Stock Alert: New Oriental Education & Technology Group Loses 8%

(RTTNews) - Shares of New Oriental Education & Technology Group Inc. (EDU) are losing more than 8 percent in Friday's morning trade at $115.14, despite the absence of any stock-specific news. U.S. stocks opened lower on Friday after three straight days of gains.

New Oriental Education is a China-based provider of private educational services under the New Oriental brand. The company operates through Language Training and Test Preparation Courses, and Others segments.

Earlier this week, New Oriental Education said it will report its financial results for the third quarter ended February 29 before the U.S. market opens on April 21.

In January, the company had reported adjusted earnings for the second quarter that beat analysts' estimates. Net income for the quarter was $53.44 million or $0.34 per share, compared to net loss of $25.83 million or $0.16 per share in the year-ago period.

Adjusted earnings for the quarter were $0.36 per share, while analysts polled by Thomson Reuters expected earnings of $0.21 per share. Analysts' estimates typically exclude special items. Revenue for the quarter grew to $785.21 million from $597.07 million a year ago.

The shares have traded in a range of $80.18 to $142.38 in the past 52 weeks.