JNJ Stock Dives After Asbestos Discovery Prompts Baby Powder Lot Recall | Investor's Business Daily
Johnson & Johnson ( JNJ) is voluntarily recalling a lot of its baby powder after Food and Drug Administration testing detected low levels of asbestos in a single bottle.
Shares of Dow Jones health giant sank 3.1%, near 132, in premarket trading on the stock market today. JNJ stock is forming a flat base with a buy point at 145.08.
The health giant confirmed an FDA test discovered sub-trace levels of chrysotile asbestos, a common type of asbestos often found in asphalt, car parts, roofing and textiles. The samples came from a single bottle purchased from an online retailer.
"Despite the low levels reported and in full cooperation and collaboration with the FDA, Johnson & Johnson Consumer Inc. is initiating a voluntary recall" of the lot of Johnson's Baby Powder, the company said in a written statement.
In parallel, Johnson & Johnson also initiated an investigation into the matter. As of now, J&J can't confirm if cross-contamination caused a false positive, whether the sample was taken from a bottle with an intact seal, whether the sample was prepared correctly or if the tested product is authentic.
More to follow.Follow Allison Gatlin on Twitter at @IBD_AGatlin. YOU MIGHT ALSO LIKE: This Robotic Surgery Giant Just Crushed Third-Quarter Earnings Forecasts Biotech Stock Nearly Doubles In Two Days On A Potential Hepatitis Cure Johnson & Johnson Is Facing Mounting Legal Fees - Is JNJ Stock A Safe Buy? Find Winning Stocks With MarketSmith Pattern Recognition & Custom Screens IBD Stock Of The Day: See How To Find, Track And Buy The Best Stocks
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