NEW YORK (TheStreet) -- Johnson & Johnson (JNJ - Get Report) gave the markets a reason to continue Monday's rally. The healthcare giant announced results Tuesday morning that beat Wall Street consensus estimates for earnings per share and revenue.
The results confirmed the growing bullishness on Johnson & Johnson on StockTwits.com.Plus, many investors said that J&J's quarterly results, particularly the growth of its pharmaceutical business, could help lift the beaten-down biotech sector. iShares Nasdaq Biotechnology ETF (IBB) has lost 5.2% in the past five days.
$RNN Beat on earnings by $JNJ. Let's see some of the love extend to the Bios today. Best of mornings all! :-) Go $RNN. -- Lynn (@Stocktok) Apr. 15 at 08:06 AMJohnson & Johnson reported first quarter earnings per share of $1.54 on $18.1 billion in sales. That topped analysts' EPS estimates by 6 cents and sales predictions by $100 million, according to the Analyst Ratings Network. It was the top-trending ticker on StockTwits.com early Tuesday morning. The company increased its full year EPS guidance to between $5.80 to $5.90, excluding special items. The new midpoint of the guidance topped consensus calls for $5.83. Much of J&J's growth was fueled by medicines. Pharmaceutical sales grew 12.2%, discounting the impact of currency. Drugs to treat arthritis, schizophrenia and myeloma buoyed results. The consumer business actually weighed on growth. Shares opened more than 2% higher to top $97 per share. Many investors called for more gains. Sentiment on Johnson & Johnson stood at around 86% bullish before the open, according to StockTwits' analytics.