Why Shares of Honeywell Fell 18% in the First Half of 2020
Shares of Honeywell International (NYSE: HON) followed the broader markets down as the COVID-19 pandemic swept across the globe earlier this year. But unlike the S&P 500, which gained back most of what it lost in March during May and June, Honeywell shares remain under pressure. The stock lost 18.3% in the first half of 2020, according to data provided by S&P Global Market Intelligence, and the near-term outlook for the company remains hazy at best.
Honeywell is a diversified manufacturer, but its biggest profit generator is its commercial aerospace unit. The pandemic hit that business hard, causing airlines to retrench and cut spending.
Image source: Honeywell International.
Source Fool.com
