Diversified conglomerates were long a fixture of the U.S. stock market landscape, with the Dow industrials bolstered by big names such as 3M, General Electric, United Technologies and others. But many of those companies have since broken apart,

Activist investor Elliott Investment Management has built a $5 billion-plus position in industrials giant Honeywell International Inc., according to people with knowledge of the matter.

Activist investor Elliott sparks a 5% stock jump with bold plans to split Honeywell into two powerhouse entities.

The push comes as new Honeywell CEO Vimal Kapur has led an aggressive repositioning with mergers, acquisitions and spinoffs.

Activist investor Elliott Investment Management said Honeywell should split into two separate businesses on Tuesday, following in the footsteps of other industrial conglomerates that have broken up in recent years.

Honeywell's stock rallied as much as 7.8% into record territory for the first time in three years, after activist investor Elliott Investment Management disclosed a more than $5 billion stake, but then pulled back.

Activist investor Elliott Investment Management has taken a more than $5 billion stake in Honeywell International and is calling for the conglomerate to split into two separate companies

KEY TAKEAWAYS Honeywell International shares jumped Tuesday to an all-time high, after Elliott Investment Management said it has built a $5 billion-plus position in the industrials conglomerate and is seeking a breakup of the company.