7/8/2013 7:29:56 AM
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Mead Johnson Nutrition Co. (MJN) plunged the most in eight months after China said regulators are investigating whether the prices of infant formula are too high. Mead Johnson declined 8.1 percent to $68.85 at the close in New York, biggest drop since Oct. 25. The Glenview, Illinois-based company fell 16 percent in the past 12 months. China’s National Development and Reform Commission, the country’s top economic planning agency, has evidence milk-powder companies sold products at prices in China that have increased about 30 percent since 2008, the official People’s Daily reported yesterday. Safety scares such as a melamine-tainted milk powder scandal in 2008 that killed at least six infants have increased Chinese consumers’ distrust of local milk and driven up purchases of international brands. Abbott Laboratories (ABT), Danone, and Nestle SA (NESN) are also part of the probe, according to the newspaper. Abbott, based in Abbott Park, Illinois, declined 1.8 percent to $34.25.
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