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EARLY MOVERS: Jack in the Box shares pop on its possible sale

Goldman Sachs shares hit by Malaysian charges; Johnson & Johnson reels from asbestos scandal

hamburgers
Jack in the Box stock jumps on possible sale of burger place.

Shares of fast-food burger place Jack in the Box Inc (NASDAQ:JACK) climbed Monday after the company announced it was exploring a range of options, including a possible sale while holding talks with potential buyers. Jack in the Box operates more than 2,200 restaurants. It has been plagued by decreased consumer demand for fast food, as well as with higher wages for its workers.

Shares of Jack in the Box rose in the premarket almost 5% to $84.22.

READ: Goldman Sachs has worst day for seven years as Malaysian fraud concerns grow

Shares in The Goldman Sachs Group Inc (NYSE:GS) fell after Malaysia on Monday filed criminal charges against Goldman Sachs and two of the US bank's former employees. The charges were in connection with an investigation into suspected corruption and money laundering at state fund 1MDB. Malaysia will seek jail terms as well as billions in fines from Goldman Sachs and four other individuals who allegedly diverted about $2.7 billion from 1Malaysia Development Bhd (1MDB), Malaysia's Attorney General Tommy Thomas said in a statement.

Goldman Sachs stock dropped more than 1.6% to $169.94.

READ: Johnson & Johnson ordered to pay US$4.7bn in damages to women in talc cancer case

Johnson & Johnson (NYSE:JNJ) declined in follow-through selling over media reports over possible asbestos contamination of its key talc powder product, an allegation it has hotly denied. Some $40 billion in market value was erased from the consumer brands group following a report that said the company knew for decades that its iconic baby powder sometimes contained asbestos and failed to alert authorities. Reuters reported Friday that Johnson & Johnson knew both its raw talc and finished powder tested positive for traces of asbestos, a carcinogen, citing documents linked to a court case that saw a jury in Missouri award $4.7 billion to 22 women who said that the products contained asbestos and caused them to develop ovarian cancer.  

Shares of Johnson & Johnson lost 0.9% to $131.80.

Contact Rene Pastor by [email protected]

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