Excerpt from our Wall Street Breakfast, a one-page summary of this morning's key market-moving and stock-moving stories:
Summary: Johnson & Johnson reported impressive 3Q earnings yesterday, beating analyst expectations and raising its earnings estimate for the year. The news, reported early in the trading day, sent shares up 1.77% to close at $66.08 - a new 52-week high. Behind the beat quarter: increased profit of 9%, or 94 cents a share (vs. 85 cents a year ago), on strong sales of its prescription drugs and of consumer products overseas. Revenues totaled $13.3 billion, up 8% from last year's 3Q period. Analysts surveyed by Thomson Financial were expecting income of 93 cents per share and sales of $13.1 billion. In addition, J&J reported sales pf medical devices and diagnostics rose 7%. So far in FY2006, J&J has reported net income of $8.9 billion, or $2.99 per share, on revenue of $39.6 billion versus its year ago earnings (through the first 3 quarters) of net income of $7.96 billion, or $2.65 per share, on revenues of $37.9 billion.
Related links: Johnson & Johnson — 73 Consecutive Years of Sales Increases! • Changes to Berkshire Hathaway's Holdings: J&J in, Lexmark Out • J&J: Pfizer Acquisition Will Enable Continued Growth • Strong Sales of Drugs Raise Profit 9% at J.& J. (NYSE:NYT) • J&J Profit Rises On Drug Strength (WSJ)
Potentially impacted stocks and ETFs: Pfizer Inc. (NYSE:PFE), Boston Scientific Corp. (NYSE:BSX), Novartis (NYSE:NVS), Abbott Laboratories (NYSE:ABT), Schering-Plough Corporation (SGP), Merck & Co., Inc. (NYSE:MRK), iShares Dow Jones US Pharmaceutical Indx. (NYSEARCA:IHE)
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