Honeywell stock is headed for its worst day in roughly a year
Honeywell International Inc (NASDAQ:HON) stock is moving sharply lower today, despite better-than-expected second-quarter earnings and sales growth, after the company slashed its full-year guidance. The company's industrial automation business fell behind, dropping 8% year over year, while its aerospace business grew 16%, and building and energy-related sales grew 4% and 2%, respectively.
At last check, HON was down 5.2% at $202.63, earlier as low as $199, and headed for its worst daily percentage loss since its 5.7% drop on July 27, 2023. Hitting its lowest levels since late May, this negative price action has Honeywell stock falling into the red in 2024.
Over in the options pits, 3,750 calls and 3,073 puts have been exchanged, which is four times the intraday average volume typically seen at this point. The August 230 call is the most popular, followed by the September 210 put, with positions being sold to open at the weekly 7/26 205-strike call.
Analysts have yet to make any adjustments following the earnings event. Of the 17 brokerages in coverage, 11 carry a "strong buy" and six a "hold," while the 12-month consensus price target of $226.70 sits at a 12.2% premium to current levels.