Equities Review: Dendreon, Accenture, Thompson Creek Metals, Macy's and DISH Network
Dendreon Corporation (NASDAQ:DNDN) added 3.18%
to US$11.69 on over 8.58 million shares, compared to its average volume of 5.90
million shares. The company said on Monday that first-quarter sales of its Provenge prostate cancer vaccine rose 6.5% over the prior
quarter to US$82 million, and that it still expects only modest
quarter-over-quarter growth through the rest of 2012. The company forecasts
second quarter sales would grow by low single digits over first quarter sales.
Despite having an expensive commercial product on the market for two years, the
company is still reporting quarterly losses and said that it would take time
and continued physician education to gain a higher level of adoption for Provenge. Easier to use rival products are gaining traction
or moving into advanced stages of clinical testing. Dendreon
posted a net loss of US$103.9 million, or 70 cents per share, compared with a
loss of US$112.8 million, or 78 cents per share, a year ago. Excluding items,
such as severance expenses, Dendreon said it lost 59
cents per share. Provenge was approved in 2010 as the
first therapeutic cancer vaccine to use a patient's immune system to attack
cancer. It carries a hefty US$93,000 per patient price tag, and sales have been
disappointing due to a cumbersome manufacturing and administration process and
uncertainty over reimbursement.
Accenture
Plc. (NYSE:ACN) fell 3.82% to US$60.22 on over 5.84 million shares, compared to its
average volume of 3.32 million shares. Recently, the company announced that
Gilles C. Pélisson has been appointed to the
company’s Board of Directors, effective April 27. Mr. Pélisson,
54, is an experienced business leader who most recently served as Chairman and
CEO of Accor SA, the Paris-based global hotel group. Mr. Pélisson
joins the board as a Class III irector, subject to
re-appointment at the next Accenture plc. annual
general meeting of shareholders. He has been appointed to serve on the Board’s Audit
Committee. Accenture plc. is a management consulting,
technology services and outsourcing company, which has offices and operations
in more than 200 cities in 53 countries. Its business is organized in five operating
groups and their 19 industry groups. Its five operating groups include
communications & high tech, financial services, health & public
service, products and resources.
Thompson
Creek Metals Company, Inc. (NYSE:TC) shares slumped
16.09% to US$4.64 on over 13.54 million shares, compared to its average volume
of 1.60 million shares after after posting decreases
in Q1 revenues and earnings. Revenues for Q1 2012 wereUS$113.6 million compared
to US$206.7 million in the first quarter last year. Analysts estimated revenues
of US$106.60 million for the quarter. Adjusted net income for Q1 2012 was US$0.01
per share, compared to US$0.36 per share last year. On average, analysts polled
by Thomson Reuters expected loss of US$0.05 per share for the quarter. Analysts'
estimates typically exclude one-time items. Thompson Creek Metals Company Inc.
is a diversified mining company. It is a producer of molybdenum and has copper
and gold reserves. TCM operates in three segments: US Operations Molybdenum,
Canadian Operations Molybdenum, and Copper-Gold.
Macy's,
Inc. (NYSE:M) was down 2% to US$40.29 on over 5.95
million shares, compared to its average volume of 5.10 million shares. Last
week, the company said that revenue at stores open at least a year increased
1.2% in April, but fell short of Wall Street's expectations. Analysts polled by
Thomson Reuters predicted a 1.9% rise. That is a key indicator of a retailer's
health because it excludes the volatility from stores recently opened or
closed. The company's stock fell 86 cents, or 2.1%, to US$40.41 in premarket
trading. Macy's, which runs Bloomingdale's in addition to its namesake stores,
said that it expected its monthly performance to be softer than March given the
earlier Easter and a shift in a cosmetics event to March from April. The
company also said that April was hurt by Mother's Day being later in May than
it was a year ago. Online sales, which include macys.com and bloomindales.com,
climbed 29.9% in April. Macy's revenue at stores open at least a year includes
its online sales.
DISH
Network Corp. (NASDAQ:DISH) was down 1.21% to US$30.93
on over 4.91 million shares, compared to its average volume of 1.94 million
shares. The company is planning to sell US$1.5 billion of bonds to refinance
debt maturing in 2013 and 2014. Standard & Poor's Ratings Services said yesterday
that it assigned its 'BB-' issue-level rating and '3' recovery rating to DISH
DBS Corp.'s proposed senior unsecured notes due 2017 and 2022. The '3' recovery
rating indicates our expectations for meaningful (50%-70%) recovery in the
event of a payment default. DISH DBS Corp. is the main subsidiary of Englewood,
Colo.-based satellite TV provider DISH Network Corp. (DISH). The company
intends to use the proceeds for general corporate purposes. The ratings are
based on preliminary documentation and are subject to review of final
documents.
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ACN |
TC |
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