Honeywell International (HON) stock has climbed 4.4% on Monday afternoon after Wall Street warms to a possible spinoff of the industrial heavyweight’s aeronautics division could streamline the capital intensive company’s balance sheet.
Honeywell stock gains on announcement of likely spinoff of aerospace unit. HON stock ramps up over 4% on Monday. The announcement follows a deal with Bombardier earlier this month that was expected to dent earnings. Hedge fund Elliot Management praises the announcement. Honeywell International stock has climbed 4.4% on Monday afternoon after Wall Street warms to a possible spinoff of the industrial heavyweight’s aeronautics division could streamline the capital intensive company’s balance sheet.
Honeywell's Board of Directors remains committed to maximizing shareholder value creation, and any decision will be evaluated against that goal. Honeywell announced in early December that a new partnership with Canadian aviation firm Bombardier would require extensive capex. This deal would lead to a 17% reduction in projected per share earnings in the fourth quarter, a detail that led HON stock to sell off on December 3.
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