Shares of Bristol-Myers Squibb Company (BMY) are down about 1% Wednesday, but many may have thought shares would be down more. The company's Phase 3 test using a combination of its Opdivo and Yervoy treatments for kidney cancer did not meet both endpoints of the study.
Kidney cancer kills 100,000 people per year, 40,000 of which are in the U.S., TheStreet's founder Jim Cramer, who also manages the Action Alerts PLUS charitable trust portfolio, said on CNBC's "Mad Dash" segment.
However, one thing is notable about BMY stock, according to Cramer: "the stock doesn't get killed anymore." Shares currently yield 2.7%, which is more than a 10-year Treasury bond. Couple that with the company's growth and it's understandable why investors remain in the name, Cramer reasoned.
Also, the dollar isn't having as much of a negative impact. This isn't Bristol-specific, as many companies are no longer hurting from the rising U.S. dollar. Johnson & Johnson (JNJ) and Action Alerts PLUS Charitable Trust Portfolio holdingTJ Maxx Cos. (TJX) recently made similar comments.
"The dollar is now neutral for a lot of companies," Cramer explained.
"Bristol should be down more [on this news] but it's not," Cramer concluded.
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