Honeywell’s management update
In a press release on November 15, Honeywell (HON) said that William Yu will be the president of Honeywell China. Yu will also continue to be the vice president and general manager of Honeywell’s Performance Materials and Technologies (PMT) division in the Asia-Pacific region.
Honeywell has a significant presence in China with a workforce of 13,000 people spread across 30 cities. Honeywell China contributes to Honeywell’s overall growth.
Shane Tedjarati, the president of Honeywell’s global high growth regions, said, “Honeywell is a worldwide leader in developing state-of-the-art technologies for the Industrial Internet of Things, and our long history of innovation in China has been a critical part of the company’s success. William has a proven leadership track record across multiple businesses and industries and is the right person to drive our business’ continued growth across China.”
Stock price movement
Honeywell followed the weakness in the broader market. The stock declined 1.2% and closed at $148.55 for the week ending November 16. The decline in the stock caused Honeywell to trade ~1.0% below the 100-day moving average price of $150.00. Honeywell outperformed the Invesco Aerospace & Defense ETF (PPA), which declined 2.4%. PPA invests 6.8% of its portfolio in Honeywell.
The company’s 14-day RSI (relative strength index) is at 49, which indicates that the stock isn’t overbought or oversold. 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.