Levels to Watch: 50DMA- $53.5, 100 DMA -$50.04, 200 DMA- $47.59.
Support 1-$50.72
Support2-$48.50
(Chart Glance) Before Earnings, Apollo was resting on its primary support level at $52. Apol has beeb underperforming the broader market since the beginning of the year. Today, a huge bearish gap down into previouss 2011 support. $40 seems like near term support.
Apollo shares plunge 14% as Apollo cuts its estimates for enrollment and operating profit. After board of directors gave positive numbers and forecasts for the last six months, insiders have been liquidating their positions and not adding to them.
By Greg Zimny