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Oct. 18, 2019, 9:03 a.m. EDT

Johnson & Johnson's stock drops after baby powder recall

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By Tomi Kilgore

Shares of Johnson & Johnson /zigman2/quotes/201724570/composite JNJ +0.30% swung to a 2.6% decline in premarket trading Friday, after the consumer products and drug company said it was recalling "a single lot" of Johnson's Baby Powder after tests revealed traces of chrysotile asbestos. The stock was trading up about 0.2% ahead of the recall announcement. The company said it initiated the voluntary recall "out of an abundance of caution" after the Food and Drug Administration found "sub-trace" levels of asbestos in samples from a single bottle purchased from an online retailer, and has initiated a "rigorous and thorough" investigation into the matter. J&J said it can't confirm whether the tested product is authentic or counterfeit, or whether the sample was prepared in a controlled environment. The recall comes after J&J received subpoenas earlier this year seeking documents related to the safety of its baby power and other talc-containing products, following at least 13,000 lawsuits claiming the products caused cancer. On Thursday, the company said said rigorous tests of its talc have found not asbestos. The stock has gained 5.5% year to date through Thursday, while the Dow Jones Industrial Average /zigman2/quotes/210598065/realtime DJIA -0.49% has gained 15.9%.

/zigman2/quotes/201724570/composite
US : U.S.: NYSE
$ 143.70
+0.43 +0.30%
Volume: 679,351
July 9, 2020 10:14a
P/E Ratio
22.50
Dividend Yield
2.80%
Market Cap
$377.46 billion
Rev. per Employee
$603,509
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/zigman2/quotes/210598065/realtime
US : Dow Jones Global
25,939.98
-127.30 -0.49%
Volume: 71.73M
July 9, 2020 10:14a
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