7/12, 9:36 PM (Source: TeleTrader)
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J&J falls to lowest since early June on probe rumor

Johnson and Johnson was looking to finish at the weakest level since June 3 on Friday on unconfirmed reports that the United States Department of Justice is investigating allegations the consumer goods maker gave false information. The issue apparently concerns the scandal over asbestos content in its baby powder, based on talcum. A grand jury is said to be looking into internal documents.

J&J said to CNBC that it is fully cooperating with the government with regard to subpoenas it revealed in February. The giant producer of pharmaceuticals led by chairman and chief executive Alex Gorsky has denied claims of carcinogens but it has been hit by orders to compensate affected consumers. In other news, it said it would start testing an experimental HIV vaccine before the end of the year in Europe and the US.

The company based in New Brunswick, New Jersey, fell 4.48% to $133.83 per share at 3:18 pm ET after dipping to $132.32. The component of Dow Jones Industrial Average gained 3.7% so far this year compared to a jump of 16.93% in the benchmark index, which today reached a record high for the third day in a row.

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