Morning Buzz: Johnson & Johnson (JNJ), Amazon.com (AMZN), Facebook (FB), Chesapeake Energy (CHK)

Shares of Johnson & Johnson (JNJ) are lower in morning trading on Wednesday following a NY Times article detailing a lawsuit in which it is alleged that major pharmaceutical companies JNJ and Bayer (BAYRY) deceived The New England Journal of Medicine by leaving out critical laboratory data over their Xarelto drug.

BMO Capital initiated coverage this morning on Amazon.com, Inc. (AMZN) with an ‘Outperform’ rating and 700 price target. The broker noted that “the recent flight to safety and rotation away from high-growth, high-multiple technology stocks (AMZN down 18% year-to-date) creates an excellent opportunity to initiate or build positions for the long-term.”

The Seattle Washington-based e-commerce giant, currently valued at $273.05 billion, has a median Wall Street price target of $750 with a high target of $900.

Amazon.com is up 50.14% year-over-year, compared with a 5.73% loss in the S&P 500.

Facebook (FB) – In an impressive milestone that escalates competition with Google (GOOG), the social network giant announced Wednesday it now has 3 million businesses who are active advertisers (a 50% jump YoY), with the small businesses representing the “vast majority” of that number.

Chesapeake Energy (CHK) — Aubrey McClendon, who was CEO of the natural gas producer until April 2013, has been charged by the Justice Department for allegedly leading a bid-rigging conspiracy involving oil and natural gas leases in Oklahoma.

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