Afternoon Market Update (JNJ, LAB)

Shares of Johnson & Johnson JNJ moved down after the company lowered its earnings projection for 2010 to a range of $4.65 - $4.75 per share, as compared to its earlier forecast of $4.80 - $4.90 per share. The company reported a 7.5% y/y rise in its Q2 net income. JNJ’s shares dipped more than 2%. Shares of LaBranche & Co LAB moved down more than 10% after the company reported a Q2 loss of $0.33 per share, as compared to a profit of $0.24 per share in the year-ago period. The company swung to the red largely due to losses in its equity-options market-making division. Oil futures headed south following the decline in US stocks, as several companies reported weak earnings in the latest round. Energy futures also fell along with crude oil but natural gas moved up 1.2%. Crude oil for August delivery dipped 0.2% to $76.76 per barrel. According to International Energy Agency data as published in the Wall Street Journal, China has overtaken the US in terms of the world's largest energy consumer last year. Analysts at Commerzbank said, "As China grows in importance, the dependence of energy prices on the U.S. economy also decreases, similar to what we have already seen with metals." Read more from Benzinga's Markets.