Stock Market in the Green on Thursday

U.S. stocks were in the green on Thursday. The Dow Jones Industrial Average gained 0.30% to 29,376, the S&P 500 index rose 0.28% to 3,343 and the Nasdaq Composite Index advanced 0.58% to 9,564.

Non-index stocks have also posted gains and losses recently. Shares of Bristol-Myers Squibb Co. (NYSE:BMY) climbed 2.5% on Thursday after the company announced fourth-quarter results. It posted earnings of $1.22 per share, beating earnings estimates by 28 cents. Revenue of $7.95 billion beat expectations by $1.75 billion.

“By all measures, 2019 was a transformative year for Bristol-Myers Squibb as we progressed our strategy through the acquisition of Celgene, delivered strong operational and financial performance, and continued to drive important science for patients,” Chairman and CEO Giovanni Caforio, M.D., said.

U.S. revenue grew 42% to $4.8 billion, while International sales increased 21% to $3.2 billion. When adjusted for foreign exchange impact, international revenue increased 23%. Further, the gross margin as a percentage of revenue declined from 72% to 68.6%, driven by inventory purchase price accounting adjustments.

Last November, the company announced it completed its acquisition of Celgene Corp. (CELG).

Looking ahead to full-year 2020, the company expects GAAP earnings per share between 75 cents and 95 cents and non-GAAP earnings between $6 and $6.20 per share on $40.5 billion to $42.5 billion in sales. For 2021, Bristol-Myers projects to earn $7.15 to $7.45 per share.

During the quarter ended Dec.31, the T Rowe Price Equity Income Fund (Trades, Portfolio) trimmed its stake by 50% to 1,430,000 shares and Kahn Brothers (Trades, Portfolio) reduced its position by 129% to 1,053,732 shares.



Global markets

The main European stock markets traded in thegreen.The U.K.’s FTSE 100 rose 0.30%, France’s CAC 40 gained 0.88%, Germany’s Dax swelled 0.72% and Spain’s Ibex 35 increased 0.92%.

In Asia, Japan’s Nikkei 225 climbed 2.38%, India’s BSE Sensex rose 0.40%, Hong Kong’s Hang Seng jumped 2.64% and China’s Shanghai Composite advanced 1.72%.

Disclosure: The author holds no positions in any stocks mentioned.

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