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J&J slides in pre-open on downgrade
Dow industrials component Johnson & Johnson (JNJ) is slumping 79 cents, or 1.4 percent, to $55.65 in Instinet pre-open trading after USB Piper Jaffray downgraded the drug and household products maker to "market perform" from "outperfrom," and cut its price target to $62 from $65. Analyst Scott Davidson said he increasingly believes the phased U.S. rollout of its Cypher stents and recent modestly dilutive acquisitions could keep a lid on earnings power. He also believes focus may increase on the challenges the company is facing in its pharmaceuticals business.