Shares of Johnson Controls (JCI) rallied over 4 percent on Wednesday. The stock is TheStreet’s Move of the Day. The company said it will consider spinning off its automotive business, which sent shares higher. CEO Alex Molinaroli said in a statement: ‘[Wednesday’s] announcement continues our strategy of proactive portfolio management to drive focus on strategic product-oriented businesses where we can be a global market leader, drive more profitable growth and deliver maximum long-term value for our customers and shareholders,’ said ‘I am very pleased that we are consistently delivering on our operating commitments while also building a strong foundation for growth by leveraging our Johnson Controls Operating System (JCOS) across the company.’ Johnson Controls’ automotive division was responsible for 51 percent of its total net sales during its 2014 fiscal year, according to its annual report. The operation conducts business in 32 countries and manufacturers auto interior parts, the report noted. The company said there was no concrete timeline for its strategic review, though Goldman Sachs (GS) was hired as one of its financial advisers. TheStreet’s Scott Gamm reports from New York.
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