Mead Johnson Falls After Wal-Mart Pulls Baby Food
Baby formula maker Mead Johnson Nutrition Co. MJN -9.13% shares fell as much as 9% at the open Thursday following reports Wal-Mart Stores WMT -0.15% pulled one of the company’s products from some 3,000 stores.
According to the Associated Press, Wal-Mart took the precautionary move following the death of an infant in Missouri who was fed the powdered formula Enfamil Newborn.
The case is being investigated by state health autorities. Meanwhile, the government has not ordered a recall of the product and Mead Johnson said the batch in question was tested and found to be free of any harmful bacteria prior to shipment. Mead Johnson shares were last down 8% at $70.05, making it the biggest decliner in the S&P 500.
Jim Jelter | Market Watch