Shares of Avanir soared to an 8-year high. The company’s new drug to help reduce agitation in patients with Alzheimer’s delivered positive results in a clinical trial. Based on those results, Avanir’s CEO says he plans to meet with regulators. Shares surged 85 percent to $12.49.
Shares of Gilead Sciences went the other way after news surfaced that it has agreed to license a cheaper version of its hepatitis C drug, Sovaldi, to 91 developing countries. Sovaldi hit the market last year and has been very effective in curing patients with hepatitis C, but the drug costs $1,000 a pill. Shares fell 2.5 percent to $100.99.
Netflix has made its debut in France as it looks to expand in Europe. But according to reports, the video-streaming giant is getting a frosty reception, as French filmmakers accuse Netflix of avoiding local taxes that subsidize French films. The stock slumped almost four percent to $457.75.
Terex, the construction maker, lowered its full-year profit outlook citing weakness in the crane business. Its order rate has dropped, especially in developing markets where customers are struggling to secure financing. Shares tumbled almost 6.5 percent to $32.47.