Is anyone better able to explain the circumstances than I am? It looks like the stock closed at $16.36 (with 16.20 being the 52-week low). The company today filed documents indicating it still hasn't filed its corrected 2013 or Q1 2014 financials with the SEC and there is a possibility that the DOE could put it on some sort of heightened scrutiny.
Could ITT Tech actually go the way of Corinthian?!?!
Anonymous17507 - the short positions on this stock are enormous, so, people who sold short have to cover from time to time. so, after every dip, you will see a jump as people are taking profits and buying stock back to cover their short positions. that's why you see the zig-zag movement in the price. you need to watch the overall trend, for example we'll go 4% down and 3.8% up, then 3% down and 2.9%, and over time this all adds up. also, most of the news that's published is already priced in as the large investors tend to move before the news pops - the game is rigged and there is an asymmetrical access to information, typically the big guys know what's going on before the little guy, so, once news is published it's already too late. most of the movement happens on the rumor and rumors start floating around much before the actual news kicks in... my two cents.
Not interested in shorting the stock. I don't invest directly in stocks nor do I play the market or understand how to. I'm curious because I used to work there and feel shame for my role, although I was in academics, not FA or Admissions. What I don't understand is how the stock is up 3+% after admitting they may be under heightened scrutiny from the DOE?!
I reckon you'd want to short our stock - that's fine but a fairly risky business as we are much different business from CCI. You have 20 AGs going after CCI and that org is rotten to it's core. Most of ITT's business is legit and we have been cooperating with everyone since day one (not case with CCI). Go ahead and short the stock, however the possibility of getting burned is pretty much unlimited.