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Bristol-Myers Squibb Shares Fall on Ratings Downgrade

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  • Description

    FBN’s Adam Shapiro on the impact of Fitch’s ratings downgrade of Bristol-Myers.

  • Duration 0:48
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Schapiro here Fox Business -- the bullish tone on Wall Street continues ahead of the fourth of July holidays and better than expected news on the US economy is helping to push markets higher.

Factory orders rose seven tenths of a percent in May yeah.

Right now the Dow is up roughly 43 points.

On the flip side shares of Bristol-Myers Squibb seeing red following -- ratings downgrade Fitch slashed the pharmaceutical companies rating a notch to -- With a negative outlook it cites concerns about Bristol-Myers.

-- spending plans for acquisitions share buybacks which could increase the company's borrowing.

Private equity firm Carlyle group agreed to take a majority stake in assume operation it's -- -- -- Philadelphia refinery and it's one of the largest in the country.

And has the capability of processing 330000.

Barrels of oil a day.

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