Although we don't believe in timing the market or panicking over market movements, we do like to keep an eye on big changes -- just in case they're material to our investing thesis.

What: Shares of for-profit college Education Management (Nasdaq: EDMC) bucked the broader decline in the industry and rose more than 15% in intraday trading as investors cheered the company's fiscal first quarter results.

So what: Earnings per share for Education Management -- which is still majority owned by Goldman Sachs (NYSE: GS) and Providence Equity Partners after a late-2009 IPO -- clocked in at $0.25, ahead of the average analyst estimate of $0.22. That $0.25 in per-share profit represented more than a doubling from last year and was driven by a 25% boost in sales and a 16% increase in enrollment.

Now what: Like shares of other for-profit educators, Education Management's stock is trading at a bargain-like multiple -- currently, just over seven times expected fiscal 2011 earnings. That rock-bottom multiple isn't without cause, though. The entire sector has a cloud of uncertainty hanging over it as the government has been cracking down on the colleges' use of federal aid programs. Elsewhere in the industry today, Apollo Group (Nasdaq: APOL) took a dive as it announced that the U .S. Department of Education is conducting a review of the company's financial-aid practices. That news also led other for-profit educators such as Corinthian Colleges (Nasdaq: COCO) and DeVry (NYSE: DV) lower.

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