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Major Movers on January 11; DNDN, BBY, KBR, INFY, ARQL, JCP, WFC

Shares of Dendreon Corporation (NASDAQ: DNDN) rallied on Friday after analysts at Bernstein Research boosted its rating on the pharmaceutical company to “outperform” and raised its price target on stock by 43% to $10, citing upbeat outlook on company’s prostate cancer treatment. The 52-week trading of the stock is $5.73-$6.02.

Shares of consumers electronic retail chain, Best Buy Co. Inc. (NYSE: BBY) leaped 12.20%, at last check, after the beleaguered company said that same-store-sales in holiday season quarter will fall less-than-expected from year earlier period. The Company is scheduled to report its fiscal fourth quarter results on February 28th, 2013.

Shares of infrastructure and services company KBR Inc. (NYSE: KBR) slumped 8.31%, at last check. The company, following closing bell on Thursday, said full-year earnings will fall short of Street’s estimates. The Company now expects adjusted earnings of $1.95 to $2.10 a share, down from its initial forecast of $2.60 to $2.80 a share. For fiscal 2013, KBR is expecting earnings to fall in the range of $2.45 to $2.90, which is lower than analysts’ consensus estimate of $2.96.

Shares of Infosys Ltd. (ADR) (NYSE: INFY) skyrocketed 17 %, at last check, after the Indian outsoucing company reported better-than-expected fiscal third-quarter results and provided an optimistic guidance on full-year revenue.

Shares of ArQule Inc. (NASDAQ: ARQL) slumped 15.07%, at last check. The biotechnology company which is focused on research and development of cancer therapeutics said that its study showed the combined use of its lead drug candidate with two other cancer-fighting treatments failed to reach survival targets for patients who suffer with a certain type of colorectal cancer.

J C Penney Company Inc. (NYSE: JCP) plunged 4.75% in early trade after analysts at UBS bank slashed both rating and price target on the stock. UBS has now “sell” rating from its earlier “neutral” rating. The Price target on JPC is now $13, down from $21. The bank feels “significant changes” are required in JPC’s current turnaround strategy. in a note to its clients, Michael Binetti, an analyst at UBS, wrote, “We believe a deteriorating earnings outlook and emerging signs of cash flow distress will require significant changes to JCP’s turnaround strategy.”  UBS also downwardly revised its already gloomy forecast on the company. UBS expects same-store-sales to plunge by 28% in the fiscal fourth quarter, down from 20% fall, projected earlier. Gross margins are seen contracting to 30%, down from 33%, in the same period of last year.

Despite reporting better-than-expected fiscal fourth quarter earnings, shares of America’s largest mortgage lender, Wells Fargo & Company (NYSE: WFC) edged down on Friday as declining net earnings margins disappointed investors. Higher fees on mortgages, lower provision for bad loans and strong loans-growth in the backdrop of record low interest rates helped company to boost profits by 24% in the fourth quarter. For the quarter, Wells Fargo said that net income stood at $5.09 billion or 91 cents a share compared to a profit of $4.11 billion or 73 cents a share, in the corresponding period of last year. Excluding one-time gains/charges, earnings stood at 89 cents while analysts’ consensus estimate was of 88 cents a share.

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