Johnson & Johnson (NYSE:JNJ) agrees $20.4 mn payment in Ohio opioid case
US healthcare giant Johnson & Johnson on Tuesday announced it had reached a $20.4 million settlement to avoid a much-anticipated trial in Ohio for allegedly fueling the opioid addiction crisis.
Several drugmakers have agreed deals ahead of the trial, due to open this month, which is seen as a national test case for many billions of dollars in settlements.
Millions of Americans sunk into addiction after using potent opioid painkillers that companies churned out and doctors freely prescribed over the past two decades.
The Johnson & Johnson agreement was with two Ohio counties ravaged by the opioid crisis — Cuyahoga and Summit.
The settlement “resolves all of the counties’ claims with no admission of liability and removes the company from the federal trial,” Johnson & Johnson said in a statement.
The company added it wanted to avoid the “uncertainty of a trial” and said it continues “to seek meaningful progress in addressing the nation’s opioid crisis.”
In August, an Oklahoma judge ordered Johnson & Johnson to pay $572 million in damages for its role in fostering opioid addiction.
The company was accused of aggressive promotion of prescription painkillers and downplaying or hiding risk of addiction.
The US opioid epidemic has caused hundreds of thousands of overdose deaths.
Thousands of lawsuits have been lodged by states, cities, towns and Native American tribes seeking money to pay for overwhelmed health and social systems, families unable to care for themselves, and babies born addicted to the drugs.
Overall, the bias in prices is: Downwards.
The projected upper bound is: 133.66.
The projected lower bound is: 126.37.
The projected closing price is: 130.02.
A black body occurred (because prices closed lower than they opened).
During the past 10 bars, there have been 5 white candles and 5 black candles. During the past 50 bars, there have been 25 white candles and 25 black candles.
A doji star occurred (where a doji gaps above or below the previous candle). This often signals a reversal with confirmation occurring on the next bar.
A long upper shadow occurred. This is typically a bearish signal (particularly when it occurs near a high price level, at resistance level, or when the security is overbought).
Momentum is a general term used to describe the speed at which prices move over a given time period. Generally, changes in momentum tend to lead to changes in prices. This expert shows the current values of four popular momentum indicators.
One method of interpreting the Stochastic Oscillator is looking for overbought areas (above 80) and oversold areas (below 20). The Stochastic Oscillator is 46.1449. This is not an overbought or oversold reading. The last signal was a sell 4 period(s) ago.
Relative Strength Index (RSI)
The RSI shows overbought (above 70) and oversold (below 30) areas. The current value of the RSI is 49.28. This is not a topping or bottoming area. A buy or sell signal is generated when the RSI moves out of an overbought/oversold area. The last signal was a buy 48 period(s) ago.
Commodity Channel Index (CCI)
The CCI shows overbought (above 100) and oversold (below -100) areas. The current value of the CCI is -11. This is not a topping or bottoming area. The last signal was a buy 1 period(s) ago.
The Moving Average Convergence/Divergence indicator (MACD) gives signals when it crosses its 9 period signal line. The last signal was a sell 2 period(s) ago.
Rex Takasugi – TD Profile
JOHNSON JOHNSON closed up 0.610 at 129.990. Volume was 1% above average (neutral) and Bollinger Bands were 48% narrower than normal.
Open High Low Close Volume___
130.020 130.710 129.840 129.990 2,228,724
Short Term: Neutral
Intermediate Term: Bullish
Long Term: Bearish
Moving Averages: 10-period 50-period 200-period
Close: 130.33 130.23 134.31
Volatility: 14 18 25
Volume: 2,546,279 2,128,810 2,292,934
Short-term traders should pay closer attention to buy/sell arrows while intermediate/long-term traders should place greater emphasis on the Bullish or Bearish trend reflected in the lower ribbon.
JOHNSON JOHNSON is currently 3.2% below its 200-period moving average and is in an upward trend. Volatility is relatively normal as compared to the average volatility over the last 10 periods. Our volume indicators reflect moderate flows of volume into JNJ.N (mildly bullish). Our trend forecasting oscillators are currently bullish on JNJ.N and have had this outlook for the last 7 periods.