Representatives from the Chinese side say they think it likely that Chinese President Xi Jinping will attend the G-20 meeting later this month. But in order to reach a trade...China Economyread more
Software engineers straight out of college often make six-figure salaries, not counting equity compensation.Technologyread more
Wall Street, though, is clamoring for a rate cut, with an 85% chance of a move in July and a 61% probability of three reductions by year's end.The Fedread more
A company spokesperson said the outage was the result of a "an internal technology issue" and was not security related.Retailread more
The flattening of the yield curve is exuding a bad omen for the stock market if history is any guide.Marketsread more
Using MIT's living wage calculator, CNBC Make It mapped out the minimum amount a single parent must earn to meet their basic needs without relying on outside help in every...Earnread more
Hong Kong Chief Executive Carrie Lam announced at a press conference on Saturday that a contentious bill to allow extraditions to mainland China has been put on hold.China Politicsread more
Stratolaunch, the world's largest airplane, which flew once, is up for sale, sources familiar told CNBC.Investing in Spaceread more
Transparency is key… or is it? With the first-ever non-transparent, actively managed exchange-traded fund receiving approval from the SEC, "ETF Edge" goes straight to the...ETF Edgeread more
Mired in a crisis over its best-selling 737 Max plane, Boeing could hand the spotlight over to its rival Airbus at the Paris Air Show.Airlinesread more
A new update to the Apple Watch called watchOS 6 will notify you if the environment you're in is too loud and could damage your hearing.Technologyread more
Johnson & Johnson lost $39.8 billion in market value Friday, suffering its worst trading day in more than 15 years, after Reuters said the company knew for decades that its baby powder contained asbestos — an allegation the company denied.
J&J said the story was "one-sided, false and inflammatory" and an "absurd conspiracy theory," according to a statement.
Thousands of lawsuits have accused J&J's talc-based baby powder of containing asbestos and causing ovarian and other types of cancers. Investors have expressed some concern over the lawsuits, though J&J has successfully won a number of cases.
Friday's report spooked the Street and drove J&J's shares down 10.04 percent to close at $133 a share, losing about $39.8 billion of its market value. J&J now has a market capitalization of $356.7 billion. The shares recovered somewhat after tumbling as much as 11.9 percent in intraday trading.
The pummeling was the company's worst trading day in more than 15 years — when its shares closed down 15.85 percent on July 19, 2002. Friday was the company's fifth-worst trading day on record.
Analysts viewed the sell-off as overdone. Wells Fargo called Friday's moves "excessive." J.P. Morgan called them an "over-reaction."
Wells Fargo's Larry Biegelsen said in a note to clients that even if J&J settled all 11,700 cases for $280,000 each, the highest per-case settlement amount among the cases it has followed, the total liability would be $3.3 billion. J.P. Morgan's Chris Schott echoed Biegelsen, saying J&J's exposure to the legal risk probably won't come close to the amount J&J lost in market value Friday.