Updated to include latest prices, information on Dendreon.

NEW YORK (

TheStreet

) --

Dendreon

(DNDN)

was decimated in extended trading Wednesday after the company's second-quarter results

fell well short of Wall Street expectations

on disappointing sales of its Provenge prostate cancer drug.

The stock was last quoted at $13.51, down 62%, on volume of more than 5.2 million, according to

Nasdaq.com

. The shares dipped as low as $11 in late trades.

The Seattle-based company also withdrew its revenue outlook for the rest of the year, citing reimbursement issues.

Provenge sales in the quarter totaled $49.6 million, including a nearly $2 million reserve for chargebacks and rebates, but far short of Wall Street's expectations that ranged from $55 million to $60 million. Overall, the company lost $114.6 million, or 79 cents a share, in the three months ended June 30, missing the average estimate of analysts polled by

Thomson Reuters

for a loss of 71 cents a share.

"We believe the market potential for Provenge is substantial, and the primary issue affecting the dynamics of our launch is the reimbursement knowledge around Provenge," said Dendreon CEO Mitch Gold, in a statement.

The company withdrew its previous guidance calling for 2011 Provenge sales in the range of $350 million to $400 million and said it now expects "modest" quarter over quarter revenue growth for the remainder of this year. It also plans to take steps to reduce expenses, including an unspecified amount of layoffs.

Zipcar

Shares of

Zipcar

( ZIP) raced higher in late trades as the car-sharing concern posted a narrower than expected loss in its first quarterly report as a public company.

Zipcar, which made its market debut in mid-April, also lifted its outlook for the full year, saying it now sees revenue of $240 million to $244 million, ahead of the current consensus view of $237.8 million.

The stock was last quoted at $26.52, up 15%, on volume of more than 140,000, according to

Nasdaq.com

. At that level, it's up 45% from its pricing at $18 per share.

For its fiscal second quarter ended June 30, Zipcar reported a loss of $5.6 million, or 17 cents a share, on revenue of $61.6 million, which was up 34% year-over-year. The average estimate of six analysts polled by

Thomson Reuters

was for a loss of 22 cents a share in the June period on revenue of $59.4 million.

"Our strong second quarter performance underscores the business momentum we have established based on solid execution and the benefits associated with our first mover advantage," said Scott Griffith, the company's chairman and CEO. "Our commitment to a superior member experience and continued innovation such as the launch of our new Android app during the quarter has helped to stimulate increased activity across the network."

Zipcar said its total members grew 29% year-over-year to 605,000, and that it sees revenue of $67 million to $69 million for the third quarter with results ranging from breakeven to a loss of $1.5 million. Wall Street is looking for revenue of $66.1 million in the September period.

Zumiez

Shares of

Zumiez

(ZUMZ) - Get Report

lost ground after the Everett, Wash.-based action sports apparel and equipment retailer fell short of Wall Street expectations with its July same-store sales growth.

The company posted a 4.9% increase in comparable sales for the four weeks ended July 30, missing the consensus view compiled by

Thomson Reuters

for growth of 7.3%.

Total sales jumped 12.3% for the month to $38.7 from $34.4 million in the same period a year earlier.

The stock was last quoted at $23.50, down 13.3%, on volume of more than 60,000, according

Nasdaq.com

. Based on a regular session close at $27.10, the shares were already down more than 5% so far in 2011.

Wall Street was split on Zumiez ahead of the news with 10 of the 19 analysts covering the stock at hold (9) or underperform (1) with the remainder split between strong buy (6) and buy (3).

Activision Blizzard

Shares of

Activision Blizzard

(ATVI) - Get Report

gained 2% to $12.04 on volume of more than 390,000 after the video game developer

topped second-quarter earning expectations Wednesday

, boosted by strong sales of its core

Call of Duty

and

World of Warcraft

franchises.

The company reported adjusted earnings of 10 cents per share, up from 6 cents during the year-ago period. Adjusted revenue rose slightly to $699 million from $683 million. Analysts were expecting earnings of 5 cents per share on revenue of $599.3 million.

"Our better-than-expected second-quarter performance was driven by record digital sales of our online-enabled franchises," said Activision CEO Robert Kotick in a prepared statement.

Activision also raised its fiscal year 2011 outlook, increasing earnings to 77 cents from 73 cents and revenue to $4.05 billion from $3.95 billion.

Other stocks active in late trades included

Entropic Communications

(ENTR) - Get Report

, which fell 22% to $5.20 on volume of more than 915,000 after the company missed Wall Street's profit view for the second quarter as an inventory management change at one of its large-end customers hurt demand;

Web.com

(WWWW)

, which surged 29% to $11.20 on volume of nearly 60,000 after the Internet services company agreed to acquire privately held domain registration company Network Solutions in a deal it expects to add 20% to earnings in 2012; and

MEMC Electronic Materials

(WFR)

, which advanced 2% to $7.14 on volume of more than 500,000 after the company reported strong revenue for its fiscal second quarter and announced a deal to acquire a solar power plant business for $112 million.

--

Written by Michael Baron in New York.

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Michael Baron

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