J&J announces $5 billion share buyback after shares extend losses

Johnson & Johnson said on Monday it plans to buy back up to $5 billion of its stock, after a Reuters report on Friday that the company knew for decades that its Baby Powder contained cancer-causing asbestos wiped about $40 billion from its market value.J&J knew about the presence of small amounts of asbestos in its products as early as 1971, a Reuters examination of company memos, internal reports and other confidential documents showed.The share repurchase was just the latest effort the