SAN FRANCISCO (MarketWatch) — Shares of Apollo Education Group fell sharply after the market close after the company disclosed the U.S. Education Dept. plans a review of federal financial aid programs at the company's University of Phoenix.
Shares of Apollo (APOL) fell more than 5% in late trading. Apollo said the review will look at the financial aid for 2012-2014. The review was disclosed in a regulatory filing with the SEC.
For-profit education companies such as Apollo have come under increased scrutiny in recent years. Last week Corinthian Colleges (COCO) said it will sell 85 campuses and wind down 12 other schools, in the wake of legal and financial troubles.
Banking stocks are also in focus as earnings season hits its stride.
J.P. Morgan Chase & Co. (JPM) and Goldman Sachs Group (GS) , both Dow components, are slated to report results Tuesday. Both stocks rose Monday after Citigroup (C) reported its results Monday and said it had reached a $7 billion settlement over claims related to Residential Mortgage-Backed Securities. Why Cii's $7 billion mortgage settlement may help borrowers
Few major companies are reporting after Monday's bell. Results are expected from Destiny Media Technologies (DSNY) , Stanley Furniture Co. (STLY) and Peregrine Pharmaceuticals. (PPHM) .
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