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.

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