Apollo Group Inc. (APOL:US), owner of the University of Phoenix, fell the most in two months in New York trading after new enrollment declined for a third straight quarter and two analysts cut their ratings.
Apollo, based in Phoenix, tumbled as much as 12 percent to $18.52, the most since Nov. 7. At 9:57 a.m., the stock was down 11 percent to $18.67. The company, the biggest U.S. for-profit college, had lost 63 percent of its value in the past 12 months before today, while an index of 13 for-profit colleges fell 48 percent.
Morgan Stanley and First Analysis Corp. downgraded the shares to equalweight, the equivalent of a hold rating, from overweight.
Apollo reported yesterday that total enrollment dropped 14 percent while the number of new students signing up for classes fell 15 percent.
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