Aerospace defense company United Technologies may be targeted by an activist hedge fund, according to a vague report on Wednesday.
"An unidentified hedge fund — possibly ... Third Point — has been quietly buying up shares of the defense contractor, pressuring it to spin off non-core businesses," NYPost reported, citing sources close to the situation.
United Technologies intraday chart
United Technologies shares traded up 2 percent following the report. The stock is up 7.6 percent year to date through midday Wednesday versus the S&P 500's 9.4 percent return.
Third Point declined to comment on the report.
United Technologies did not immediately respond to a request for comment.