BMY - 1 Stock I Wouldn't Touch With a 10-Foot Pole
2024-05-21 08:15:00 ET
There are many positive things about Bristol Myers Squibb (NYSE: BMY) and its stock. It has a decently high dividend yield, it's one of the world's largest pharmaceutical companies, and it makes dozens and dozens of life-saving medications, with even more to come from its pipeline. It won't be going out of business anytime in the foreseeable future.
But I wouldn't touch the stock with a 10-foot pole right now, even though I've recommended it for some investors in the past, and even though it could well be a decent pick in the future. Here's why.
The first reason why Bristol Myers Squibb stock is a no-go right now is that in its first-quarter earnings update, it had a nasty surprise for investors. Whereas in February it reported that its non-GAAP diluted earnings per share (EPS) for 2024 would be as high as $7.40, it revised that estimate dramatically downward to a ceiling of just $0.70.
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1 Stock I Wouldn't Touch With a 10-Foot Pole