EAI loses bid, stocks drop 23%

Education Alternatives Inc. stock plummeted $5 a share yesterday after news reports hit the stock market that the company lost a contract to manage public schools in Milwaukee and that its bid to manage schools in Washington, D.C., is on hold. The stock dropped 23 percent, or $5 a share, to $16.75. The fall wiped out $30 million in market capitalization. EAI manages 11 Baltimore public schools.