UTX - Why United Technologies Stock Crashed 27.8% in March
Shares in United Technologies (NYSE: UTX) fell a whopping 27.8% in March, according to data provided by S&P Global Market Intelligence. The fall comes as the market digests the havoc wrought on the commercial aviation sector by the measures taken to contain the COVID-19 pandemic. Unfortunately, as an aerospace component supplier and engine manufacturer, United Technologies is one of the companies most at risk.
It's an outcome that couldn't have come at a worse time for United Technologies, because it very recently spun off its elevator business Otis, and its heating, ventilation, and air conditioning company Carrier in order to merge with defense company Raytheon in a newly formed company called Raytheon Technologies (NYSE: RTX).
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