Welch Group LLC Decreases Position in Johnson & Johnson $JNJ
Welch Group LLC reduced its stake in Johnson & Johnson (JNJ) by 5.5% in the first quarter, selling 21,073 shares but still holding 359,007 shares valued at $87.8 million, making it their 5th largest holding. Concurrently, J&J EVP Kathryn E. Wengel sold 10,000 shares worth $2.41 million. Despite these sales, Johnson & Johnson reported strong financials, beating Q1 earnings expectations, increasing revenue by 9.9% year-over-year, and raising its quarterly dividend to $1.34 per share.
U.S. Justice Department Closes Criminal Probe into Abbott Laboratories
The U.S. Justice Department has concluded its criminal investigation into Abbott Laboratories regarding its baby formula plant, opting for civil penalties instead of criminal charges. This decision follows a 2022 recall and plant closure due to bacterial contamination, which worsened a national baby formula shortage. The DOJ emphasized food safety as a priority, indicating that this outcome reflects a focus on regulatory oversight without pursuing criminal action against the company.
Johnson & Johnson (JNJ) Beats Lawsuit Alleging that Talc caused Three Women’s Cancer
Johnson & Johnson (JNJ) successfully defended itself against a lawsuit where a Los Angeles jury found the company not negligent in claims that its talc products caused ovarian cancer in three women. This comes as the company, which stopped selling talc-based baby powder in the U.S. in 2020, faces over 67,000 similar lawsuits. Separately, JNJ launched its Dual Energy THERMOCOOL SMARTTOUCH SF Platform in Europe, highlighting its continued innovation in medical technology.
AbbVie stock run lifts pricing on $10.9 billion Apogee deal to six times cost
AbbVie's stock has surged, gaining approximately $65 billion in market value since June 18, which is about six times the $10.9 billion cash it's paying for Apogee Therapeutics. This strong performance, driven by investor focus on long-term immunology growth and new FDA approvals for Skyrizi, has overshadowed concerns about short-term earnings dilution from the Apogee acquisition and declining Humira sales. The deal is expected to provide AbbVie with late-stage assets for atopic dermatitis and asthma, strengthening its pipeline beyond its current blockbusters.
Johnson & Johnson (JNJ) Beats Lawsuit Alleging that Talc caused Three Women’s Cancer
Johnson & Johnson (JNJ) successfully defended itself against a lawsuit where a Los Angeles jury found the company not negligent in claims that its talc products caused ovarian cancer in three women. This comes amidst over 67,000 similar lawsuits filed against the company, which stopped selling talc-based baby powder in the US in 2020. Separately, J&J launched its Dual Energy THERMOCOOL SMARTTOUCH SF Platform in Europe, which delivers both radiofrequency and pulsed-field energy through a single catheter.
Pfizer (NYSE:PFE) yield math back in focus after cancer drug miss, shares recover Friday
Pfizer's stock recovered 2.6% on Friday after six consecutive declines, closing the week down 3.7%. This rebound occurred despite mixed news, including a failed lung cancer study but also an FDA label expansion for Ibrance, and an announcement of an incoming CFO. The company's dividend yield, which represents about 59% of its 2026 EPS target, is a key focus for investors amid Pfizer's significant R&D spending and recent management changes.
In a Volatile Market, This Dividend Growth Stock Is Worth Every Penny of $1,000
Abbott Laboratories (NYSE: ABT) is highlighted as a strong dividend growth stock, particularly valuable in volatile markets. As a Dividend King with 55 consecutive years of dividend increases and a forward yield of around 2.8%, it offers both stability and appreciation potential. Despite a recent pullback due to its acquisition of Exact Sciences, the long-term growth prospects are strong as Abbott pivots toward faster-growing healthcare segments like cancer diagnostics.
In a Volatile Market, This Dividend Growth Stock Is Worth Every Penny of $1,000
Abbott Laboratories (NYSE: ABT) is highlighted as a compelling dividend growth stock for investors seeking stability in volatile markets. The company, a Dividend King with 55 years of consecutive dividend increases, offers a moderately high yield and trades at a discount compared to peers. A recent $21 billion acquisition of Exact Sciences, though dilutive to near-term earnings, is expected to provide a strong growth catalyst in the long term, positioning Abbott as a leader in cancer diagnostics.
In a Volatile Market, This Dividend Growth Stock Is Worth Every Penny of $1,000
Abbott Laboratories (NYSE: ABT) is highlighted as a strong dividend growth stock well-suited for volatile markets. The company, a Dividend King with 55 consecutive years of dividend increases, offers a moderate 2.8% yield and trades at a discount compared to competitors. Despite recent earnings dilution from its acquisition of Exact Sciences, this strategic move is expected to drive long-term growth in cancer diagnostics.
Ritholtz Wealth Management Acquires 7,116 Shares of Johnson & Johnson $JNJ
Ritholtz Wealth Management increased its stake in Johnson & Johnson by 7.7% in the first quarter, now owning 99,545 shares valued at $24.3 million. This increase follows positive analyst sentiment, including Guggenheim raising its price target to $270, and strong fundamentals such as beating Q1 earnings and revenue expectations, along with a higher quarterly dividend. Johnson & Johnson continues to see support from positive pipeline updates and a favorable market shift towards healthcare stocks.
122,800 Shares in Johnson & Johnson $JNJ Acquired by Louisiana State Employees Retirement System
The Louisiana State Employees Retirement System has acquired 122,800 shares of Johnson & Johnson (JNJ) in the first quarter, a stake valued at approximately $30 million, making JNJ its 24th largest holding. JNJ continues to receive positive institutional and analyst attention, including a raised price target from Guggenheim, alongside strong quarterly results and a dividend increase. The company also announced encouraging news from its immunology and oncology pipelines.
Johnson & Johnson (JNJ) – Among the 10 Best Dividend Stocks to Buy for Passive Income
Johnson & Johnson (NYSE:JNJ) has been identified as one of the top 10 dividend stocks for passive income, with Guggenheim recently raising its price target on the stock and reiterating a "Buy" rating. This positive outlook is ahead of the company's Q2 earnings report scheduled for July 15. JNJ is also expanding its cancer drug pipeline through a recent $1 billion acquisition of biotech company Firefly Bio, which uses a platform to target tumors more precisely.
United Therapeutics CEO Martine Rothblatt sells $5.2m in shares By Investing.com
Martine A. Rothblatt, Chairperson and CEO of United Therapeutics Corp, sold 9,500 shares of company stock worth approximately $5.2 million on June 25, 2026, under a pre-arranged 10b5-1 trading plan. On the same day, she also acquired 9,500 shares by exercising stock options at a lower price. This sale comes as the company's shares have surged, and follows recent news of a successful Phase 3 study for Tyvaso and a partnership with Varda Space Industries.
why dominant pharmaceutical firms are paying billion dollar premiums for immunology assets
Leading pharmaceutical companies are spending billions on immunology assets, often paying significant premiums, to secure late-stage biologics. This strategy aims to counteract anticipated revenue losses from patent expirations and address intense competition for next-generation therapies. Firms like AbbVie, Regeneron, Johnson & Johnson, Amgen, and Eli Lilly are all actively acquiring or developing long-acting treatments to maintain market share and pricing power in a rapidly evolving pharmaceutical landscape.
Johnson & Johnson presents new IMAAVY® (nipocalimab-aahu) data at European Academy of Neurology (EAN) 2026 Congress reinforcing sustained disease control in generalized myasthenia gravis
Johnson & Johnson presented new data at the European Academy of Neurology (EAN) 2026 Congress on IMAAVY® (nipocalimab-aahu) for generalized myasthenia gravis (gMG). The data from the Phase 3 Vivacity-MG3 study and the PETUNIA study design reinforce IMAAVY's effectiveness in sustained disease control across various patient groups, including those early in their disease and after common infections. The PETUNIA study aims to collect critical pregnancy outcomes data for IMAAVY, addressing an important evidence gap.
OP Asset Management Ltd Takes Position in Johnson & Johnson $JNJ
OP Asset Management Ltd has acquired a new stake in Johnson & Johnson (NYSE:JNJ), purchasing 450,359 shares valued at approximately $110.1 million in the first quarter, making it their 15th largest holding. Analysts have largely maintained bullish or neutral-to-positive ratings, with an average price target of $256.70. The company also recently increased its quarterly dividend to $1.34 per share, and positive news regarding its drug pipeline and European regulatory recommendations have supported sentiment.
CooperCompanies strategic pivot to eye care, shares backed by Stifel
CooperCompanies is shifting its strategic focus to concentrate on its contact lens business by divesting its CooperSurgical unit. Stifel has reiterated a Buy rating and an $85 price target for the company's shares, anticipating clearer margins and capital allocation post-divestment. The company's CooperVision segment, which manufactures soft contact lenses, is expected to be the core business moving forward.
Is Axsome Therapeutics (AXSM) Using Solriamfetol’s Phase 3 ADHD Trial To Redefine Its CNS Strategy?
Axsome Therapeutics has initiated a Phase 3 trial (FOCUS-3) for solriamfetol in adolescents with ADHD, expanding its CNS treatment portfolio beyond sleep conditions. This move aims to diversify Axsome's investment narrative, although the company still faces challenges with net losses and a finite cash runway. The recent settlement of SUNOSI patent litigation, pushing generic entry to 2040, provides a clearer economic window for solriamfetol's future indications.
PDS Biotechnology (NASDAQ: PDSB) details 2026 proxy votes and pay
PDS Biotechnology (NASDAQ: PDSB) has released details for its 2026 virtual annual meeting scheduled for August 10, 2026, at 8 a.m. Eastern Time. Stockholders as of June 15, 2026, will vote on director elections, an increase in authorized common shares, auditor ratification, and executive compensation. The proxy statement also outlines executive pay, including CEO Frank Bedu-Addo's 2025 compensation of $828,307, and provides specifics on director compensation and various equity incentive plans.
Lilly, J&J, AbbVie hit new 52-week highs (LLY:NYSE)
Healthcare stocks, including Eli Lilly (LLY), Johnson & Johnson (JNJ), and AbbVie (ABBV), achieved new 52-week highs, indicating strong performance within the sector. This surge occurred despite previous year-to-date underperformance for healthcare stocks generally. The outperformance highlights individual company strengths driving these new highs.
AbbVie Stock’s Growth Story Has One Question Mark
AbbVie's growth trajectory, following its reliance on Humira, is now primarily driven by Skyrizi and Rinvoq. While Skyrizi shows strong growth, a recent deceleration in Rinvoq's sales growth from 28.6% to 20.2% warrants investor attention. This slowdown could signal increased competitive pressure in the immunology market and challenge the stock's current high valuation, prompting a re-evaluation of its long-term growth prospects.
Eli Lilly and Co Stock (LLY) Moved Up by 6.15% on Jun 26: Drivers Behind the Movement
Eli Lilly and Co (LLY) stock rose by 6.15% on June 26, driven by several factors including a positive recommendation from the EMA for its oncology drug Jaypirca, strategic acquisitions of Centessa Pharmaceuticals and 4E Therapeutics to broaden its clinical pipeline, and upgraded analyst ratings with an average price target of $1,214.62. Despite this strong performance, the company faces risks such as revenue concentration in its GLP-1 franchise, regulatory scrutiny over discount restrictions, an extreme valuation premium, and potential balance sheet strain from debt-heavy expansion.
William J. Febbo Joins Myomo’s Board of Directors
Myomo Inc. has appointed William "Will" Febbo to its Board of Directors, bringing the total number of directors to six. Febbo, an executive with over 30 years of experience in healthcare, financial services, and technology-driven businesses, is expected to contribute expertise in scaling direct-to-patient healthcare solutions and enhance Myomo's capital markets presence. Myomo develops and markets the MyoPro product line, a wearable medical robotics device that helps those suffering from neurological disorders and upper-limb paralysis.
Johnson & Johnson Earnings Preview: What to Expect
Johnson & Johnson (JNJ) is set to release its Q2 2026 earnings on July 15, with analysts projecting an adjusted EPS of $2.83, a 2.2% increase year-over-year. The company has consistently beaten Wall Street expectations and recently raised its full-year 2026 guidance after a strong Q1 performance driven by its Innovative Medicine segment. JNJ stock has outperformed the broader market and its sector, and analysts currently rate it as a "Moderate Buy" with a potential upside of 5.7%.
Merck & Co. dividend track record, shares in focus on the NYSE
Merck & Co., Inc. remains a key focus for dividend-oriented investors due to its long history of payouts and strong position in the U.S. pharmaceutical market, particularly driven by its oncology drug Keytruda. Analysts overwhelmingly rate Merck stock as Buy or Outperform, anticipating modest upside. The company is compared with other large pharma peers, with its valuation reflecting its robust oncology pipeline against patent expiry considerations.
Xcel Wealth Management LLC Trims Stock Holdings in Verizon Communications Inc. $VZ
Xcel Wealth Management LLC reduced its stake in Verizon Communications Inc. (NYSE:VZ) by 27.2% in the first quarter, selling 23,649 shares and retaining 63,417 shares valued at $3.18 million. Despite beating EPS expectations with $1.28 per share, Verizon's revenue of $34.44 billion slightly missed estimates, and the company is facing removal from the Dow Jones Industrial Average, to be replaced by Alphabet. However, its 6.1% dividend yield continues to attract income investors, with several other hedge funds increasing their positions in VZ.
Intuitive Surgical (ISRG) Brings Real World Da Vinci SP Use Into Focus
Good Samaritan Hospital has adopted Intuitive Surgical's da Vinci Single Port robotic platform, providing real-world insights into its clinical use across multiple specialties. This adoption offers a practical perspective for investors on how the technology is integrated into hospital workflows, especially amid leadership changes and market pressures on Intuitive Surgical (ISRG). Physician feedback highlights benefits like smaller incisions and potential for reduced pain, which are critical for the company's value proposition against competitors and ongoing debates about its stock performance.
Louisiana State Employees Retirement System Takes Position in Verizon Communications Inc. $VZ
The Louisiana State Employees Retirement System recently acquired 214,900 shares of Verizon Communications Inc. ($VZ) during the first quarter, a position valued at approximately $10.8 million. This move is part of a broader trend of institutional investors, including Vanguard and State Street, increasing their stakes in the company, with institutional investors now owning 62.06% of Verizon's stock. Analysts generally maintain a "Moderate Buy" rating for Verizon, citing its 6.1% dividend yield and noting its recent earnings beat, despite its removal from the Dow Jones Industrial Average.
What Did the Recent CARVYKTI Data Reveal About Its Potential
Legend Biotech's CARVYKTI demonstrates strong efficacy and safety for multiple myeloma, with recent data supporting its use earlier in treatment. The company reported a significant surge in Q1 2026 sales, driven by global expansion and improved manufacturing efficiency, positioning it for projected company-wide profitability in 2026. Despite competitive pressures and manufacturing challenges, analysts maintain a bullish outlook due to the therapy's expanding market opportunity and Legend Biotech's robust financial position.
Assenagon Asset Management S.A. Has $61.38 Million Stock Position in Verizon Communications Inc. $VZ
Assenagon Asset Management S.A. significantly reduced its stake in Verizon Communications Inc. during the first quarter of 2026, selling 38.3% of its shares, though still holding 1.22 million shares valued at approximately $61.4 million. Despite the reduction, Verizon reported better-than-expected EPS and announced a quarterly dividend of $0.7075 per share, representing an annualized yield of about 6.1%. Analysts maintain a "Moderate Buy" rating for VZ, with an average target price of $50.59, influenced by its strong dividend and recent earnings performance, even as it was removed from the Dow Jones Industrial Average.
Astrazeneca (AZN) Ascends While Market Falls: Some Facts to Note
Astrazeneca (AZN) closed higher while the broader market declined, showing a +1.45% change. Despite a recent monthly dip, analysts expect a slight EPS decrease but a revenue increase for its upcoming quarterly report. The company currently holds a Zacks Rank of #3 (Hold) and trades at a discounted Forward P/E compared to its industry, suggesting potential value.
Merck & Co Inc Stock (MRK) Moved Up by 4.04% on Jun 25: A Full Analysis
Merck & Co Inc (MRK) stock rose by 4.04% due to major regulatory approvals for its oncology drug Keytruda and pneumococcal vaccine Capvaxive, boosting future revenue prospects. Analysts have also turned bullish, citing strong financial guidance and dividend reliability, despite concerns over Keytruda's patent expiration and other pipeline setbacks.
Equal Weighted Dividends Across 54 Stocks Deliver 24.7% Returns and Growing Payouts
The AAM S&P 500 High Dividend Value ETF (SPDV) screens for S&P 500 companies with above-average yields and free cash flow, equal-weighting five names from each of ten sectors. The ETF has shown strong performance, up 13.3% year to date and 24.7% over the past year, driven by reliable dividend payers like Johnson & Johnson and Texas Instruments. While most holdings demonstrate durable payout ratios, Lockheed Martin's negative Q1 free cash flow against dividends paid is highlighted as a key watch item, though management projects full-year FCF will comfortably cover payouts.
Kenvue edges higher on NYSE, shares trade near recent range
Kenvue, the consumer health spin-off from Johnson & Johnson, saw a modest gain on the NYSE, trading near the 19 dollar mark. The stock is considered a defensive holding in the consumer staples sector, with analysts maintaining moderate price targets. Kenvue's business model relies on a broad portfolio of well-known consumer health brands.
Remix to go public in reverse merger with once high-flying Passage Bio
Remix Therapeutics is set to go public through a reverse merger with Passage Bio, a gene therapy company that has seen its stock price fall significantly. The deal, expected to close in the fourth quarter, will result in Remix investors owning about 93% of the new entity, which will trade under Remix’s name and ticker RMTX. Remix has also secured a $100 million private financing that, combined with the merged company's cash, is expected to fund operations into 2028.
Insmed names Butera SVP, general manager, global respiratory
Insmed Inc., a global biopharmaceutical company, has appointed Samuele Butera as Senior Vice President, General Manager, Global Respiratory. Butera will lead the company's respiratory therapeutic area and report directly to the CEO, Will Lewis. He brings over two decades of commercial leadership experience from companies like Johnson & Johnson and Novartis.
What STAAR Surgical (STAA)'s New Shelf Registration and Equity Plan Expansion Means For Shareholders
STAAR Surgical (STAA) recently filed a US$110.604 million shelf registration for 3,900,000 common shares and expanded its Omnibus Equity Incentive Plan by the same amount following shareholder approval. This move aims to provide financial flexibility and align leadership incentives with long-term company performance, although near-term challenges like China's market volatility remain key swing factors. The expansion allows for new equity awards to directors, reinforcing management's commitment during a period of inventory reset and growth acceleration in other regions.
Oak Family Advisors LLC Increases Position in Kenvue Inc. $KVUE
Oak Family Advisors LLC significantly increased its stake in Kenvue Inc. ($KVUE) by 35.4% in the first quarter, now holding 471,239 shares valued at $8.12 million. This increase makes Kenvue the 12th largest position in their investment portfolio. The article also highlights Kenvue's strong Q1 earnings, with EPS of $0.32 against estimates of $0.27 and a 4.5% revenue increase, alongside a declared quarterly dividend of $0.2075 per share, yielding about 4.4%.
What Bristol-Myers Squibb (BMY)'s Phase 3 Izalontamab Results Mean For Shareholders
Bristol Myers Squibb's recent Phase 3 trial results for izalontamab brengitecan showed improved survival rates for advanced triple-negative breast cancer and esophageal squamous cell carcinoma patients, bolstering its oncology pipeline. These positive results support the company's strategy to offset upcoming patent expirations for key drugs like Eliquis and Opdivo, reinforcing management's confidence in maintaining its dividend and investing in future pipeline development. Despite analytical projections of a near-term revenue decline, the strong cancer data provides a positive outlook for the company's long-term investment narrative.
Eli Lilly suspends access to drug discounts for some hospitals
Eli Lilly and Co. has suspended drug discount access for a minority of hospitals participating in the federal 340B program. The company now requires participating hospitals to submit insurance claims data to qualify for discounts, a measure Eli Lilly states is necessary to combat waste, fraud, and abuse. The American Hospital Association has protested this decision, calling it "extraordinary" and harmful to patients and hospital resources.
SNPD ETF Targets Next Dividend Aristocrats With 10-year Growth Screen
The SNPD ETF aims to identify future Dividend Aristocrats by screening for companies with a 10-year minimum of dividend growth, rather than the standard 25 years. This strategy includes both established dividend payers and emerging compounders. While the fund generally offers a durable income stream, particularly from anchors like Johnson & Johnson, Coca-Cola, and Procter & Gamble, investors should monitor PepsiCo's tightening operating cash flow.
Thermo Fisher Is Down 27% From Its Highs. The EPS Trough Looks Like It Is Already Behind the Company
Thermo Fisher Scientific (TMO) is down 27% from its highs, facing headwinds from funding cuts, China softness, and tariffs, yet it still beat Q1 2026 estimates for revenue and EPS. The company's EPS has essentially flatlined for the past three years but is forecasted to grow significantly from 2026 onward, with analysts projecting a cyclical recovery. TIKR's valuation model suggests a ~$722 target by 2030, indicating a potential buying opportunity given the stock's current discount to historical levels.
J&J CEO sends a clear message on the obesity drug boom
Johnson & Johnson (JNJ) CEO Joaquin Duato has announced the company will not enter the lucrative obesity drug market, choosing instead to focus on becoming the leading cancer drug company by 2030. This decision, announced at a public event and supported by significant oncology acquisitions, surprises investors but aligns with J&J's strategy to lead markets rather than compete in crowded ones. While the obesity drug market is projected to generate hundreds of billions, J&J believes cancer offers more defensible growth.
J&J commits $1B to expand contact lens production in Florida
Johnson & Johnson is investing over $1 billion to construct a new contact lens manufacturing plant in Jacksonville, Florida. This facility, part of a larger $55 billion investment plan in U.S. manufacturing, R&D, and technology through 2029, is expected to be fully operational by 2028. It will increase production, packaging, and distribution capabilities for J&J's Acuvue contact lenses, supporting the existing 3,500 employees in Jacksonville and enhancing supply chain resilience.
Johnson & Johnson faces $32M verdict over Johnson’s Baby Powder cancer claims
A Los Angeles jury awarded $32 million to the family of a woman who died of mesothelioma, finding that decades of using Johnson’s Baby Powder was a substantial factor in causing her illness. Johnson & Johnson plans to appeal the verdict, having argued that environmental factors were to blame. The verdict follows other significant awards in similar cases, though Johnson & Johnson recently won a defense verdict in a separate bellwether trial.
Picard Medical replaces CEO, appoints Richard Fang interim chief
Picard Medical (PMI) announced a leadership transition, with CEO Patrick NJ Schnegelsberg stepping down effective June 18, 2026. The board appointed Executive Chairman Richard Fang, Ph.D., as interim CEO, who will retain his chairman role while a search for a permanent CEO is conducted. Fang brings over 20 years of medical device experience, and the company clarified that Schnegelsberg's departure was not due to disagreements over company operations or policies.
Should You Invest in the iShares U.S. Healthcare ETF (IYH)?
The article evaluates the iShares U.S. Healthcare ETF (IYH) for investors seeking broad exposure to the Healthcare - Broad equity market segment. It highlights IYH's passive management, low costs, transparency, and tax efficiency, noting its significant asset base and performance against the Dow Jones U.S. Health Care Index. The ETF holds a "Hold" rating from Zacks, suggesting it's a good option for specific sector exposure, and compares its features to alternative healthcare ETFs like VHT and XLV.
Insmed Appoints Samuele Butera as Senior Vice President, General Manager, Global Respiratory
Insmed Incorporated announced the appointment of Samuele Butera as Senior Vice President, General Manager, Global Respiratory, effective June 23, 2026. In this new role, Mr. Butera will lead Insmed's Respiratory Therapeutic Area and serve on the Executive Committee. He brings over two decades of commercial leadership experience, having held senior roles at Johnson & Johnson and Novartis, and will be instrumental in the launch of BRINSUPRI, expansion of ARIKAYCE's label, and TPIP development program.
Brookstone Capital Management Has $18.94 Million Holdings in Johnson & Johnson $JNJ
Brookstone Capital Management increased its stake in Johnson & Johnson by 7.6% in the first quarter, holding 77,482 shares valued at $18.94 million. Analysts have a "Moderate Buy" consensus rating with an average target price of $253.04. Johnson & Johnson recently reported strong quarterly results, raised its dividend, and is investing over $1 billion in manufacturing expansion.
What Sysmex (TSE:6869)'s Nu.Q NETs Collaboration With VolitionRx Means For Shareholders
Sysmex (TSE:6869) has partnered with VolitionRx Limited to optimize its Nu.Q NETs H3.1 assay on Sysmex’s platform, targeting a US$3.80 billion market related to NETosis. This collaboration is an early-stage opportunity for Sysmex, which is currently working to rebuild investor confidence after recent guidance cuts and impairment charges. While it offers potential for more resilient earnings, the company still faces challenges from pricing pressure in China and rising SG&A costs.
