Stocks in the news: Johnson & Johnson, Goldman Sachs, CIT Group

Some of the companies making headlines today:

Johnson & Johnson's (JNJ) profit increased 1 percent in the third-quarter to beat analyst estimates despite competition from generics that hurt its sales. J&J earned $3.35 billion in the quarter, or $1.20 per share. Revenue fell 5 percent to $15.08 billion, just shy of expectations. Analysts polled by Thomson Financial were expecting earnings of $1.13 per share on revenue of $15.19 billion. Shares fell nearly 2 percent ahead of the bell.

Goldman Sachs (GS) shares this morning fell nearly 2 percent in pre-market trading after it earned itself a downgrade from banking analyst extraordinaire Meredith Whitney, who downgraded Goldman to Neutral from Buy. Jim Cramer doesn't necessarily agree she deserves the Street's cred. Goldman Sachs reports earnings Thursday.