Mead Johnson Down Again as More Retailers Pull Formula
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.
Now, Supervalu (SVU), Walgreen (WAG), Kroger (KR) and Safeway (SWY) have decided to follow suit, according to The Associated Press.
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: tips@thestreet.com. >To follow the writer on Twitter, go to Alexandra Zendrian.
Select the service that is right for you!
COMPARE ALL SERVICESAction Alerts PLUS
TRY IT FREEJim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
Product Features:
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Dividend Stock Advisor
TRY IT FREENew! $49.95/yr
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
Product Features:
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Stocks Under $10
TRY IT FREEDavid Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.
Product Features:
- Model portfolio
- Stocks trading below $10
- Intraday trade alerts
- Weekly roundups
Real Money
TRY IT FREE24/7 market commentary from Jim Cramer and 20+ veteran Wall Street gurus. Get access to the latest trading ideas on stocks, options, and ETFs as well as a real-time forum to see the pros exchanging their investment ideas.
Product Features:
- Jim Cramer + 20 Wall Street pros
- Intraday commentary & news
- Real-time trading forum
- Actionable trade ideas
Real Money Pro
TRY IT FREEAll 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.
Product Features:
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Options Profits
TRY IT FREEOur options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
Product Features:
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV
