Honeywell’s earnings date
In a press release on September 14, Honeywell (HON) announced that it’s scheduled to release its third-quarter earnings on October 19. The earnings will likely be declared before the NYSE opens. Honeywell is scheduled to hold a conference call at 8:30 AM EST on October 19 to discuss the results with investors.
In the third quarter, analysts’ consensus on Honeywell indicates that the company could report revenues of $10.74 billion—an increase of ~6.2% over the previous year. The impact of the planned spin-off shouldn’t impact Honeywell’s revenues in the third quarter. The impact will likely be visible in the fourth quarter. Honeywell announced the key dates for the spin-off of Garrett Motion, which will trade under the “GTX” symbol. The key dates for the spin-off of Resideo haven’t been announced. Resideo will trade under the symbol “REZI.”
Stock price movement
Honeywell continued its upward trend, gained ~1.4%, and closed at $165.11 for the week ending September 14. The stock traded 8.9% above its 100-day moving average price of $151.64, which indicates an upward trend for the stock. Honeywell underperformed the Invesco Aerospace & Defense ETF (PPA), which rose ~2.5%. PPA invests 7.25% of its portfolio in Honeywell.
On a year-to-date basis, Honeywell has gained ~7.7%. United Technologies (UTX), Textron (TXT), and Boeing (BA) have risen 8.0%, 24.7%, and 22.0%, respectively. However, investors should watch Honeywell because its 14-day RSI (relative strength index) is at 69. The stock is very close to being overbought. An RSI of 70 and above shows that a stock has temporarily moved into the “overbought” position, while an RSI of 30 and below indicates that a stock has temporarily moved into the “oversold” position.