Corinthian Colleges, Inc. (NASDAQ:COCO) has been hammered lately. Fears over government regulation, oversight and a miss on earnings announced today have caused the stock to drop from a 52 week high of $20.29 to the low of the day at $4.42. As I listen to the conference call the one thing that jumped out at me was the talk of the $200 million buyback that was announced a while ago. The CEO is stating that the $200 million buyback will begin this quarter. Right now that market cap is only $400 million. That means at current levels, they would buy back half the shares. If that is true, this is very attractive at currently levels regardless of earnings or government issues. This is an extremely high risk play as funds will be dumping under $5.00 but still remains attractive to me. Stay tuned and join the Research Center to get amazing calls, analysis and education.
Gareth Soloway
Chief Market Strategist
www.InTheMoneyStocks.com
