One of the more common recommendations you see with investment writing and sell-side research is "consider buying on a pullback". While it is certainly true that the market will periodically freak out for no particularly good reason(s) and take down good companies/stocks with it, a lot of those pullbacks come when companies stumble and the market overreacts. In other words, buying on dips often requires buying into trouble on the basis of the belief that the trouble is fixable and temporary.
I believe that is the case with Honeywell (NYSE:HON) today. Investors are understandably nervous about the upcoming CEO transition, and the new CEO has big shoes to fill. Investors are also troubled by the weakness in aerospace, as Honeywell is seeing program startup costs (OEM incentives) weigh heavily on results. Longer term, though, this is a company that has already cast its lot with a pivot toward automation, software, and R&D/innovation-driven revenue growth. I do see a risk that these shares could chop around for a bit, but I believe this is a good name to consider as a long-term core holding.
Honeywell: Turbulence And Opportunity