Johnson & Johnson Under Selling Pressure
Joel Elconin is the co-host of Benzinga's #PreMarket Prep, a daily trading idea radio show.
Johnson & Johnson (NYSE: JNJ) shares are trading lower by $2.22 at $98.16 in Thursday's session. The newswires have not identified any particular reason for the decline.
The latest news item reported was on Tuesday, when Benzinga reported unconfirmed chatter that Goldman Sachs was exploring a breakup into three separate companies.
The issue has not reacted favorable to earnings beat of $0.01 ($1.27 vs. $1.26) announced on January 20. Perhaps the Street is concerned with its first revenue miss ($18.25B vs. EST $18.56) in its last eight quarters.
After clinging to the $100,00 level, posting a double close on Tuesday ($100.35) and Wednesday ($100.38), it failed to maintain that important level after reaching $100.54. Off the open it has declined to $97.15.
That level coincides with an October 17 low of $97.31.
Since reaching that depressed level, it is has been attempting to regain the $98.00 handle and has reached the mid-range of that handle on its rebound.
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