Apollo Group has been in decline since 2004, and in steep decline since 2011. So who is buying into APOL this current quarter, and for what reason? With all the lawsuits coming down the pike, Phoenix's declining reputation, I don't see how any amount of PR and advertising can revive this company.
APOL has about $800M cash net of student deposits, and at its worst it produces about $250M of free cash flow every 6 months (or about $500M / year). Its stock valuation is $2000M. At this valuation, if one buys the company then that person would break even in 3 years... Wall Street is thinking that the company will close its doors any time now.