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Caruso also went into the divestiture topic in the paragraphs prior to those comments.What this is saying is that even to get a non GAAP forward EPS raise, JNJ is selling off earning assets to develop/acquire new products or increase sales of old products (and pay dividends). This adds to the risk profile of the stock, as investments may or may not pay off.Overall, my assessment is that guidance was disappointing; no disaster iphone cases, of course, but nothing that would lead to a stock price mark up.Results overviewSales were up 2% yoy iphone cases, adjusting to 3% ex forex (slide 7). Earnings dropped 4.3% yoy iphone cases, from $4.0 to $3.8 B.
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