President Donald Trump said Monday he's in no rush to respond to a coordinated attack that hit Saudi Arabia's oil industry over the weekend.Marketsread more
The price of oil could go sharply higher, depending on the duration of the disruption at Saudi oil facilities and whether there is a military response.Powering the Futureread more
Energy stocks, one of the worst-performing sectors this year, spiked Monday after an attack on Saudi Arabia's heart of oil production Saturday sent oil prices soaring.Marketsread more
The Saudi-led military coalition battling Yemen's Houthi movement said on Monday that the attack on Saudi oil plants was carried out by Iranian weapons and did not originate...Oilread more
After a series of setbacks on the road to an initial public offering, the parent company of real estate start-up WeWork is delaying the move, sources told CNBC Monday.Technologyread more
"The United States military, with our interagency team, is working with our partners to address this unprecedented attack and defend the international rules-based order that...Politicsread more
Crude oil's spike following attacks on Saudi Arabia's energy supply has experts weighing whether or not the gains will last.ETF Edgeread more
"In the old days, the averages would've plunged on this kind of oil shock. I know because I've lived through a bunch of them, starting in 1973," Jim Cramer says.Mad Money with Jim Cramerread more
Traders in the fed funds futures market on Monday were pricing in a 34% chance that the Fed will stay put on rates.The Fedread more
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Gas prices could rise by about 20 cents per gallon "starting tomorrow," oil analyst Andy Lipow says Monday.Oil and Gasread more
The plunge in Johnson & Johnson's stock price following a report suggesting the company knew about asbestos in its baby powder is overdone and "excessive," Wells Fargo told clients Friday.
Wells Fargo, which said it still believes J&J's stock will outperform despite the allegation, said the selling based purely on the outcomes of any talc litigation is likely overstated.
"Based on prior high-profile product liability cases in drug and device sectors, we believe any potential settlement should be manageable for JNJ," analyst Larry Biegelsen wrote Friday. "Even if all 11,700 talc cases settled for $280,000 per case (the highest per case settlement amount among the cases we've tracked), the total liability to JNJ would be $3.3 billion. With over $19 billion of cash and marketable securities at the end of the third quarter, we continue to see the talc litigation as manageable for the company."
J&J shares sank as much as 11.9 percent on Friday after Reuters reported that the company knew for decades that its iconic talcum power contained asbestos. Reuters said its review showed that from 1971 to the early 2000s, J&J executives, mine managers, doctors and lawyers were aware the company's raw talc and finished powders sometimes tested positive for small amounts of asbestos. Though the problem was discussed, it was never disclosed to regulators or the public, Reuters reported.
Johnson & Johnson offered the following statement in response to the Reuters report:
"The Reuters article is one-sided, false and inflammatory. Simply put, the Reuters story is an absurd conspiracy theory, in that it apparently has spanned over 40 years, orchestrated among generations of global regulators, the world's foremost scientists and universities, leading independent labs, and J&J employees themselves," the company said in a statement. "Johnson & Johnson's baby powder is safe and asbestos-free."
The Reuters report represents the latest in a string of talc-related headaches for the company, which prides itself on the safety and family-friendly reputation of its products.
A jury in St. Louis concluded in July that the consumer drugmaker should pay $4.69 billion in damages to 22 women and their families who brought a tort suit. Johnson & Johnson said it was "deeply disappointed" with the jury's decision.
Citigroup analyst Amit Hazah noted that every court case decision that has been appealed has been overturned in Johnson & Johnson's favor.
"While we want to steer clear of giving a strong prediction on the outcome of the ongoing talc litigation given its breadth and complexity, we do want to note that response from management," Hazah wrote. We'd "highlight the robust cash generation capabilities of the company ... the product category itself" makes up less than 0.02 percent of total J&J sales.