Stocks - Industrials Active as GE, Caterpillar Sink, Honeywell Climbs
Published Jul 20, 2018 01:00PM ET
Honeywell rose on solid earnings.
Investing.com - Industrials stocks were caught in a tug-of-war in active trading Friday as investors digested President Donald Trump’s latest threats on trade with China and big-name earnings.
The S&P Industrial Sector index was up about 0.15% in early-afternoon trading.
General Electric (NYSE:GE) was among the biggest big-name losers, falling about 4.7% as of 12:55 PM ET (16:55 GMT). The former Dow component reported a quarterly profit that fell less than expected, pushing the stock higher initially before the bell.
But GE stock tumbled as the conglomerate predicted it would make $1 billion less in free cash flow for the year.
That weakness was countered by Honeywell (NYSE:HON), which rose about 3.7% at 12:55 PM ET (16:55 GMT). Strong sales of aircraft parts and services allowed the company to lift its 2018 earnings forecast.
But companies with large exposure to China sank lower after the president said in an interview on CNBC that he is ready to impose tariffs on $500 billion worth of Chinese goods to the U.S. if China does not back down on its trade policies.
Construction and farm equipment makers sank on the renewed trade-war worries. Caterpillar (NYSE:CAT) fell around 1% at 12:55 PM ET (16:55 GMT) and Deere (NYSE:DE) lost 1.6%.
Meanwhile, Lockheed Martin (NYSE:LMT) showed continued strength following a strong showing at the Farnborough Air Show, which included a handshake deal with the Pentagon on the F-35 warplane.
The stock gained about 0.8% at 12:55 PM ET (16:55 GMT).
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Written By: Investing.com
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