ImClone Systems took the spotlight on Wednesday, as the biotech company named financier Carl Icahn chairman and said four board members he was trying to oust, including the interim chief executive, would leave. The company also reported third-quarter earnings rose 85 percent, far better results than Wall Street projected.
Icahn owns about 14 percent of New York-based ImClone's outstanding shares, which gained $1.56, or 5.2 percent, to close at $31 on the Nasdaq. Volume of 5 million shares was more than 5 times average daily volume.
Shares continued edging up Thursday and Friday, closing out the week at $31.82.
