Why Bristol Myers Squibb Stock Bounced Higher Today
Shares of Bristol Myers Squibb (NYSE: BMY) were bouncing 3.4% higher as of 3:31 p.m. ET on Thursday after slipping a little earlier this week. The big drugmaker didn't report any news that served as a catalyst. Instead, today's move appeared to be the result of investors seeking relatively safe stocks as the Nasdaq Composite index and Russell 2000 small-cap index fell.
Bristol Myers Squibb has seemed to be sort of a safe haven for investors throughout much of 2022. The pharma stock is up 15% year to date while the major market indexes have plunged.
The company hasn't delivered all that impressive top-line results, though. BMS' revenue rose by only 2% year over year in the second quarter. However, its bottom line looked better with Q2 adjusted earnings per share jumping 18%.
Source Fool.com
