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United Technologies shares rise on vague report of activist interest

Key Points
  • NYPost says an activist hedge fund may be buying shares of United Technologies.
  • The defense company's shares traded up 2 percent following the report.
Chairman and CEO of United Technologies Corporation Gregory Hayes
Jim Young | Reuters

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

Source: FactSet

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.