That Queasy Feeling At Bristol Myers

Richard L. Gelb, chief executive officer of Bristol-Myers Squibb Co., hates surprises, especially when he has to deliver them. But in June, Gelb left investors' mouths hanging open when Bristol announced an unheard-of goof in sales projections--for the second quarter in a row. Instead of climbing 13%, it reported second-quarter earnings would grow in the single digits. Apparently, Bristol's shareholders don't care much for surprises, either: In the week after the announcement, the drug giant's stock slid 11%, from 73 3/4 to 65 3/4.

To continue reading this article you must be a Bloomberg Professional Service Subscriber.