It would seem that Corinthian Colleges, Inc. (COCO), a for-profit college corporation, is being taught a lesson by the federal government, after the U.S. Department of Education limited the college corporation’s access to federal funding.
Apparently the Department of Education had been investigating the Santa Ana-based college corporation for years over allegations that it altered students’ grades and attendance records, fabricated job placement rates, and misled students about financial aid obligations. The company is also being accused of using erroneous data in its ads to attract more students. And to nobody’s surprise, the schools operated by the company have defaulted on many federal loans.
This week, shares of ParkerVision Inc. (PRKR) plunged to record-lows. The share price tank was the devastating consequence of a federal judge dissenting from what the company saw as patent infringement, and ruling against ParkerVision’s $173 million patent-infringement claim against Qualcomm Inc. (QCOM).
ParkerVision may have filed an appeal, but look: it’s obvious that investors don’t see eye-to-eye with the company, which is obviously why shares of the company nosedived.
Similarly, the stock price of Bed Bath & Beyond (BBBY) tumbled on news that the company failed to surpass (or even meet) analysts’ estimates for revenues and earnings.
The company bore the brunt of its unsatisfied investors after it reported earnings of 93 cents a share on revenue of $2.66 billion. Analysts had estimated earnings of 94 cents a share on revenue of $2.69 billion.
This could either be the investors or the Bed Bath & Beyond management
Unlike Bed Bath & Beyond, CarMax (KMX) reported first-quarter of fiscal ‘15 earnings that beat both top and bottom-line estimates. The company seems to be running on all cylinders. Tom Folliard – CEO of CarMax – appeared satisfied: “The improvement was broad-based, with contributions from our retail and wholesale operations, as well as from (the finance unit).”
But it hasn’t all been smooth and sunny for the used-car retailer. The company, like Corinthian Colleges, is being accused of running deceptive advertising campaigns to lure in customers.
An alliance of 11 consumer groups has urged the Federal Trade Commission to investigate CarMax, alleging that the company “does not fix vehicles that have been recalled before it sells them” – contrary, then, to CarMax’s promise that it subjects every vehicle to a “rigorous 125-point” inspection.
In different news, Richard “Rick” Sharp, the long-time CEO and driving force of CarMax, passed away on June 24 at the age of 67.
GoPro Inc. (GPRO), a favorite of action sport enthusiasts, itself saw a lot of action with a successful debut on the Nasdaq stock exchange. The company sold 17.8 million shares, which helped it to raise $427.2 million. The sports-camera maker is beloved by extreme sports athletes all over the world, and has already achieved the coveted status of being a publicly traded tech company with actual profits.
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