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J&J profits take hit

Health care giant Johnson & Johnson, hammered by numerous recalls that have kept some popular nonprescription medicines and other products off the market, posted a 12 percent profit decline and a 5.5 percent drop in revenue for the fourth quarter.

The adjusted earnings from the maker of Tylenol, medical devices and biologic drugs matched Wall Street estimates, but revenue fell short and its earnings estimate for this year was below current forecasts.

The company said Tuesday that net income was $1.94 billion, or 70 cents per share. That was down from $2.21 billion, or 79 cents per share, in 2009’s fourth quarter.

Sales of consumer products such as Tylenol, Benadryl and Rolaids — all the subject of recalls over product contamination and other problems — were down the most. Sales in that division fell 15 percent to $3.6 billion.

Feds probe Ford wheels

The government has opened a preliminary investigation into reports of wheel studs breaking on some 2010 model year Ford Fusion sedans.

The National Highway Traffic Safety Administration says it has received four complaints of wheel studs fracturing on Fusions, which could cause the wheel to separate from the car and the driver to lose control.

The investigation covers about 280,000 vehicles.

All of the complaints involved vehicles with fewer than 11,000 miles. The government says there have been no crashes or injuries reported.

Joblessness up in 20 states

The unemployment rate rose in 20 states last month as employers in most states shed jobs. Pennsylvania, which saw its rate drop 0.1 percent in December, was not among the 20.

The Labor Department says the unemployment rate rose in 20 states and fell in 15. It was unchanged in another 15 states. That’s nearly the same as in November, when the rate rose in 21 states, fell in 15 and was the same in 14.

The report is evidence that the job market is barely improving even as the economy grows. Employers in most states didn’t add any net new jobs last month. The number of jobs on employer payrolls fell in 35 states in December, the department said. Only 15 states reported gains.

Getting say on exec pay

Federal regulators are giving shareholders at large public companies the right to register their opinions on executive pay at least once every three years.

The Securities and Exchange Commission adopted the rule Tuesday by a 3-2 vote. It also let’s shareholders decide if they want to vote every year, every other year or once every three years. Voting would begin this year.

The financial overhaul law enacted last summer gave shareholders a non-binding vote on executive compensation. But lawmakers left it to regulators to determine how often they should vote.

Shareholders at smaller public companies, with market value of $75 million or less, will begin voting in 2013.