Biotech and pharma stocks rallied Tuesday as several leading players reported good news amid a buoyant market day. IBD 50 specialty drugmaker Salix Pharmaceuticals (SLXP) shot up to a new high of 143.98 before closing up 13.5% at 140.02. Salix said Tuesday that sufferers from irritable bowel syndrome with diarrhea showed statistically significant improvement in symptoms when they took its drug Xifaxan in a phase-three clinical trial.
Chinese Internet giant Tencent plans to buy a nearly 20% stake in 58.com, moving Tencent further into local e-commerce and elevating its rivalry with fellow Internet king Alibaba. Tencent’s flagship products are social-messaging apps and browsers, but Friday’s announcement marks its second big e-commerce investment this year. The deal is expected to step up Tencent’s rivalry with Alibaba, said to hold 80% of China’s e-commerce
GoPro turned in a pro performance Thursday in its market debut, the IPO headliner in a hectic week that indicates heightened exuberance for new issues. The wearable action-camera maker rose 31% to 31.34 after hitting 33 intraday. GoPro (GPRO) raised $427 million late Wednesday by selling 17.8 million shares at 24, the high end of its expected range. “It’s the IPO of the week,” said Linda Killian, principal at IPO research and