U.S. stocks fell on Thursday after the European Central Bank signaled an interest rate cut. The Dow Jones Industrial Average declined 0.56% to 27,114, the S&P 500 Index slid 0.60% to 3,001 and the Nasdaq Composite Index retreated 1.04% to 8,233.
Shares of Bristol-Myers Squibb Co. (NYSE:BMY) gained more than 5% after announcing second-quarter results. The company posted earnings of $1.18 per share on $6.27 billion in revenue, reflecting 10% growth from the prior-year quarter. The company beat earnings estimates by 12 cents and revenue expectations by $170 million.
"We had a very good second quarter where we delivered strong financial results while also advancing our integration planning for the acquisition of Celgene," Chairman and CEO Giovanni Caforio said.
For the quarter, the gross margin as a percentage of revenue decreased from 71.5% to 68.2% due to product mix and an $109 million impairment charge.
Adjusted research and development expenses fell 4.2% to $1.28 billion; and adjusted marketing, selling and administrative expenses declined 5.1% to $1.1 billion.
Looking ahead to the third quarter, the company expects 2019 GAAP earnings per share between $3.73 to $3.83 and non-GAAP earnings to range from $4.20 to $4.30 per share.
During the quarter ended June 30, the T Rowe Price Equity Income Fund boosted its stake by 58% to 3,380,000 shares, but Spiros Segalas exited his position.
Masco Corp. (NYSE:MAS) +8.3%
LKQ Corp. (NASDAQ:LKQ) +5.2%
Raytheon Co. (NYSE:RTN) +4.6%
International Paper Co. (NYSE:IP) +4.3%
Total System Services Inc. (NYSE:TSS) +2.4%
Align Technology Inc. (NASDAQ:ALGN) -27.1%
Ford Motor Co. (NYSE:F) -7.3%
DISH Network Corp. (NASDAQ:DISH) - 5.6%
Freeport-McMoRan Inc. (NYSE:FCX) -4.3%
The main European stock markets traded lower. The U.K.'s FTSE 100 dipped 0.17%, France's CAC 40 slipped 0.50%, Germany's Dax tumbled 1.28% and Spain's IBEX 35 fell 0.43%.
In Asia, Japan's Nikkei 225 gained 0.22%, India's BSE Sensex lost 0.04%, Hong Kong's Hang Seng advanced 0.25% and China's Shanghai Composite rose 0.48%.
Disclosure: The author holds no positions in any stocks mentioned.
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