U.S. stocks continued to decline in premarket trading on Monday, extending losses from last week.
Shares of Bristol-Myers Squibb Co. (BMY, Financial) fell on the back of the company reporting its financial results for the fourth quarter of fiscal 2017. The company posted earnings of 68 cents per share on revenue of $5.45 billion, beating earnings estimates of one cent per share and revenue expectations by $100 million. Total revenue grew 4% year over year, while U.S. revenue increased 7% to $2.9 billion and international revenue increased 1%. Further, the gross margin as a percentage of revenue decreased to 69.3% from 73.6% due to product mix.
Looking ahead, the company expects 2018 GAAP earnings per share in the range of $3 to $3.15 and non-GAAP earnings per share between $3.15 and $3.30.
Gainers
- Mattel Inc. (MAT, Financial)
- XL Group Ltd. (XL, Financial)
- Amazon.com Inc. (AMZN, Financial)
- Ulta Beauty Inc. (ULTA, Financial)
Losers
- Advanced Micro Devices Inc. (AMD, Financial)
- Charter Communications Inc. (CHTR, Financial)
- Hess Corp. (HES, Financial)
- Clorox Co. (CLX, Financial)
- Noble Energy Inc. (NBL, Financial)
- Chesapeake Energy Corp. (CHK, Financial)
Global markets
The main European stock markets traded lower. The U.K.'s FTSE 100 lost 1.46%, France's CAC 40 declined 1.48%, Germany's Dax slid 0.76% and Spain's Ibex 35 retreated 1.44%.
In Asia, Japan's Nikkei 225 lost 2.55%, India’s BSE Sensex declined 0.88% and Hong Kong's Hang Seng fell 1.09%, while China's SSE Composite gained 0.73%.
Disclosure: The author holds no positions in any stocks mentioned.
