J&J found no trace of asbestos in follow up tests

Johnson & Johnson said Oct. 29 it retested its recalled baby powder and found no signs of asbestos, according to CNBC.

J&J recalled 33,000 bottles of its baby powder earlier in the month after the FDA said it found trace amounts of asbestos in the product. Shortly after the recall, Walmart, CVS Health and Rite Aid pulled the baby powder off their shelves.

The company said two third-party labs ran 15 new tests on the baby powder and found no sign of asbestos. Its shares jumped 4 percent in after-hours trading after the announcement, and Jared Holz, a healthcare strategist at Jeffires, told CNBC he expects $10 billion to $15 billion to be added back to the company's market cap.

J&J still faces thousands of lawsuits alleging its talc-based products, such as its baby powder, cause cancer.

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