Photograph by Kyle Grillot/Bloomberg

Wall Street doesn’t seem to know what to do with Raytheon shares. Blame it on a quirk of the United Technologies merger transaction.

Raytheon stock (ticker: RTN) was downgraded by Sanford Bernstein analyst Doug Harned from the equivalent of Buy to Hold—a day after J.P. Morganupgraded shares of the defense contractor to Buy.

It’s another example of “deal limbo,” when stocks involved in long-gestating transactions start to lag the market. But the United Technologies-Raytheon deal is a special case of “limbo”—in this coming merger, Raytheon shareholders still don’t know what they are getting.

United Technologies (UTX) announced plans to

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