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Actionable news in JNJ: JOHNSON & JOHNSON,

Johnson & Johnson Delivers Strong Results

JNJ's earnings dropped yoy.

Revenues, gross margins and operating expenses were not the problem.

JNJ's fair value is around the current share price level.

Earnings growth is not the standard in today's environment, since companies have to face a couple of headwinds, including unfavourable currency rates, higher wages and an overall not very strong economy. It thus is not surprising that the S&P 500's earnings declined over the recent past:

As we see in the above chart, GAAP earnings for the broad index have come under pressure over the last years, adjusted (non-GAAP) earnings remained flat over the last year. Last week Johnson & Johnson (NYSE:JNJ) reported second quarter 2016 results which beat estimates...