Johnson & Johnson stock falls after company issues baby-powder recall
Shares of Johnson & Johnson JNJ, +0.74% 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.
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