WSJ : Honeywell to Add Elliott Executive to Its Board Ahead of Breakup

Honeywell to Add Elliott Executive to Its Board Ahead of Breakup
The activist investor revealed a more than $5 billion stake in the conglomerate late last year

Key Points
  • Honeywell is expected to add Elliott Investment Management’s Marc Steinberg to its board at the end of May.
  • Appointment comes with cooperation agreement with Honeywell, which is splitting into three companies.
  • Marc Steinberg is already on the boards of Etsy and Pinterest. Elliott last year revealed a more than $5B stake in Honeywell.

Honeywell International HON 2.00%increase; green up pointing triangle is expected to add an executive from activist investor Elliott Investment Management to its board ahead of Honeywell’s split into three companies, according to people familiar with the matter.

The details
Later Wednesday, Honeywell is set to appoint Marc Steinberg, a partner at Elliott, as an independent director and audit committee member, effective at the end of this month, the people said.

The appointment comes with a cooperation agreement between the industrial conglomerate and Elliott, the people said. The agreement will give Honeywell standard protections around confidentiality and other matters for a set period, they added.

Elliott revealed late last year that it had amassed a more than $5 billion stake in Honeywell and called on the company to break itself apart.

In recent months, Steinberg has shared constructive insights and fostered a collaborative relationship with Honeywell Chief Executive Vimal Kapur, the people familiar with the matter added. He has been at Elliott since 2015 and is responsible for public and private-equity investments across a number of industries.

Steinberg previously worked at the boutique investment bank Centerview Partners. He currently sits on the boards of Etsy and Pinterest, as well as two private companies, Syneos Health and Nielsen Holdings.

The context
In a letter sent to Honeywell’s board late last year, Elliott called for many changes centered on simplification that could create greater value for shareholders. It didn’t explicitly ask for board seats.

Honeywell, which has a market value of around $145 billion, is separating its aerospace division from its automation business, and spinning off its advanced-materials arm. The breakup is expected to be wrapped up by the second half of next year.

Kapur has been pursuing a string of smaller acquisitions to bolster certain Honeywell divisions, particularly in aerospace and defense, which has experienced stronger growth lately. (Elliott has said a stand-alone Honeywell aerospace business could be worth well over $100 billion.)

Honeywell in late April raised its full-year guidance for earnings per share, saying it will use pricing and other actions to protect its bottom line in President Trump’s trade war.

Elliott, meanwhile, just wrapped up a heated boardroom battle at the oil refiner Phillips 66, winning two of the four board seats it wanted.

Elliots’s stake in Honeywell is one of the firm’s largest investments ever.

>>> What to look at today - 28th of May 2025

Stock-index futures slid and Treasuries halted a three-day rally amid lingering concern about the fiscal health of the US economy. Weak demand at a Japanese bond auction also hurt sentiment. Asian shares erased their earlier gains to drop 0.1% with stocks in Hong Kong among the region’s biggest decliners. Longer maturities led Treasury losses while a 40-year auction in Japan drew the weakest demand since July. South Korean chip stocks rose before earnings from Nvidia Corp. due later Wednesday. Futures for the S&P 500 were flat while those for European shares retreated 0.2%. Investors have remained wary about the fiscal health of the US economy after President Donald Trump unleashed his tariff war and pushed for tax cuts, which raised concerns about the country’s burgeoning deficit. The Federal Reserve has reiterated it’s waiting to gather more evidence before cutting interest rates, while the “Sell America” trend has hurt the dollar, with a gauge of the currency losing almost 7% this year. The decline in demand at Japan’s 40-year auction risks fueling further volatility in global debt markets. The nation’s 30-year yield jumped 10 basis points following the sale, while the yen trimmed its decline. Japan’s debt sale came at a time when long-term borrowing costs have also surged in other major economies, including the US. Japanese yields, particularly in the super-long part of the curve, have been rising as the Bank of Japan scales back its bond purchases, while life insurers are failing to fill in that gap. Concerns on the ability of governments to cover massive budget deficits have weighed on developed-market debt in recent days, pushing up longer-maturity US yields toward levels last seen in 2007. Meanwhile, the Reserve Bank of New Zealand delivered its sixth interest-rate cut to fan economic recovery. The New Zealand dollar rose while the country’s short-dated bonds extend their decline following the RBNZ’s comment that the policy rate is now in a neutral zone. Federal Reserve Bank of New York President John Williams says pandemic-era price shocks have changed American consumers’ inflation perceptions. He speaks at a Bank of Japan conference in Tokyo. Attention Wednesday will be on the earnings of Nvidia, the maker of chips vital to a build-out of AI infrastructure. The company will give an earnings report late Wednesday that will provide investors with a sense of whether that flood of spending is sustainable. US After Hours BOX +9.5% higher on earnings; OKTA -11.7%, SMTC -2.4% lower on earnings; MTN +10.1% as Rob Katz returns as CEO

Nikkei Hang Seng CSI Shanghai Shenzen

Eur$ CNH CNY JPY GBP CHF RUB TRY WTI$ Gold BTC ETH

S&P Nasdaq EuroStoxx FTSE Dax SMI

Macro :
- Trump Says He’s ‘Working’ on Taking Fannie, Freddie Public
- Blackstone Buys $5B in New York Pension PE: Financials Wrap
- Thiel Fund Backs $49 Million Bet on Bulgaria’s EnduroSat
- US Solar Makers See Tariff Loophole for Asian Competitors
- PornHub Among Adult Sites Probed by EU on Child Safety Fears (3)

Keep an eye on :
- AEDAS SM : Neinor in Talks to Buy Stake in Rival Spain Developer Aedas (2)
- AIFORIA FH : Aiforia Technologies Offers EU7 million Shares via Danske Bank, Aiforia Technologies Offering Prices at EU3.20/Share
- AIR FP : Air Niugini Signs Order for Two Airbus A220s Aircraft
- ARCAD NA !: Arcadis Gets Services Contract for Louisiana Bridge Project
- AT1 GY : Aroundtown 1Q Net Income EU318.6M Vs. EU102.3M Y/y
- BATS LN ; BAT Is Said to Upsize ITC Block Sale to About $1.5 Billion
- XYZ US : Block to Begin Offering Bitcoin Payments on Square
- IAG LN : Portugal Says Carrier TAP Is Strategic as It Plans Sale (1)
- CVX US : *US TO GRANT CHEVRON LICENSE TO KEEP VENEZUELA OIL ASSETS: WSJ
- DONE SS : Done.ai Group Offers SEK70 million Shares via Pareto Securities
- DASH US : DoorDash Prices Upsized $2.5b Conv Sr Notes Offering
- EKTAB SS : Elekta 4Q Net Sales Meet Estimates
- ETL FP : Thiel Fund Backs $49 Million Bet on Bulgaria’s EnduroSat (1)
- FER SM : Casa Grande de Cartagena Offers About 6M Ferrovial Shares: Terms
- FFARM NA : ForFarmers Signs New €150 Million Credit Facility
- GLXY US : Galaxy Digital Said to Market 29 Million Share Deal for Two Days
- GALD SW : Galderma Backers Look to Sell 7% Stake in Swiss Skincare Group, Galderma Offering by Holders Prices at CHF97.75/Share: Terms
- GDS US : GDS Offers Up to 2.5% Coupon on $450 Million Convertible: Terms
- Greenvolt : Greenvolt to Sell Four Wind Farms in Poland to Enea Nowa Energia
- HOLX US : Hologic Rises By Most Since 2000 on Report of $16b P-E Offer ( - 70/72$/share according to FT
- HPQ US : HP’s Outlook Seen at Risk Due to Uncertain Backdrop: Preview (1)
- DEC FP : JCDecaux Says CFO David Bourg Expands Role at Company
- MCG LN : Mobico Group, THG Indicated to be Removed From FTSE 250 Index
- MTN US : *VAIL SHARES RISE 3% POSTMARKET AS EXEC CHAIR KATZ NAMED CEO
- 7201 JP : Nissan Plans $7 Billion Funding With Backing From UK Government
- PKTM AV : Pierer Mobility FY Ebit Loss EU1.18B
- RCO FP : Remy Cointreau Names Franck Marilly as CEO
- SAN SM : Santander Setting Up Miami, Switzerland Offices for Super-Rich
- SESG FP : Thiel Fund Backs $49 Million Bet on Bulgaria’s EnduroSat (1)
- SHEL LN ; Shell to Sell Its Mexico Fuel Import Licenses To Iconn: Linea
- ENR GY : Siemens Energy Rated New Outperform at CICC; PT 94 euros
- SOI FP : Soitec FY Gross Margin Beats Estimates
- STR AV : Strabag Holder Uniqa Offers 1.8m Shares: Terms, Strabag Offering by Holder Prices at €77.67/Share: Terms
- TEN IM : Tenaris Approves Share Buyback Program of Up to $1.2 Billion
- TSLA US : Tesla Investor Baillie Gifford Keeps Stake in Bet on Future Tech
- TEVA IT : Teva Celiac Disease Candidate Gets Fast Track Designation by US
- UCG IM : UAE-Based Suitors May Bid for UniCredit Russia Unit: Messaggero
- X US : US Poised to Get Golden Share in US Steel-Nippon Steel Deal
- WBD IM : Webuild Wins Aud1.8B Contract in Australia

>>> Europe : Brokers Upgrades & Downgrades - 28th of May 2025

>>> Up
* Chemring Group PT Raised to 530 pence at Jefferies
* Do & Co Raised to Buy at Erste Group; PT 217.50 euros
* Eurobank Raised to Overweight at Morgan Stanley; PT 3.53 euros

>>> Down
* National Grid Cut to Sector Perform at RBC; PT 1,175 pence

>>> Initiation
* Epiroc Rated New Equal-Weight at Oxcap; PT 200 kronor
* Medincell Rated New Buy at Truist Secs; PT 22 euros
* Sandvik Rated New Equal-Weight at Oxcap; PT 206 kronor
* Teva ADRs Rated New Buy at Truist Secs; PT $25
* Weir Group Rated New Overweight at Oxcap; PT 3,300 pence

>>> Call
* Chip Supplier Soitec Pulls Long-Term Guidance Citing Uncertainty
* Greek Banks Still Cheap, Eurobank Upgraded at Morgan Stanley
* National Grid Cut at RBC, Upside Limited After Recent Gains

>>> Stoxx 600 Pre-Market Indications

  • RENK Group (R3NK TH) +2.1%
  • Rheinmetall (RHM TH) +1.8%
  • BAE (BSP TH) +1.7%
  • Leonardo (FMNB TH) +1.1%
  • Rolls-Royce (RRU TH) +1.1%
  • Siemens Energy (ENR TH) +0.8%
  • Fresenius Medical Care (FME TH) -0.9%
  • L’Oreal (LOR TH) -0.9%
  • Vodafone (VODI TH) -1%
  • Thyssenkrupp (TKA TH) -1.2%
  • Prosus (1TY TH) -1.8%

>>> TradeGate Pre-Market Indications

DAX:
  • Rheinmetall (RHM TH) +1.6%
  • Siemens Energy (ENR TH) +1.1%
    • Siemens Energy Rated New Outperform at CICC; PT 94 euros
MDAX:
  • Hensoldt (HAG TH) +2.4%
  • RENK Group (R3NK TH) +2.1%
  • Evotec (EVT TH) +1.1%
  • Thyssenkrupp (TKA TH) -1.6%
SDAX:
  • Deutz (DEZ TH) +1.8%
  • SUSS MicroTec (SMHN TH) +1.7%
  • Stabilus (STM TH) +1.6%
  • Ceconomy (CEC TH) +1.3%
  • Thyssenkrupp Nucera AG & Co KGaa (NCH2 TH) +1%
  • SMA Solar (S92 TH) -1.4%

>>> After Hours Summary: BOX +9.5% higher on earnings; OKTA -11.7%, SMTC -2.4% l

After Hours Summary: BOX +9.5% higher on earnings; OKTA -11.7%, SMTC -2.4% lower on earnings; MTN +10.1% as Rob Katz returns as CEO

After Hours Gainers:

Companies trading higher in after hours in reaction to earnings/guidance: BOX +9.5%

Companies trading higher in after hours in reaction to news: BROG +84% (announces proposed sale of BPGIC FZE and BPGIC Phase III FZE), MTN +10.1% (CEO steps down; Rob Katz returns as CEO, also provides guidance), RKLB +3.6% (to acquire Geost for $275 mln), REZI +2.1% (Director bought 50000 shares), FTV +1.6% (increases share buyback auth), TEVA +1.5% (FDA grants Fast Track designation for investigational TEV-53408), LII +1.4% (joint venture with Ariston), GEVO +0.9% (names new CFO), NVAX +0.7% (terminates COO and eliminates position), GM +0.3% (to invest at least $800 mln for engine production at NY facility, according to Reuters), GIS +0.2% (approves global transformation initiative), SJM +0.1% (to close Indianapolis facility), TAC +0.1% (renews normal course issuer bid; co may repurchase up to 14 mln shares), QSR +0.1% (Firehouse Subs to open locations in Mexico)

After Hours Losers:

Companies trading lower in after hours in reaction to earnings/guidance: OKTA -11.7%, SMTC -2.4%, HEI -0.1%

Companies trading lower in after hours in reaction to news: CODI -7.7% (takes action to improve its financial position), EOLS -4.6% (CFO resigns), GDS -4.3% (files for 5.2 mln ADS offering; also $450 mln convertible notes offering), GLXY -3.9% (files for 29 mln share offering, comprised of 24.15 mln shares offered by the company and 4.85 mln shares by selling shareholders, including its founder), VIK -2% (30.5 mln share offering by selling shareholders), CNP -1.7% (commences $800 mln stock offering), GH -1.5% (introduces smart liquid biopsy applications for Guardant360 Liquid Test), ATOM -1% (files for $100 mln mixed securities shelf offering), ZS -0.9% (to acquire Red Canary), NVDA -0.1% (suppliers ramping up production of Blackwell AI server racks, according to FT)

WSJ : Trump’s ‘Golden Dome’ Riles Nuclear-Armed Foes

Trump’s ‘Golden Dome’ Riles Nuclear-Armed Foes
China, Russia and North Korea—harboring weapons that could reach U.S.—assail missile-shield plan as a blow to global stability

Key Points
  • Trump’s “Golden Dome” missile-defense plan is opposed by China, Russia and North Korea, who call it a dangerous arms race.
  • Golden Dome combines ground-based interceptors with satellites, guarding against hypersonic missiles and other high-tech threats.
  • Experts warn Golden Dome could spur missile proliferation, as the US lags in hypersonic weapons; China and Russia develop counter-space capabilities.

President Trump’s “Golden Dome” plan has riled the three countries whose weapons technology poses the greatest threat to American territory, with China, Russia and North Korea claiming the missile-defense project is driving a dangerous new arms race.

Trump wants a Golden Dome shield in place by the end of his term, which would combine ground-based interceptors with satellites to guard U.S. territory against high-tech threats, including hypersonic missiles.

The Chinese, North Koreans and Russians are all developing such missiles, as well as new weapons intended to evade U.S. defenses and combat America in outer space. The three are also increasingly helping each other militarily.

North Korea slammed the Golden Dome on Tuesday as the “largest arms-buildup plan in history.” China and Russia in a joint statement earlier this month called the project “deeply destabilizing.” Russian Foreign Ministry spokeswoman Maria Zakharova, in a briefing to journalists Tuesday, said the plan “represented a direct disruption to the foundations of strategic stability.”

All three countries have also denounced Trump’s call for space-based interceptors, saying they risk turning space into a battlefield.

Experts say that a potential risk of the Golden Dome is that a comprehensive defensive system encourages a proliferation of missiles, including nuclear-capable weapons. It comes as the last major nuclear treaty between leading nuclear powers Russia and the U.S. is set to expire next year, potentially leading Moscow to accelerate the deployment of nuclear warheads.

“This missile-defense mirage gives you the illusion you can protect yourself but you’re driving all these countries to build all these hundreds and thousands of missiles so you end up in the worst of both worlds,” said Pavel Podvig, a senior researcher at the United Nations Institute for Disarmament Research.

The U.S. says increasing threats make it necessary to build a more comprehensive missile-defense system and rejects criticism that the plan will militarize space.

“We have more recently observed China’s satellites engaging in what can only be described as dogfighting maneuvers in space,” said Brig. Gen. Anthony Mastalir, the U.S. Space Force commander in the Indo-Pacific, at a space conference in Australia on Tuesday. “These high-speed, combat-oriented operations on orbit serve as further evidence that Beijing is actively preparing to challenge the U.S. and our allies in space.”

The Golden Dome plan represents a dramatic transformation in how the U.S. aims to confront such threats.

The U.S. says its missile defenses are directed at so-called “rogue states,” primarily North Korea, which aren’t considered peer nuclear powers. Meanwhile, the U.S, Russia and China seek to prevent nuclear attack through deterrence.

Trump’s Golden Dome plan implicitly recognizes that the arms-control era has passed and mutually assured destruction is no longer a sufficient deterrent to nuclear war.

The threats
A major emerging concern for U.S. defense is hypersonic weapons, which can travel at least five times the speed of sound, fly low and maneuver before hitting a target, making them difficult to detect, let alone intercept.

In the hypersonic race, the U.S. is behind. China, the leader, tested such a missile in 2021, which flew at speeds of more than 15,000 miles an hour as it circled the globe before striking a target in China.

In a sign of the Pentagon’s progress, the U.S. military recently completed successful test flights of a reusable hypersonic rocket-powered aircraft.

When President Vladimir Putin first introduced Russia’s hypersonic weapons in 2018, an animated graphic showed a missile heading toward the West Coast of the U.S. “Missile-defense systems are useless against them, absolutely pointless,” he said.

Russian President Vladimir Putin watched the launch of a hypersonic missile in 2018. Such weapons are difficult to detect and intercept.
Russian President Vladimir Putin watched the launch of a hypersonic missile in 2018. Such weapons are difficult to detect and intercept. Photo: Kremlin Pool/Zuma Press
Russia’s hypersonic weapons could potentially be stopped by a system such as the proposed Golden Dome because they travel at much slower speeds during initial launch and before hitting their target, leaving them susceptible to interceptors, said David Wright, a researcher at the Laboratory for Nuclear Security and Policy at the Massachusetts Institute of Technology.

Intercepting Russia’s strategic intercontinental ballistic missiles could be much harder. At the first stage after launch, when a rocket pushes the missile up into—and out of—the atmosphere, an interceptor would have to be extremely close to respond to it in time.

That would mean covering the territory across all of Russia’s 11 time zones to intercept the missile in time, said Podvig.

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“You need to have a lot of them so that some of them are close enough to every launch point,” he said.

North Korea already has a missile with the range to potentially strike the U.S.—and leader Kim Jong Un wants more long-range weapons that can fly farther, carry bigger payloads and be deployed more quickly.

The country is pursuing hypersonic technology, underwater nuclear-armed drones and tactical weaponry, although military experts say they aren’t yet combat-ready.

The shield
The U.S. installed dozens of ground-based interceptors in Alaska and California beginning in the early 2000s, and has tested interceptors fired by the Aegis combat system to shoot down intercontinental ballistic missiles, a system that was used successfully by Navy destroyers against Iranian weapons targeting Israel last year. Land-based versions of the system have been installed in Romania and Poland.

The U.S. also fields Patriot missile systems for shorter-range threats and the Terminal High Altitude Area Defense system, or Thaad, which is used for smaller areas including in South Korea and Guam.

Trump’s goal of seeing his Golden Dome shield in place in little more than three years would be difficult to accomplish, according to military experts.


Any missile-defense shield would likely only offer protection from about 85% of incoming missiles, said Podvig. That could promote a false sense of security, while also spurring rivals to produce more weapons, he said.

Golden Dome plans for space-based interceptors have also raised concerns of a surge in space-based systems. A Congressional Budget Office assessment said that such a system for downing one or two missiles fired by a smaller adversary such as North Korea could require more than 1,000 interceptors.

To defend against Russia or China, with many more warheads, such a system would require potentially tens of thousands of satellites.

Russia and China view such space-based interceptors “as indistinguishable from offensive weapons, arguing that a better-protected United States might be emboldened to pursue more aggressive military actions,” said Tong Zhao, a senior fellow at the Carnegie Endowment for International Peace. “This heightens the risk of Russia and China intensifying their development of anti-satellite and other counter-space capabilities.”

China has been rapidly building its own nuclear forces. It has added some 350 missile silos and several bases for road-mobile launchers in recent years, according to a report led by Hans Kristensen, director of the Nuclear Information Project at the Federation of American Scientists.

Of China’s more than 700 launchers for land-based missiles that can carry nuclear warheads, 462 can be loaded with missiles capable of reaching the U.S., the report found.

China’s nuclear ballistic-missile submarines, the Type 094, are being equipped with a longer-range ballistic missile. A newer model, known as the Type 096, is now being developed to run more quietly than its predecessor. In 2019, China unveiled refit bombers with an air-launched ballistic missile that could potentially carry a nuclear warhead, the Pentagon said.

“It’s not driving up forces to the level that we saw in the early Cold War days—not yet,” said Kristensen. “But there’s no doubt that all of the factors that we can see at play, all the dynamics that are playing out in front of us, increasingly so, are the very ones that can create a nuclear arms race.”