So why is this? Well throw in a slight deterioration in commercial aerospace after market sales and similar trends across all their military interests...
...mixed up with a general slowdown ex America in the Otis elevators business...here).
Now as I also noted in yesterday's Wrap which included thoughts on the sale by United Technologies of Sikorsky to Lockheed Martin, United Technologies is trying to simplify a little too.
Pulling it all together sub US$100 is probably not a terrible level to make a first purchase of United Technologies BUT when you have a simplifying General Electric and other interesting US industrial conglomerate types (like Emerson Electric which I wrote up here and the aforementioned Honeywell) there is no shortage of alternatives.
But that is just the United Technologies share. Have a think what its says when a leading elevators business is struggling against hopes (military and aerospace have other insights - but necessarily cycles are longer here). That is not the greatest world.
Very akin to what my European 'bellweather' SKF said last week... (link here).