Stock Market Headlines: AIG Sells Taiwan Life Insurance Business, Johnson & Johnson Beats Estimates

• Johnson & Johnson (JNJ) beat estimates with third quarter earnings of $1.20 a share, seven cents better than expected on revenues of $15.08 billion, below estimates of $15.22 billion. The company said it now sees 2009 earnings of $4.54 to $4.59 a share, compared with its previous guidance of $4.45 to $4.55 a share
• UBS (UBS) initiated coverage of VF Corp (VFC) with a “buy” rating
• Pier 1 Imports (PIR) reported a 9.9% gain in September same-store-sales, versus last year’s 11.7% decline. The company expects inventory levels will peak at the end of the quarter at about $350 million
• According to the WSJ, Macau may draft rules within the next two months to impose age and table limits on casinos there
• AIG International (AIG) agreed to sell its Taiwan life insurance unit to a Hong Kong investment group for $2.15 billion

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