UTX - Why Shares of United Technologies Fell in February
Shares of United Technologies (NYSE: UTX) fell 13.1% in February, according to data from S&P Global Market Intelligence. The industrial conglomerate was caught up in the broader COVID-19 coronavirus sell-off, as well as the company's soon-to-close deal to greatly expand its exposure to the defense sector.
United Technologies in February traded as the coronavirus threat expanded, with investors worried the outbreak would disrupt manufacturing supply chains and depress business for its massive Carrier HVAC and Otis elevator units. The company also has exposure to the hard-hit airline sector, as the maker of Pratt & Whitney engines.
The market sell-off is coming at a tricky time for UTC, which is in the process of finalizing the spinoff of Otis and Carrier and then combining its massive aerospace business with Raytheon.