Tech, Johnson & Johnson split impacting Friday stock market; Lordstown Motors down

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FILE – This Oct. 16, 2012 file photo shows the Johnson & Johnson logo on a package of Band-Aids, in St. Petersburg, Fla. Johnson & Johnson reports quarterly financial results on Tuesday, July 14, 2015. (AP Photo/Chris O’Meara, File)

(AP and WKBN) – Stocks are opening higher on Wall Street Friday led by the information technology and healthcare sectors.

Johnson & Johnson shares are rising after news it’s splitting its Band-Aids and Listerine business from its medical device and prescription drug business.

The world’s biggest maker of health care products, founded in 1886, said Friday the move will help improve the focus and speed of each company to address trends in their different industries.

The company selling prescription drugs and medical devices will keep the Johnson & Johnson name. The new consumer health company, which has yet to be named, will house brands including Neutrogena, Aveeno, Tylenol, Listerine, Johnson’s, and Band-Aid.

The pharmaceutical arm also makes one of three COVID-19 vaccines currently approved for use in the United States.

The S&P 500 is up less than 0.1%, and is on track to end with its first weekly loss since early October. The Dow Jones Industrial Average and Nasdaq are rising Friday, but also headed for losses on the week. Spectrum Brands, owner of Cutter bug spray and George Foreman grills, soared to a more than three-year high after reporting strong quarterly earnings.

Coming off the heels of good news and bad news this week, Lordstown Motors stock is down Friday. The company saw a dip in after-hours trading Thursday after it released its quarterly report. That came late in the afternoon.

Trading under the name RIDE, shares of Lordstown Motors Corp. (LMC) are down 11.76% as of this report.

On the upside, LMC finalized a deal with Foxconn, which includes selling the Lordstown plant in a partnership where the two companies have agreed to work jointly on Lordstown Motors’ electric vehicle programs in the production and assembly plant in Lordstown