The earnings beat analyst's expectations, but came after AH closed. The drop today seemed triggered mainly by Morgan Stanley's downgrade of the stock... which pretty much means nothing. It almost seems like SLM is being purposely pushed lower at this point. It is obvious that there are multiple legislation being pushed through for government intervention in student loans and SLM already has lots of public attention of its plight. All its problems are already known. I would expect a jump soon.