U.S. stocks were in negative territory on Thursday after Apple (AAPL, Financial) lowered its outlook for the fiscal first quarter of 2019 on Wednesday. The Dow Jones Industrial Average fell more than 500 points to 22,828, the S&P 500 index declined 1.80% to 2,464 and the Nasdaq Composite Index retreated 2.29% to 6,513.
Shares of Bristol-Myers Squibb Co. (BMY, Financial) fell more than 14% on Thursday after the company announced it will acquire Celgene (CELG, Financial) in a transaction valued at $74 billion.
Upon the deal's close, Bristol-Myers shareholders will own more than two-thirds of the combined company and Celgene shareholders will own a little less than one-third.
Moreover, the company announced earnings per share guidance for full-year 2019, excluding the impact of the Celgene acquisition. It expects GAAP earnings to range from $3.75 to $3.85 per share and non-GAAP earnings between $4.10 and $4.20 per share.
Gainers
- Incyte Corp. (INCY, Financial)
- Weyerhaeuser Co. (WY, Financial)
- Gilead Sciences Inc. (GILD, Financial)
- DISH Network Corp. (DISH, Financial)
- Devon Energy Corp. (DVN, Financial)
Losers
- Qorvo Inc. (QRVO, Financial)
- Advanced Micro Devices Inc. (AMD, Financial)
- Delta Air Lines Inc. (DAL, Financial)
- Broadcom Inc. (AVGO)
Global markets
The main European stock markets traded lower. The U.K.'s FTSE 100 fell 0.62%, France's CAC 40 tumbled 1.66%, Germany's Dax retreated 1.55% and Spain's IBEX 35 declined 0.31%.
In Asia, Japan's Nikkei 225 fell 0.31%, India’s BSE Sensex lost 1.05%, Hong Kong's Hang Seng dipped 0.26% and China's Shanghai Composite slid 0.04%.
Disclosure: The author holds no positions in any stocks mentioned.
