Bristol-Myers Squibb, Macy's, Grubhub: Stocks That Defined the Week

Date : 01/10/2020 @ 11:33PM
Source : Dow Jones News
Stock : Roche Holdings Ltd AG (QX) (RHHBY)
Quote : 43.86  -0.87 (-1.95%) @ 8:59PM
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Bristol-Myers Squibb, Macy's, Grubhub: Stocks That Defined the Week

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2 Months : From Dec 2019 to Feb 2020

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By Francesca Fontana 

Bristol-Myers Squibb Co.

U.S. cancer deaths dropped by the largest amount ever recorded in a single year, boosting Bristol, Merck & Co., Roche Holding AG and other drug makers that spent tens of billions of dollars in recent years developing new therapies. Advances in treatment are helping improve survival rates in lung cancer and melanoma, experts say. The record 2.2% drop in cancer deaths happened between 2016 and 2017, according to the American Cancer Society. Bristol shares gained 2.5% Thursday.

Macy's Inc.

Macy's is trimming its footprint as more shoppers move online. The department-store company plans to shut nearly 30 locations and said Wednesday that its sales fell during the holiday months, though the decline wasn't as sharp as investors had feared. The company intends to close 28 Macy's stores and one Bloomingdale's store, according to a company spokeswoman. The retailer said its digital business and core stores performed well over the holidays and customers responded to its marketing, particularly during the 10 days before Christmas. Macy's shares fell 2.2% Thursday.

Grubhub Inc.

A sale could be on the menu for Grubhub. The Wall Street Journal reported Wednesday that the food-delivery provider is considering that move and other strategic options amid increased competition and a recent decline in its shares. Competition in the food-delivery industry has intensified as newcomers try to lure customers with discounts and promotions. Investors and analysts have said the industry needs consolidation, and many see room for little more than two major players in the space. Grubhub denied the report on Thursday, telling other media that there is "unequivocally no process in place to sell the company and there are currently no plans to do so." Shares gained 13% Wednesday.

Bed Bath & Beyond Inc.

The holidays weren't happy for Bed Bath & Beyond. The home-goods retailer said Wednesday that it swung to a loss in the latest quarter, weighed down by weaker sales during the critical holiday period. The home-goods retailer withdrew its fiscal 2019 guidance and said that it would unveil a new strategic plan soon. The company also struck a deal Tuesday to sell roughly half its real estate to a private-equity firm and lease back the space. The proceeds, estimated to be more than $250 million, will help the company repay debt, buy back shares and fund its turnaround efforts. Bed Bath & Beyond shares plummeted 19% Thursday.

Facebook Inc.

Facebook didn't make a lot of new friends with a new policy to ban "deepfake" videos that are manipulated using advanced tools. Critics said it didn't go far enough and the policy had too many loopholes. Facebook said it would remove or label misleading videos that had been edited or manipulated in ways that wouldn't be apparent to the average person, but that it wouldn't do the same with parody or satire or video that "has been edited solely to omit or change the order of words." Facebook shares gained 1.4% Thursday.

Beyond Meat Inc.

Plant-based meat makers are coming for pork. Impossible Foods Inc. said Monday that it will introduce imitation versions of the other white meat, including a patty for a new sandwich at dozens of Burger King restaurants later this month. Beyond Meat last year began supplying plant-based sausage to Dunkin' Brands Group Inc., Carl's Jr. and Tim Hortons restaurants, mainly for breakfast sandwiches. Impossible, Beyond and other meat-alternative developers say their products spare livestock and are better for the environment than meat because they require less grain, water and fuel to produce. Plant-based food makers are also developing chicken and seafood alternatives. Beyond Meat shares jumped 12% Tuesday.

Boeing Co.

"Would you put your family on a MAX simulator trained aircraft? I wouldn't." This was among the internal messages released by Boeing showing employees displaying a cavalier attitude toward safety while ridiculing regulators and some airline officials. Employees persuaded -- and in some cases tried to trick -- airline and government officials to conclude that flight-simulator training wasn't necessary for the 737 MAX, according to the messages. In 2018, as the company was contending with problems in its MAX flight simulators, some employees were concerned about whether regulators would sign off on the simulators and some complained they had not been given enough time to resolve the issues. Boeing shares fell 1.9% Friday.

Write to Francesca Fontana at


(END) Dow Jones Newswires

January 10, 2020 18:18 ET (23:18 GMT)

Copyright (c) 2020 Dow Jones & Company, Inc.

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