J&J Posts Modest Gains After Consumer Health Spinoff; Goldman Sachs Profits Plummet 33% as IPO Slump Continues
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Johnson & Johnson reported modest revenue and profit gains in Q3 after spinning off and divesting its consumer health business Kenvue. Its pharmaceuticals segment drove growth.
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Goldman Sachs' Q3 earnings dropped 33% year-over-year as its investment banking business continued to struggle in the weak market environment.
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Goldman was hoping for a rebound in IPO activity but the market remains challenging due to high interest rates.
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J&J's stock dipped after earnings but its pipeline provides optimism about future growth prospects.
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Goldman's stock price has sunk in 2023. A recovery in investment banking is needed to spur a rebound and boost broader market sentiment.