Dendreon Tumbles on a DB Downgrade and 2 More Heavily Traded Stocks to Follow
Dendreon Corp. (NASDAQ:DNDN): Closing price $2.91
Shares of Dendreon are down almost 10 percent near the Friday close, after analyst Robyn Karnauskas at Deutsche Bank downgraded the stock from Hold to Sell, citing disappointing sales of the firm’s prostate cancer therapy Provenge together with increasing debt. Karnauskas also lowered her price target from $6 to $1 per share, saying that Dendreon is still losing money and even if it makes big reductions to its spending, sales of Provenge are still disappointing and growth is not certain.
Expedia Inc. (NASDAQ:EXPE): Closing price $48.84
On Friday, shares of the online travel agency Expedia moved up more than 5 percent after it announced a strategic marketing agreement with its rival Travelocity. Financials of the transaction were not revealed, but the parties said the exclusive partnership will be long-term.
Expedia will support tech platforms for Travelocity’s websites in the United States and Canada, and Travelocity will obtain access to Expedia’s supply and customer services. Travelocity will center on promoting its brand and marketing the travel services made available via the deal. The firms said plan to debut their combined services nest year.
Gold Fields Ltd. (NYSE:GFI): Closing price $5.65
The gold producer posted a second-quarter adjusted loss (aside from one-time items) from continuing operations of 5 cents a share, versus year-over-year earnings of 15 cents. On a reported basis, the company reported a net loss (attributable to Gold Fields stockholders) from continuing operations of $128.5 million or 18 cents per share in the quarter, compared to a net income of $105 million or 15 cents per share in 2012.
The sizable loss resulted from lower gold price, less gold sold and the negative gold price adjustment of $13 million linked with prior and present concentrate shipments at Cerro Corona.