Honeywell is considering selling its aerospace unit
Industrial conglomerate Honeywell International Inc (NASDAQ:HON) said it is considering selling its aerospace unit, and expects an update in January after the release of its fourth-quarter earnings results.
In response, HON was last seen 1.8% higher at $231.60. The equity is keeping well above $224, a level that it gapped above in early November after activist investor Elliot Investment Management revealed a more than $5 billion stake in Honeywell and initially floated the idea of breaking the company up. For the quarter, the equity is 11.7% higher, with a 10.1% year-to-date gain to boot.
Honeywell stock’s normally quiet options pits are buzzing, with total volume running at 3 times the average daily amount. The most activity contract is the January 2025 250 call, followed by the 220-strike put in the same monthly series.
Calls were the preferred play in recent weeks. The shares sport a 50-day call/put volume ratio of 3.11 at the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX) that sits in the 96th percentile of its annual range.