Blue Chip Faces Off With Resistance After Earnings

The company announced strong third-quarter results

Emma Duncan

Managing Editor

Oct 15, 2024 at 10:44 AM

Shares of Johnson & Johnson (NYSE:JNJ) are up 2.4% to trade at $165.43 this morning, after the company posted a third-quarter beat and hiked its full-year revenue guidance. The equity also shared a quarterly cash dividend of $1.24 per share, payable on Dec. 10.

On the charts, JNJ is breaking above recent pressure at the 20-day moving average. This morning's earlier pullback was caught by firm support at the $59 level. Year to date, the equity is up 5.6%.

Analyst sentiment has been lukewarm, with 12 of the 20 covering firms sporting a tepid "hold" recommendation coming into today. However, should some of this sentiment become more optimistic, it could aid the shares in the quest to push higher.

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