ITT Educational Services Inc. (NYSE: ESI)
ITT Technical Institute (ESI) an educational service company that provides postsecondary degree programs, today announced the California suspension against them has been overturned and was unlawful, ruling came from State Court Judge William D. Claster.
VP of Government Relations and External Affairs
“We’ve always believed that, if we were given the opportunity to present the facts to an impartial body, ITT Tech’s position would be vindicated. We’re extremely pleased to continue serving the educational needs of veterans without unlawful interruption,” said Nicole Elam, vice president of government relations and external affairs. “We took the necessary legal steps to ensure our current and future veteran students may use the educational benefits they earned through their service at the school of their choosing—ITT Tech. The agency had no lawful basis for suspending its approval of our programs and we are glad that justice has prevailed.” PR Newswire
ESI Technical Analysis
ESI gapped up today in price to $3.78 up from yesterday’s close of $3.00 which is a 26% increase in price based on favorable news. Taking a look at the daily chart we can see the last time the stock traded at this level was back on July 30 when it closed at $3.90. On July 29 the stock closed at $5.67, so we can see the stock tanked $1.77 which was based on their 2015 second quarter results which were released on that day. The stock has a 52 week high of $14.10 and has shown the ability to make big moves in one trading day based on news and earnings results. The stock has a low float of 18.88 million shares which also shows the stock’s ability to make big moves. The pre market high for the stock is $4.05 so it only gave back $0.27 at the open. For trading purposes I would use $4.00 as my entry point looking for a pop thru the whole number. My stop loss would be the gap up price of $3.78 fearing anything below that and the stock will start to fill in the gap up.
ITT Educational Services, Inc. provides postsecondary degree programs in the United States. It offers master, bachelor, and associate degree programs to approximately 53,000 students; and short-term information technology and business learning solutions for career advancers and other professionals. The companys business education programs include accounting, business administration, financial services, manufacturing, marketing and advertising, and sales; and drafting and design programs consist of architectural and construction drafting, civil drafting, computer aided drafting, electrical and electronics drafting, industrial engineering technology, interior design, landscape architecture, mechanical drafting, and multimedia communications. Its electronics technology programs include communications, computer technology, electronics product design and fabrication, industrial electronics, instrumentation, and telecommunications; and criminal justice programs include corrections, cyber security, investigations, and security and policing. The companys IT programs include communications, network administration, network technology, software development, systems technology, and technical support; and Breckinridge school of nursing and health sciences programs comprise health information technology, medical assisting and administration, and nursing. As of December 31, 2014, it had 144 college locations in 39 states. The company was founded in 1946 and is headquartered in Carmel, Indiana. Yahoo Finance