JCI - Why Johnson Controls Stock Crashed Today
2023-08-02 11:19:25 ET
Shares of Johnson Controls International (NYSE: JCI) crashed Wednesday morning and were trading as much as 9% lower as of 10:30 a.m. ET.
Johnson Controls reported solid quarterly numbers this morning including record backlog, but the markets aren't happy with the company's outlook for 2023 and are dumping the industrial stock . It's an overreaction though, as Johnson Controls' backlog is booming and it's still calling for strong revenue growth this year.
Johnson Controls is one of the world's largest manufacturers of heating, ventilation, and air conditioning (HVAC) systems. It also makes building automation and controls systems, as well as other products like industrial refrigeration and fire security systems.
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Why Johnson Controls Stock Crashed Today