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.

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

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.

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.

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

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