United Technologies nixes Honeywell merger

United Technologies chief executive Greg Hayes said Tuesday that a merger with Honeywell would not work. CNBC had reported Monday that Honeywell initiated the merger talks within the last two weeks, offering United Technologies a premium in stock and cash. United Technologies shares fell 0.5 percent to $91.91 in morning trade, while Honeywell rose 0.1 percent to $104.71.