The big selloff in Chegg Inc.’s stock CHGG on the back of a downbeat revenue outlook is weighing on the shares of other online education companies. Chegg’s stock plummeted 46.3% in morning trading, enough the pace the New York Stock Exchange’s (NYSE) decliners, and put it on track to close at a six-year low. Elsewhere, shares of Duolingo Inc. DUOL tumbled 10.0%, of 2U Inc. TWOU shed 4.3%, of Coursera Inc. COUR slid 3.3% and Stride Inc. LRN gave up 3.2%. Among China-based education companies, the U.S.-listed shares of TAL Education Group TAL dropped 7.0%, of New Oriental Education & Technology Group Inc. EDU slumped 5.7% and Gaotu Techedu Inc. GOTU fell 5.8%. The stocks significantly underperformed the broader stock market, as the S&P 500 SPX slipped 0.4%.
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