Investors may want to pay close attention to Johnson & Johnson (JNJ). After a rough start for the year, the JNJ stock appears to have caught strong double bottom support. It has also become excessively oversold on RSI, MACD, and Williams’ %R. Better, JNJ carries a dividend yield of 2.67%, which means you can get paid to wait for it to recover.
The company also just guided above expectations for the year. It now expects to see adjusted EPS of $10.55 in 2023, which is above expectations for $10.33. “The guidance sets an unexpectedly positive tone for big pharma earnings season and could allay fears that inflationary pressures are catching up with the pharmaceutical industry,” says Barron’s.