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 healthcare conglomerate has made to boost investor confidence.
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