Market Focus

Apollo Education Group

Apollo Education Group saw a big dip in college enrollment. The for-profit education company reported a smaller-than-expected loss last quarter, but offered up a disappointing sales projections for the rest of the year. Shrinking student numbers are a big part of the story, after its University of Phoenix operation saw a drop in new enrollment. Shares plunged more than 28 percent to $20.04.

Lands’ End

Also a tough day for shares of Lands’ End. The retailer saw its earnings fall in the holiday quarter, as its results were hurt by a product recall and negative currency impacts. The stock was off more than 2.5 percent to $34.74.

Paychex

Paychex saw sales rise in its February quarter, helped by an increase in revenue in its human resources business. The payroll services company’s earnings were in-line with the street’s estimates. Still, the stock was off four percent to $49.20.

Lumber Liquidators

An update on Lumber Liquidators. U.S. regulators at the Consumer Product Safety Commission said they were investigating certain Chinese made products sold by the wood flooring company.
It will test to see if those floors contain harmful levels of formaldehyde, a known carcinogen.This following media reports that those Chinese-made products are dangerous. The stock was 10.5 percent higher to $31.86.

U.S. Steel

U.S. Steel says it will temporarily idle a plant in Illinois as it consolidates its North American flat-rolled steel operations.
This comes as there’s been weak demand from the energy sector.
The move will result in more than 2,000 layoffs. Shares were up a few cents to $24.81.

Schlumberger

Schlumberger will pay more than $230 million for violating U.S. sanctions in Iran and Sudan. The oilfield services company is expected to plead guilty for doing businesses with the countries declared off-limits. Its criminal fine would be the largest ever imposed for a U.S. sanctions violation. Shares rose almost two percent to $83.29.

McCormick

McCormick announced a buyback and dividend after the close.
The spice maker declared a 40-cent quarterly dividend and its board authorized a $600 million share repurchase program. Shares were little changed after hours. Before the close they rose one percent to $75.99.

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