Diamonds and Dogs

11/12/21

Johnson and Johnson (JNJ) higher on news of a spin off. JNJ is up a percent as the company announced plans on Friday to separate its consumer health division from the rest of the company, spelling the end of the last great pharmaceutical conglomerate. The split will create one of the world's larger consumer healthcare companies, while the stay-behind company will still be the largest healthcare company in the world. The news comes two months before a planned CEO transition, when longtime Johnson & Johnson executive Joaquin Duato is set to succeed Alex Gorsky in the top post. JNJ is joining the list of spinoffs that include IBM, AT&T and GE.

Lordstown Motors (RIDE) is no Tesla. The electric vehicle start up is down 16% after the company announced the delayed of next year's launch of its Endurance electric pickup truck by a quarter, citing parts and materials shortages and other supply-chain issues. The company still faces investigations by federal prosecutors in Manhattan and the U.S. Securities and Exchange Commission related to vehicle pre-orders and misleading investors.

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