Johnson & Johnson (JNJ) reported adjusted earnings of $2.48 on revenue of $23.3 billion, beating analyst estimates on the top and bottom lines.
The stock initially moved lower following earnings, though it held at the flat line as of intraday trading Wednesday.
Jim Cramer told Action Alerts PLUS senior analyst Jeff Marks that the move in Johnson & Johnson was more about the delta variant of the coronavirus than the actual earnings results.
Despite headwinds including Talc, sunscreen and negative studies on its COVID vaccine, Cramer said the stock is mainly lower because the delta variant remains a major market fear.
Catch his full take in the video above.
Recap TheStreet Live: Everything Jim Cramer Is Watching 7/21/21