Johnson & Johnson Shares Flat Following First-Quarter Results

Shares of Johnson & Johnson ( JNJ) were basically unchanged in early trading, following the company reporting a first-quarter profit of $3.5 billion, or $1.26 per share, compared to $3.6 billion in 2008's first quarter, or $1.26 a share.

Sales fell 7% to $15 billion, as the company's consumer health products, prescription drugs and medical devices all saw sales declines. The company had said the stronger dollar would reduce 2009 sales by about 4% but now thinks it will be 5%.

Looking ahead, management confirmed its previous forecast for a 2009 profit ranging from $4.45 to $4.55 per share.

We had removed shares of JNJ on Nov. 12, when the shares traded at $59.55. The company has a 3.60% dividend yield, based on last night's closing stock price of $51.15. The stock has technical support in the $50-$52 price area. If that level fails to hold, we could possibly see the $41-$43 levels come into play. On the flip side, if the shares can firm up, we see overhead resistance at the $61-$64 levels. We would remain on the sidelines for now.

Johnson & Johnson is not recommended at this time, holding a Dividend.com DARST Rating of 3.4 out of 5 stars.

Fastenal Shares Fall as First-Quarter Profit Sinks 29%

Shares of Fastenal ( FAST) were down nearly 4% in early trading after the company reported first-quarter profit fell 29% to $48.7 million, or 33 cents per share, compared with $68.1 million, or 46 cents per share, for the same quarter last year.

Revenue dropped 14% to $489.3 million from $566.2 million in the year-ago period, as the weak economy hurt the company's industrial production business. The nuts and bolts distributor supplies products to other manufactures for use in their finished products.

We removed shares of FAST from our "Recommended" list on Sept. 29, when the stock was trading at $50.38. The company has a dividend yield of 1.83%, based on last night's closing stock price of $38.18. The stock has technical support in the $28-$31 price area. If the shares can firm up, we see overhead resistance around the $41-$44 price levels. We would remain on the sidelines for now.

Fastenal is not recommended at this time, holding a Dividend.com DARST Rating of 3.1 out of 5 stars.

Genesee & Wyoming See Track Traffic Increase

Shares of Genesee & Wyoming ( GWR) are down slightly in early trading after the company reported traffic volumes for March 2009 and the first quarter of 2009.

The company's railroads acquired within the last 12 months shipped a combined 13,329 carloads in March 2009. GWI's same-railroad traffic in March 2009 decreased by 5,799 carloads, or 9.1%, compared with March 2008. The decrease was principally due to declines in pulp and paper traffic of 2,710 carloads, metals traffic of 2,262 carloads, and coal, coke and ores traffic of 1,905 carloads. These decreases were partially offset by a 2,976 carload increase in farm and food products traffic primarily due to increased grain shipments in GWI's Australia Region. All other same-railroad traffic decreased by a net 1,898 carloads.

The company's railroads acquired within the last 12 months shipped a combined 40,771 carloads in the first quarter of 2009. Same-railroad traffic in the first quarter of 2009 decreased by 15,759 carloads, or 8.3%, compared with the first quarter of 2008. The decrease was principally due to declines of 7,292 carloads of pulp and paper traffic, 6,494 carloads of metals traffic and 3,616 carloads of lumber and forest products traffic. These decreases were partially offset by a 6,353 carload increase in farm and food products traffic. All other same-railroad traffic decreased by a net 4,710 carloads.

Shares of GWR are off of all-time highs of $47 a share, hit last summer. The stock has technical support in the $17-$18 price range. If the railroad operator's shares can firm up, we see overhead resistance around the $25-$29 levels. We do not currently rate this non-dividend paying stock at this time, but we do follow the railroad space closely.

Genesses & Wyoming does not currently pay a dividend.

Fidelity National Financial Plans to Sell Over 13 Million Shares in Offering

Shares of Fidelity National Financial ( FNF) are down nearly 3% in early trading after the company announced plans to make a public offering of 13,300,000 shares of its common stock.

Management said it plans to use net proceeds from the offering for general corporate purposes, including the potential repayment of indebtedness under the Company's existing $1.1 billion syndicated credit agreement.

We have avoided shares of FNF since our early June coverage began, when the stock traded at $15.29. The company has a 2.65% dividend yield based on last night's closing stock price of $22.60. The stock has technical support in the $16-$18 price area. If the shares can firm up, we see overhead resistance approaching the all-time high levels of $25-$28 per share. We recently upgraded to stock to our "upgrade watchlist" and it may be joining our "Best Dividend Stocks" list in the near future.

Fidelity National Financial is not recommended at this time, holding a Dividend.com DARST Rating of 3.4 out of 5 stars.

Be sure to visit our complete recommended list of the Best Dividend Stocks as well as a detailed explanation of our ratings system.

At the time of publication, the author had no positions in stocks mentioned, although positions may change at any time.

Tom Reese and Paul Rubillo are senior editors of Dividend.com. Visit Dividend.com for more dividend stock ratings, picks, news, and analysis for long-term and income-seeking investors.

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