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https://www.barrons.com/articles/stock-market-movers-88cae2de
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Johnson & Johnson
JNJ,
stock rose nearly 3% in the extended session Tuesday after the company said it was setting aside $8.9 billion to settle claims connected with cosmetic-talc litigation. Johnson & Johnson said that its subsidiary LTL Management LLC, which manages the legal wrangling, has re-filed for voluntary Chapter 11 bankruptcy protection in order to obtain the approval of a reorganization plan that will “equitably and efficiently resolve all claims arising from cosmetic talc litigation” against the company. Johnson & Johnson said it has agreed to contribute up to $8.9 billion, payable over 25 years, to resolve “all the current and future talc claims.” That’s an increase of $6.9 billion over the $2 billion previously committed in connection with LTL’s initial bankruptcy filing in October 2021, the company said. LTL has commitments from more than 60,000 claimants to support resolutions on these terms, Johnson & Johnson said, adding that neither LTL’s original filing nor Tuesday’s re-filing are an admission of wrongdoing, nor “an indication that the company has changed its longstanding position that its talcum powder products are safe” and believes the claims to be “specious and lack scientific merit.” The stock ended the regular trading day up 1%.
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Alibaba
stock was on track for its best day in months after the Chinese technology giant announced that it would split itself into six units, opening the door for its subsidiary businesses to go public.
Akin to Alibaba (ticker: BABA) shifting from conglomerate to holding company, the move is designed to unlock shareholder value and foster market competitiveness, said the group, which is one of China’s largest and most important companies. It’s a nod both to investors who have weathered years of losses for the stock—caused largely by regulatory pressures—as well as regulators who have hammered Alibaba and the rest of the Chinese tech sector over competition concerns since late 2020.
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Lynch & Associates IN lowered its holdings in Johnson & Johnson (NYSE:JNJ – Get Rating) by 0.6% in the 4th quarter, Holdings Channel.com reports. The fund owned 96,114 shares of the company’s stock after selling 568 shares during the quarter. Johnson & Johnson comprises approximately 4.4% of Lynch & Associates IN’s portfolio, making the stock its 2nd largest holding. Lynch & Associates IN’s holdings in Johnson & Johnson were worth $16,978,000 at the end of the most recent quarter.
A number of other hedge funds have also made changes to their positions in the business. Price T Rowe Associates Inc. MD lifted its position in Johnson & Johnson by 18.9% during the 2nd quarter. Price T Rowe Associates Inc. MD now owns 24,622,795 shares of the company’s stock worth $4,370,793,000 after acquiring an additional 3,912,430 shares in the last quarter. FMR LLC raised its stake in shares of Johnson & Johnson by 20.8% during the second quarter. FMR LLC now owns 18,725,049 shares of the company’s stock valued at $3,323,883,000 after purchasing an additional 3,229,032 shares during the period. Vanguard Group Inc. lifted its position in shares of Johnson & Johnson by 1.2% during the third quarter. Vanguard Group Inc. now owns 245,340,875 shares of the company’s stock worth $40,078,885,000 after purchasing an additional 2,815,655 shares in the last quarter. GQG Partners LLC boosted its stake in shares of Johnson & Johnson by 64.4% in the first quarter. GQG Partners LLC now owns 6,501,761 shares of the company’s stock valued at $1,151,931,000 after purchasing an additional 2,547,378 shares during the period. Finally, DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main grew its holdings in Johnson & Johnson by 52.2% during the 2nd quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 6,102,999 shares of the company’s stock valued at $1,083,329,000 after purchasing an additional 2,093,392 shares in the last quarter. Hedge funds and other institutional investors own 67.94% of the company’s stock.
In related news, insider James D. Swanson sold 1,062 shares of the stock in a transaction dated Monday, March 6th. The shares were sold at an average price of $154.66, for a total value of $164,248.92. Following the sale, the insider now owns 9,215 shares of the company’s stock, valued at approximately $1,425,191.90. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. 0.35% of the stock is currently owned by company insiders.
A number of research firms have weighed in on JNJ. Guggenheim assumed coverage on shares of Johnson & Johnson in a research report on Tuesday, February 28th. They issued a “neutral” rating and a $161.00 price objective for the company. StockNews.com assumed coverage on Johnson & Johnson in a research note on Thursday. They set a “strong-buy” rating for the company. Citigroup upped their target price on Johnson & Johnson from $198.00 to $205.00 and gave the company a “buy” rating in a research report on Monday, December 12th. Morgan Stanley lifted their price target on shares of Johnson & Johnson from $176.00 to $180.00 and gave the stock an “equal weight” rating in a research note on Wednesday, January 25th. Finally, Atlantic Securities increased their price objective on shares of Johnson & Johnson from $160.00 to $168.00 and gave the company a “neutral” rating in a research note on Wednesday, January 25th. Seven equities research analysts have rated the stock with a hold rating, six have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, Johnson & Johnson presently has an average rating of “Moderate Buy” and an average price target of $174.73.
Johnson & Johnson stock opened at $154.03 on Friday. The company has a debt-to-equity ratio of 0.35, a quick ratio of 0.77 and a current ratio of 0.99. Johnson & Johnson has a 1 year low of $150.71 and a 1 year high of $186.69. The firm’s 50-day moving average is $162.52 and its 200-day moving average is $167.95. The company has a market cap of $401.14 billion, a P/E ratio of 22.85, a PEG ratio of 2.65 and a beta of 0.54.
Johnson & Johnson (NYSE:JNJ – Get Rating) last issued its earnings results on Tuesday, January 24th. The company reported $2.35 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.22 by $0.13. The firm had revenue of $23.71 billion for the quarter, compared to analysts’ expectations of $23.90 billion. Johnson & Johnson had a net margin of 18.90% and a return on equity of 35.76%. Johnson & Johnson’s revenue was down 4.4% on a year-over-year basis. During the same quarter last year, the company posted $2.13 earnings per share. On average, equities analysts expect that Johnson & Johnson will post 10.5 earnings per share for the current year.
The business also recently announced a quarterly dividend, which was paid on Tuesday, March 7th. Shareholders of record on Tuesday, February 21st were given a $1.13 dividend. This represents a $4.52 annualized dividend and a yield of 2.93%. The ex-dividend date of this dividend was Friday, February 17th. Johnson & Johnson’s dividend payout ratio is presently 67.06%.
Johnson & Johnson is a holding company, which engages in the research and development, manufacture and sale of products in the health care field. It operates through the following segments: Consumer Health, Pharmaceutical, and MedTech. The Consumer Health segment includes products focused on personal healthcare used in the Skin Health/Beauty, Over-the-Counter medicines, Baby Care, Oral Care, Women’s Health and Wound Care markets.
Want to see what other hedge funds are holding JNJ? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Johnson & Johnson (NYSE:JNJ – Get Rating).
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A federal appeals court rejected Johnson & Johnson ‘s plan to use a legal strategy to push about 38,000 talc lawsuits into bankruptcy court, hampering the controversial tactic the company and a handful of other profitable businesses have used to move mass personal-injury cases to chapter 11.
The Third U.S. Circuit Court of Appeals on Monday dismissed the chapter 11 case of J&J subsidiary LTL Management LLC, which the consumer-health-goods giant created in 2021 to move to bankruptcy court the mass lawsuits alleging its talc-based baby powder products caused cancer.
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A few days into the first Lunar New Year holiday since the lifting of pandemic restrictions in China, Chinese consumers are eager to travel but are also wary as a major COVID wave sweeps the nation, MarketWatch’s Tanner Brown reported.
The 15-day festival is considered the world’s largest annual migration, during which students and workers return to their hometowns in droves — that is, until COVID shut down travel in 2020.
On…
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The Food and Drug Administration is recommending that the U.S. decide each June which SARS-CoV-2 strains should be included in an annual fall booster shot.
Doing so would allow updated COVID-19 vaccines to be ready for distribution “no later than September” each year, according to documents published by the regulator.
The FDA’s Vaccines…
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Nearly two years after biotechnology stocks began to tumble, executives at small and midsize companies in the space are finally accepting that share prices aren’t bouncing back anytime soon.
With reality setting in, it’s a buyer’s market for companies looking for acquisitions and partnerships, according to many of the pharmaceutical and medical technology executives who gathered at this year’s
J.P. Morgan
healthcare investor conference, which wrapped up in San Francisco on Thursday.
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It has taken just one day for Tesla Inc.’s stock to erase the entire bounce it enjoyed over the last three days trading sessions of 2022, as disappointing deliveries data helped trigger the biggest selloff in more than two years.
The stock’s
TSLA,
Tuesday drop knocked the electric vehicle maker’s market capitalization to 15th on the list of most valuation S&P 500 index companies.
On Tuesday, Tesla’s market cap fell below that of consumer products company Procter & Gamble Co.
PG,
with a current market cap of $359.18 billion, and was just below Nvidia Corp.
NVDA,
at $352.15 billion, according to FactSet data. Tesla sat just above Chevron Corp.
CVX,
which was at $336.43 billion. (See list of S&P 500’s 20 most valuable companies as of Tuesday’s closing prices below.)
Tesla’s stock took a $15.08, or 12.2% dive, to $108.10 on Tuesday, to lead the S&P 500’s
SPX,
decliners, after the company reported over the weekend that fourth-quarter deliveries that came up short of expectations for the third quarter in a row. It suffered the biggest one-day decline since it plummeted 21.1% on Sept. 8, 2020, and closed at the lowest price since Aug. 13, 2020.
With about 3.16 billion shares outstanding as of Oct. 18, the stock’s decline shaved about $47.62 billion off Tesla’s market cap, to bring it down to $341.35 billion. That’s a far cry from the peak market cap of $1.24 trillion reached exactly one-year ago.
After the stock hit the deepest oversold reading in its history based on the widely followed Relative Strength Index momentum indicator on Dec. 27, following the longest losing streak in more than four years, it ran up $14.08, or 12.9%, over the past three days.
If there’s a bright side to Tuesday’s stock selloff, it’s that even though the price fell below the Dec. 27 closing price, the RSI ended the day at 24.86, which is up from the Dec. 27 record low of 16.56.
That could be a preliminary sign of what chart watchers call “bullish technical divergence,” which is when prices make lower lows while the RSI makes a higher low. It’s still rather early to make that determination, however, as the stock needs to start bouncing again to see if RSI bottoms above the previous low.
Market caps of the Top 20 most valuable S&P 500 companies:
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Stock futures traded lower Monday as investors remained keyed on interest rate policy from the Federal Reserve and as a surge in China stocks over a loosening of Covid-19 restrictions in the country failed to boost U.S. equities.
Here are some stocks that could make moves Monday:
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The Centers for Disease Control and Prevention has refuted claims that it’s planning to add the COVID-19 vaccine to immunization schedules for schoolchildren, saying that the authority for that decision lies with states and other local entities.
The false claim spread after it was shared by Fox News host Tucker Carlson in a tweet this week, as the Associated Press reported.
Carlson tweeted that the agency would make the vaccine mandatory in order for children to attend school, a claim the CDC quickly shot down. While an advisory committee to the CDC voted to recommend that the vaccine be added to immunization schedules, the CDC “only makes recommendations for use of vaccines, while school-entry vaccination requirements are determined by state or local jurisdictions,” CDC spokeswoman Kate Grusich told the AP.
Grusich explained that the action was meant to streamline clinical guidance for healthcare providers by adding COVID-19 vaccines to a single list of all currently licensed, authorized and routinely recommended vaccines.
“It’s important to note that there are no changes in COVID-19 vaccine policy,” she said.
The news comes as U.S. known cases of COVID are continuing to ease and now stand at their lowest level since mid-April, although the true tally is likely higher given how many people overall are testing at home, where data are not being collected.
The daily average for new cases stood at 38,077 on Thursday, according to a New York Times tracker, down 8% from two weeks ago. Cases are currently rising in 14 states, as well as Washington, D.C., and Puerto Rico.
The daily average for hospitalizations was down 2% to 26,669, although hospitalizations are rising in almost all northeastern states as cold weather arrives. The daily average for deaths was down 7% to 360.
Coronavirus Update: MarketWatch’s daily roundup has been curating and reporting all the latest developments every weekday since the coronavirus pandemic began
Other COVID-19 news you should know about:
• Pfizer
PFE,
is planning to sell the COVID vaccine it developed with German partner BioNTech
BNTX,
for $110 -$130 a dose once the U.S. market for COVID-19 shots becomes commercial, likely in the first quarter of next year, MarketWatch’s Jaimy Lee reported. Pfizer and BioNTech are currently paid $30.50 per vaccine dose by the U.S. government, which contracted with the companies, as well as with other vaccine makers like Moderna
MRNA,
and Novavax
NVAX,
and then made the COVID-19 shots available at no cost to people in the U.S. during the public-health emergency. The emergency declaration in the U.S. isn’t expected to be renewed next year, which will lead to the formation of an official commercial market for COVID-19 vaccines, tests and treatments.
• Johnson & Johnson
JNJ,
said the volume of surgical procedures is returning to prepandemic levels in many parts of the world, a trend that cheered Wall Street and could bode well for other medical-technology heavyweights like Stryker Corp.
SYK,
and Zimmer Biomet Holdings
ZBH,
J&J, which reported earnings this week, said its medical-technology business had a “strong September,” with U.S. sales of hip and knee implants and other surgical devices rising 7.7% to $3.3 billion in the third quarter of the year. “We are seeing procedures recovering,” Ashley McEvoy, worldwide chair of J&J’s MedTech business, told investors during this week’s earnings call. “In the U.S., we started to see surgical procedures tick up, predominantly at the latter part of the quarter.”
• “As China’s ruling Communist Party holds a congress this week, many Beijing residents are focused on an issue not on the formal agenda: Will the end of the meeting bring an easing of China’s at times draconian ‘zero-COVID’ policies that are disrupting lives and the economy?” the AP reported. It appears to be wishful thinking. As the world moves to a postpandemic lifestyle, many across China have resigned themselves to lining up several times a week for COVID tests, restrictions on travel to other regions and the ever-present possibility of a community lockdown.
• Fantasy Fest, a 10-day annual party, is kicking off in Key West, Fla., on Friday, with a full slate of events for the first time since the pandemic started, the AP reported. “Due to the COVID pandemic, this will be the first full Fantasy Fest since 2019,” the festival’s board chair, Steve Robbins, said. “So I know our guests and staff are excited about getting back to the real Fantasy Fest.” Dozens of themed events are set for the festival, including a nighttime parade Oct. 29 featuring floats and elaborately costumed marching groups. Participants are encouraged to draw costume ideas from the festival’s theme, “Cult Classics & Cartoon Chaos,” and to portray characters inspired by favorite cartoons and television or film productions with a cult following.
Here’s what the numbers say:
The global tally of confirmed cases of COVID-19 topped 626.9 million on Friday, while the death toll rose above 6.57 million, according to data aggregated by Johns Hopkins University.
The U.S. leads the world with 97.2 million cases and 1,067,190 fatalities.
The Centers for Disease Control and Prevention’s tracker shows that 226.5 million people living in the U.S., equal to 68.2% of the total population, are fully vaccinated, meaning they have had their primary shots. Just 111.4 million have had a booster, equal to 49.1% of the vaccinated population, and 26.8 million of those who are eligible for a second booster have had one, equal to 40.6% of those who received a first booster.
The CDC reports that some 19.4 million people have had a dose of the updated bivalent booster that targets omicron and its subvariants along with the original virus.
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