Shares of Honeywell (HON) rose on Friday after the conglomerate reported a 9% increase in earnings, topping analysts' expectations. Honeywell said it earned about $1.2 billion, or $1.51 a share, up from $1.1 billion, or $1.38 a share a year ago. Revenue slipped to about $9.78 billion from $10.25 billion. Analysts had expected earnings of $1.49 a share on revenue of about $9.74 billion, according to Thomson Reuters. The company attributed the decrease in sales to the unfavorable impact of foreign currency as well as its Friction Materials divestiture. The company raised the low end of its full-year earnings guidance by $0.05 to a range of $6.05-$6.15 a share. Honeywell chairman and chief executive officer Dave Cote said Honeywell remains committed to its full-year core organic sales growth and free cash flow estimates.
More from Video
How quickly do we find support, is what we'll want to know now, as the correction is occurring while economic optimism builds.
Despite the president's promise of no stimulus until after Nov. 3, there are no signs yet that this is the sort of correlated selling that leads to a deep correction.
Salesforce, Amgen and Honeywell will give a lift to the DJIA going forward.
CAG has hung onto the bulk of its recent gains, and could rise to the $50 area, according to the charts and indicators.