Johnson And Johnson Shares Are Down after Asbestos Report
- 5 years ago
According to Business Insider, Johnson and Johnson shares plummeted for the biggest day of losses in 16 years.
By the afternoon on Dec. 14th, Johnson and Johnson's stock was down 9-percent, which wiped out an estimated $38 billion in market capitalization for the pharmaceutical company.
But that selloff was prompted by a report from Reuters, which indicated Johnson and Johnson knew small traces of asbestos were found in their baby powder products and raw talc for decades.
By the afternoon on Dec. 14th, Johnson and Johnson's stock was down 9-percent, which wiped out an estimated $38 billion in market capitalization for the pharmaceutical company.
But that selloff was prompted by a report from Reuters, which indicated Johnson and Johnson knew small traces of asbestos were found in their baby powder products and raw talc for decades.