crane co

Crane Co. (NYSE: CR) 7.3% HIGHER; reported Q1 EPS of $0.76, $0.11 better than the analyst estimate of $0.65.

Revenue for the quarter came in at $611.02 million versus the consensus estimate of $576.68 million. Raises its FY11 sales guidance from up 7-9% to up 10-12%.

EPS move from $2.80-$3.00 to $3.05-$3.25. The Street is currently looking for FY11 EPS of $2.96. Identive Group, Inc.

(Nasdaq: INVE) 6% HIGHER; filed a registration with the U.S.

UPGRADES J.P. Morgan upgraded Baker Hughes (NYSE: BHI) up from Neutral to Overweight, maintained a $54 price target.

KeyBanc upgrades Crane Co. (NYSE: CR) from Hold to Buy, price target of $39. Click Here for more color.

J.P. Morgan upgraded Weatherford International (NYSE: WFT) from Underweight to Neutral, maintained a $17 price target.

Merrimac Industries, Inc. (AMEX: MRM) 38% HIGHER; Crane Co. (NYSE: CR) and Merrimac announced today that they have signed a definitive agreement for the acquisition of Merrimac by Crane.

Crane will pay $16.00 cash per share of common stock of Merrimac and associated common stock purchase rights.

Under the terms of the agreement, Crane will commence a tender offer to acquire all of the outstanding shares of common stock of Merrimac, and this transaction, which is subject to the satisfaction of customary conditions, is expected to close in the first quarter of 2010.