trouble. The Dow Jones Industrial Average (DJIA) fell 138 points, or 1.1%, to 12,502.66. The S&P 500 Index (SPX) lost 21 points, or 1.6%, to 1,313.72. The Nasdaq Composite Index (COMP) dropped 56 points, or 2%, to 2,836.16.