After the crackdown on big Chinese tech firms, the country's regulators now have their aim on education companies. Weighed down by the headline risk, stocks belonging to this sector are steeply lower for a second straight session.
Goldman Sachs lowered the price target on TAL Education Group (NYSE: TAL) from $53 to $5.6. TAL Education shares fell 22.3% to $4.66 in pre-market trading.
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Gainers
The New Home Company Inc. (NYSE: NWHM) jumped 82.9% to settle at $8.89 on Friday after the company agreed to be acquired by funds managed by affiliates of Apollo Global Management for $9 per share in all-cash transaction.
TAL Education Group ("TAL" or the "Company") (NYSE: TAL) announced that, on July 24, 2021, China's official state media, including Xinhua News Agency and China Central Television, announced the Opinions on Further Alleviating the Burden of Homework and After-School Tutoring for Students in Compulsory Education (the "Opinion"), is