Bristol-Myers up on spinoff plan
The drug giant's shares rose 5% after Bristol-Myers Squibb (BMY) said late Sun. that it would divest its 83% stake in infant nutrition company Mead Johnson (MJN). Analysts said the move was consistent with Bristol-Myers' long-term strategy to focus on biopharmaceuticals. Wells Fargo sees the move adding 7 cents to 2010 EPS. But Credit Suisse noted that the spinoff removes Bristol's last source of earnings diversification. Mead Johnson, which had
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