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In the Premarket trading session on Wednesday, Johnson & Johnson’s stock was trading at 146.87- lower by 1.61% as compared to its previous close.
The company reported fourth-quarter earnings before the opening bell on Wednesday. The healthcare giant generated an adjusted EPS of $1.88 for the fourth quarter. The EPS was above the consensus estimates of $1.87. Johnson & Johnson brought in $20.74 billion in revenue for the fourth quarter. The revenue was, however, below the market expectation of $20.80 billion. The company reported a lower than expected revenue as sales of some of its major drugs fell short of analyst estimates.
Revenue at the pharma unit gained 3.5% to $10.55 billion in the fourth quarter. The revenue was below the median forecast of $10.63 billion. The company forecasts 2020 earnings of between $8.95 and $9.10 per share, with the top end of the range meeting markets’ expectations. Johnson and Johnson see full-year 2020 revenue in the range of $85.4B to $86.2B. Stocks of the company have rallied by more than 2% so far this year.
On the technical front, the current price is below the MA5. The current price is above the middle line of the Bollinger Bands but is heading downwards. The stock is expected to trade lower today.
TRADE SUGGESTION- LIMIT SELL AT 146.90 TAKE PROFIT AT 145.80 STOP LOSS AT 147.50