Why Kenvue Stock Tumbled by 13% on Thursday
A potential legal headache for consumer healthcare giant Kenvue (NYSE: KVUE) was causing pain for investors on Thursday. Such troubles tend to spook the market; hence the more than 13% sell-off of Kenvue across that trading session. The S&P 500 (SNPINDEX: ^GSPC), by comparison, did much better on the day with "only" a 0.6% decrease.
Until it was spun off into a separate company, Kenvue was part of sprawling pharmaceutical company Johnson & Johnson (NYSE: JNJ). The company has faced tens of thousands of lawsuits over its Johnson's Baby Powder, a once talc-based product that is widely alleged to have caused various types of cancer.
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Source Fool.com
