Midday Report: Bristol-Myers Slump on Drug Disappointment; Stocks Rally

Stocks rallied after the latest read on the labor market breezed past expectations, easing fears over the health of the U.S. economy. The S&P 500 hit an all-time intraday record on Friday.  Bristol-Myers Squibb (BMY) - Get Report slumped after announcing that its key cancer drug had not met its primary endpoint in a phase III clinical trial. The drug was intended to treat non-small cell lung cancer. Weight Watchers (WTW) - Get Report reported a disappointing second quarter, falling short on profit and sales estimates. Subscriber growth continued, though, boosted by Oprah Winfrey's involvement in the company since October.  Zynga (ZNGA) - Get Report fell after reporting a steady decline in average daily active users. The social game company, developer of Farmville, said active users fell 15% from a year earlier.