Shares of Johnson & Johnson JNJ, +0.17% dropped 1.7% in premarket trade Thursday, after reports that the health care and consumer products giant was ordered by a California court to pay $29 million to a woman dying of cancer. The court determined J&J was liable in the suit, which claimed the cancer–mesothelioma–was caused by the asbestos in the company’s talcum powder, the reports said. Last month, J&J disclosed that it received subpoenas from the Senate Committee on Health, Education, Labor and Pensions, the Department of Justice and the SEC to produce documents regarding liability suits related to the safety of its baby powder. The stock has gained 5.4% over the past 12 months, while the SPDR Health Care Select Sector ETF XLV, +1.08% has tacked on 7.3% and the Dow Jones Industrial Average DJIA, +0.58% has advanced 3.8%.
Have breaking news sent to your inbox. Subscribe to MarketWatch’s free Bulletin emails. Sign up here.