International Business Machines Corp. (IBM), Apollo Group Inc (APOL): Markets Rise on a Weak GDP Number. What’s Going On?

Another big loser was the Apollo Group Inc (NASDAQ:APOL), which lost 10.27% of its value today. The company announced earnings yesterday after the market closed, and although it beat the Street’s estimates for adjusted profit, its revenue misses expectations. For the quarter, revenue was down 16% as enrollment for the company’s for-profit education unit, The University of Phoenix, fell 17% to 287,500 students. Apollo Group Inc (NASDAQ:APOL) also announced that it expects revenue to come in at $3.65 billion to $3.7 billion for the full 2013 year while analysts had pinned the number to be higher at $3.71 billion.

The article Markets Rise on a Weak GDP Number. What’s Going On? originally appeared on Fool.com and is written by Matt Thalman.

Fool contributor Matt Thalman owns shares of Microsoft. Check back Monday through Friday as Matt explains what caused the Dow’s winners and losers of the day and every Saturday for a weekly recap. Follow Matt on Twitter @mthalman5513. The Motley Fool recommends Cisco Systems and owns shares of IBM and Microsoft.

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