The markets opened flat with the Dow slipping 3 points to 16,203 even as single family home prices rose more than expected in December. Nasdaq eased a point to 4291.
On the upside
InterMune (Nasdaq: ITMN) reported positive results from a Phase 3 ASCEND trial of its idiopathic pulmonary fibrosis treatment pirfenidone.
The Food and Drug Administration granted DARA Biosciences (Nasdaq: DARA) Orphan Drug Designation for its chronic chemotherapy induced peripheral neuropathy treatment KRN5500.
Morgan Stanley lifted its price target on Tesla Motors (Nasdaq: TSLA) from $153 to $320.
On the downside
Office Depot (NYSE: ODP) widened fourth quarter losses more than expected.
RealPage (Nasdaq: RP) reported lower fourth quarter earnings that fell short of expectations prompting a downgrade.
VIVUS (Nasdaq: VVUS) narrowed fourth quarter losses but concerns about sales of its obesity treatment Qsymia weighed down the stock price.
In the broad market, declining issues outpaced advancers by a margin of 9 to 7 on the NYSE and by nearly 5 to 3 on Nasdaq. The broader S&P 500 edged down a point to 1845. Bitcoin lost $36.93 or 8.73% to $386.34.
