Here’s what’s hot in the market today: Private education companies ITT Education Services and Apollo Group saw massive gains following the announcement of a delay in federal regulations on for-profit colleges. Meanwhile, Vera Bradley’s first quarter numbers sent the stock diving. Rounding out the list are construction management firm Hill International and manufactured home community manager Equity Lifestyle Partners.
Hill International (NYSE: HIL) climbed more than 53% on more than 2 million shares traded, nearly 30 times its average volume. Hill is a construction consultant that handles government contracts around the globe. Shares rose to almost $7 after Hill won a $3 million deal to manage the expansion of Brazil’s wind farms.
Equity Lifestyle Properties (NYSE: ELS), the manufactured and mobile home community manager, was up about 4% midday with shares trading at a little more than $62. ELS saw nearly 8 times normal trading this am. The company announced after Wednesday’s close it sought $59.50 a share on a public offering of more than 5 million shares. Proceeds will go toward the acquisition of 76 manufactured home communities in 16 states, according to Reuters.
Vera Bradley (NASDAQ: VRA) shares plummeted to just above $40 by midday, down from almost $48 on Wednesday. The nearly 16% drop came after the women’s accessories maker announced first quarter revenues of around $11 million, down 33% year-on-year. Almost 2 million shares traded this morning, seven times the typical volume.
ITT Education Services (NYSE: ESI) was up over 16% on five-times normal trading. Shares spiked up to $92 before falling back to around $82. For-profit college operator ITT got a respite from federal regs that would take away funding unless the schools change loan practices that some charge exploit students. The mandate appears to have been pushed back to 2015 from 2012.
Apollo Group (NASDAQ: APOL) was up almost 10% on more than five times normal trading. Apollo is another for-profit college operator that benefited from delay in federal loan rules. More than 10 million shares were traded by midday with Apollo trading above $46.
As of this writing, Anthony John Agnello did not own a position in any of the stocks named here. Follow him on Twitter at @ajohnagnello and become a fan of InvestorPlace on Facebook.
