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In the Premarket trading session on Tuesday, Johnson & Johnson’s stock was trading at 127.77- lower by 2.23% as compared to its previous close.
The company reported fourth-quarter earnings before the opening bell on Tuesday. Prescription drug sales propelled the company to another quarterly earnings beat, while sales of its signature baby products and other consumer goods showed slight improvement.
Johnson & Johnson also gave its financial forecast for this year that was close to the market expectation but fell short on sales’ estimates.
The company forecast 2019 earnings of between $8.50 and $8.65 per share and revenue in the range of $80.4B to $81.2B. Analysts previously said they expected earnings $8.60 per share and $82.69 billion in revenue, according to Refinitiv.
The company generated adjusted EPS of $1.97 for the fourth quarter. The EPS was above the consensus estimates of $1.95. Johnson & Johnson brought in $20.4 billion in revenue for the fourth quarter. The revenue was above the market expectation of $20.2 billion.
On the technical front, the current price is below the MA5 and MA20. The current price is below the middle line of the Bollinger Bands and is heading downwards. The stock is expected to trade lower today.
TRADE SUGGESTION- LIMIT SELL AT 128.00 TAKE PROFIT AT 127.00 STOP LOSS AT 128.50