As a long-only investor, it's not thrilling to be highly unenthusiastic on a great company, but that's what I did when I turned negative on Johnson & Johnson (JNJ) six months ago. Then, I wrote J&J: Unattractive, which is now behind a PRO firewall. These were the main bullet points in the summary:

• JNJ surged above $140 on a "beat" and raised non-GAAP EPS guidance after releasing Q3 earnings on Tuesday.
• Lost in the "excitement" was the fact that actually earnings were down yoy at a double-digit rate; JNJ is becoming an expert at creating positive EPS comparisons using non-GAAP numbers.
• Further, if anything "special" should have been excluded from earnings, it would lower, not raise, adjusted earnings.

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