Johnson Controls (JCI) NewsBite - JCI Upgraded By Wachovia

Posted: Thursday, May 14, 2009 1:56 PM EDT

Johnson Controls (JCI) was upgraded today by analysts at Wachovia and the stock is now at $18.95, up $1.24 (7.00%) on volume of 5,296,107 shares traded. The analysts upgraded JCI to Outperform from Market Perform. Over the last 52 weeks the stock has ranged from a low of $8.35 to a high of $36.49. Johnson Controls stock has been showing support around $16.80 and resistance in the $19.20 range. 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 a June out-of-the-money bull-put credit spread below the 15 range. [ABR-Seven Summits Strategic Investments NewsBite]

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