While drugs and fashion normally just act as the two biggest driving party
factors in New York City twice a year, on Thursday, they were the cornerstones
for two massive stock selloffs. Seattle-based biotechnology company Dendreon
(NASDAQ: DNDN ), maker of the prostate cancer treatment Provenge, was hacked by
almost 40% Thursday after reporting a third-quarter revenue loss of $147.1
million, or $1 per share, almost doubly worse than a year ago. Guidance further
soured investors, with the company reporting that while sales were up 5.6% in
October from a month ago, November's sales would be less than October's. The
company, hoping to stem the tide from its big-ticket drug Provenge to Johnson &
Johnson 's (NYSE: JNJ ) less expensive prostate medicine Zytiga, is turning to
patients by expanding consumer advertising . DNDN stock, which started Thursday
trading above $10, bottomed out at $6.47 before finishing the day at $6.55.
Meanwhile, fashion retailer Abercrombie & Fitch (NYSE: ANF ) dished out some bad
news of its own, reporting same-store sales at its flagship stores in Europe,
Canada and Japan were on the decline for the third quarter, causing Janney
Montgomery Scott to downgrade Abercrombie to "neutral" from "buy" and
sending ANF stock spiraling down about 20%. Abercrombie's revenue at all
stores open at least a year actually was up 7% , higher than FactSet analysts'
estimate of 6.3%, but the poor international showing dampened the news. ANF
stock finished Thursday at $59.26, down from just more than $70, while rival
American Eagle (NYSE: AEO ) finished the day up almost 7% at $14.03. Three Up
Estee Lauder (NYSE: EL ): Up 18% ($18.15) to $118.98. Alpha Natural Resources
(NYSE: ANR ): Up 13.29% ($3.18) to $27.11. Green Mountain Coffee Roasters
(NASDAQ: GMCR ): Up 8.48% ($5.23) to $66.90. Three Down Transocean (NYSE: RIG ):
Down 12.48% ($6.69) to $49.00. Kellogg Co. (NYSE: K ): Down 7.64% ($4.13) to
$49.91. MGM Resorts International (NYSE: MGM ): Down 5.79% (66 cents) to $10.73.
As of this writing, Kyle Woodley did not own a position in any of the
aforementioned stocks. Check out recaps from previous trading days here .
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