Johnson & Johnson Pummeled After Mixed Q1 Report

Johnson & Johnson JNJ shares are trading lower by $4.50 (3.4 percent) at $121.22 in Tuesday's session.

Before the open, the company reported mixed Q1 results that included an EPS beat of $0.06, but came up shy on revenues by $200 million. At this time, the Street appears to be putting more emphasis on the revenue shortfall.

After a lower open, Johnson & Johnson's stock managed only a $0.19 bounce to $123.37 before continuing its move lower. In the first minute of the session, it swooned to $121.40 before mounting a rebound that stalled at $122.74. After the failed rally, it has went on to make a new low at $121.10 and is attempting to stabilize in the lower $121.00 handle.

The current low coincides with its February 24 low of $120.90. f that low is breached, there may be limited support until the pair of lows in the the lower $119.00 handle from February 22 ($119.25) and February 23 ($119.48).