Enrollment growth of 9.5 percent year-over-year, while likely better than many companies this quarter, was the slowest in recent memory.

The surprise was how large the new student enrollment number was ? everybody was just shocked. This was a stock with lots of short interest, and obviously they're getting killed today. My guess is that this stock, after the euphoria of today, probably will pull back a little bit but will probably still trade at a premium to the group.

This new student number is like your freshman class as they work their way through these programs. That will help your total enrollment going forward. It's a strong precursor.

We believe the market will be focused on the strong enrollment data.

I've been covering the group since 1999, but I've been the most cautious [now] then I've ever been.

In our view, guidance will be coming down, it is only a question of how far. We believe the recent departure of Todd Nelson will only add some uncertainty.