Midday Movers: BBY, THC & More
Senior Editor, CNBC
Take a look at some of Friday's midday movers:
Best Buy soared on holiday sales that fell less than expected but cash flow concerns continue to dog the world's biggest consumer-electronics retailer by sales. Trading in shares of Best Buy was especially heavy with volume above both its 10-day and 100-day averages.
Tenet Healthcare traded up to its highest price in over six years after an upgrade to "buy" from "neutral" at Bank of America Merrill Lynch; price target $44 from $32.
Pepco Holdings traded lower. The company notes opinion in ConEd vs. U.S. court case disallowing certain tax benefits and sees potential non-cash charge in its first-quarter. Pepco Holdings was also downgraded to "neutral" from "outperform" at Credit Suisse and the price target was cut to $20.50.
JC Penney smacked on a downgrade to "sell" from "neutral" by UBS citing a "deteriorating earnings outlook". The analyst also slashed his price target on the retailer to $13 from $21 per share.
Infosys surged after posting better-than-expected quarterly results and raising its revenue forecast.
Dendreon got a lift after an upgrade from Bernstein to "outperform" with a $10 per share price target. The biotech company has been one of the worst performers in its sector over the past 2 years, down 84 percent.
Corning was lower after a downgrade to "neutral" from "buy" at Goldman Sachs; price target was cut to $14 from $14.50.
—By CNBC's Lori Spechler
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