Honeywell shares fall the most in five years as business jet slump continues

New York

HONEYWELL International Inc shares tumbled the most in five years after it said weaker than expected demand for business aircraft caused it to miss a profit forecast and cut the top end of its 2016 earnings target.

The shares fell 7.5 per cent on Friday to close at US$106.94 in New York, logging the biggest drop since August 2011. Honeywell's slide, the third-sharpest on the Standard & Poor's 500 Index, put the stock up 3.8 per cent for this year.