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 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.

If you liked this article you might like

Why You Must Immediately Short Amazon, Starbucks, Disney and 3 Other Stocks

Why You Should Short Amazon, Starbucks, Disney and These Other Stocks

No Good Stock Left Behind: Cramer's 'Mad Money' Recap (Tuesday 7/25/17)

Hertz Global Holdings, Honeywell, PetMed Express, Allergan: 'Mad Money' Lightning Round

Why Fastenal May Be One of the Best Second-Half Buys