Dendreon Surges; Gannett, Boyd Gaming Fall

Mayank Mehta
14 Apr, 2009
New York City

Huntington Bancshares Incorporated led gainers in the S&P 500 index with a rise of 16.0%. Bank of the Ozarks first quarter profit surges on higher net interest income. Fastenal Company posts lower first quarter profit and the retailer the Talbots, Inc posts fourth quarter net loss.

[R]1:20PM New York – Huntington Bancshares Incorporated led gainers in the S&P 500 index with a rise of 16.0%. Bank of the Ozarks first quarter profit surges on higher net interest income. Dendreon Corporation surges after its product for prostate cancer treatment.[/R]

Of the stocks in S&P 500 index, 61 increased, 435 declined and 4 were unchanged.

Gannett Co., Inc led the decliners in the S&P 500 index with a loss of 14.2% followed by losses in CB Richard Ellis Group, Inc with a loss of 11.2%, in Morgan Stanley of 7.8%, in Discover Financial Services of 7.5%, in Macy's, Inc of 7.3%.

Huntington Bancshares Incorporated led gainers in the S&P 500 index with a rise of 16.0% followed by gains in Citigroup Inc of 8.6%, in American International Group, Inc of 8.4% and Dynegy Inc of 6.5%.

Other Movers

Bank of the Ozarks, Inc ((OZRK)) added 8.6% or $2.06 to $25.90 after the provider of retail and commercial banking products and services said first quarter net interest income rose 39.5% to $30.3 million from $21.8 million a year ago. Net income in the quarter rose 19.6% to $9.3 million or 55 cents per diluted share compared to net income of $7.8 million or 46 cents per share a year ago.

Boyd Gaming Corporation ((BYD)) fell 4.5% or 31 cents to $6.56 after the Las Vegas-based owner of casinos was downgraded by J.P. Morgan to “underweight” from “neutral” on the recent rise in casino stocks and high leverage in the capital structure.

Dendreon Corporation ((DNDN)) surged 193.9% or $13.38 to $20.67 after the biotechnology company said its cancer treatment drug Provenge met key goal in prolonging survival in men with advanced prostate cancer.

Provenge may help advanced state prostate cancer patients prolong their lives and is designed to engage patients own immune system against cancer. The company intends to file an amendment to its application in the fourth quarter to seek a permission to license the product.

Currently there are very limited treatment options for advanced, metastatic prostate cancer. Prostate cancer is the most prevalent non-skin cancer among men in the U.S. and more than one million men suffer from the disease. There were 186,320 cases of the cancer last year and 28,660 died from the disease.

The company plans to provide detailed presentation at the American Urological Association’s annual meeting in Chicago on April 28.

The Dress Barn, Inc ((DBRN)) rose 4.9% or 69 cents to $14.70 after the women’s clothing retailer said due to better sales trends cost cutting and tighter inventory it expects earnings of 30 cents to 32 cents per share for the quarter ending in April.

Fastenal Company ((FAST)) plunged 3.0% or $1.13 to $37.05 after the nuts and bolts distributor reported first quarter sales fell 14% to $489.3 million from $566.2 million a year ago. Net income in the quarter fell 28.5% to $48.7 million or 33 cents per diluted share compared to net income of $68.1 million or 46 cents per share a year ago.

General Motors Corporation ((GM)) added 6.4% or 11 cents to $1.82. Recent media reports suggested that the company may seek quick resolution in pre-packaged bankruptcy and may exchange new shares with current shares.

The Goldman Sachs Group, Inc ((GS)) dropped 5.2% or $6.78 to $123.46 after the company sold 40.7 million shares. Goldman underwrote the offer itself and said it has an overallotment option to purchase up to an additional 6.1 million shares.

MGM Mirage ((MGM)) rose 14.7% or 92 cents to $7.15 after the casino company senior lenders have agreed to pay the full amount of current construction costs for CityCenter totaling $70 million due no later than April 17, 2009. The amendment will allow the company to meet its current obligation even if the partner Dubai World does not pay its share of the payment.

The Talbots, Inc ((TLB)) fell 13.5% or 62 cents to $3.95 a woman’s apparel retailer said fourth quarter sales fell 23.3% to $327.9 million from $427.7 million a year ago. Net loss in the quarter was $366.5 million or $6.85 per diluted share compared to net loss of $171.4 million or $3.22 per share a year ago.

W.W. Grainger, Inc ((GWW)) added 3.0% or $2.26 to $79.50 after the broad line supplier of facilities maintenance products reported first quarter revenues fell 12% to $1.5 billion from $1.7 billion a year ago. Net income in the quarter fell 16% to $96.4 million or $1.25 per diluted share compared to net income of $114.2 million or $1.41 per share a year ago.