NEW YORK, NY / ACCESSWIRE / June 13, 2017 / U.S. markets dipped Monday as the Tech sector's sell-off continued for the second consecutive session. The Dow Jones Industrial Average declined 0.17 percent to close at 21,235.67, while the S&P 500 Index fell 0.10 percent to close at 2,429.39. In comparison, the Nasdaq Composite Index fell 0.52 percent to close at 6,175.46. The Tech sector's sell off was triggered last Friday after Goldman Sachs warned of a "valuation air pocket" for major tech stocks such as Alphabet, Amazon, Apple, Microsoft and Facebook, who have all made major contributions to the market's record rally.
"This outperformance, driven by secular growth and the death of the reflation narrative, has created positioning extremes, factor crowding and difficult-to-decipher risk narratives," said Robert Boroujerdi, an analyst at Goldman Sachs, in a note.
RDI Initiates Coverage on:
Teva Pharmaceutical Industries Ltd.
Celgene's stock edged 0.98% higher Monday, to close the day at $119.35. The stock recorded a trading volume of 3,488,340 shares, which was above its three months average volume of 3,466,850 shares. In the last year, Celgene Corporation's shares have traded in a range of 94.42 - 127.64. The share price has gained 26.40% from its 52 week low. The company's shares are currently trading below their 200-day moving average. Moreover, the stock's 50-day moving average of $119.60 is below its 200-day moving average of $119.63. Shares of Celgene Corporation are trading at a Price to Earnings ratio of 44.82. Shares of Celgene have gained approximately 3.11 percent year-to-date.
On June 6th, the company and Agios Pharmaceuticals, Inc. (NASDAQ:AGIO) announced new efficacy and safety data from the ongoing Phase 1 dose-escalation and expansion study evaluating investigational oral IDHIFA® (enasidenib) in patients with relapsed or refractory acute myeloid leukemia (R/R AML) and an isocitrate dehydrogenase-2 (IDH2) mutation.
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On Monday, shares of Teva Pharmaceutical Industries recorded a trading volume of 8,400,847 shares, which was above the three months average volume of 7,335,800 shares. The stock ended the day 0.73% higher at 30.44. The stock is currently trading 46.07% below its 52 week high with a 52 week trading range of 27.59 - 56.44.The company's shares are currently trading below their 200-day moving average. Moreover, the stock's 50-day moving average of $30.29 is below its 200-day moving average of $33.45. Shares of Teva Pharmaceutical Industries are trading at a Price to Earnings ratio of 390.26. Shares of Teva Pharmaceutical have fallen approximately 16.03 percent year-to-date.
On June 12th, the company announced the launch of generic Zetia 1 (ezetimibe) tablets, 10 mg, in the U.S. Ezetimibe is a prescription medicine used to lower levels of total cholesterol and low-density lipoprotein (LDL) cholesterol in the blood. According to the American Heart Association (AHA), approximately one third of American adults (73.5 million people) have high LDL cholesterol.
Access RDI's Teva Pharmaceutical Industries Research Report at:
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