NEW YORK (TheStreet) -- Shares of Mead Johnson (MJN) shares fell for a second straight session on Friday as more retailers are pulling the company's Enfamil brand formula from their stores following an investigation into a Missouri infant's death.
The stock was off $4.03, or 5.9%, at $64.74 on volume of 10.1 million, nearly six times the issue's trailing three-month daily average of 1.7 million. On Thursday, the shares dropped 10% on news that Wal-Mart (WMT) had pulled the product.
Wal-Mart's decision came after the 10-day-old newborn who passed away tested positive for a microorganism called Cronobacter which plays a part in a number of rare but serious infant illnesses.The investigation into the baby's death is looking at the Enfamil formula the baby consumed, the water it was prepared with and other factors. Mead Johnson said Thursday that, "Our testing of ingredients and all finished powdered infant formula products includes tests for Cronobacter, consistent with the methodology used by both the FDA and the CDC...If an ingredient or a batch of powdered infant formula product were found to contain Cronobacter, it would be rejected and not distributed." Shares of Safeway rose 15 cents to $21.08 in trading Friday. Kroger shares advanced 30 cents to $24.46. Walgreen shares climbed $1.21 to $35.12. Shares of Supervalu added 17 cents to $8.09. --Written by Alexandra Zendrian in New York.
>To contact the writer of this article, click here: Alexandra Zendrian >To submit a news tip, send an email to: email@example.com. >To follow the writer on Twitter, go to Alexandra Zendrian.
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV