Why C.R. Bard Rose to Record Highs on April 24
Top gainers and losers in the S&P 500
The top gainers in the S&P 500 on April 24 were:
- C.R. Bard (BCR) rose 19.5%.
- Hasbro (HAS) rose 5.9%.
- Xilinx (XLNX) rose 5.1%.
- Morgan Stanley (MS) rose 4.2%.
- Phillips-Van Heusen (PVH) rose 4.1%.
The top losers in the S&P 500 on April 24 were:
- Becton Dickinson (BDX) fell 4.4%.
- Regency Centers (REG) fell 3.3%.
- GGP (GGP) fell 3.3%.
- Kimco Realty (KIM) fell 2.9%.
- Micron Technology (MU) fell 2.8%.
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C.R. Bard rose to record highs
C.R. Bard, a leading multinational developer, manufacturer, and marketer of medical technologies, rose 19.5% on April 24 to new all-time high price levels. The stock rallied because of the announcement that Becton Dickinson acquired C.R. Bard for $24 billion. Becton Dickinson is a leading US medical technology company. According to the announcement, C.R. Bard’s common shareholders are entitled to receive $222.93 in cash and 0.5077 shares of Becton Dickinson for each of the shares they own. After the acquisition, Becton Dickinson is expecting to boost growth in non-US markets such as China.
After the announcement of the acquisition, C.R. Bard’s price targets have been revised. Morgan Stanley raised the price target from $270 to $313. Leerink raised the price target from $246 to $317. The rise in C.R. Bard also improved the sentiment in the health sector on Monday. The S&P 500 Health Care Sector Index rose 0.95% on April 24. C.R. Bard closed the day at 302.41 and rose 19.5%, while Becton Dickinson fell 4.4% to $177.07.
In the next part, we’ll discuss how the US dollar and Treasuries performed on April 24.