DeVry Education Group Inc (NYSE: DV)
DeVry Education Group was off to a rough day in the market today. When the opening bell rang, the stock was trading slightly above the green line. However, that didn't last long. As the session started the stock traded flat before falling to the red. Since then, the stock has yet to recover. Now, the stock has been halted. Below, we'll talk about what we're seeing from DV, the halt, and what we'll be watching for ahead.
What We're Seeing From DV
As mentioned above, DeVry Education Group wasn't having the best of days in the market today. While the stock was in the green at the start of the day, that didn't last long. Throughout the morning, the stock fell further and further into the red. Now (1:40), DV is halted at $32.10 per share after a loss of $0.90 per share or 2.73%.
What's Going On With The Halt
As is almost always the case, our partners at Trade Ideas were the first to inform us of the halt on DV. As soon as we received the alert, the CNA Finance team started digging to see exactly what was causing the halt. At this point, the there is news pending, and nothing has been offered as to why this is happening.
Nonetheless, there is one thing that we do know, the stock is halted. With DeVry Education Group on a halt, we know that something big is likely going on. After all, there's got to be a good reason to pause trading in an active session.
What We'll Be Watching For Ahead
Moving forward, the CNA Finance team will be keeping a close eye on DV. In particular, we're watching for the breaking news surrounding the halt. As always, we'll be watching the story closely and bringing the updates to you as they break! Stay tuned!
Update (2:20): The halt is still active and no news has been released yet. The most recent bit of news had to do with a disclosure of insider selling, but nothing that we believe would cause the halt.
Update (2:35): Hearing news down the line that the halt is the result of a buyback. We'll continue to follow the story and bring it to you as it breaks!
Update (2:38): DV announces that it now has the ability to buy back up to $300 million of its common stock through December 2020. In a statement, Lisa Wardell, President and CEO of DeVry Education Group had the following to offer...
"The significant expansion of our share repurchase program reflects our improved financial performance and our board's confidence in our strategic direction as well as our focus on delivering increased returns to our owners... We remain committed to balancing our capital allocation efforts with the goal of enhancing academic quality, supporting our growth objectives and consistently delivering value to our shareholders."
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