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    BIIB   US09062X1037


SummaryMost relevantAll NewsAnalyst Reco.Other languagesPress ReleasesOfficial PublicationsSector newsMarketScreener Strategies

Wall Street flat with Fed meet in focus

06/11/2021 | 12:15pm EDT

(For a live blog on the U.S. stock market, click or type LIVE/ in a news window.)

* Dow Jones lags for the week on weakness in industrials

* S&P 500, Nasdaq set for mild weekly gains

* Royal Caribbean down after guests test COVID-19 positive

* Indexes: Dow down 0.17%, S&P flat, Nasdaq up 0.05%

June 11 (Reuters) - U.S. stock indexes were flat on Friday as focus turned to next week's Federal Reserve meeting, while technology and growth- exposed sectors gained after inflation data calmed fears over a long-term spike in consumer prices.

The S&P 500 traded just below a record high of 4,249.74, with heavyweight technology stocks serving as the largest boost. Sectors such as financials and basic resources, that stand to benefit from an economic bounceback this year, also supported the index.

"We would continue to recommend a diversified equity allocation with a barbell approach that has growth exposure on one end, and economically sensitive cyclical exposure on the other end," Art Hogan, chief market strategist at National Securities in New York, wrote in a note.

Investors scaled back expectations for early policy tightening by the Fed after May's consumer price data suggested a recent spike in inflation would be transitory.

Much of the price surge in May came from items such as commodities and airfares and it is expected to be temporary.

A survey also showed that U.S. consumer sentiment improved in early June, while markets trimmed their expectations for inflation levels this year.

With recent data also indicating weakness in the labor market, the Fed is widely expected to maintain accommodative policy at its meeting next week, which is positive for stocks and other risk-driven assets.

"Macro news continues to unfold positively and we're seeing the market move higher," said Peter Cardillo, chief market economist at Spartan Capital Securities in New York.

"Investors' enthusiasm continues and yesterday's S&P close into new record territory suggests that a summer rally is underway ... but I don't expect any galloping increase," Cardillo said.

At 12:02 p.m. ET, the Dow Jones Industrial Average was down 60.11 points, or 0.17%, at 34,406.13 and the S&P 500 was down 1.78 points, or 0.04%, at 4,237.40. The Nasdaq Composite was up 7.14 points, or 0.05%, at 14,027.47.

Healthcare stocks sank 1.1% and were among the worst-performing S&P sectors amid growing criticism of the U.S. Food and Drug Administration's controversial approval of an Alzheimer's drug developed by Biogen Inc.

The S&P 500 and the Nasdaq were set for mild weekly gains, as a lack of major catalysts and a summer lull in trading saw them move in a tight range.

But weakness in major industrial stocks saw the Dow Jones set for a weekly loss amid doubts over whether President Joe Biden's $2.3 trillion infrastructure spending plan would pass.

The S&P industrials sector was flat on Friday, and was set to lose for the week.

Cruise operators fell, with Royal Caribbean Group shedding 0.4% after two guests on its Celebrity Millennium ship had tested positive for COVID-19.

Stocks favored by small-time retail investors that have dominated trading volumes in recent weeks were set to close higher for the week, even as a rally appeared to be running out of steam on Thursday. Most of the so-called "meme" stocks rose on Friday.

Advancing issues outnumbered decliners by a 1.36-to-1 ratio on the NYSE and by a 1.30-to-1 ratio on the Nasdaq.

The S&P index recorded 26 new 52-week highs and one new low, while the Nasdaq recorded 83 new highs and 10 new lows. (Reporting by Ambar Warrick and Devik Jain in Bengaluru; Editing by Maju Samuel)

ę Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
AUSTRALIAN DOLLAR / US DOLLAR (AUD/USD) -0.53% 0.7706 Delayed Quote.0.69%
BIOGEN INC. -4.36% 396.64 Delayed Quote.61.99%
BRITISH POUND / US DOLLAR (GBP/USD) -0.45% 1.41056 Delayed Quote.3.63%
CANADIAN DOLLAR / US DOLLAR (CAD/USD) 0.00% 0.8222 Delayed Quote.5.28%
DJ INDUSTRIAL 0.04% 34479.6 Delayed Quote.12.61%
EURO / US DOLLAR (EUR/USD) -0.53% 1.2108 Delayed Quote.-0.34%
INDIAN RUPEE / US DOLLAR (INR/USD) 0.00% 0.013654 Delayed Quote.-0.09%
NASDAQ COMP. 0.35% 14069.423379 Delayed Quote.9.16%
NEW ZEALAND DOLLAR / US DOLLAR (NZD/USD) -0.04% 0.7122 Delayed Quote.0.11%
ROYAL CARIBBEAN GROUP -0.60% 90.09 Delayed Quote.20.62%
S&P 500 0.19% 4247.44 Delayed Quote.13.08%
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Financials (USD)
Sales 2021 10 629 M - -
Net income 2021 2 197 M - -
Net Debt 2021 1 186 M - -
P/E ratio 2021 27,7x
Yield 2021 -
Capitalization 59 716 M 59 716 M -
EV / Sales 2021 5,73x
EV / Sales 2022 5,24x
Nbr of Employees 9 100
Free-Float 85,8%
Duration : Period :
Biogen Inc. Technical Analysis Chart | MarketScreener
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Technical analysis trends BIOGEN INC.
Short TermMid-TermLong Term
Income Statement Evolution
Mean consensus OUTPERFORM
Number of Analysts 33
Average target price 403,67 $
Last Close Price 396,64 $
Spread / Highest target 26,1%
Spread / Average Target 1,77%
Spread / Lowest Target -38,5%
EPS Revisions
Managers and Directors
Michel Vounatsos Chief Executive Officer & Director
Michael R. McDonnell Chief Financial Officer & Executive Vice President
Stelios Papadopoulos Chairman
Alfred W. Sandrock Executive Vice President-Research & Development
Mark Hernon Chief Information Officer & Senior Vice President
Sector and Competitors
1st jan.Capitalization (M$)
BIOGEN INC.61.99%59 716
CSL LIMITED4.75%103 884