InterMune Inc (NASDAQ:ITMN), Burger King Worldwide Inc (NYSE:BKW) and dELiA*s, Inc. (NASDAQ:DLIA) are this Monday’s top gainers on the market midday. The losers are Qihoo 360 Technology Co Ltd (NYSE:QIHU), Escalade, Inc. (NASDAQ:ESCA) and Galectin Therapeutics Inc. (NASDAQ:GALT).
Burger king climbs, InterMune Soars on News of Roche Deal
InterMune Inc (NASDAQ:ITMN) soared +35.5% early in the day today on the heels of news that Roche will purchase the company in an $8.3 billion deal. The biotech company, which sells a drug to treat a deadly lung disease, has been in the Farallon Capital portfolio since the first quarter of the year.
Burger King Worldwide Inc (NYSE:BKW) climbed +19.06% midday. The fast food giant is said to be in talks to buy Canada’s Tim Hortons – a deal that would also imply a move in its headquarters north of the border. Billionaire hedge fund manager Bill Ackman has held 38.36 million BKW shares since the third quarter of 2012, and Chase Coleman’s Tiger Global 7.2 million assets since that time as well. Burger King is up +41.6% year-to-date.
Taking the last spot on today’s list of midday gainers is dELiA*s, Inc. (NASDAQ:DLIA), up +12.98%. The Tiger Global pick and apparel retailer has had a strong run over the past week, its price climbing +17.2% over the last five days.
Qihoo Stumbles as Margin Concerns Rise
Qihoo 360 Technology Co Ltd (NYSE:QIHU) dipped -7.67% today following its second-quarter results report. Though it did well in per-share earnings and revenue, it caused concerns on the margins front, its non-GAAP net margin falling from 33.6% a year ago to 21.8% this time around. QIHU is a new Q2 acquisition for Tiger Global.
The share price of Escalade, Inc. (NASDAQ:ESCA) fell -6.64% today after the company reported a net loss of $8.1 million for Q2. The company also said that it will be shifting its focus to concentrate only on its sporting goods segment, abandoning its information security arm. Julian Robertson initiated a position in Escalade during the first quarter of this year and increased his allocation to 76,000 shares in Q2.
Drug developer Galectin Therapeutics Inc. (NASDAQ:GALT) dipped -6.63% midday today. The company has had a rough go in recent weeks, its price plummeting -67.36% over the past month. In late July, it reported poor results in an early-stage trial for one of its drugs, and it is also facing heat from a class action lawsuit and allegations that it deliberately inflated its share price.