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The best stock in the S&P 500 is 105 years old

September 15, 2020. Summarized by summa-bot.

An employee inserts a screw on the assembly line of the Carrier Midea Pvt. manufacturing facility in Bawal, Haryana, India, on Tuesday, May 27, 2014. India is scheduled to release first-quarter gross domestic product figures on May 30. Photographer: Udit Kulshrestha/Bloomberg via Getty Images

Apple, Amazon and Nvidia get all the attention on Wall Street, but those alluring tech titans have been left in the dust this year by a 105-year-old air conditioning company.

Carrier Global's stock has been on fire since it broke away from United Technologies this spring to become an independent company.

The blockbuster returns for Carrier, a leading manufacturer of heating, ventilating, air conditioning (HVAC) systems, are linked to the pandemic.

David Gitlin, Carrier's CEO, told CNN Business in an exclusive interview there's "no question" the company is benefiting from the trends set off by the pandemic.

Carrier told CNN Business the Riverside, California school district ordered 1,500 units of the OptiClean -- and the company has sold thousands of units overall.

Gitlin, the Carrier CEO, is hoping the focus on air quality is not just a fad.

RBC's Dray warned in a late July report that Carrier's "elevated" leverage is "well above typical levels for a company with its characteristics. " Carrier inherited that debt when it spun off from United Technologies.

Carrier is "well positioned relative to emerging 'stay at home,' 'indoor air quality,' and ESG themes," Hammond wrote in a note to clients.

Gitlin told CNN Business that Carrier is working with various companies involved in end-to-end cold chain distribution for coronavirus vaccines to discuss how the company's refrigeration and cargo monitoring solutions could be applied.

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