As info, I think that it is important to know who is reducing their positions in a particular stock. We can pretty much assume that most BMY holders did it for a profit, given BMY's performance over the last 12 months, or so. Still, some probably rode it up, just to sell it at a profit. Others may have also shorted some borrowed shares periodically to supplement their selling of long shares, to also take a profit (or reduce the loss) on some of their shorted shares which were previously shorted at a lower price. They would easily be able to cover, if BMY continued to go up in price, and would possibly "rake in" additional profits if it went down in the interim. JMHO.