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  • 08/21/2017 09:08:11

    Johnson Controls shares rally 4% on news of accelerated CEO transition

    Shares of diversified industrial company Johnson Controls Inc. rose about 4% Monday, after the company announced an accelerated management transition that will put current Chief Operating Officer George Oliver in charge from Sept. 1. Oliver will replace current chief executive and chairman Alex Molinaroli, who is leaving the company and board on the same day. "We have not yet spoken with the company, but expect the news to be positive for the stock (+4% in early trading), as it appears the company/board recognize the need for clearer leadership structure and greater accountability," Baird Equity Research analyst Timothy Wojs wrote in a note. Oliver was a former CEO of Tyco before the two companies merged, and was expected to serve as COO of the combined company for 18 months after the close, becoming CEO for 12 months and then chairman and CEO after that. "Longer term, the CEO transition could be a building block for other strategic moves (such as possible alternatives for battery business," said Wojs. "We view JCI as attractive multi-year risk/reward, given discounted valuation, with visibility from cost synergies driving double-digit EPS growth." Johnson Controls makes air systems for buildings, is active in security and fire safety, refrigeration and energy storage. Shares have fallen 6.5% in 2017, while the S&P 500 has gained 8.2%. Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

  • 08/17/2017 14:20:24

    Dow books worst one-day decline in three months, down 274 points, as stock market swoons

    U.S. stock-index benchmarks finished sharply lower on Thursday, marking the first time all three major benchmarks closed with a decline of at least 1% on the same time in three months. The broad-market downdraft saw the Dow Jones Industrial Average register its worst single-session drop also in about three months and comes as investor sentiment was derailed by a terror attack in Barcelona and doubts about President Donald Trump's ability to push through legislation that is beneficial to Wall Street after a fervor over his response to a violent, white-supremacist rally in Charlotesville, Va. The Dow Jones Industrial Average ended down 1.2%, while the S&P 500 closed 1.5% lower, marking its lowest level since July 11. The Nasdaq Composite , which is skewed toward tech stocks, fell 1.9%, erasing its gains in the week to date. Cisco Systems was the worst performer on the Dow following poor fiscal fourth quarter earnings yesterday. The one-day decline for the Dow marked its sharpest since May 17, which was also the same day all the main equity benchmarks finished with a decline of at least 1%.Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

  • 07/12/2017 14:19:56

    Box shares climb after former Apple exec named as chief operating officer

    Shares of Box Inc. were climbing 2% in after-hours trade Wednesday after the cloud storage company announced former Apple Inc. executive Stephanie Carullo as its new chief operating officer. Carullo will be taking over for Dan Levin, who has been in the position since 2010 and is also president of Box. He will remain on the board. Carullo comes to Box after leading U.S. sales for Apple's education business. Before that, Carullo led the data center and virtualization architecture group at Cisco Systems Inc. . Shares of Box have gained 12% in the past three months, compared to the S&P 500's gain of 4%.Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

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