Johnson Controls Slashes Earnings Estimates Amid Auto Market WorriesJohnson Controls ( JCI) is forecasting a decline in revenue and earnings for its new fiscal year due to an anticipated drop in global automotive production. The company manufactures original equipment for automobile manufacturers, including seats, interiors and batteries of various sizes. For 2009, Johnson Controls now sees a profit of $1.95 to $2.10 per share, well below analysts' consensus estimates of $2.46 a share. We have been avoiding the stock since our early June coverage began, when shares were trading at the $33 level. We are still very cautious about any auto-related stocks, even with rumors circling about more potential federal bailout money entering the sector. The industry recently received $25 billion in funding, and needs much more than that to stop the bleeding. We will watch the news flow carefully, but would avoid bottom fishing at this point. Johnson Controls has a dividend yield of 2.16%, based on last night's closing stock price of $24.00. Johnson Controls is not recommended at this time, holding a Dividend.com Rating of 3.2 out of 5 stars. Ingersoll Rand Lowers Earnings Forecast Industrial giant Ingersoll Rand ( IR) is lowering its third-quarter earnings estimates as it sees weaker-than-expected revenue across its business segments. The company cited a couple of factors, including weaker North American and Western European markets, which were particularly slower in September, as well the effects of the strong U.S. dollar. The new guidance is for profit in the third quarter to be in a range of 98 cents to $1 per share, below its earlier estimate of $1.05 to $1.10 per share. It estimated full-year profit in a range of $3.35 to $3.55 per share. Analysts' estimates were at $1.05 for the quarter and $3.72 for the year.