: Bristol Myers Squibb stock extends bounce after announced $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 SPX has advanced 16.4%.

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