Bristol Myers Squibb extends bounce after $4 billion accelerated buyback agreements

 Shares of Bristol Myers Squibb Co. (BMY) got a 0.9% bump up in premarket trading Thursday, after the biopharmaceutical company announced $4 billion in accelerated share repurchase agreements. The ASR represents 3.2% of the company's market capitalization of $126.64 billion as of Wednesday's close. After the ASR is completed, the company will have $2 billion remaining is share buyback authorization. The ASR comes after the stock bounced 0.8% on Wednesday, after closing at a 19-month low of $60.16 on Tuesday. The stock has dropped 15.8% year to date through Wednesday, while the Health Care Select Sector SPDR ETF (XLV) has eased 0.7% and the S&P 500 has advanced 16.4%.

https://www.morningstar.com/news/marketwatch/20230810246/bristol-myers-squibb-stock-extends-bounce-after-announced-4-billion-accelerated-buyback-agreements