News Corp Soars On Spinoff Plan (NWSA, RBN, BMY, BA)
News Corp(NASDAQ:NWSA) soared 7.84% to $21.66 and made a new 52-week high of $21.75 after the company confirmed that it is planning to separate its current business into two different publicly traded companies. News Corp. owns Dow Jones & Co., publisher of this newswire and The Wall Street Journal. A separation, depending on how it’s structured, could be a way to address concerns over media plurality, said the person, asking not to be identified as no decision has been made. News Corp. last year dropped a 7.8 billion-pound ($12 billion) bid to buy the outstanding 61 percent of British Sky Broadcasting Group Plc (BSY) after legislators objected to the deal following phone- hacking and bribery scandals at News Corp.’s tabloids.
Robbins & Myers, Inc.(NYSE:RBN) plunged 7% after reporting fiscal third-quarter earnings declined 38% from a year-earlier period that included a hefty contribution from its discontinued Romaco operations, though revenue and margins improved. Shares of the equipment maker slumped Tuesday after the company narrowed its full-year earnings target and forecast current-quarter results below expectations.
Bristol Myers Squibb Co.(NYSE:BMY) rose 1.38 as Citigroup says to buy the dip in Bristol-Myers . The firm believes the FDA’s complete response letter on Eliquis will be resolved quickly and should delay the U.S. launch of the drug by only by a couple of months. The delay won’t significantly change its estimates, and the it maintains its a $40 price target on the shares.
As The Boeing Company(NYSE:BA) reduces R&D spending and ramps up production to meet a record backlog, its free cash flow could reach $18B in 2012-14. That, analysts hope, should give it plenty of money to return to shareholders, although EarlyBird’s Alex Hamilton says the looming defense cuts mean Boeing should hold on to its cash. Shares of BA are down 0.35% to $70.80.