Honeywell’s stock turns lower after SEC accounting investigation disclosed

Honeywell’s stock turns lower after SEC accounting investigation disclosed

Shares of Honeywell International Inc. HON, -0.48% took an afternoon dive Friday, after the company disclosed that the Securities and Exchange Commission had opened an investigation into its accounting practices. The stock fell 0.7% in recent trade, after being up as much as 1.6% intraday after the diversified industrial company beat third-quarter earnings expectations. Honeywell said in its quarterly 10-Q filing that after a review of its accounting of accruals for the legacy Bendix asbestos-related liability for unasserted claims, the SEC advised Honeywell on Sept. 13 that an investigation was opened. “Honeywell intends to provide requested information and otherwise fully cooperate with the SEC staff,” the company said in a statement. The stock has gained 5.7% over the past three months, while the Dow Jones Industrial Average DJIA, +0.50% has tacked on 1.8%.

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