Cramer said he's still a fan of American Public Education (APEI), which caters to the more stable military sector, but he'd be a seller of Apollo, along with Career Education (CECO), Corinthian Colleges (COCO) and ITT (ITT).

Outperform - Price 40 on June 24
by Barrington Research

Our estimates call for revenue of $24.5 million in 2Q, ended June 30, up 51.5% from last year's $16.2 million; net income of $2.7 million, up 35% from last year's $2 million; and diluted EPS of 15 cents, down 6.3% from 16 cents a year ago on 51% more shares outstanding. APEI's growth strategy includes expand[ing] its core military market (management expects to double market share [within] five years), improving retention rates and expanding into public service/civilian markets. Market cap: $751 million.

Buy -- Price 40 on Dec. 19
by Signal Hill

APEI provides online programs focused on military and public-service communities.... Although the shares could prove volatile ... as the model evolves to serve a larger percentage of civilian students, we believe [in] the fundamental strength of the value proposition ... Like Capella, APEI trades better than 30 times our CY09 estimate of $1.33 ... Our CY10 EPS estimate [is] $1.86, suggesting upside of 40% in next 12 months. Market-cap: $707 million.