Among the companies with shares expected to actively trade in Friday’s session are Best Buy Co. BBY +12.21% (BBY) ArQule Inc. ARQL -14.38% (ARQL) and Dendreon Corp. DNDN +16.86% (DNDN). Best Buy’s holiday sales fell but were supported by a surprisingly strong showing in the U.S. Best Buy, the world’s biggest consumer-electronics retailer by sales, has been focusing on the U.S. as it attempts to turn around its operations. Shares jumped 7.2% to $13.09 in premarket trade.
ArQule said a study showed the combined use of its lead drug candidate with two other cancer-fighting treatments didn’t meet survival targets for patients with a certain type of colorectal cancer. Shares plummeted 20% to $2.33 in premarket trade.
Dendreon has been one of the worst-performing biotech stocks over the last two years amid reimbursement issues for its Provenge prostate cancer drug and other problems, but Bernstein said Friday that interviews with the drug’s “busiest prescribers” showed they are not only increasing their use but recruiting others to use the product as well. With that, Bernstein forecasted “slow but steady revenue growth” for Dendreon and said it sees signs the “progressive disaster” at the company could be coming to an end. The firm raised its price target by 43% to $10/share and upped the stock to an outperform rating. Shares of heavily shorted Dendreon–short interest was 30% at year-end–surged 13% to $5.78 in premarket trade.
KBR Inc. KBR -8.19% (KBR) lowered its full-year earnings guidance, citing significant project charges it expects to record in its minerals and U.S. construction businesses in the fourth quarter as well as higher-than-expected labor costs. The engineering, construction and defense-services provider’s shares sank 9.4% to $29 premarket.
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