Bristol Myers Squibb stock extends bounce after announced $4 billion accelerated buyback agreements

Shares of Bristol Myers Squibb Co.
BMY,
+0.76%
got a 0.9% bump up in premarket trading Thursday, after the biopharmaceutical company announced $4 billion in accelerated share repurchase agreements. The ASR represents 3.2% of the company’s market capitalization of $126.64 billion as of Wednesday’s close. After the ASR is completed, the company will have $2 billion remaining is share buyback authorization. The ASR comes after the stock bounced 0.8% on Wednesday, after closing at a 19-month low of $60.16 on Tuesday. The stock has dropped 15.8% year to date through Wednesday, while the Health Care Select Sector SPDR ETF
XLV,
-0.03%
has eased 0.7% and the S&P 500
SPX,
-0.70%
has advanced 16.4%.