Apollo Group (NASD:APOL), which provides higher education for working adults, reported an 62% increase in revenues, and is the leading point gainer of the Nasdaq-100, up $3.52.
Apollo Group Daily Chart
Apollo had been trading between $30 and $40 for most the year, but always managed to hold above the 200-day moving average. Today's news has catapulted the stock out of its trading range, gapping up in the process. Successful breakouts have been hard to come by lately, so it will be interesting to see if Apollo can sustain its momentum. For starters, volume is going to have to increase more than it has on this current rally. Secondly, gaps have a way of closing, so it will be interesting to see if this one can stay open over the coming days.
ITT Education Daily Chart
As more workers are laid off and look to increase their skill set, it makes sense that that education stocks are performing well. ITT Education (NYSE:ESI) specializes in educating their 25,000 students in the field of technology, and based on their stock performance, that's where the demand is. Since its January low of $18.50, ITT has gained over 129%. It's had some dips along the way, but each successive dip has been less severe, and each decline has seen prices gap higher. After gapping up on 6/1/01, ITT has been consolidating, most likely waiting for the 50-dma to catch up. ITT is scheduled to release earnings on July 19th, so it will be interesting to see has Apollo performs after announcing positive earnings.