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Los Angelas, CA -- (SBWIRE) -- 01/08/2013 -- Shares of ITT Educational Services (NYSE:ESI) were getting sent to detention today, falling as much as 22%, after the educator agreed to pay Sallie Mae $46 million to settle a load dispute. Sallie Mae, the country's largest student lender, had alleged that ITT had failed to pay certain balances stemming from an agreement in 2007. As a result of the settlement, the educator will take an after-tax charge of $13.2 million, or $0.56 a share, in the fourth quarter of 2012. This morning, analysts at PAA Research also said ITT's liquidity position had become "increasingly challenged," and the company may violate leverage covenants by 2014. With a market cap around $400 million, the $46 million settlement puts a serious dent in ITT's value, accounting for most of today's drop. Shares have tumbled this year, along with much of the for-profit education sector; ITT is now down nearly 80% from its 52-week high. But there's a considerable argument for shares being undervalued at this point.
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SunPower Corporation (NASDAQ:SPWR) has divested its 579-megawatt Antelope Valley Solar Projects to MidAmerican Solar, a subsidiary of MidAmerican Renewables. The projects are located in Kern and Los Angeles Counties in California. The two combined projects will create the biggest permitted solar photovoltaic power development in the world and will also create an estimated 650 jobs during their building.
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LDK Solar Co., Ltd (ADR) (NYSE:LDK) shares decreased 4.21% to $2.05 after the company announced that, based upon a notice received on January 3, 2013 from the New York Stock Exchange (the “NYSE), we are once again in compliance with the NYSE’s continued listing requirement of a minimum average closing price of $1.00 per share over a consecutive 30-trading-day period.
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Achillion (NASDAQ:ACHN) announced that it has completed enrollment in a pilot Phase 2a trial evaluating ACH-3102, a second-generation pan-genotypic NS5A inhibitor, in combination with ribavirin for the treatment of patients with chronic genotype 1b hepatitis C virus infection. Up to 12 weeks of once daily ACH-3102 appears safe and well tolerated with no on-treatment virologic breakthrough observed to date.
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