Companies whose shares are expected to trade actively in today’s session are KBR, Inc. (NYSE:KBR), Dendreon Corporation (NASDAQ:DNDN), Best Buy Co., Inc. (NYSE:BBY), ArQule, Inc. (NASDAQ:ARQL), American Express Company (NYSE:AXP) and Oneok Partners LP (NYSE:OKS).
KBR Inc. (NYSE:KBR): The heavy engineering and construction company has lowered its full-year earnings forecast. The company said higher-than-expected labor costs, project charges in the minerals and construction businesses during the fourth quarter would affect margins. Shares dipped 9.34 percent to $29.01 in early market trading.
Abacab Fund Sees Mispricing In Options As Black-Scholes Has Become “Inadequate”
Abacab Asset Management's flagship investment fund, the Abacab Fund, had a "very strong" 2020, returning 25.9% net, that's according to a copy of the firm's year-end letter to investors, which ValueWalk has been able to review. Commenting on the investment environment last year, the fund manager noted that, due to the accelerated adoption of many Read More
Dendreon Corporation (NASDAQ:DNDN): The biotech stock has been heavily shorted for the past two years. The company’s prostate cancer drug, Provenge, faced reimbursement issues and many other problems. However, Bernstein found on Friday that most of Provenge prescribers were increasing the use of this drug, and they are also recruiting others to use the drug. Bernstein said Dendreon is on the path of slow but steady revenue growth, and the company’s bad times are coming to an end. Bernstein revised its rating for the biotech company to “outperform” and raised the price target by 43 percent to $10. Dendreon shares were up 13 percent to $5.76.
Best Buy Co., Inc. (NYSE:BBY): The world’s largest retailer of consumer electronics announced its holiday sales results today. Though the total sales were down slightly to $12.8 billion from the previous year’s $12.9 billion, online sales surged 10 percent. The company is focusing on the U.S. market to turn around its operations. Shares were up 9.34 percent to $13.34
ArQule, Inc. (NASDAQ:ARQL): The biotechnology company said that its lead drug for colorectal cancer failed to meet survival targets for patients. Shares plunged 13.36 percent to $2.42
American Express Company (NYSE:AXP): The credit card lender said it will fire about 8.5 percent of its total workforce in one of its biggest cost cutting efforts. The company said it wants to rejigger its business in this digital environment and tough global economy. Shares were up 1.35 percent to $61.61.
Oneok Partners LP (NYSE:OKS): The energy company said it is offering 300 million of its common units that represent limited partner interests. It will use the proceeds for debt repayment. Shares were down o.15 percent to $58.38