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Tuesday Evening Business Brief

February 21, 2012, 6:28 PM

Tuesday Evening Business Brief
After edging back to the 13,000 level, the Dow couldn't hold its ground by the closing bell. It added 16 points to 12,966, or 0.1 percent. The S&P was up 1 point, while the Nasdaq dropped 3 points.
  • Johnson & Johnson longtime CEO Bill Weldon is retiring this April. The move follows an embarrassing string of product recalls over the past couple of years costing the health care giant hundreds of millions as well as consumer trust.  Taking the CEO post will be Alex Gorsky, head of J&J's medical device and diagnostics business.
  • The price of oil settled higher after Iran said it would stop selling oil to Britain and France in retaliation for Europe's planned oil embargo. Benchmark oil increased $2.65 to finish at $106.25 per barrel on the New York Mercantile Exchange. 
  • Federal regulators have approved new suppliers for two crucial cancer drugs. The move is intended to ease critical shortages that boosted fears that patients.  Particularly children with leukemia, would miss lifesaving treatments.
  • Wal-Mart Stores posted its second consecutive quarterly gain in revenue at stores opened at least a year at its namesake Wal-Mart stores in the U.S. Wal-Mart shares fell about 4 percent after revenue and earnings per shares came in below expectations.

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