Carrier Goes From Spinoff to Top Industrial Stock During the Pandemic

Carrier Goes From Spinoff to Top Industrial Stock During the Pandemic

Illustration: George Wylesol for Bloomberg Businessweek









Illustration: George Wylesol for Bloomberg Businessweek





Carrier Global Corp., a maker of air conditioners and freezer pods, began trading as a standalone company on April 3. It could have been a disaster: Most of the world was locked down as the pandemic raged, and the stock market was swinging between spectacular slumps and wild gains. But as 2020 ends, Carrier is the best-performing industrial stock in the S&P 500—by a long shot.Its shares have climbed more than 200% since the company separated from longtime parent United Technologies Corp. The split was part of a three-way breakup that also married