Johnson Controls (JCI) NewsBite - JCI Downgraded By Robert W. Baird

Posted: Thursday, June 18, 2009 1:39 PM EDT

Johnson Controls (JCI) was downgraded today by analysts at Robert W. Baird and the stock is now at $20.20, down $0.76 (-3.63%) on volume of 2,776,455 shares traded. The brokerage downgraded JCI to Neutral from Outperform. Over the last 52 weeks the stock has ranged from a low of $8.35 to a high of $36.00. Johnson Controls stock has been showing support around $19.66 and resistance in the $21.80 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 an October out-of-the-money bear-call credit spread above the 25 range. [ABR-Seven Summits Strategic Investments NewsBite]

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