J&J profit beats forecasts, helped by lower taxes, cost cuts

Shares of the diversified healthcare company rose almost 5 percent to $101.18 as investors shrugged off fourth-quarter sales and a 2016 revenue outlook that were both below analysts’ estimates. Edward Jones analyst Ashtyn Evans said investors were cheered by J&J’s vow to make more of its medical devices market leaders and to launch 30 new devices this year, including a new insulin pump. Device sales fell 3.3 percent to $6.43 billion in the fourth quarter.

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J&J profit beats forecasts, helped by lower taxes, cost cuts