U.S. stocks continued to be volatile on Thursday on continued fears regarding the coronavirus outbreak. The Dow Jones Industrial Average gained 0.08% to 28,758, the S&P 500 index fell 0.01% to 3,273 and the Nasdaq Composite Index declined 0.02% to 9,273.
Non-index stocks have also posted gains and losses recently. Shares of Biogen Inc. (BIIB, Financial) fell more than 1.5% on Thursday after the company announced fourth-quarter results. The company posted earnings of $8.34 per share, beating analysts' estimates by 28 cents. Revenue of$3.67 billion topped expectations by $140 million.
“In 2019, Biogen demonstrated strong execution across all of our core business areas withresilience in MS, continued strong worldwide growth for SPINRAZA, and an expandedbiosimilars business,” CEO Michel Vounatsos said. “In addition, as part of our expanded pipeline, we are excited about the prospects foraducanumab in Alzheimer’s disease and look forward to completing a regulatory filing inthe U.S. as soon as possible.”
During the quarter, channel inventory levels in the U.S. rose by $135 million for tecfidera, vumerity, avonex, plegridy and tysabri combined. This compares to a decrease of approximately $30 million in the previous quarter and an increase of approximately $105 million in the fourth quarter of 2018.
Moreover, the company showed a strong financial position. At the end of December, the company had cash, cash equivalents and marketable securities totaling $5.8 billion.
Looking ahead to full fiscal 2020, the company expects revenue to be between $14 billion and $14.3 billion and GAAP diluted earnings between $29.50 and $31.50 per share. Non-GAAP earnings are expected to be range from $31.50 to $33.50 per share.
During the quarter ended Dec. 31,the Parnassus Endeavor Fund (Trades, Portfolio) sold out of the stock.
Gainers
- ServiceNow Inc. (NOW, Financial) +9%
- Mondelez International Inc. (MDLZ, Financial) +7%
- Mosaic Co. (MOS, Financial) +3.8%
Losers
- Dupont De Nemours Inc. (DD, Financial) -9%
- United Rentals Inc. (URI, Financial) -7%
- United Parcel Service Inc. (UPS, Financial) -6.6%
- Illumina Inc. (ILMN, Financial) -5.5%
- Altria Group Inc. (MO) -4.3%
Global markets
The main European stock markets traded in the red.The U.K.'s FTSE 100 fell 1.36%, France's CAC 40 lost 1.40%, Germany's Dax retreated 1.41% and Spain's Ibex 35 slid 0.72%.
In Asia, Japan's Nikkei 225 fell1.72%, India’s BSE Sensex declined 0.69%, Hong Kong's Hang Seng plummeted 2.62% and China's Shanghai Composite slumped 2.75%.
Disclosure:The author holds no positions in any stocks mentioned.
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