Honeywell International Inc. shares rallied in the extended session Thursday after activist investor Daniel Loeb's Third Point LLC said it took a stake in the company and urged it to spin off its aerospace business. Honeywell shares surged 4.4% to $135.65 after hours. In an investor letter, Third Point said Honeywell spinning off the aerospace business could result in an increase of $20 billion in shareholder value. "Spinning off Aerospace would transform Honeywell into an industrial growth company with a focus on automation and productivity," Third Point said in the letter. In a statement, Honeywell said it and its board would would "take the time necessary to ensure a comprehensive, informed and objective review of the potential separation of the Aerospace business."
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