Bristol Myers Squibb beat, but shares sold off. Earnings topped estimates thanks to cost cuts and growing sales of Cancer treatment drugs. But, the drug maker said it isn’t ready to move ahead with a study for a new Cancer drug, including one of its top prospects. The stock fell 5.5% to $50.94.
Procter & Gamble & Kimberly Clark
Earnings out of Kimberly Clark and Procter and Gamble were also better than expected. Cost cuts and a bump up in organic sales helped Kimberly Clark. Procter and Gamble had positive results in all of its units except for beauty supplies. Shares of both companies rose. Kimberly Clark up three percent to $108.45 and Procter and Gamble rose one percent to $79.18.
Stanley Black & Decker
A recovering housing market helped Stanley Black and Decker boost its revenues, but restructuring charges demolished that increase. Earnings were off almost 90 percent because of millions of dollars in charges related to mergers and acquisitions. Shares slumped three percent to $77.81.
Earnings at Juniper Networks topped Wall Street estimates. The network equipment maker credits its solid results to increased spending by its core telecom customers. Separately, activist investor Jana Partners has reportedly taken a big stake in the company and is trying to get Juniper to cut costs and return cash to shareholders. Both developments pushed Juniper’s stock to a 52-week high, up 6.5% to $27.72.