Johnson & Johnson
FeedLayoffs return with a vengeance as large companies cut again
Douglas McIntyre
Nov 10th 2009 at 9:30AM
Filed under: People, Electronic Arts, Johnson & Johnson, Sprint Nextel Corp.
The "Year of the Layoff" was supposed to be over now that the economy is improving and most large companies have fired as many people as they reasonably can. Productivity gains can only squeeze so much out of a shrinking work force.
But American companies are aggressively chopping their workforces again, and that raises the question of whether unemployment will continue to grow at the rate of almost 200,000 jobs per month well into 2010.
Will Berkshire Hathaway's retail stock price bring retail investors?
Douglas McIntyre
Nov 4th 2009 at 5:50PM
Filed under: Company News, Investing, Johnson & Johnson, Coca-Cola Company, Berkshire Hathaway, Wal-Mart Stores, Wells Fargo & Co.
For years, the price of Berkshire Hathaway (BRK.A)'s Class A and Class B common stock has been priced out of the range of what most retail investors can afford. A share of the less expensive of the two classes, the B, trades at about $3,300.
Berkshire, run by Warren Buffett, announced on Tuesday that its Board of Directors approved a 50-for-1 split of its Class B Common Stock. The transaction still has to be approved by shareholders, but that's nearly a sure thing.
Johnson & Johnson joins Big Pharma's job-cutting parade
Melly Alazraki
Nov 3rd 2009 at 12:45PM
Filed under: Company News, Earnings, Johnson & Johnson, Pfizer, Bristol-Myers Squibb, Merck, GlaxoSmithKline
Johnson & Johnson (JNJ), despite all its efforts and diversification, couldn't escape doing what most pharmaceutical companies have done in the face of increasing pressures from generic-drug companies and the recession. J&J said on Tuesday it plans to cut 6 percent to 7 percent of its workforce of approximately 117,000 in a bid to prop up profits.The New Brunswick, N.J.-based company said the cuts, mostly achieved through reducing layers of management, will affect some 7,000 to 8,000 worldwide. But today is Election Day in the company's base state, and one cannot help but wonder if the timing of such an announcement from one of the largest private employers in New Jersey isn't politically motivated in support of the challengers in the three-way race for governor, or at least against the Democratic incumbent, Jon Corzine.
Johnson & Johnson to cut up to 7 percent of global work force
AP
Nov 3rd 2009 at 8:14AM
Filed under: Company News, Johnson & Johnson
Johnson & Johnson (JNJ) said Tuesday it will trim layers of management, cut jobs, and set other restructuring moves in order to save up to $900 million next year.The New Brunswick, N.J., company said the job cuts will affect 6 to 7 percent of its global work force of roughly 118,700 workers, prompting a restructuring charge of up to $1.3 billion pretax in the fourth quarter. Still, the company confirmed adjusted profit guidance between $4.54 and $4.59 per share for 2009.
Top Picks: 10 great stocks for the long haul
Dan Burrows
Oct 24th 2009 at 10:00AM
Filed under: Investing, Home Depot, Johnson & Johnson, Coca-Cola Company, Unilever PLC
If you're an investor looking for action -- for that tiny stock with lots of volatility and white-hot upside potential -- read no further. But if you're fed up with the volatile U.S. equity market over the last couple of years, have we got some long-term, stable value stocks for you.Throughout the market's remarkable rally off the March low, more volatile, lower-quality stocks (of smaller companies with weaker balance sheets and less certain prospects) have outperformed less volatile, higher quality stocks (generally those of bigger companies with stronger balance sheets in more mature industries).
Swine flu paranoia sends sales of hand sanitizer soaring
Alex Salkever
Oct 22nd 2009 at 3:30PM
Filed under: Healthcare, Johnson & Johnson
As emergency rooms fill with people worried about swine flu, and the drumbeat of warnings from the Centers for Disease Control gets louder, Americans are squirting hand sanitizer at an astonishing pace. Between July and September, shipments of hand sanitizer rose a remarkable 129 percent over the previous year, according to Panjiva, a data-tracking and analysis firm.That growth reflects a huge spike in demand for the slippery stuff as consumers worry more this year about getting sick. It's hard to miss the rapidly growing presence of hand-sanitizer dispensers at gyms, in museums, and in shopping centers. Our local drugstore runs out of the stuff faster than it used to. Even our local supermarket checkout cashiers keep the stuff next to the credit-card terminals, so shoppers can clean their digits after signing their receipts.
J&J, Abbott beat expectations: a good sign for pharma results yet to come?
Melly Alazraki
Oct 14th 2009 at 7:00PM
Filed under: Company News, Earnings, Johnson & Johnson, Pfizer
Two of the drug industry's bigger names -- Johnson & Johnson (JNJ) and Abbott Labs (ABT) -- managed to top Wall Street's profit expectations for third quarter earnings this week, revealing that diversification in product portfolios helped their bottom lines. But the better-than-expected results were met with opposite responses from investors, with J&J punished because its sales fell short of investors' hopes. Abbott shares, meanwhile, headed higher after reporting that third-quarter sales for its arthritis drug Humira, the drugmaker's biggest product, surged 24 percent to $1.49 billion, beating analyst estimates.New Brunswick, N.J.-based J&J earned $3.35 billion, or $1.20 a share, compared with $3.31 billion, or $1.17, in the year-ago period. Analysts expected earnings of $1.13 a share. Despite the stronger showing, it seems investors' fears regarding generic competition materialized. Even though the Band-Aids maker managed to grow profit by 1.1 percent, it did so predominantly through cost cuts and lower taxes. More worrisome, sales declined 5.3 percent to $15.1 billion from $15.92 billion, missing the Street's revenue estimate of $15.19 billion.
Stocks retreat on Johnson & Johnson results, Goldman downgrade
Dan Burrows
Oct 13th 2009 at 4:30PM
Filed under: Investing, Goldman Sachs , Johnson & Johnson, Morgan Stanley
J&J, a component of the Dow Jones Industrial Average ($INDU), said third-quarter sales fell five percent, more than Wall Street had feared. The results created concern among investors that much needed corporate revenue growth could be more anemic this reporting season than previously thought.
Stocks in the news: Johnson & Johnson, Goldman Sachs, CIT Group
Melly Alazraki
Oct 13th 2009 at 9:00AM
Filed under: Company News, Investing, Earnings, CIT Group, Goldman Sachs , Intel, Johnson & Johnson, American International Group, INC., Bank of America
Johnson & Johnson's (JNJ) profit increased 1 percent in the third-quarter to beat analyst estimates despite competition from generics that hurt its sales. J&J earned $3.35 billion in the quarter, or $1.20 per share. Revenue fell 5 percent to $15.08 billion, just shy of expectations. Analysts polled by Thomson Financial were expecting earnings of $1.13 per share on revenue of $15.19 billion. Shares fell nearly 2 percent ahead of the bell.
Goldman Sachs (GS) shares this morning fell nearly 2 percent in pre-market trading after it earned itself a downgrade from banking analyst extraordinaire Meredith Whitney, who downgraded Goldman to Neutral from Buy. Jim Cramer doesn't necessarily agree she deserves the Street's cred. Goldman Sachs reports earnings Thursday.
Stocks set for a higher to mixed open
Melly Alazraki
Oct 13th 2009 at 7:42AM
Filed under: Company News, Investing, Earnings, Intel, Johnson & Johnson
U.S. stocks are poised for a mixed to lower open Tuesday following a weakness in European market and ahead of a slew of corporate earnings. Blue chip stocks closed at the high for the year on Monday even as the Nasdaq closed slightly lower. This week's wave of earnings will be kicked off with Johnson & Johnson (JNJ), which should report this morning. Intel (INTC) is reporting after the close. [[Update 8:20 a.m.: stock futures continued to waver, recently turning slightly positive.]]
More here: Before the bell: Stock futures mixed ahead of a slew of earnings reports
Stocks in the News: Abbott Labs, J&J, Xerox
David Schepp
Sep 28th 2009 at 9:00AM
Filed under: Company News, Economy, Investing, Johnson & Johnson, Bank of America, Xerox
Abbott Laboratories (ABT) said Monday it has agreed to buy Solvay Group's drug business for 4.5 billion euros (
In another drug deal, Johnson & Johnson (JNJ) agreed Monday to buy an 18 percent stake in Dutch drug maker Crucell (CRXL) for 301.8 million euros ($440 million) as part of a deal to develop flu vaccines. J&J said the pact is expected to dilute current-year earnings by 2 cents to 4 cents a share. The companies will also work together to develop up to three vaccines or antibodies against both infectious and non-infectious diseases.
AstraZeneca sales-rep notes reveal troubling relationship with doctors
Melly Alazraki
Sep 23rd 2009 at 5:40PM
Filed under: Company News, Johnson & Johnson, Pfizer
AstraZeneca now faces lawsuits from more than 15,000 patients saying the company withheld information about links between diabetes and Seroquel. The lawsuits also say the Anglo-Swedish drugmaker promoted Seroquel, approved by the U.S. Food and Drug Administration for schizophrenia and bipolar disorder, for unapproved uses. The cases have been consolidated in Orlando for pre-trial proceedings. That drug reps are often less than comprehensive about disclosing the potential risks of their drugs is often more the norm than the exception, highlighting an unfortunate reality about how drugs are sold and ultimately prescribed to patients.
The NFL is everywhere Visa wants to be
Jonathan Berr
Sep 22nd 2009 at 6:40PM
Filed under: Columns, Media, Johnson & Johnson, American International Group, INC.
Visa Inc. (V), which owns the largest credit-card network, said today it has renewed its sponsorship agreement with the National Football League for five years. The agreement extends Visa's alliance with the NFL through the 2014 season.Though Visa advertises with other leagues, its deepest relationship is with the NFL. A sponsor of the league since the 1995 season, Visa will be the exclusive payment service for the NFL and all official NFL events. Terms of the transaction were not disclosed. There are about 20 corporate NFL sponsors, said an NFL spokesman.
Misleading drug info: Feds crack down but will it stop?
Melly Alazraki
Sep 21st 2009 at 5:30PM
Filed under: Company News, Healthcare, Johnson & Johnson, Pfizer, Sanofi Aventis
A popular eyelash-enhancing drug's promotional materials are raising eyebrows among federal regulators. The U.S. Food and Drug Administration has warned Allergan (AGN) about what the agency says is misleading information on its website for Latisse, a prescription cosmetic drug that lengthens, darkens and thickens eyelashes. Seems Allergan's materials downplayed some of the drug's side effects, such as redness and changes in eye color, according to the agency. And the Irvine, California-based company's "About Safety" and "FAQs" web pages failed to mention risks of the bacterial infection keratitis, the agency adds. That condition can in some cases lead to blindness.The FDA, which issued a letter of warning to Allergan on September 10, isn't dancing around the issue. It requested that Allergan immediately stop circulating promotional materials that the agency says are in violation of the Federal Food, Drug, and Cosmetic Act, which is a set of regulations that oversee the safety of products like Latisse. The move comes on top of an earlier one that warned the company about promotional materials for its Aczone cream for Acne Vulgaris.
Stocks in the news: Best Buy, Citigroup, Bank of America
Melly Alazraki
Sep 15th 2009 at 9:00AM
Filed under: Company News, Hewlett-Packard, Home Depot, Intel, Johnson & Johnson, Kraft Foods, Microsoft, Netflix, Apple, Bank of America
Some of the companies making headlines today:
Best Buy (BBY) reported second-quarter results today, saying profit dropped to $158 million, or 37 cents a share as revenue rose to $11 billion from $9.8 billion, missing earnings estimates, but beating revenue ones. Best Buy also raised the bottom end of its full-year profit forecast.
Citigroup (C) is trying to cut the U.S. government's 34 percent stake, the Wall Street Journal reported. Top Citigroup executives have been devising plans for a possible multibillion-dollar stock offering, while the Treasury Department would sell at least a portion of its Citigroup holdings. Citi shares fell about 1 percent ahead of the bell.
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