Johnson & Johnson will spend $16.6 billion to buy cardiovascular technology company Abiomed to strengthen its medical device division. The health care giant said Tuesday that it will pay $380 for each Abiomed share and also provide another $35 per share in cash if some commercial and clinical milestones are met. J&J says the deal, which is expected to close early next year, will help the company build its medical device segment by entering a high-growth business. Abiomed will run as a standalone business within J&J’s medical device segment once the deal is completed. Shares of Johnson & Johnson, based in New Brunswick, New Jersey, slipped about 1% to $172.11 in before the opening bell Tuesday.
wftv.comJohnson & Johnson will spend $16.6 billion to buy cardiovascular technology company Abiomed to strengthen its medical device division. Abiomed develops technology that treats coronary artery disease and heart failure. J&J says the deal, which is expected to close early next year, will help the company build its medical device segment by entering a high-growth business. Abiomed will run as a standalone business within J&J’s medical device segment once the deal is completed. J&J will pay for the acquisition with a combination of cash and short-term financing.
wftv.comBEIJING — (AP) — Asian stock markets were mixed Wednesday after Wall Street rose on strong corporate profit reports. Wall Street's benchmark S&P 500 index rose 1.1% on Tuesday after investment bank Goldman Sachs, military contractor Lockheed Martin and others reported strong results. That concern has helped to drag U.S. stocks into a bear market, or a decline of more than 20% by the S&P 500 from its January high. New Zealand and Southeast Asian markets advanced. On Tuesday, the S&P 500 gained 3,719.98 as 90% of the stocks in the index rose.
wftv.comNEW YORK — (AP) — Stocks rose on Wall Street Tuesday and added to weekly gains for major indexes that have been mired in a broad slump amid inflation and recession concerns. The yield on the 10-year Treasury, which influences mortgage rates, rose to 4.05% from 4.01% late Monday. The latest round of corporate earnings are a big focus for investors this week with little economic data expected. Corporate earnings are the latest pieces of information Wall Street can use to try and get a better sense of the economy's path ahead amid stubbornly hot inflation and growing recession fears. Wall Street expects another raise of three-quarters of a percentage point at its next meeting in November.
wftv.comNEW YORK — (AP) — Stocks rose broadly in morning trading on Wall Street Tuesday as the market continues to claw back more of the ground it lost in a miserable few weeks of trading. The Dow Jones Industrial Average rose 568 points, or 1.9%, to 30,759 and the Nasdaq rose 2.1%. Corporate earnings are the latest pieces of information Wall Street can use to try and get a better sense of the economy's path ahead amid stubbornly hot inflation and growing recession fears. The Federal Reserve has been raising interest rates in an effort to make borrowing more difficult and slow economic growth. Wall Street expects another raise of three-quarters of a percentage point at its next meeting in November.
wftv.comNEW YORK — (AP) — Stocks are opening higher on Wall Street as the market continues to claw back more of the ground it lost in a miserable few weeks of trading. Wall Street futures rose sharply Tuesday, pointing toward another day of gains as the U.S. earnings season kicks into high gear. Futures for the S&P 500 climbed 1.9% and the Dow Jones industrials added 1.6%. The S&P 500 and Russell are down more than 22%, while the Nasdaq has slumped more than 31%. On Monday, the S&P 500 climbed 2.6% and the Dow Jones Industrial Average gained 1.9%.
wftv.comWall Street futures rose sharply Tuesday, pointing toward another day of gains as the U.S. earnings season kicks into high gear. Futures for the S&P 500 climbed 1.9% and the Dow Jones industrials added 1.6%. Goldman Sachs posted quarterly earnings of $3.07 billion, easily beating Wall Street expectations and shares are up almost 3%. Tokyo’s Nikkei 225 index rose 1.4% to 27,156.14 and the Kospi in Seoul climbed 1.4% to 2,249.95. The Nasdaq added 3.4%, while the Russell 2000 index rose 3.2%.
wftv.comJ&J on Tuesday stuck to the midpoint of its 2022 forecast after lowering expectations the previous two quarters due to the impact of currency exchanges. The company now expects adjusted earnings to range between $10.02 and $10.07 per share. That’s a narrower forecast than the $10-to-$10.10 range the company predicted in July. Revenue rose 2% to $23.79 billion, and adjusted earnings totaled $2.55 per share. Shares of New Brunswick, New Jersey company rose 2% before the opening bell.
wftv.comAs the 40th anniversary of the 1982 Tylenol murders approaches, investigators are working with prosecutors on a now-or-maybe-never effort to hold a longtime suspect responsible for the poisonings that killed seven people in the Chicago area, the Tribune has learned.
chicagotribune.comJohnson Johnson-Baby Powder FILE - In this April 15, 2011 file photo, a bottle of Johnson's baby powder is displayed in San Francisco. Johnson & Johnson is pulling its iconic, talc-based Johnson’s Baby Powder from shelves worldwide next year in favor of a product based on cornstarch. J&J insists, and the overwhelming majority of medical research on talc indicates, that the talc baby powder is safe and doesn’t cause cancer. However, demand for the company's baby powder fell off due to the controversy and it removed talc from the products in most of North America. Shares of Johnson & Johnson, based in New Brunswick, New Jersey, were essentially flat before the opening bell Friday.
wftv.comHalting sales: Johnson & Johnson said it will stop global sales of its talcum-based baby powder next year. ( Justin Sullivan/Getty Images)Johnson & Johnson said it will begin to use cornstarch instead of talcum powder in all of its baby powder products it sells globally in 2023. >> Read more trending newsThe company discontinued sales of its talc-based baby powder in 2020 and recalled some bottles the year before, The New York Times reported. Johnson & Johnson said it was already selling baby powder using cornstarch globally. Johnson & Johnson began selling cornstarch baby powder products since 1980, the Times reported.
wftv.comWASHINGTON — (AP) — About 135 million more doses of Johnson & Johnson’s COVID-19 vaccine from a troubled Baltimore factory will have to be destroyed due to quality problems, Congressional panel leaders said Thursday. The announcement follows a report in May that detailed how more than 400 million vaccine doses made at an Emergent BioSolutions plant had to be trashed. The doses more recently slated for destruction were made between August 2021 and February, the House members said. The panel said J&J told it that a batch of the shots failed inspection, which rendered all of them unusable. It noted that J&J took control of the plant after problems first emerged and that J&J was in charge until manufacturing stopped there earlier this year.
wftv.comFinancial Markets Wall Street FILE - An American flag adorns the facade of the New York Stock Exchange on June 29, 2022, in New York. Stocks are opening broadly higher on Wall Street Tuesday, July 19, 2022, as more earnings reports roll in from U.S. companies. (AP Photo/Julia Nikhinson, File) (Julia Nikhinson)NEW YORK — (AP) — Wall Street is rallying Tuesday as more reports pour in on how much profit companies made during the spring. Health care giant Johnson & Johnson swung from gains to losses after it reported stronger profit than expected but also lowered its revenue forecast for the year. Given all those fears, though, big swings have become routine on Wall Street recently.
wftv.comFinancial Markets Wall Street FILE - An American flag adorns the facade of the New York Stock Exchange on June 29, 2022, in New York. Stocks are opening broadly higher on Wall Street Tuesday, July 19, 2022, as more earnings reports roll in from U.S. companies. (AP Photo/Julia Nikhinson, File) (Julia Nikhinson)NEW YORK — (AP) — Stocks are making another run at rising on Wall Street Tuesday as more reports pour in on how much profit companies made during the spring. Stocks have dropped roughly 20% so far this year on worries about rising interest rates and high inflation, which puts an even brighter spotlight than usual on how much profit companies are making. Given all those fears, though, big swings have become routine on Wall Street recently.
wftv.comJohnson & Johnson Results FILE - The Johnson & Johnson logo appears above a trading post on the floor of the New York Stock Exchange, Monday, July 12, 2021. Johnson & Johnson rode growing sales of the cancer treatment Darzalex and other key drugs to a better-than-expected second quarter, but foreign exchange rates again cut into the health care giant’s 2022 forecast. The company on Tuesday, July 19, 2022, dropped its forecast to a range below analyst expectations after also trimming it in April due to exchange rates. After trimming its forecast in April citing exchange rates, the company did so again Tuesday to a range that is below analyst expectations. J&J drew more than $6 billion in sales from Europe in the second quarter and $12 billion from the U.S.
wftv.comAP Health Writer — (AP) — Johnson & Johnson rode growing sales of the cancer treatment Darzalex and other key drugs to a better-than-expected second quarter, but foreign exchange rates again cut into the health care giant’s 2022 forecast. After trimming its forecast in April citing exchange rates, the company did so again Tuesday to a range that is below analyst expectations. Wall Street had been expecting earnings of $10.19 per share, according to FactSet. Adjusted earnings per share totaled $2.59 and sales grew 3% to $24.02 billion. Industry analysts expected earnings of $2.54 per share on $23.77 billion in revenue.
wftv.comWest Virginia will receive $99 million in a settlement finalized with Johnson & Johnson’s subsidiary Janssen Pharmaceuticals Inc. The state filed a lawsuit accusing the drugmaker of contributing to the opioid crisis in the state that's led the nation in overdose deaths.
The federal government has canceled a multimillion dollar deal with Emergent BioSolutions, a Maryland- based vaccine manufacturer with facilities in Baltimore that were found to have produced millions of contaminated vaccine doses this spring.
