It's pretty incredible that JNJ missed revenue so badly, and that their pharmaceutical sales were down 19% - that's nothing short of staggering. Whenever medical, health insurance, pharma, etc. performance lags, that's a huge red flag on the true health (or lack thereof) of the economy. Meds and medical care are among the last places people will cut back, along with groceries (which we've seen they're doing with Kroger's numbers).