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Honeywell Drops Most in Five Years as Private-Jet Slump Persists

  • Weak demand is likely to spill into next year, company says
  • Shares of business-jet makers Textron, Bombardier also drop
Updated on

Honeywell International Inc. tumbled the most in more five years after it said weaker-than-expected demand for business aircraft caused it to miss a profit forecast and cut the top end of its 2016 earnings target.

The shares fell 7.5 percent to close at $106.94 in New York, logging the biggest drop since August 2011. Honeywell’s slide, the third-sharpest on the Standard & Poor’s 500 Index, put the stock up 3.8 percent for this year.