Shares of InterMune more than doubled on news its lung drug succeeded in a late-stage trial. The drug, which treats a fatal lung disease, slowed lung deterioration in a study, spurring hopes that it might be close to FDA approval. The stock surged 170 percent to $37.80.
LinkedIn is taking on China. The company will launch a Chinese-language website to expand its presence. Currently, the social network has four million users of its English-language site in the country. LinkedIn says the new site will allow it to connect to China’s 140 million professionals. Shares were up five percent to $209.84.
Zulily wowed Wall Street with its first earnings report since going public in November. The daily deals site, which sells clothing and accessories for women and children, saw fourth-quarter sales double from last year. The company’s current quarter outlook also topped estimates. Shares soared 36 percent to $58.41.
Office Depot stunned investors by reporting a surprise quarterly loss and warned that sales will continue to fall in 2014. The loss was partly because of expenses tied to its recent merger with OfficeMax. The office-supply retailer has struggled as more shoppers are purchasing office goods online. Shares of Office Depot tumbled nearly nine percent to $4.88. Shares of Staples also fell in sympathy, down almost three percent to $13.
Western Union shares also on the downside on word that U.S. authorities are investigating the company on whether money moved on its network may have been tied to alleged fraud. The company says it received multiple subpoenas since November. Shares fell almost 1.5 percent to $16.12.
Shares of Tesla revved higher on an upgrade out of Morgan Stanley. The firm more than doubled its price target of the electric car maker’s stock to $320. The analyst wrote that Tesla has the opportunity to not only disrupt the auto industry, but also the electric utility industry by building battery packs for energy storage. The stock rose about 14 percent today. Over the past 14 months the stock is up 650 percent.