Massive Volume Lifts Johnson & Johnson
A trio of upgrades on Johnson & Johnson (JNJ) have sparked a massive wave of buying this morning. A day after the company received approval for its purchase of Synthes, JPMorgan raised the major drug manufacturer to Overweight. Positive comments from Raymond James and Jefferies have also added fuel to the fire.
The bullish news led to a huge gap-higher open that lifted the stock 1.5%. In the very early going, the stock filled a high-volume downside gap that it had left behind on May 14. This supply area, along with a declining 200-day moving average, held in well despite the extremely heavy accumulation. JNJ faded from this level and fell all the way back down to yesterday's settle, filling the giant opening gap in the process. At midday, the stock has stabilized near $63.50....184 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.
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