Stocks Head South on Yield Jitters
12/27/05 - 04:37 PM EST
Robert Holmes
Shares of Bristol-Myers(BMY Quote - Cramer on BMY - Stock Picks) rose after the Food and Drug Administration cleared a drug for rheumatoid arthritis. The intravenously administered drug, abatacept, will be sold under the name Orencia. Bristol-Myers added 15 cents, or 0.7%, to $23.09.
Elsewhere, Dynegy(DYN Quote - Cramer on DYN - Stock Picks) closed another chapter of its foray into energy trading by terminating a wholesale power contract with a power plant in Louisiana. The company will record a fourth-quarter charge of $360 million. Dynegy lost 16 cents, or 3.2%, to $4.91. Sirius(SIRI Quote - Cramer on SIRI - Stock Picks) says it has already made good on its oft-stated pledge to end the year with 3 million subscribers. In a premarket release, the satellite radio provider also said it expects a "strong year-end." Sirius ended up 16 cents, or 2.3%, to $6.99. Overseas stocks were mixed, with Germany's Xetra DAX rising 0.5% to 5445 and Japan's Nikkei down 0.9% to 15,969. Exchanges in London and Hong Kong remained closed for the holidays. Get Jim Cramer's picks for 2006.
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