Congratulations on the promotion, Honeywell CEO Darius Adamczyk. Meet your activist investor, Daniel Loeb.
Loeb's Third Point LLC disclosed in a letter to shareholders late Thursday -- on the eve of Adamczyk's one-month anniversary as head of Honeywell International Inc. -- that it had taken a stake in the industrial giant and was pushing for it to spin off its aerospace unit. Shares of the $100 billion maker of jet engines, HVAC systems and chemical agents initially rose more than 5 percent in after-market trading. That's a pop for Honeywell, but it's seen bigger gains on earnings wins. It's certainly far short of the $20 billion that Third Point argues is possible.