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Pre-market Movers For Jan 11 (BBY, DNDN, WFC, ARQL, KBR)

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Gainers:

Best Buy Co., Inc. (BBY: Quote) is rising 5 percent to $12.85. The company's revenues for the nine-week holiday season ended January 5 fell 0.4 percent from the year-ago period, with comparable store sales declining 1.4 percent. The company's domestic revenues declined 1.2 percent, while international revenues grew 2.2 percent. Meanwhile, the company lowered its fiscal 2013 free cash flow guidance.

Dendreon Corp. (DNDN: Quote) is rising 15 percent to $5.86.

Decliners:

Wells Fargo & Co. (WFC: Quote) is down 1 percent to $35.07. The company's fourth quarter profit improved from the previous year period. Revenue for the period gained 7 percent. On a linked-quarter basis, revenue growth accelerated 14 percent.

ArQule Inc. (ARQL: Quote) is plunging 21 percent to $2.30. The company and Daiichi Sankyo announced that randomized Phase 2 signal generation trial of tivantinib used in combination with irinotecan and cetuximab in patients with refractory or relapsed colorectal cancer did not meet its primary endpoint of Progression-Free Survival.

KBR Inc. (KBR: Quote) is down 9 percent to $29.00 as it slashed its fiscal year 2012 adjusted earnings per share outlook due to significant project charges it expects to take in both its miners and U.S. construction businesses in the fourth quarter as well as higher than expected labor cost absorption expenses. The company noted that it is clearly disappointed with its outlook for the 2012 fourth quarter.

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by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

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Editors Pick
Less than a month after resigning from Congress, former House Majority Leader Eric Cantor, R-Virg., has made the move from Washington to Wall Street by joining boutique investment bank Moelis & Co. A statement from Moelis said Cantor will serve as Vice Chairman and Managing Director and also be elected to the company's Board of Directors. Stocks continue to show a lack of direction in mid-day trading on Tuesday following the long, holiday weekend. Even with the lackluster performance, the markets are largely holding on to the bulk of their recent gains. After reporting an unexpected drop in U.S. construction spending in the previous month, the Commerce Department released a report on Tuesday showing that construction spending rebounded by more than expected in the month of July.
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