J&J rises as $9 bln talc lawsuit settlement eases overhang on unit spinoff

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Key Points

rose nearly 4% in early trading to hit a near two-month high of $164.48 on Wednesday as the company's $8.9 billion offer to settle talc-related lawsuits gained support of thousands of claimants, easing an overhang on its plans to list consumer health unit Kenvue...

J.P. Morgan analyst Chris Schott said in a note the settlement amount was in-line with the brokerage's estimate of $8 billion to $10 billion...

The support of 60,000 plaintiffs represents a supermajority of 75% required for a judge to approve J&J's restructuring plans, TD Cowen analyst Joshua Jennings said in a note...

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