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$TEL's adjusted GM was 32.6% in 2Q16, down from 2Q15 and is mostly driven by lower volume in areas like oil and gas and distribution, which has higher margin than company average. Adjusted operating margins fell 150 BP consistent with GM performance. Total OpEx for 2Q16 was $523MM, down 5% from 2Q15, reflecting strong spending controls.
$WBA is yet to receive US anti-trust clearance for its Rite Aid acquisition. The deadline for the deal expires on January 27.
$BMY plunge 7.2%. No credits to the non-acceleration of approval for lung cancer combination treatment.