Wayfair (W) made a strong debut on the New York Stock Exchange last Thursday. Shares of the online home-furnishings retailer soared as much as 24% above the IPO price of $29 a share. The deal, which raised $319 million, followed e-commerce giant Alibaba’s (BABA) record IPO last month.
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Westport Innovations (WPRT) cut its 2014 revenue forecast to around $130 million to $140 million, below analysts' expectations. The Canadian engine maker blames weak sales in its components business in Europe, Russia and China. At least six brokerages have cut their price targets on the company following the news.
Ariad Pharmaceuticals (ARIA) said its experimental lung cancer drug received “breakthrough therapy”status from the Food and Drug Administration. The designation speeds up the development and review of the drug, which is aimed at helping cancer patients who are resistant to an existing treatment. Ariad expects to file for marketing approval of the drug in early 2016.