Before the open, Bristol-Myers Squibb (BMY: sentiment, chart, options) reaffirmed its forecast that earnings excluding items from continuing operations will grow at a minimum of 15% compounded annual growth rate, from its 2007 base through 2010. The firm said its view doesn't include its plans to sell its ConvaTec business unit and other items.

What's more, BMY said it is evaluating its 2008 forecast and isn't reaffirming it at this time. The company plans to update its 2008 earnings guidance by the end of the second quarter.

Investors are less than enthused about the company's news, as the security has dropped more than 1% this afternoon. The shares have recently begun to pull back toward support at their 10-day moving average. The security had been in an uptrend from its March low of $20.05, gaining more than 14%. However, the stock is currently encountering resistance at its 20-week moving average, which has capped the equity since mid-December.

Short-term options players are skeptical of the shares. The Schaeffer's put/call open interest ratio for BMY stands at 0.49 in the 87th percentile. In other words, speculators have been more pessimistically aligned toward BMY just 13% of the time during the past year.