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Electrical Stock Rises After Elliott Builds Stake
JCIJohnson Controls(JCI) schaeffersresearch.com·2024-05-20 14:46

Johnson Controls International PLC (NYSE:JCI) stock is jumping to two-year highs, up 4.3% at 71.95atlastglance,afterreportsthatactivisthedgefundElliottbuilta71.95 at last glance, after reports that activist hedge fund Elliott built a 1 billion-plus stake in the electrical name. The company also today announced a cash offer for up to 90millioninaggregateprincipalamountofsecurities. JohnsonControlsInternationalstockonlyhadtwonegativedayssincethestartofMay,afteritjumpedoffthe80−daymovingaverageatthe90 million in aggregate principal amount of securities. Johnson Controls International stock only had two negative days since the start of May, after it jumped off the 80-day moving average at the 60 level. Headed for its highest daily p ...