as pete said in march they lost 30% in biogen.26% and it's 4% basically year to date if you bought the ibb, you're up 24% and you get amgen. gilead ver text lumina and biogen in the top holdings. >> and agree with that except for the fact that the ibb is up 25 peppers in the 40 sessions and back at 120 resistance after drastically underperforming the s&p hon relatively bays from the early part of the year it's now right in hine with the 2-year average i wonder whether this is a recalibration that had the time. >> allison heim esper absolutely the holy grail in the space without question but i think now you know the downside in biogen pch it's 225 or there abouts. injury the downside is more than the 5% or 10% they mentioned but i think the upside if they get it right and it's not happening tomorrow or next week but if they get alzheimer's right the stock is daubl despite the outcome the last couple weeks i think the move is upside. >> for the good of a lot of people investors primed to get big news tomorrow but will it be good new

biogen made news in october when armed with new data said it's medicine may work.lzheimer's today presenting the information for the first time at a scientific conference. afterwards panltt panelis sharon cohe weighed in on what they might mean for patients. >> you're talking about people at a mildis stage ofse still being able to work, bank shop, travel, enjoy leisure activities for longer. >> but there is a lot of skepticism about the drugs cause the resul of the two clinical trials are anything but straightforward. >> one study really worked reallyell when you look at the data there was a clear dissociation of the curve. pmean thece bo do did one and the active arm did another that wasositive then the other study which is called engaged, which didn't ectly work. and that remains complicate zplood biogen stock rosas the company plans file for regulatory approval early next year. thatecill put theion in the hands of the fda. with more than 5 million americans lifl with alzheimer's thosen the research community are hopeful t renewed focus may spur momentu acrosshe

biogen has resumed trading, down almost 3%.wn as much as 5% after reopening for trading after an update on the alzheimer's drug. don't forget there is a meeting in san diego of alzheimer specialist earlier. biogen had laid out details of a failed experiment on a treatment it revived after two studies of medicine failed. it had abandoned the drug good it is telling those doctors it studies andprevious investors are not pleased about this. guy: let's check out where european stocks have settled. we see a little bit of pickup for the ftse 100 and the final few minutes of trading. still a fairly negative session. down .7%. the dax also pushing lower. the cac 40 just keeping its head in positive territory, which is interesting considering what is happening in france. that will be one of the discussions will be talking about on the cable show. jonathan ferro is in new york, i will be joining him in london on dab digital radio. we need to talk about the claims out of the states, we need to talk about what is happening with trade, we n

biogen says it deserves serious consideration by the fda.ped testing the drug this year after determined it wasn't effective. yesterday the company says new evidence the drug can possibly slow alzheimer's by removing harmful plaque from the brain. >>> boeing is trying to convince industry officials that its 737 max will be safe when it once takes flight again. the plane maker invited union officials and other insiders to its seattle headquarters for meetings, factory tours, and flight simulator rides. boeing has made changes to a flight control system implicated in two deadly crashes. boeing still needs a certification flight with the faa and approval for updated pilot training material. you may recall the faa grounded the 737 max in march. >>> and kfc is bringing back fried chicken-scented fire logs for the holiday season. the 11 herbs and spices fire logs will be sold at walmart.com. the popular holiday item could make your whole house smell like, well, fried chicken. the logs can be burned outdoors, in fireplaces, wood stoves, and fire pi

well, today, the drug maker, biogen, said its alzheimer's drug deserves serious consideration from theiogen recently stopped testing the drug after determining that it wasn't effective, but in a reversal, the company says new evidence presented today shows the drug can possibly slow alzheimer's by removing harmful plaque from the brain. up next, what you didn't know about civil rights icon rosa parks. icon rosa parks. ♪ ♪ ♪ 2020 ford escape. it's got an available head-up display. adaptive cruise control with stop-and-go. and ford co-pilot360 technology. looks like someone got everything on their list this year. now, who's your santa? the totally redesigned 2020 ford escape. ford. built for the holidays. tthe bad news? outhe perfect photo is not.d. depend® fit-flex underwear offers your best comfort and protection guaranteed. because, perfect or not, life's better when you're in it. be there with depend®. cdc guidance recommends topical pain relievers first... like salonpas patch large. it's powerful, fda-approved to relieve moderate pain for up to 12 hours, yet non-addictive and gentle

. >>> biogen was just reopening moments ago. >> there's a key alzheimer's presentation for biogen atonference in san diego. this is the first time we're getting more information from the company about the drug that earlier this year said had failed and then in october, shocked everyone when it said it was bringing it back after it saw more data that implied it looked like it actually may work people were highly anticipating the information. now the stock is reopening it is down about 3%. i have been speaking with three people, two in the room there in san diego, who are analyzing data in real time. the presentation is still ongoing. the take away is that the data if anything looked slightly better than what we saw in october from biogen. however, sounds like it is still confusing. they're not getting a ton of clarity saying it is a sure homerun. maybe that's why the stock is down slightly. it is not as if there's anything bad in the data beyond what we saw in terms of it not being super clear. we're going to bring you any more we get. the panel will ask questions a ton of excitement

>> even the best of sharly sharf might take too long to play out for us to stay in the stock. >> biogen downgraded to underperformed that's at baird, 250 price target, 15% down side. you don't own t you've added other names in that space. >> in n. that space we owned salgan who merged with wri bristol-myers. they have up to $2.5 billion of synergies, a fantastic cancer drug pipeline. >> last but not least this roku down grade at morgan stanley, underperformed, price starting 110 from 100 why underweight they say we're bullish on roku's growth prospect shares it up 400% year to day there's just a lot of exuberance in the names. >> two ways to discuss this, technical and fundamental. frankly the reason is you don't know if a day like today is a reversal of momentum or buy the dip. the last year, year and a half days like today have been buy the dip moments. until there's proof, ie two or three days in a row of this going down i'm not saying the momentum is broken. >> you are not adding to your position. >> no i have enough of it. >> you have enough or you've had enough >> for people who m

drug >> earlier this year biogen said it was stopping all development of its alzheimer's drug after it looked like the drug wasn't going to work. in october the stock shot back up when they said they got more data and it does work. initially it was down. people didn't think it proved the drug worked. the company does plan to file for approval it's kicking the ball down the road to the fda now. we'll hear from the regulator next >>> coming up, the latest on trade, e hiswet wli >>> coming up, the latest on trade, e hiswet wliabeth warreno megamergers. >>> plus, who is watching you and you kids when you're on the internet or just sitting in your living room watching tevioelisn? the answer might be everybody. how concerned should you be? power lunch will be back as a principal i can tell you this. when one student gets left behind, we all get left behind. this is a problem that affects each and every one of us. together with ibm, we created a whole new kind of school called p-tech. within six years, students can graduate with a high school diploma, a college degree, and a pathway to a c

. >>> later, biogene sinking after one top analyst says wall street is getting the stock all wrong he'll be here to explain how power lunch starts right now the dow is down about 200 points slightly off the lows of the session. the big loser is the nasdaq. down by more than 1% ty >> thanks very much. president trump heading to the nato summit in london today. before he left he cast more doubt on a trade deal with china. >> president trump was noncommittal today on whether the phase one deal would be done this year. >> the chinese are always negotiating. the chinese want to make a deal. we'll see what happens >> president trump tightened one screw on china by signing into law a bill with hong kong protesters trump faults the country's massive devaluation. >> i gave them a big break if tariffs. it's very unfair to our manufacturers and very unfair to our farmers. our steal companies will be very happy and our farmers will be very happy >> on top of all of that there's still the usmca where officials are hopeful for movement soon. there's eight working days left in the capital back the you

a little bit of a roller coaster ride on the day for biogen. third --zheimer's is is like the holy grail. everyone has been looking for it. abigial: hopefully they find it. david: now we turn to mark crumpton with bloomberg first word news. mark: house democrats will draft articles of impeachment against president trump. nancy pelosi says the president's actions regarding ukraine are a profound violation of the public trust. >> the president leaves us no choice but to act because he is trying to corrupt, once again, the election for his own benefit. in president has engaged abuse of power, undermining our national security and jeopardizing the integrity of our election. earlierarly -- mark: today the president urged democrats to bring their charges against him quickly so that way the nation can move beyond the matter. chinese officials say they are in close contact with their u.s. counterparts on trade negotiations. the minister of commerce again called for tariffs to be cut as part of a phase one deal. u.s. negotiators said they are confident

biogen may be the first. it will bring its medication what could be the first medicine approved to slow the memory loss that comes with alzheimer's. setting up 2020 to see a major debate over the drug's approval and more broadly the direction of the fda >> and guys, we should see that application soon, as biogen says it plans to submit it in early 2020, starting the clock on what could be an historic drug review wilf >> meg, thank you very much for that preview and jefferies has come out with their top biotech road map for 2020, as well. the firm seeing less politics, more m&a, and improving fundament also for the sector. joining us is the analyst behind that note, michael ye. michael, a very good afternoon to you thanks for joining us. less politics. what do you mean by that in an election year? >> yeah, well, i think the set-up is over the last year or two, you've had a constant bantering like what you said on both sides of the aisle, talking about drug prices too high, talking about going after these pharm

we'll tell you which stocks were the biggest winners. >>> later, biogene sinking after one top analyst street is getting the stock all wrong he'll be here to explain

if you buy the ibb, the etf, the number one holding is amgen, then vertex and biogen you're not going to get the days where you walk in and your fund is up 80% but you also won't get the days where you walk in and your fund is down 80%. the top ten stocks, and i think there's 204 stocks in it, are 54% of the etf so you're just like faanging it. you've got google and these big stocks, if it moves, they move but if they don't, you don't get that big upside. >> you could do xpi which is more -- >> why not pick a couple of good names. >> by the way, there was monstrous call buying in arqule a couple of days ago giddy up. >> ahead of a big deal >> it's amazing, isn't it? >> how hucky. >>> santa fe just has a new plan under its new ceo. we'll hear more tomorrow morning at 8:15 eastern time. >>> a new ceo for canopy growth. our very own tim seymour will weigh in on the new hot head from vegas where he's at one of the biggest cannabis conferences in the country. >>> plus autozone reporting earnings tomorrow. you may think autozone is boring it's not one options trader has a strategy that has

. >> if i'm recalling correctly, biogen is up for the year, would you be comfortable buying the stock? >> currently i have a neutral. the reason why is because i can't really headache heads or tails if they will get approved. i think these data are certainly interesting, but it comes down to the fda and they've been supporti supportive if they're telling them to file or giving them support of evidence, that's a r very important fact pattern, but i find this is a large population. 10 million plus people and one clinical trial works and one does not, the expectation is that they would probably need two for it to work >> but this is a big risk looming out there if it doesn't turn out to get approved >> you hear analyst referring so this as the biggest fare of missing out trade. if you're in it because you expegt the drug to be approved, it could drop a lot if it doesn't. then the fda is one thing, but then it goes to the payer community, the insurers who have to decide if they're going to pay for this and for whom and if the data isn't extremely clear, that could be another problem waiti

but a big movement for biogen releasing key alzheimer drug data. >> biogen shocked investors and thehought to be failed alzheimer drug was not failed after. it they say it appeared to work to slow declines with alzheimer's. tomorrow is the first presentation of further analysis as a alzheimer's conference. they say the compelling presentation and confirmed plan to continue with approval. a mixed or information show could bring them down 10%. back to you. >> meg thanks for that. >> a preview now of tiffany kate rogers. >> investors have been bullish on tiffany lately pushing it up 58% the past three months. thanks in large part to lvmh confirming it will buy tiffany for $16 billion. the stock trading near all-time highs despite macroeconomic headwinds and slowdown in hong kong the company is expected to post a rise in third quarter comps and two straight quarters of declines but any look out the for comments on u.s. china trade talks. remember they cut the outlike are look this year citing the tensions back to you. >> thank you mike, quickly final thoughts. >> we always watch weekly u

this is highly anticated biogen is presenting data from the experimental alds h wmers drug sks after said it was bringing the treatment back from the dead. interesting. members of opec immediate t zid on production levels. jobless claims, international tradeac andry orders are all on the economic calendar as well. that's what we are watching tomorrow, thursday. >>> hedge fund manager ste cull isn't in talks to increase a stake in the new york metser are reports he could control 80% of the baseball team. under the agreement fred will pond would remain ceo of the mets five years. in ail forbes valued the new york mets at $2.3 billion. industry evolves in digital age stores are popping one no merchandise to take home. canada goose is the retailer to open a -called experienc storene it hopes helps consumer under why the canada gooseuter wear is worth the price tag. >> courtney reagan went toit experience >> we're in a mall in toronto but the canada goose sto is not atore but an experience. we're taking you inside. the entrance of the store is called the cravasse. it means a keep areeep c

>>well scientists are experimenting with a new drug that could possibly slow down all timers biogen the maker of that drug claims that it is the first medicine to slow the mental decline created by the disease studies of the drug were halted earlier this year because it did not appear to be effective. but new results suggest that it is effective when given at a higher dose, however, the experts are sharply split over the effectiveness of this medication and weather. it will get passed by the fda. >>we are 2 weeks away still from the official start of winter but as the temperatures dip, a lot of us might get hit with a nagging cough, a runny nose or a fever, holly for for got some advice from a pharmacist. >>here per se for the common cold, really what you would do is manage the symptoms that com with the common cold so depending on what symptoms you have that would determine what medications you take. >>first there's pain. you see them enough in isn't the only pain reliever out there. >>we've got 2 major part of the usual will take the first one is either. abaco fan. trend which is a br

. >> reporter: that trio is biogen one company.a presentation on alzheimer's drug it stopped development back in march saying it is unlikely to work but in october said it does work analysts seem to essentially be doubling down on the drug. biogen plans to file for approval next year next sage therapeutics the stock is getting crushed it failed to meet a main goal in a clinical trial the company has more clinical trials next year the opposite story for aurina pharmaceutical. >> some major moves for those stocks biogen has been on a tear. >> doing really well lately. that's because we have been seeing some positive clinical trial data with the exception of sage unfortunately also some m and a which is a key driver for the biotech space people hope prices on drugs will hold off and these more catalysts wild keep going. >> kids are screaming for that discussion on biotech stocks >> you know about the same as far as excitement. >>> ulta beauty is coming here in after hour. >> reporter: as you well know investors will be watching for gr

>>> shares of biogen popping here in extended trade on an announcement of a $5 billion stock buy backade back in march of 2019. it comes amid some new data from goldman sachs which shows buy back spending slowed 18% to $151 billion during the second quarter and the firm anticipates that slow down to continue but biogen here buying back more of its stock. it's up by about 1% in extended trade. back to you. >>> still ahead here on the close bell, jobless claims coming in worse than execute find out if that's a warning sign for the economy and the market sniend out how new york's most exclusive and expensive address is breinrerd akg cos. do you have concerns about mild memory loss related to aging? prevagen is the number one pharmacist-recommended memory support brand. you can find it in the vitamin aisle in stores everywhere. prevagen. healthier brain. better life. save kids with cancer. judeeverywhere. like...wide new york. oklahoma. tennessee. florida. donate now at stjude.org or shop wherever you see the st. jude logo. >>> welcome back to the "closing bell". let's sends it over to mi

patients, it will consider approving drugs on less than extremely robust data, which explains the biogen be very interesting to watch next year, guys. >> meg, thank you. >> five minutes left of the session. november retail sales came in below expectations courtney reagan has more on that for us >> hey, court. >> so november retail sales up about 0.2% since october we had expected to see growth of about half a percent so somewhat disappointing. retail sales are up more than 3% year over year, and if you look at the october growth rate, that was revised up slightly from september. the strongest categories for the month of november, non-store retailers, that's your online, makes sense, as well as electronics. health and personal care and clothing, those were the weakest, which sounds a little concerning going into the holiday season, but some of the softness was likely due to that very late thanksgiving and black friday and cyber monday actually falling into the december report, so we don't have that yet. ins instanet said we are not overly concerned. separately, costco shares are down abou

biogen claiming an experimental drug may decrease the severity of symptoms.studies have been stopped because the drug wasn't effective. the company now saying it looked at the data more closely and that a higher dosage of the drug did appear to slow progression of the disease in the early stages. while hopeful, critics say more study is needed. >>> and distracted americans on their smartphones. a new "jama" study tonight finds emergency rooms reporting head, face and neck injuries sharply increasing over the last 20 years and 40% of those injuries involve americans 13 to 29 years old. >>> when we come back, the kindergartner in court, his entire class, too. the best case ever. ok, ready sweetie? nice, you ready to go again? are you ready, dad? i'm ready. imagine if your life insurance could help you live for today and safeguard tomorrow, so you're ready for anything. life insurance designed to protect generations of familie. that's the power of pacific. ask a financial professional about pacific life. ahey, fred, it'sage medicare open enrollment.ific. time to

. >> we await those results from biogen tomorrow.. >>> slack getting ready to report after the bell since it's been in a free fall. wall street will be waiting for the company to give them their daily active users its team's platform has eclipse ed daus. senior research analyst at d.a. davidson welcome to the show. >> thanks for having me. >> unlike uber and lyft, slack's reference price went all the way up to 42 and since then has been on a freefall. >> right. >> what are you expecting to hear tonight >> investors will be looking for what impact does microsoft have here especially within tech-forward companies, it actually threatens a little bit of the core of what microsoft does people are spending less time on outlook. that's a big part of their business microsoft's messaging around teams and daily active users gets so aggressive any commentary, if there's been any changes in the competitive dynamics, i think that's number one what people are looking for. and number two, signs of kind of a stabilization and revenue growth that we'

number five, biogen. taking a flyer there with that one. prefer other drug stocks because of the binary nature of the company's prospects. let's end with a curious oddity. this morning my colleague talked about how dish network is trying to buy some assets that need to be divested before sprint and t-mobile can get regulatory federal rates or approval to emerge dish wants to build out a network that could cost billions of dollars he has 10 billion in financing lined up to make it happen back in 1999, dish was a great growth company and stock was up 106% but like so many other it crashed back to earth in 2000. it took 14 years to rebound to its highs. me, i'd rather own att and have good growth even if the sprint deal gets blocked by various states attorney general. we keep thinking about how hard it is to it is hard many of those winners from 1999 collapsed soon after the post impeachment rally but the bottom line, the company that survived is a buying opportunity, did you need to be patient not at all and impeachment or no impeachment that

alzheimer's conference later this week there was an analyst on our network this afternoon who said that biogen's drug is going to be a bust and that makes it so that i am concerned because there's no reason to stick your neck out like that unless you kind of know something or otherwise you have egg all over his face dave in new york dave >> caller: thanks for taking my call, jim. what do you think of amgen it's up 20% ford future. >> amgen did something i made a lot of money with amgen but not enough that was because we did not think the market was reacting correctly to getting otezla so cheaply. it's moving up as much as you said if you want to buy amgen buy it at 210 and i would take it because it's a much better company than it was six months ago. let's go to austin in florida. austin. >> caller: happy holidays. boo-yah. >> that was sweet. right back >> caller: jim, you got me started in caterpillar, cat. i've got a good amount of it what do we do with it? >> i think you want to sell some trade around it if you are a trader and buy it back later why do i say that? because i don't think caterp

and they've all said the same, which is alzheimer's is just too hard biogen just got bounced around whyn even have a chance when outfits like j&j haven't had any success? >> first of all, thank you for having me. alzheimer's is a tough disease and we have to do better and we can't stop trying. so last week, you saw we had the results. very encouraging we had an independent panel of experts review the first six months of treatment of 100 patients who finished therapy. and what they told us is the study should continue. and it was only two ways we could pass that futility analysis that was if a patient showed improvement on cognition or improvement on biomarkers of alzheimer's disease. >> show you the plaque was receding in a person's head? >> it was focused on atrophy, shrinking of the brain and what we were told by this independent panel is a study should continue because we passed those endpoints. >> now, are these people early onset? are they older >> these are patients with mild to moderate alzheimer's disease. so we already know they have the illness. >> so in other words, this is s

charles: last night after the close, biogen announced a $5 billion buy-back program that sent their sharesas a time when these kind of announcements were actually met with skepticism since the goals were first of all, you didn't have to go through with the buy-backs. moreover, there was a lot of criticism that buy-backs were a waste of funds and money that could be deployed in better ways to help the company and its shareholders. i think all of that's changed. these buy-backs are amazing. take a look at the buy-back king, apple. it has seen a sharp price rise since implementing the most expensive buy-back program in history. of course, apple has a lot of stock to buy back. may 30th, 2019 they said we are going to buy another $75 billion worth. that was less than 8% of the company's public float. i want to bring in to discuss all of this, chief investment strategist rob luna. rob, a few years ago it was like buy-backs, no big deal, you know, sort of a gimmick. but this has worked wonders. buying the buy-backs particularly with apple, people made a fortune. >> one thing we were looking at co

. >> stock movers in japan, biogen presented from the ongoing study for their at a conference in sanexpects that alzheimer's therapy could secure approval from the f.d.a. should that recent trial be taken on-board. i also want to highlight steelmaker gse rising as much as 4.2% to a july 23 nigh tokyo. then on the steel sector, after unveiledese government its stimulus package. uber under to come, scrutiny after it releases a safety report on sexual assault allegations. have the details next. this is bloomberg. t. this is bloomberg. asia.s is daybreak >> revealed there were more than 3,000 sexual assault allegations last year involving passengers. bloomberg has been looking at this report. of course, we've been waiting this review given all of the public safety concerns we've had uber in london, ould this lead to some regulatory pushback from the u.s.? >> that's a good question. you know, the results of this report are going while.looked at for a it's been a two-year effort and t reviewed all of the trips that uber made which was one billion in the united states and in the united stat

. >> biogen been around forever, nothing.se are big pharma. >> it is an enormous company. >> enormous. >> these are what they once were. >> david, you're on the board of merck. you're buying something that was at $7.50 less than a month ago, paying $20 is it because it is only $2.7 billion that nobody bat an eye >> yes >> but that's incredible >> that's why. what is it for a company that generates cash like that, not much. >> i guess in order to be able to say we're in the game -- >> yep. >> i find these things unbelievable people at home, i wish they recognized, you know, you can buy a basket of like three of these, four of these. >> if you buy the biotech index, it may be one of the few cases where it actually pays to pay a manager 1% or whatever the number is. >> the baker brothers. >> those guys are good. >> they're very good >> i got a buddy who is great at it too he's running all his private capital. the fact is that if you -- maybe there is public managers who really good at identifying the right science. >> there is r

you're going with the old guard of amgen, biogen, and gilead why? >> that's right.rge caps have generally underperformed the midbiotechs, which are the one drug ponies which if it works, you get paid a lot. i cover the larger cap names and among those, it's a powerful of products, sometimes pay a dividend and are able to, you know, do well, even if the overall market does not do particularly well. so that is the logic behind those choices. >> very good ronny gal from bernstein, good to see you again good to see you. >> check, please! is next. ♪ ♪ ♪ ♪ ♪ ♪ don't get mad. get e*trade, dawg. through the at&t network, edge-to-edge intelligence gives you the power to see every corner of your growing business. from using feedback to innovate... to introducing products faster... to managing website inventory... and network bandwidth. giving you a nice big edge over your competition. that's the power of edge-to-edge intelligence. it's finally time for... geico sequels! classic geico heroes, starring in six new commercials, with jaw-dropping savings. vote for your favorites a

he's biogen etically had his brain frozen you never know. >> that's not bad. >> no no are you going tour brain biogenetically frozen? >> thousands you got a lot more years ahead for us >> how is the thousand-year-old man doing? how is mel torme doing people yesterday on a real hard show all i heard was did you hear carl, mel torme we work thousands of hours, did you know that carl - >> and he loved mel torme. >> as they should. >> guys, haven't really updated the ongoing trial. only a few blocks up the street on pearl street here, of course, the state ags versus sprint and t-mobile today john ledger, mike seiffert, ledger current ceo to be, becoming very soon, going to take the stand state ag is going to rest at least, it seems. and the defense is going to begin. >> yes >> very much unclear at this point. so much at steak, though, for these two companies. remember there is no merger agreement. >> no. >> coming back to that it's really weird you don't see -- the merger expired they all have a new one. are there talks to try to settle one would imagine that you can keep trying to settle

biogen has been a big name in this space. the stock took a big hit on a study. broadened it out, it may work. the idea for them is plaque buildup on the brain. what do you think about lsd perhaps being able to do something here? >> charles, actually we haven't left the plaque yet because that would be a cure, to prevent that plaque from building up called beta amyloid. shifting gears to what you are talking about here, this is pretty exciting. it turns out that alzheimer's disease is also associated with inflammation. and you know, when inflammation starts to build up in the brain, the first place it goes are these receptors that produce serotonin or happy hormone in the brain. early on with alzheimer's you see depression, anxiety, problems processing thoughts. if you can get rid some of that inflammation early on, you may see a slower progression of the disease. he's right. that lsd and other psychedelics have been shown in micro doses to decrease some of this inflammation. as you pointed out, charles, early trials shows that it's safe. now we're moving on to s