by Sam Collins | April 29, 2013 1:11 am
Johnson Controls (NYSE:JCI) –This company engages in building efficiency, automotive experience and power solutions businesses worldwide.
On March 12, the Trade of the Day said, “Global vehicle sales projections indicate a 3.4% rise in overall revenues in fiscal year (FY) 2013, ending in September, and adjusted earnings are expected to increase from $2.59 in FY 2012 to $2.67 in FY 2013… JCI was up recently on reports that it is exploring the sale of its automotive electronics unit.”
Last week, Bloomberg News reported that Johnson Controls has received bids for its auto-electronics unit from a group of suitors, and the company met analysts’ fiscal Q2 earnings estimates of $0.42 a share. Management reaffirmed its previous earnings guidance for FY 2013 of $2.60 to $2.70.
Technically, the stock is in a bull market following a golden cross in January and a breakout from a trading rectangle in March. A new rectangle has been formed, and the strong buy signal from MACD suggests that another breakout is in progress. Buy JCI at the market with a trading target of $42.
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