United Technologies shares are rising after CNBC reported an activist fund is long the aerospace defense stock.
There is a "well-known" activist in United Technologies, CNBC's David Faber said. Faber added the fund does not have a "deep position" in the stock.
The company's shares closed up 0.6 percent Wednesday.
United Technologies' chief executive said at a conference last week that the defense contractor is thinking of splitting up key parts of its business. The comments spurred a rally in the company's shares the following day.
"Is [United Technologies] a more valuable property together or is UTC better off in three separate businesses?" CEO Greg Hayes said at the Barclays Industrial Select Conference in Miami on Feb. 21. "That's the question for the board. That's the question we continue to study."
"There are, as you can imagine, significant dis-synergies with splitting up the portfolio, as well as one-time costs," Hayes added.