Bristol-Myers Squibb (BMY) announced Sunday evening that it will split off its holdings in Mead Johnson Nutrition Company. The split-off is expected to be net cash flow positive to the BioPharma business and accretive to earnings per share beginning in 2010.
Bristol-Myers Squibb gapped up Monday and climbed during the first half hour of trade. Shares finished higher by $1.12 at $24.30 on the highest volume of the year. The stock broke out past resistance and set a new high for the year.
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