Another one bites the dust. - Queen
Johnson & Johnson has joined the trendsetters of Recallpalooza 2007, as the company's McNeil consumer products division announced it would voluntarily pull (i.e.- recall) several Tylenol and Pediacare baby cold meds from shelves.
The recall comes after some parents reportedly misused the products, causing overdoses. According to today's Wall Street Journal, the move is in line with many over-the-counter pharmaceutical companies' intentions to pull cough and cold medicines for children under 2.
However you want to word it, JNJ now joins the growing list of companies on the soccer moms' hit list. Other offenders who have recalled kid-targeted products this year include toy-makers Mattel (MAT), RC2 (RCRC), and most recently, Starbucks (SBUX).
Investors don't seem worried, though, as JNJ shares are currently trading at $66.13, dawdling around 3 points higher than its 10-day and 20-day moving averages.