U.S. Movers: Bristol-Myers, Palantir, PepsiCo, Unity Software

Scott Peters
10 Oct, 2023
New York City

Stocks on Wall Street advanced and benchmark indexes extended gains for the second day in a row this week after Treasury yields edged lower.

The S&P 500 index increased 0.9% to 4,375.96 and the Nasdaq Composite rose 1.1% to 13,635.62. 

The yield on 2-year Treasury notes decreased to 4.94%, 10-year Treasury notes inched lower to 4.64% and 30-year Treasury bonds edged down to 4.8%. 

PepsiCo gained 1.5% to $163.81 after the beverage and food company reported its quarterly results and the company also lifted its full-year outlook. 

Net revenue in the third quarter ending in September increased 6.7% to $23.45 billion from $21.97 billion and net income attributable to shareholders increased to $3.09 billion from $2.70 billion and diluted earnings per share advanced to $2.24 from $1.95 a year ago. 

In North America, beverage sales increased 8%, Frito Lay sales rose 7% and Quaker Foods advanced 5%. 

The company slightly revised higher its 2023 earnings outlook and estimated core earnings per share of $7.54 compared to its previous estimate of $7.47 and compared to $6.79 a year ago.   

Palantir Technologies Inc increased 2.7% to $18.09 on news that the U.S. Army assigned a $250 million contract to test and develop artificial Intelligence tools.

Unity Software Inc jumped 4% to $30.88 after the company said chief executive John Riccitiello plans to retire and James M Whitehurst will step in as an interim chief executive. 

Bristol-Myers Squibb Co edged up 0.1% to $56.68 after the company agreed to acquire San Diego-based Mirati Therapeutics for $58 a share or $4.8 billion on Sunday evening. 

The company also agreed to as much as additional $1 billion  in milestone payments. 

With the purchase of Mirati, Bristol-Myers expanded its cancer treatment portfolio after Mirati's non-small cell lung cancer drug Krazati was approved by the U.S. FDA.