ADI and Honeywell Homes management have been touting their spinout and IPO for months, including appearing on Wall Street as they widely shared on social media:
However, the stock is down 29% from the start of when-issued trading, as shown below:
[Update: it fell again on day 3, falling as far as $19.40 but finishing the day down just another 3.79% at $21.08.
What is happening? What is the outlook for the newly independent company?
In this note we look at:
- Strong Optimism from Resideo
- Resideo's IPO
- Steady Decline Over First Two Days
- Bull and Bear Case from Financial Experts