The biotech sector was in the spotlight on Wall Street on Friday, and not in a good way. Biotechs have been stellar performers for more than a year, but some analysts now say they've become too expensive.
Gilead (GILD) fell 4½ percent after a House Committee asked it to justify the $84,000 per dose cost of its drug to treat hepatitis C. Biogen (BIIB) fell more than 8 percent. Amgen (AMGN), Regeneron (REGN) and Celgene (CELG) all fell more than 3 percent. Illumina (ILMN), Intercept (ICPT) and Vertex (VRTX) all lost more than 5 percent.
All of those movers helped lead markets lower. The Dow Jones industrial average (^DJI) slipped 28 points, the Nasdaq composite (^IXIC) fell 42 and the Standard & Poor's 500 index (^GPSC) lost 5 points. Still, all three major averages posted solid gains for the week.
3D printing companies, another once-hot sector, fell sharply for a third day in a row, following Hewlett-Packard's (HPQ) announcement that it will enter the field. Exone (XONE) fell 8 percent, 3D Systems (DDD) fell 6 percent, and Stratasys (SSYS) lost 7 percent.
%VIRTUAL-article-sponsoredlinks%Nike (NKE) fell 4 percent, leading the blue chip decline. The sneaker and apparel company beat earnings estimates, but warned the strong dollar will hurt its results this year.
Two other losers of note: Symantec (SYMC), best known for its computer security programs, slid 13 percent. It fired its CEO after less than two years on the job.
And Zions Bancorp (ZION) fell 5 percent. It was the only one of the 30 major banks to fail the Fed's annual 'stress test.'
On the plus side:
The women's apparel chain Ann (ANN) rose 13 percent after a private equity firm bought a big stake. It's now up about 40 percent year-over-year.
Lin Media (LIN) gained 22 percent after agreeing to be acquired by Media General (MEG). That lifted Nexstar (NXTR) by 3 percent and Gray Television (GTN) by 4 percent.
Unwired Planet (UPIP) soared 53 percent after selling a series of patents to Lenovo.
And Endocyte (ECYT) nearly doubled in price. Its drug to treat ovarian cancer received conditional approval for sale in Europe.
What to Watch Monday:
The Federal Reserve Bank of Chicago releases its national activity index for February at 8:30 a.m. Eastern time.
Research-firm Markit releases its purchasing managers' manufacturing index for March at 9:45 a.m.
Fast-food chain Sonic (SONC) reports quarterly financial results after U.S. markets close.
-Produced by Drew Trachtenberg.
House Rich: Neighborhoods With the Biggest Price Jumps
After Market: Biotechs, 3-D Printing Cut Into the Week's Stock Gains
Year-over-year gain: 21.5%
Median sale price, Jan. 2013: $224,450
Median sale price, Jan. 2014: $272,750
Residents enjoy hundreds of nearby hiking trails, as well as indoor culture at the Fine Arts Center and the Colorado Springs Philharmonic.
Year-over-year gain: 22%
Median sale price, Jan. 2013: $318,375
Median sale price, Jan. 2014: $388,500
This neighborhood, bounded by the Schuylkill River and 20th Street, and by South Street and Christian Street, was viewed as a slum in the 1970s, when Philadelphia's Redevelopment Authority took over abandoned properties.
Year-over-year gain: 24.2%
Median sale price, Jan. 2013: $516,450
Median sale price, Jan. 2014: $641,500
Magnolia covers 4 square miles, making it the second-largest Seattle neighborhood by area. It features a lighthouse built in 1881 and is home to Seattle's largest park, at 534 acres.
Year-over-year gain: 32.1%
Median sale price, Jan. 2013: $210,446
Median sale price, Jan. 2014: $277,898
Paradise Valley, in the heart of the Scottsdale-Phoenix area, gets an average 294 days of sunshine a year -- hence, the more than 200 golf courses.
Year-over-year gain: 32.2%
Median sale price, Jan. 2013: $344,750
Median sale price, Jan. 2014: $455,835
The Washington Post listed Sunset Hills among "the shortest commute" category of Virginia neighborhoods, with an average commute time of just over 21 minutes. And Dulles International Airport is about six miles away.
Year-over-year gain: 44.5%
Median sale price, Jan. 2013: $247,735
Median sale price, Jan. 2014: $357,900
This once-seedy area has become hot in recent years. It's packed with art galleries and chic retail shops, as well as new upscale bars and restaurants next to venerable family-owned cafeterias.
Year-over-year gain: 46.9%
Median sale price, Jan. 2013: $284,750
Median sale price, Jan. 2014: $418,250
Brighton, once the center of New England's cattle trade, is in the northwest corner of Boston, on the Charles River. The Brighton Branch Library is Boston's first renovated LEED Green Building. The Brighton Police station is shown here.
Year-over-year gain: 47.5%
Median sale price, Jan. 2013: $223,175
Median sale price, Jan. 2014: $329,100
South Loop joins a number of other once-blighted neighborhoods on this list that have been redeveloped and are now hot. The site of former rail yards, it was known for many years more for its vices (as in brothels, burlesques) than its residential virtues.
Year-over-year gain: 48.7%
Median sale price, Jan. 2013: $241,000
Median sale price, Jan. 2014: $358,450
Also: Fairgrounds, San Jose (41.4%); La Jolla, San Diego (40%); Woodland Hills, Los Angeles (37.5%); Southwest Anaheim, Anaheim (35.2%); Berryessa, San Jose (34.4%).
Newhall, the southernmost and oldest district of Santa Clarita, was the first permanent Anglo settlement in the valley. Ranches-turned-film studios dot the area, including the Melody Ranch, which was once owned by Gene Autry. The ranch hosts the annual Santa Clarita Cowboy Festival.
Year-over-year gain: 48.8%
Median sale price, Jan. 2013: $504,250
Median sale price, Jan. 2014: $750,275
This is the most affluent neighborhood in Charlotte; the median income is $79,737, according to Zillow. That compares with a median of $46,975 for Charlotte. A high point of the area is the Duke Mansion, built in 1915 by tobacco magnate James Buchanan Duke.
Year-over-year gain: 57.4%
Median sale price, Jan. 2013: $167,450
Median sale price, Jan. 2014: $263,615
People who live here, according to classifications Zillow uses to characterize residents, are likely to be: Corporate Climbers, Multi-lingual Urbanites or in a category called "Bright Lights, Big City," which Zillow uses to describe "singles ranging in age from the early 20s to mid-40s who have moved to an urban setting."
Year-over-year gain: 97.3%
Median sale price, Jan. 2013: $668,250
Median sale price, Jan. 2014: $1,318,301
New York City’s 92-acre planned community includes areas built on more than 3 million cubic yards of soil and rock, some of which was excavated during the construction of the World Trade Center.
Bloomberg ranked neighborhoods in U.S. cities based on the year-over-year increase in median home sale prices from January 2013 to January 2014. Percentage increases were based on Zillow calculations of median sale prices of all home types and calculated only for neighborhoods with at least 10 sales per month. Only neighborhoods with median home sale prices of at least $250,000 in January 2014 were included. Data were rounded.