M&A action in the drug industry is heating up again after a slew of deals in 2014.

NPS Pharmaceuticals shares (NPSP) were sharply higher in early trading after Irish-based drugmaker Shire (SHPG) agreed to buy the U.S. firm for $5.2 billion dollars in cash, or $46-dollars a share.  The deal will help boost its portfolio with medicines used to treat rare diseases.  Shares of Shire were lower on the news

Foundation Medicine (FMI) soared ahead of the open. Swiss drug maker Roche Holdings will pay about $1 billion for a majority stake in the U.S. gene-sequencing firm.  Roche, which is already the world's biggest maker of cancer drugs, said the move will help it to develop new treatments for cancer.

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Tiffany (TIF) shares fell in the pre-market.  The high-end jewelry retailer cut its earnings outlook for 2015 after posting disappointing sales for the holiday season. Total sales fell 1% due to a big drop in Japan.

On the flipside... Lululemon (LULU) shares were higher in early trading.  The women's exercise clothing company boosting its profit and sales outlook after a strong holiday season.   Lululemon is making a big comeback after some stumbles the past couple of years...the stock up more than 50% since June.

Tesla (TSLA) shares headed in reverse before the open.  The "new economy" carmaker facing a challenge from "old economy" General Motors.  GM today expected to unveil a new electric car, the Chevy Bolt, which will travel 200 miles on a single charge. And it only costs $30,000.