Updated from 12:42 p.m. EDT
Health care stocks were faring well Tuesday, this 12th day of May, despite a undulating broader market.
Bristol-Myers Squibb (BMY - Get Report) announced Tuesday that it would confirm its earnings forecast at the Bank of America and Merrill Lynch Health Care Conference on Wednesday in New York. Last month the company said it expects full-year earnings in the range of $1.58 to $1.73 a share. Bristol shares were tacking on 1% to $20.50 in recent trading.
GlaxoSmithKline (GSK - Get Report) announced that it was acquiring a 16% stake in South Africa-based Aspen Pharmacare in exchange for a divestiture of assets including eight specialist medicines and a manufacturing facility in Bad Oldesloe, Germany.Glaxo said the impact of this transaction to earnings per share is expected to be accretive in 2009 and slightly dilutive in 2010. Glaxo shares were recently up 2.9% to $31.83. Pfizer (PFE - Get Report) shares were rising after analysts Credit Suisse called the stock undervalued given the company's impending merger with Wyeth (WYE). The analysts also said the company could raise its dividend soon, according to The Associated Press.