BofA/Merrill analyst Andrew Obin said Third Point's stake in Honeywell will likely accelerate a re-rating in shares. Obin said Honeywell's discounted valuation is likely due to lower free cash flow conversion versus the group due to pension accounting and expects improving free cash flow conversion to remove concerns regarding earnings quality. The analyst also said, if Third Point is successful in arguing for the spin-off of the Aerospace unit, shares could clos the gap with tis Multi-Indusry peers. The analyst rates Honeywell a Buy with a $145 price target.

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Notable companies reporting before tomorrow's open, with earnings consensus, include Merck (MRK), consensus $1.87... Caterpillar (CAT), consensus $5.14... Comcast (CMSCA), consensus 99c... Honeywell (HON), consensus $2.17... Bristol-Myers (BMY), consensus ($4.44)... Altria (MO), consensus $1.15... Keurig Dr. Pepper (KDP), consensus 35c... GE Vernova (GEV), consensus (37c)... Royal Caribbean (RCL), consensus $1.33... Tractor Supply (TSCO), consensus $1.72... Mobileye (MBLY), consensus (6c)... Textron (TXT), consensus $1.23... LabCorp (LH), consensus $3.48... Southwest Airlines (LUV), consensus (34c)... American Airlines (AAL), consensus (29c)... Harley-Davidson (HOG), consensus $1.51.