Thursday, August 4, 2011

US Hot Stocks: CSCO, DNDN, KFT

Cisco Systems, Inc. (NASDAQ: CSCO) dropped as much as 3% after Citigroup’s John Slack cut its price target on the company to $17.50 from $20. However, the analyst retained his Hold rating on the stock, arguing that the stock is in danger of becoming “a perpetual restructuring megacap tech story.”

Dendreon Corp. (NASDAQ: DNDN) slumped more than 66% on Thursday, a day after the biotechnology firm abandoned its 2011 revenue outlook and reported a bigger quarterly loss than estimated. The company also said that sales of its prostate-cancer drug Provenge are growing slower than expected.

Kraft Foods Inc. (NYSE: KFT) rallied more than 2% after the company announced that it is splitting in two, putting its global snacks and North American grocery businesses in separate baskets.

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