Shares of Celgene Corp (NASDAQ:CELG) rallied after advisory firms Institutional Shareholder Services and Glass Lewis announced Friday that they were no longer in opposition to the drugmaker’s $74 billion acquisition by rival Bristol-Myers Squibb Co (NYSE:BMY), Reuters reported Friday. Bristol-Myer’s shareholders are expected to vote on the deal on April 12. Should the merger be approved, Bristol-Myer’s shareholders will own 69% of the combined company.
Celgene stock jumped 8% to close at $94.34, while Bristol-Myers fell 0.2% to $47.73.
RH (NYSE:RH) stock broke down before the bell Friday after drastically undershooting Street expectations and revising its fiscal year guidance. For the three months ended Feb 2, the hardware retailer posted earnings of $1.41 per share on revenue of $671.8 million, well short of analysts’ expectations of $2.85 EPS on revenue of $687 million. The Corte Madera, California-based company downshifted its fiscal year 2019 sales guidance to a range of $2.59 billion to $2.64 billion, down from $2.72 billion to $2.82 billion.
The stock got hammered Friday, dropping nearly 22% to finish at $102.95.
DowDuPont Inc (NYSE:DWDP) slipped after reducing its first-quarter sales forecast late Thursday. The agricultural company blamed flooding in the region, which prevented farming work and made deliveries difficult. The Midland, Michigan company now expects first-quarter net sales to be down high-single digits, as opposed the mid-single digit dip it expected before. Analysts on average expect sales to dip 6.2%.
Shares were off to a rough start but rallied 1.2% to $53.33.
CarMax Inc (NYSE:KMX) shares got a boost after the company posted strong fiscal fourth-quarter results before the bell Friday. The used-car seller reported net earnings of $1.13 per shares compared with $0.67 EPS a year ago and surpassing estimates of $1.06 EPS. For the fiscal year, the Richmond, Virginia company put up $4.79 EPS, again passing Street forecasts of $4.72.
Investors had their foot on the pedal, boosting the share price 9.5% to $69.75.
Contact Andrew Kessel at andrew.kessel@proactiveinvestors.com
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