Shares of United Technologies Corp. (UTX) tumbled 10.2% toward an 8-year in midday trading Monday, enough to pace all the Dow Jones Industrial Average's losers, as the Connecticut-based aerospace and building systems company continued to suffer from concerns over the impact of the coronavirus pandemic. Over the weekend, Connecticut Governor Net Lamont issued a "stay safe, stay home ( )" order for all non-essential businesses. Late Friday, fellow aerospace company Boeing Co. (BA) said it was suspending its dividend ( ), while General Electric Co.'s (GE) GE Aviation unit said Monday that it would lay off 10% of its U.S. workforce ( ), citing "rapid contraction" in air travel as a result of the COVID-19 outbreak. Among shares of companies in the aerospace business, Lockheed Martin Corp. (LMT) shed 6.4%, Honeywell International Inc. (HON) lost 5.9% and GE slid 5.5%, while Boeing gained 3.2%. Meanwhile, United's price decline shaved about 57 points off the Dow's price, which was down 577 points, or 3.1%.
-Tomi Kilgore; 415-439-6400; AskNewswires@dowjones.com
(END) Dow Jones Newswires
March 23, 2020 12:33 ET (16:33 GMT)
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