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Bristol Myers Squibb stock tumbles on cost-cutting initiative

Julie Hyman and Jared Blikre

Bristol Myers Squibb (BMY) shares are trading lower Thursday afternoon following the pharmaceutical company's announcement of several cost-cutting initiatives. Among the measures were workforce reductions and the termination of approximately 12 drug development programs.

Yahoo Finance Health Reporter Anjalee Khemlani breaks down the details.

For more expert insight and the latest market action, click here to watch this full episode of Market Domination.

This post was written by Angel Smith.