Why Johnson Controls Stock Rose Today
Shares in building controls and heating, ventilation, and air-conditioning (HVAC) company Johnson Controls (NYSE: JCI) were up by 1.8% by midday today. The move comes after its peer Trane Technologies (NYSE: TT) reported conditions similar to what Johnson Controls reported earlier in the week.
That gave investors the confidence that Johnson Controls might hit the guidance its management gave earlier in the week.
The company issued its first-quarter 2023 earnings on Wednesday and was promptly met by a sell-off by as much as 7%. The reason wasn't its earnings or even its guidance -- management raised its full-year adjusted earnings-per-share guidance to a range of $3.30 to $3.60 compared with a prior range of $3.20 to $3.60. Instead, the market was troubled by mere 1% growth in field orders in the quarter. It suggests that growth is about to slow down considerably.
Source Fool.com
