Business

Comcast is launching a prepaid and month-to-month internet and phone plan program called NOW.
The plans are aimed at being low in cost, coming in at between $20 per month and $45 per month, depending on the package.
The NOW program supplements Comcast’s long-standing low-income internet option, called Internet Essentials.

Mateusz Slodkowski | Lightrocket | Getty Images

Comcast announced Wednesday that it is launching a prepaid and month-to-month low-cost internet and phone plan program called NOW.
The new plan is designed to be simple for customers to opt into or cancel at any time using Xfinity and unlimited 5G. Comcast said NOW offers more flexibility than fixed wireless options at a low cost.

The program includes four different offerings:

NOW Internet, where customers choose between 100 megabits per second, or Mbps, for $30 per month, or 200 Mbps for $45 per month, both including unlimited data.
NOW Mobile, with unlimited data for talking and texting at $25 per line.
NOW TV, which offers Xfinity internet customers on-demand and live streaming from more than 40 networks for $20 per month.
NOW WiFi Pass, providing unlimited access to Xfinity hotspots for $20 for 30 days.

“Consumers have told us they want low-cost, easy-to-use connectivity and entertainment options that deliver the same reliability and consistency of our leading Xfinity Dave Watson, president and CEO of connectivity and platforms at Comcast, said in a statement. “With NOW, we’ve developed a new product construct from the ground up to be simple and easy for anybody who wants Internet, mobile or TV on their own terms without sacrificing quality.”
The NOW program supplements Comcast’s long-standing low-income internet option, called Internet Essentials, which packages 50 Mbps for $9.95 per month. The company has already tested NOW across a few American cities and expects a full-scale national rollout in the coming weeks, it added. NOW TV and NOW WiFi Pass are available immediately.
Comcast has been experiencing a lack of broadband growth over the past year, reporting net broadband losses in multiple quarters. The company has indicated that it plans to change that, with Watson adding on an October company earnings call that it is “a pretty competitive environment.”
Disclosure: Comcast owns NBCUniversal, the parent company of CNBC.

Don’t miss these exclusives from CNBC PRO More

Sales of superyachts took a dive in 2023, as long waiting lists, soaring costs and Russian oligarch sanctions hit demand.
A buyer placing an order for a new yacht over 200 feet today faces wait times of three to four years due to backlogs stemming from the pandemic.
The largest superyachts took the biggest hit, with sales of vessels over 200 meters, or roughly 650 feet, falling 40%.

A water slide on Savannah, a 274-foot hybrid superyacht.
Courtesy of Northrup & Johnson

A version of this article first appeared in CNBC’s Inside Wealth newsletter with Robert Frank, a weekly guide to the high-net-worth investor and consumer. Sign up to receive future editions, straight to your inbox.
Superyachts sales took a dive in 2023, as long waiting lists, soaring costs and oligarch sanctions hit demand, according to a new report.

Sales of new superyachts (yachts over 100 feet long) fell 17% last year, according to the new SuperYacht Times’ State of Yachting report. There were 203 sales of new superyachts in 2023, down from 245 in 2022 and down from the record 313 in 2021.
Ralph Dazert, head of intelligence at SuperYacht Times, said a buyer placing an order for a new yacht over 200 feet today faces wait times of three to four years due to backlogs stemming from the pandemic. Prices are also soaring due to higher labor and material costs.
Dazert said he expects new superyacht sales to “go down a little bit further this year” given the continued costs and delays.

The largest superyachts took the biggest hit, with sales of yachts over 200 meters, or roughly 650 feet, falling 40%. The main reason for the large superyacht drop is due to the fact that rich buyers from Russia are dropping out of the market following the Ukraine invasion by the country in 2022, according to the report.
“The Russians were prone to ordering very extravagant and very large yachts,” he said.

Americans are picking up some of the slack, accounting for nearly a quarter of all superyacht sales last year. And while Americans tend to build smaller yachts compared to Middle Eastern and Russian buyers, the American boats are getting larger.
The average length of a Saudi-owned superyacht is 202 feet, compared to 200 feet for Russian buyers and 177 feet for the Americans, according to the report.
Even as new sales declined, yacht completions were up. That data represents yachts ordered during the frenzy of the pandemic that are just now being launched. The number of completions surged 31% in 2023 to 202 superyachts.
The rising fleet of superyachts translates into a growing demand for the entire ecosystem of the yacht economy — from builders and brokers to marina slips and crew. There are now nearly 6,000 superyachts, triple the number in 2002, according to SuperYacht Times.
Dazert said the flood of wealthy buyers who came into the market for the first time during Covid continue to use their yachts. Many are upgrading, which means the high-water mark for the yachting economy will likely keep rising.
“The pool of customers has expanded permanently,” he said.
Sign up to receive future editions of CNBC’s Inside Wealth newsletter with Robert Frank.

Don’t miss these exclusives from CNBC PRO More

The airline slashed its expected aircraft deliveries for this year amid Boeing’s quality crisis and said it will add leased Airbus A321neo jets in the next few years.
United expects to receive just 61 new narrow-body planes this year, down from 101 it said it had expected at the beginning of the year and contracts for as many as 183 planes in 2024.
The U.S. carrier forecasts earnings of between $3.75 to $4.25 a share in the second quarter, ahead of estimates.

A United Airlines Boeing 737 Max 9 aircraft lands at San Francisco International Airport.
Justin Sullivan | Getty Images

United Airlines on Tuesday cut its aircraft-delivery expectations for the year as it grapples with delays from Boeing, the latest airline to face growth challenges because of the plane-maker’s safety crisis.
United expects to receive just 61 new narrow-body planes this year, down from 101 it said it had expected at the beginning of the year and contracts for as many as 183 planes in 2024.

“We’ve adjusted our fleet plan to better reflect the reality of what the manufacturers are able to deliver,” CEO Scott Kirby said in an earnings release. “And, we’ll use those planes to capitalize on an opportunity that only United has: profitably grow our mid-continent hubs and expand our highly profitable international network from our best in the industry coastal hubs.”
United said it plans to lease 35 Airbus A321neos in 2026 and 2027, turning to Boeing’s rival for new planes as the U.S. manufacturer faces caps on its production and increased federal scrutiny. In January, United said it was taking Boeing’s not-yet-certified Max 10 out of its fleet plan. The airline said it has converted some Max 10 planes for Max 9s.
It lowered its annual capital expenditure estimate to $6.5 billion from about $9 billion.
United is also facing a Federal Aviation Administration safety review, which has prevented some of its planned growth. A spokeswoman told CNBC earlier this month that the carrier will have to postpone its planned service from Newark, New Jersey, to Faro, Portugal, and service between Tokyo and Cebu, Philippines.
United earlier this month postponed its investor day, which was scheduled for May, “because our entire team is focused on cooperating with the FAA to review our safety protocols and it would simply send the wrong message to our team to have an exciting investor day focused primarily on financial results.”

The airline said it would have reported a profit for the quarter if not for a $200 million hit from the temporary grounding of the Boeing 737 Max 9 in January.
The FAA temporarily grounded those jets after a door plug blew out minutes into an Alaska Airlines flight, sparking a new safety crisis for Boeing and slowing deliveries of its planes to customers including United, Southwest and others.
The airline posted a net loss of $124 million, or a loss of 38 cents a share, in the first quarter compared with a $194 million loss, or 59 cents, a year earlier. Revenue rose nearly 10% in the first quarter compared with the year-earlier period to $12.54 billion, with capacity up more than 9% on the year.
Here’s what United reported in the first quarter compared with what Wall Street expected, based on average estimates compiled by LSEG:

Loss per share: 15 cents adjusted vs. a loss of 57 cents expected
Revenue: $12.54 billion vs. $12.45 billion expected

The airline expects to post earnings of between $3.75 and $4.25 in the second quarter, ahead of analysts’ estimates of about $3.76 a share. Airlines make the bulk of their profits in the second and third quarters, during peak travel season.
The carrier also reiterated its full-year earnings forecast of between $9 and $11 a share.
United’s shares were up more than 4% in after-hours trading on Tuesday.
United executives will hold a call with analysts at 10:30 a.m. ET on Wednesday.

Don’t miss these exclusives from CNBC PRO More

Planet Fitness names Colleen Keating as its new CEO, effective June 10.
Keating joins Planet Fitness as the company faces headwinds, including the growing popularity of weight loss drugs like Ozempic and Wegovy, as well as controversy surrounding its locker room policy.
Analysts largely cheered the appointment, though Planet Fitness shares dipped Tuesday.

A portrait of Colleen Keating.
Courtesy of Planet Fitness

Planet Fitness announced Tuesday that Colleen Keating will take over as the fitness club’s new CEO, effective June 10.
Craig Benson, who has been serving as interim CEO since the departure of Chris Rondeau in September, will remain on the board of directors.

The announcement comes after months of searching, and some analysts are calling it a positive for the stock, despite shares falling about 3% following the announcement.
Piper Sandler analyst Korinne Wolfmeyer said the news is “the first catalyst of several” for the stock.
“Planet Fitness now has someone who can fully lead the New Growth Model changes, who can instill confidence in potential pricing changes, and can help lay out a plan for the upcoming CFO search,” Wolfmeyer said in a note. “All of which we view as positive drivers of earnings upside and valuation appreciation for PLNT.”
Wolfmeyer rates the stock as overweight with an $80 price target. The stock was trading for roughly $60 a share on Tuesday.
Keating has 30 years of experience in large-scale operations and franchise management, as well as leadership in global consumer-facing operations across hospitality, real estate, operations and franchise management.

Since 2020, she has served as CEO of FirstKey Homes. She previously held leadership roles at InterContinental Hotels Group and Starwood Hotels & Resorts Worldwide Inc.

Ucg | Universal Images Group | Getty Images

Keating joins Planet Fitness as the company faces headwinds, including the growing popularity of weight loss drugs like Ozempic and Wegovy, as well as controversy surrounding its locker room policy.
“We view Keating as an unconventional yet solid choice to lead Planet Fitness as it navigates franchisee tensions and a recent social media controversy about the safety of women’s locker rooms in light of Planet’s stated policy to use locker rooms that best align with members’ gender identities,” said William Blair analyst Sharon Zackfia in a note.
William Blair has an “outperform” rating on Planet Fitness stock.
Keating will also play a significant part in the company’s search for a new chief financial officer. The company’s current CFO, Tom Fitzgerald, announced his retirement in February and will step down on September 1.
“Colleen’s deep operational knowledge, strategic mindset and understanding of large-scale franchise operations and consumer-facing brands made her stand out among the candidates considered,” said Stephen Spinelli, chairman of the fitness club’s board of directors. “We are confident that Colleen is an exceptional leader with the desired skills, experience and culture-first mindset necessary to accelerate Planet Fitness’s next phase of growth.”
Planet Fitness shares have fallen roughly 17% this year and have been volatile since Rondeau announced he would be stepping down after 10 years in the role.
Planet Fitness will hold its annual general meeting on April 30 and report first-quarter earnings on May 9.
Correction: Planet Fitness will report first-quarter earnings on May 9. A previous version of this story misstated the date. More

Republican governors of six states on Tuesday condemned the United Auto Workers’ push to organize automotive factories in the South, warning the union’s efforts could lead to layoffs.
The joint statement was signed by governors in Alabama, Georgia, Mississippi, South Carolina, Tennessee and Texas.
It comes a day before more than 4,000 Volkswagen workers in Chattanooga, Tennessee, begin voting on whether to join the UAW.

Striking United Auto Workers members from the General Motors Lansing Delta Plant picket in Delta Township, Michigan, on Sept. 29, 2023.
Rebecca Cook | Reuters

DETROIT — Republican governors of six states on Tuesday condemned the United Auto Workers’ push to organize automotive factories in the South, warning the union’s efforts could lead to layoffs and fewer future investments.
The joint statement — signed by governors in Alabama, Georgia, Mississippi, South Carolina, Tennessee and Texas — comes a day before Volkswagen workers in Chattanooga, Tennessee, begin voting on whether to join the UAW.

The VW vote is part of an unprecedented labor organizing drive announced last year by UAW President Shawn Fain that targets 13 automakers operating in southern states and elsewhere. Last year the union negotiated record contracts with General Motors, Ford Motor and Chrysler parent Stellantis.
The elected state leaders, including Tennessee Gov. Bill Lee, argue such contracts provide short-term assistance but have long-term negative implications on jobs and investments.
“We have worked tirelessly on behalf of our constituents to bring good-paying jobs to our states. These jobs have become part of the fabric of the automotive manufacturing industry. Unionization would certainly put our states’ jobs in jeopardy — in fact, in this year already, all of the UAW automakers have announced layoffs,” read the statement.

Bill Lee, governor of Tennessee, smiles during the Conservative Political Action Conference (CPAC) in Dallas, Texas, U.S., on Saturday, July 10, 2021.
Dylan Hollingsworth | Bloomberg | Getty Images

The UAW, which is also in the process of organizing a vote of Mercedes-Benz workers in Alabama, did not immediately respond for comment.
Since the ratified UAW contracts with the Detroit automakers, there have been buyout offers, as well as layoffs of salaried and hourly workers at the companies.

Automakers have been cutting costs in part to invest billions in all-electric vehicles, as well as to prepare for slowing market conditions and fears of an economic downturn.
Stellantis — a product of a January 2021 merger between Fiat Chrysler and PSA Groupe — has led the cuts, but many have been of supplemental, or temporary, workers who do not have the same pay or benefits as traditional assembly plant workers under the deals.
The transatlantic automaker has reportedly cut more than 1,000 supplemental workers this year, citing a review of its manufacturing operations “to ensure all facilities are operating as efficiently as possible in very challenging market conditions with all actions in accordance with the 2023 Collective Bargaining Agreement” with the UAW. It’s also cut shifts at two Jeep plants at least, citing the complexity of the agreements among other reasons.

United Auto Workers President Shawn Fain testifies about the toll of working hours on laborers before the Senate Senate Health, Education, Labor, and Pensions Committee in the Dirksen Senate Office Building on Capitol Hill on March 14, 2024 in Washington, DC. 
Chip Somodevilla | Getty Images

Ford has offered voluntary buyouts to its workers and announced layoffs, but many of its laid-off workers were transferred to other nearby facilities.
GM also is offering voluntary buyouts, though its post-contract layoffs have largely, if not completely, dealt with factory changes. For example, the company laid off 1,300 workers in Michigan due to the end of vehicle production at two plants.
Aside from Tennessee’s Lee, other Republican governors to sign the statement were: Alabama Gov. Kay Ivey, Georgia Gov. Brian Kemp, Mississippi Gov. Tate Reeves, South Carolina Gov. Henry McMaster and Texas Gov. Greg Abbott.
Correction: This article has been updated to reflect that Tate Reeves is the governor of Mississippi. An earlier version misstated the state. More

South Carolina women’s basketball coach Dawn Staley said the sport is just getting started, after her team’s undefeated season and Caitlin Clark’s record-breaking college career.
The South Carolina Gamecocks rang the opening bell at the New York Stock Exchange on Tuesday.
Staley called for schools to invest more in women’s sports.

Dawn Staley just finished leading South Carolina’s undefeated season and witnessing the end of Caitlin Clark’s record-breaking college career — and she thinks women’s basketball is only getting started.
“I think we are in a moment … from a place where our game has been held back to now it’s at a place where it’s bursting through the seams … I think it’s going to get better and better,” she told CNBC on Tuesday.

The Hall of Fame coach and former player led the Gamecocks to their third national championship and the first perfect season in their history as they defeated Clark and Iowa earlier this month. The matchup, broadcast on ESPN, was the most-watched basketball game at any level since 2019, according to Nielsen.
On Tuesday, Staley and the Gamecocks paid another visit to a national stage — this time, the New York Stock Exchange to ring the opening bell to celebrate their national championship win. The appearance is just another example of how women’s sports reached new heights this year as basketball drew record-breaking audiences, in no small part due to Clark’s pursuit of the college basketball scoring record and South Carolina’s bid for an undefeated season.

The New York Stock Exchange welcomes University of South Carolina Women’s Basketball on April 16, 2024, in recognition of its 2024 NCAA National Championship. To honor the occasion, Dawn Staley, Head Coach, and Kamilla Cardoso, 2024 MOP, Women’s Final Four, joined by Sharon Bowen, Chair, NYSE, ring The Opening Bell®.

Clark was chosen first in the Women’s National Basketball Association draft Monday night, and her arrival to the Indiana Fever has already raised ticket prices across the U.S.
Staley pointed to the Gamecocks as an example of why schools should invest in women’s sports.
“I hope every school or university treats women’s sports like South Carolina,” she said. “They invest in my salary, they invest in student athletes … and we’re here.”

Staley, who is the second-highest-paid coach in women’s college basketball, has a salary of $3.1 million per season, and earned a reported $680,000 more in bonuses following South Carolina’s championship.
“I think now is the time [schools] are seeing there is a return on your investment when you pour into our game,” she said.
Staley also reflected on Clark’s effect on women’s basketball, not only through drawing new audiences to the sport, but also by appearing on platforms such as “Saturday Night Live.”
“Caitlin Clark is a superstar. I credit her for raising the level and we need to thank her for that,” Staley said.

Don’t miss these exclusives from CNBC PRO More

TGI Fridays and its U.K. franchisee, Hostmore, announced plans to merge through an all-share deal valued at 177 million pounds, or $220 million.
The new company will be publicly traded on the London Stock Exchange under the ticker “TGIF.”
Earlier this year, TGI Fridays closed 36 underperforming restaurants in the U.S.

The TGI Fridays logo is seen on one of its restaurants in London, U.K., on May 27, 2020.
John Lamparski | Lightrocket | Getty Images

TGI Fridays and Hostmore, the chain’s U.K. franchisee, announced plans to merge on Tuesday.
The all-share deal is valued at 177 million pounds, or $220 million. If it closes, TGI Fridays, best known for its potato skins, chicken wings and endless appetizers, will be publicly traded on the London Stock Exchange under the ticker “TGIF.”

The company’s headquarters for its U.S. and global brand operations will remain in Dallas, Texas. CEO Weldon Spangler, who has led the company since October, will keep his current role.
“As we were thinking about our future and working with Hostmore on their future, it was one of those ideas that somebody brought up and everybody looked at each other and said, ‘This might just work,'” Spangler told CNBC.
The new company would own 189 restaurants in the U.S. and the U.K., the companies said. Franchisees would operate the remaining roughly 400 locations of the chain’s global footprint, which spans 44 countries.
If approved by regulators, the merger is expected to close in the third quarter.
TriArtisan Capital Advisors bought TGI Fridays from longtime owner Carlson Restaurants in 2014 in a deal reportedly valued at more than $800 million. TriArtisan also owns stakes in P.F. Chang’s and Hooters.

In 2019, TGI Fridays announced plans to go public through a merger with a special purpose acquisition company, but that deal fell apart as the Covid-19 pandemic roiled financial markets and the restaurant industry.
In 2022, TGI Fridays’ revenue rose 3.6% to $75.2 million, according to U.S. franchise disclosure documents. But the bar-and-grill chain has been stuck in turnaround mode as shopping malls decline and the casual-dining segment loses customers.
Spangler told CNBC that TGI Fridays is now returning to its roots and focusing more on its bar offerings. Across the restaurant industry, alcoholic drinks are typically more profitable than food. Under Spangler, the chain also brought in new blood, like hiring Del Frisco’s Restaurant Group veteran Ray Risley as its U.S. president.
Earlier this year, TGI Fridays closed 36 underperforming restaurants in the U.S.

Don’t miss these exclusives from CNBC PRO More

Johnson & Johnson reported first-quarter adjusted earnings that topped expectations as sales in its medical devices business surged.
The company is benefiting from a rebound in demand for nonurgent surgeries among older adults, who deferred those procedures during the Covid pandemic.
Meanwhile, the company’s total revenue for the period came in-line with estimates.
J&J will hold an earnings call with investors at 8:30 a.m. ET on Tuesday.

An entry sign to the Johnson & Johnson campus shows their logo in Irvine, California on August 28, 2019.
Mark Ralston | AFP | Getty Images

Johnson & Johnson on Tuesday reported first-quarter adjusted earnings that topped Wall Street’s expectations as sales in its medical devices business surged.
Meanwhile, the company’s total revenue for the period was largely in line with estimates.

J&J’s medtech division provides devices for surgeries, orthopedics and vision. The company is benefiting from a rebound in demand for nonurgent surgeries among older adults, who deferred those procedures during the Covid pandemic. That increased demand has been observed by health insurers like Humana, UnitedHealth Group and Elevance Health.
J&J CFO Joseph Wolk told CNBC’s “Squawk Box” on Tuesday that consumers may be pulling back in other areas but “don’t want to compromise when it comes to their health, their mobility, their ability to live a fulfilling life.” He added that the company has seen elevated procedure levels after the pandemic, and “we haven’t seen any backtracking of that.”
Here’s what J&J reported for the first quarter compared with what Wall Street was expecting, based on a survey of analysts by LSEG:

Earnings per share: $2.71 adjusted vs. $2.64 expected
Revenue: $21.38 billion vs. $21.4 billion expected

J&J’s financial results are considered a bellwether for the broader health sector.
The company posted $21.38 billion in total sales for the first three months of 2024, up more than 2% from the same quarter in 2023. 

The pharmaceutical giant booked net income of $5.35 billion, or $2.20 per share during the quarter. That compares with a net loss of $491 million, or 19 cents per share, for the year-earlier period. At the time, J&J recorded costs tied to its talc baby powder liabilities and the spinoff of its consumer health unit Kenvue. 
Excluding certain items for the first quarter of 2024, adjusted earnings per share were $2.71.
J&J also narrowed its full-year guidance for the year. The company now expects sales of $88 billion to $88.4 billion. That compares with a previous forecast of $87.8 billion to $88.6 billion. 
J&J expects adjusted earnings of $10.57 to $10.72 per share. That compares to a previous guidance of $10.55 to $10.75 per share.
Separately on Tuesday, J&J said it will increase its quarterly dividend to $1.24 per share, up 4.2% from $1.19 per share. That marks the company’s 62nd year of consecutive dividend increases, it said. The dividend is payable on June 4.

Medical device unit

The results come weeks after J&J’s whopping $13.1 billion acquisition of heart device firm Shockwave Medical — part of its push into the cardiovascular space. Both companies have said the deal will make J&J a leader in four quickly growing cardiovascular technology categories. 
J&J has scooped up two other heart device companies over the last two years, spending $16.6 billion to buy Abiomed and $400 million to acquire private company Laminar. 
Those deals also aim to strengthen J&J’s medical devices business after the company’s separation from its consumer health unit Kenvue last year.
J&J’s medical devices business generated sales of $7.82 billion during the first quarter, up more than 4% year over year. Wall Street was expecting revenue of $7.87 billion, according to estimates compiled by StreetAccount.
J&J said its acquisition of Abiomed fueled the year-over-year rise. The growth also came from electrophysiological products, which evaluate the heart’s electrical system and help doctors understand the cause of abnormal heart rhythms, according to J&J. 
Wound closure products and devices for orthopedic trauma, or serious injuries of the skeletal or muscular system, contributed, along with contact lenses.

Other segments

Meanwhile, J&J reported $13.56 billion in pharmaceutical sales, marking around 1% year-over-year growth. Excluding sales of its unpopular Covid vaccine, revenue in the pharmaceutical division grew almost 7%.
It was the fourth quarter without any U.S. sales from J&J’s Covid vaccine, which brought in $25 million in international revenue.
Analysts were expecting sales of $13.5 billion for the business segment, according to StreetAccount. The business, also known as “Innovative Medicine,” is focused on developing drugs across different disease areas.

More CNBC health coverage

The company said the growth was driven by sales of Darzalex, a biologic for the treatment of multiple myeloma, and Erleada, a prostate cancer treatment. J&J’s Carvykti, a cell therapy approved for a certain blood cancer, and other oncology treatments also contributed to the rise.
But first-quarter sales of the company’s blockbuster drug Stelara, which is used to treat several chronic and potentially disabling conditions such as Crohn’s disease, were relatively flat from the same period a year ago.
Stelara brought in $2.45 billion in sales for the quarter. Wall Street was expecting revenue of $2.61 billion.
J&J began to lose patent protections on Stelara late last year, which opened up the door for cheaper biosimilar competitors to enter the market. But the company has signed settlement agreements with Amgen and other drugmakers to delay the launch of some Stelara copycats to 2025.

Talc liabilities

J&J’s first-quarter results come amid investor anxiety over the tens of thousands of lawsuits claiming that the company’s talc-based products were contaminated with the carcinogen asbestos and caused ovarian cancer and several deaths.
Those products, which include J&J’s namesake baby powder, now fall under Kenvue. But J&J will assume all talc-related liabilities that arise in the U.S. and Canada.
Notably, a federal judge ruled in March that J&J can contest scientific evidence that links its talc products to ovarian cancer, which could potentially disrupt a federal court case that consolidates 53,000 lawsuits.
Wolk on Tuesday called that ruling a “very significant development” and said the evidence being brought against J&J is “junk science.” But he noted that it’s difficult to provide a timeline for when the company will reach a broad resolution for the ongoing litigation.
In January, J&J said it has reached a tentative settlement to resolve an investigation by more than 40 states into claims the company misled patients about the safety of its talc-based products. The company will pay $700 million to settle the probe, Wolk told The Wall Street Journal at the time.
Last year, J&J set aside about $400 million to resolve U.S. state consumer protection claims.
Notably, the settlement does not resolve the lawsuits, some of which are slated to go to trial this year. 

Don’t miss these exclusives from CNBC PRO More