Celgene Gains 20%, Bristol-Myers Down 13% on Merger News
Chris Hagan, vice president at Adviser Investments, has the market analysis for Thursday, January 3. Nine of the S&P 500’s 11 sectors finished lower today, with technology stocksA financial instrument giving the holder a proportion of the ownership and earnings of a company. down about 5%. Airline stocks also fell; Delta Air Lines led those declines at 9% and American Airlines close behind, down 8%. Meanwhile, the biotechnology sector saw gains following the $74 billion Bristol-Myers Squibb-Celgene merger announcement. Celgene’s stockA financial instrument giving the holder a proportion of the ownership and earnings of a company. gained more than 20%, while Bristol-Myers Squibb fell 13% on the news.