Corinthian Colleges Inc, (COCO: chart), education group, reported Q3 net income dropped to 17 cents a share, from 23 cents a share a year earlier. The company added that current earnings incorporate stock-option expensing costs of 2 cents a share. Revenue dropped to $250.3 million from $252.8 million. The company also announced that the sale of its Corporate Education Services division reduced revenue by around $7.1 million in Q3. If not for this divestiture, revenue advanced by around $4.6 million, or 1.9% in Q3. The company beat analyst estimate for earnings of 16 cents a share. Corinthian is expecting Q4 earnings in the range of 13 cents to 15 cents a share, including aRound 1 cent a share for stock-option expensing.


8:15AM European averages dropped for a fourth day in a row.
European markets posted losses for a fourth consecutive session. Averages were dragged down by weakness in oil companies as crude oil prices further declined to reach levels above $70 a barrel, sharply down from recent highs of $75. The Italian Eni and the French Total posted the steepest drop among oil majors. In currency markets the euro gained vs. the dollar on economic data. The German DAX 30 slipped 0.8%, dragged by 4.2% loss for car maker Volkswagen on lower-than-expected quarterly earnings and 2.4% decline for Siemens due to a brokerage downgrade. The French CAC 40 lost 0.4% and London FTSE 100 fell 0.3%.


7.00AM Asian Markets finished lower.
Asian-Pacific benchmarks closed lower. The Nikkei, Japan’s benchmark ended down 208.31 points, or 1.2% to 16,906.23. .The low came in the wake of China’s decision to tighten its grip on its soaring money supply growth, for fears of a potential investment bubble. Japan’s benchmark was also influenced by a poor Sony performance, shedding 5.8% after reporting a first-quarter loss and an uncertain outlook for the fiscal year. Other blue chips faired better, Canon advanced 2.3%, reporting 18.7% quarterly growth. Pioneer rose 5.3%, despite announcing $143 million operating loss on restructuring issues. Kospi, Seoul’s benchmark shed 2.5%, led by government data and Hyundai Motors legal problems. Hong Kong’ Hang Seng also ended 0.5% lower or 16,661.30 making it 1.5% for the week.