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Bristol-Meyers, Zoetis, And Beckton Dickinson Earnings Beat

By Gorilla Trades. Originally published at ValueWalk.

Zoetis Beckton Dickinson

Commenting on the earnings of Bristol-Meyers, Zoetis, and Beckton Dickinson and today’s trading Gorilla Trades strategist Ken Berman said:


Q2 2020 hedge fund letters, conferences and more

Bristol-Meyers, Zoetis, And Beckton Dickinson Beat Earnings Expectations

The major indices mixed and flat midday following another choppy morning session on Wall Street. Three prominent healthcare firms reported earnings in pre-market trading, and Bristol-Meyers (BMY, +2.5%), Zoetis (ZTS, +2.1%), and Beckton Dickinson (BDX, -8.6%) all beat expectations on their bottom lines. Thanks to their upbeat guidance, the former two shares have been pushing higher in early trading, but overall, the sector is lower in the wake of the reports. The Bank of England (BOE) left its benchmark rate and its asset purchase program unchanged today, but due to the bank’s negative outlook, European assets declined following the BOE’s announcements.

The weekly number of new jobless claims was well below the consensus estimate of 1.44 million, dropping to 1.14 million, the measure’s lowest reading since the start of the lockdowns. Continuing claims also decreased by over 800,000, to 16.1 million, so following weeks of bearish surprises, the job market recovery might be finally gaining steam. As the job market has been the most worrisome trend for bulls in recent weeks, the positive numbers could send stocks soaring especially if tomorrow’s government jobs report doesn’t disappoint.

Market Wrap

Dow: 27,221, + 20 or 0.1%

S&P 500: 3,324, – 4 or 0.1%

Nasdaq: 10,988, – 10 or 0.1%

Russell 2000: 1,543, - 3 or 0.2%

Market breadth has been in line with the performance of the major indices this morning, with advancing issues outnumbering decliners by a 6-to-5 ratio on the NYSE at midday. Only 2 stocks hit new 52-week lows on the NYSE and the Nasdaq, while 166 stocks hit new 52-week highs. The major indices have been hovering around their daily VWAPs (Volume-Weighted Average Price) throughout the morning session, pointing to a choppy and mixed afternoon. Besides the healthcare sector, yesterday’s leaders, materials and energy-related issues have also been relatively weak this morning, but most of the sectors are virtually unchanged at midday. Stay tuned!

The post Bristol-Meyers, Zoetis, And Beckton Dickinson Earnings Beat appeared first on ValueWalk.

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