logo
Plus   Neg
Share
Email

Stock Alert: New Oriental Education & Technology Group Loses 8%

Shares of New Oriental Education & Technology Group Inc. (EDU) are losing more than 8 percent in Friday's morning trade at $115.14, despite the absence of any stock-specific news. U.S. stocks opened lower on Friday after three straight days of gains.

New Oriental Education is a China-based provider of private educational services under the New Oriental brand. The company operates through Language Training and Test Preparation Courses, and Others segments.

Earlier this week, New Oriental Education said it will report its financial results for the third quarter ended February 29 before the U.S. market opens on April 21.

In January, the company had reported adjusted earnings for the second quarter that beat analysts' estimates. Net income for the quarter was $53.44 million or $0.34 per share, compared to net loss of $25.83 million or $0.16 per share in the year-ago period.

Adjusted earnings for the quarter were $0.36 per share, while analysts polled by Thomson Reuters expected earnings of $0.21 per share. Analysts' estimates typically exclude special items. Revenue for the quarter grew to $785.21 million from $597.07 million a year ago.

The shares have traded in a range of $80.18 to $142.38 in the past 52 weeks.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
Shares of Zoom Video Communications (ZM) gained 4% on extended session Tuesday after the video conferencing software company reported a first-quarter results that trumped Wall Street estimates and issued a outlook for the second and full year 2021 that is expected to beat current expectations. First-quarter... The National Retail Federation Chief Economist Jack Kleinhenz said it was too early to say how quickly or smoothly the U.S. economy would stage a recovery following the "sizable disruptions" due to the coronavirus pandemic. However, he noted that the reopening of businesses and the resumption of economic activity is a significant step forward. Following the recall of type 2 diabetes medication Metformin Hydrochloride Extended-Release (ER) by Apotex last week, the U.S. Food and Drug Administration or FDA has recommended more pharmaceutical companies, who are manufacturers of the drug formulation, to recall their products.
Follow RTT