Procter & Gamble Recalls 30+ Products for Cancer-Causing Agent — How Was Stock Affected?
For many people, dry shampoo and dry conditioner are time-savers to maintain your style when you don’t want to wash your hair everyday — or simply don’t have the time. But Procter & Gamble recently recalled more than 30 aerosol spray haircare products that included dry shampoos and conditioners from lines including Pantene, Aussie, Herbal Essences and Waterl<ss in the United States. P&G issued the voluntary recall when it was discovered the products may contain benzene, a known carcinogen. Dozens of products were affected, according to CNN Business.
In a statement, P&G said that it has not “received any reports of adverse events” and the products are not likely to contain enough benzene to cause health issues. However, the recall notice acknowledged, “Exposure to benzene can occur by inhalation, orally, and through the skin and it can result in cancers, including leukemia and blood cancer of the bone marrow and blood disorders which can be life-threatening.”
Retailers have been asked to remove the products from store shelves. P&G customers with the products in their home can receive a full refund through an online form or by calling 1-888-674-3631 between 9 a.m. and 6 p.m. EST, Monday through Friday.
In November, P&G voluntarily recalled Old Spice and Secret deodorants for the same issue.
Following the recall on Dec. 17, P&G stock fell from a five-year high of $161.11 at market close on Dec. 16 to $156 at market open on Monday, Dec. 20. It began to climb mid-day Monday, hovering up 0.25% to $157.86 at market close.
As recently as October, financial experts at The Motley Fool called P&G stock “reliable” and a buy, with generous dividend yields of 2.4% and solid company fundamentals. The recent recalls are not the first challenge the company has faced, yet it maintains its 131-year streak of dividends. MarketBeat’s MarketRank calls the stock a “hold” right now, noting that its target buy price would be $149.57. In spite of the recent news surrounding the company, none of the analysts are rating it a “sell” right now, which shows that it’s often wiser to gauge investments by a company’s fundamentals and analyst reports rather than the latest headlines or whims of the marketplace.
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