Shares of several industrial and aerospace companies jumped Friday after a published report singled them out as possible acquisition targets of United Technologies Corp.
Citing people with direct knowledge of the matter it did not name, Reuters reported Friday that the Hartford, Conn.-based industrial conglomerate is looking for funding that could top $20 billion for a “major acquisition in the United States.”
The people didn’t say what company United Technologies wants to buy, but the speculation had investors scrambling Friday afternoon to pick up shares of several companies.
United Technologies spokesman John Moran said the company wouldn’t comment on “market rumors and speculation.”
United Technologies’ holdings include Otis elevators, Sikorsky helicopters and Pratt & Whitney aircraft engines.
One of the biggest gainers was Rockwell Collins Inc., which makes communications and aviation electronics. In afternoon trading, its shares jumped $4.07, or 7.8 percent, to $56.21, after peaking at $57.68 earlier in the day.
Textron Inc., which makes Cessna airplanes, rose $1.18, or 6.8 percent, to $18.63; while Goodrich Corp., which makes aerospace components, rose $6.41, or 7.4 percent, to $92.89.
Rockwell Collins and Textron declined to comment on the acquisition report. Officials at Goodrich did not immediately respond to messages seeking comment.
Meanwhile, the overall market edged up. The Dow Jones industrial average rose 61 points, or 0.5 percent, to 11,494.
Investors weren’t as eager to snap up share of United Technologies. Its shares fell 11 cents to $75.50.
Filed Under: Aerospace + defense