Contact lens solution recalled
Bausch & Lomb Inc. has permanently withdrawn a new-formula contact-lens cleaner viewed as the “potential root cause” of a far-flung outbreak of fungal eye infections known to cause blindness. Its stock, hit hard over the last month, rose nearly 13 percent.
The Food and Drug Administration said Monday that the eye-care company thinks ReNu with MoistureLoc’s unique disinfecting and moisturizing agents “in certain unusual circumstances can increase the risk” of developing Fusarium keratitis, adding that the way some people used the solution may have contributed.
The company suspended U.S. sales of MoistureLoc on April 13 after the Centers for Disease Control and Prevention said it was investigating a spike in infections in Americans using the product. The outbreak first surfaced in the Far East, leading to a halt in sales in Singapore, Hong Kong and Malaysia on Feb. 18.
“Amazon.com Inc. is a pioneer in the field of selling things online, but founder Jeff Bezos said Monday he often warns his workers that being first isn’t necessarily enough.
“There’s a lot to be said for close following as a business strategy,” Bezos said during a question-and-answer session at a luncheon for the Technology Alliance, a Washington state trade group, at a Seattle hotel.
Bezos, also Amazon.com’s president, chairman and chief executive, noted that such copycats can save money and don’t have to make as many wrong turns — two of the factors that can lead to toppling the market leader.
The Seattle Internet retailer is facing concerns from analysts that, despite its pioneering roots and hefty technology investments, it is now lagging competitors.
“Discount retailer Target Corp. said first-quarter profits rose 12 percent, but the results narrowly missed Wall Street estimates and its shares fell 4 percent.
Investors were spooked as profit margins shrank and selling and administrative expenses rose faster than sales.
Target, the nation’s second-largest discounter behind Wal-Mart Stores Inc., said it earned $554 million, or 63 cents per share, for the quarter ended April 29, up from $494 million, or 55 cents per share, during the same period last year. The latest results were a penny a share below the estimate of analysts polled by Thomson Financial.
First-quarter revenue rose 12.1 percent to $12.86 billion, from $11.5 billion a year ago. But selling, general and administrative expenses grew 15.3 percent to almost $2.9 billion.