Johnson Controls (NYSE: JCI) NewsBite - JCI Lower on Equity Offering

Posted: Tuesday, March 10, 2009 9:56 AM EDT

Johnson Controls (NYSE: JCI) opened at $8.50. So far today, the stock has hit a low of $8.35 and a high of $8.75. JCI is now trading at $8.54, down $1.07 (-11.13%). Over the last 52 weeks the stock has ranged from a low of $8.84 to a high of $36.49. JCI shares are trading lower this morning after announcing plans to sell eight million equity units at $50 per unit. Technical indicators for the stock are neutral and S&P gives JCI a neutral 3 STARS (out of 5) hold ranking. If you are looking for a hedged play on JCI the stock seems like it could be a candidate for an April out-of-the-money bear-call credit spread above the 10 range. [ABR-Seven Summits Strategic Investments NewsBite]

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