CR - Why Crane Shares Soared Higher This Week
2023-10-27 14:38:03 ET
Industrial conglomerate Crane (NYSE: CR) overhauled its operations earlier this year, splitting off some of its tech as a separate company. This week, the market got an update on how the post-split Crane is performing, and investors liked what they saw.
As of Friday afternoon, shares of Crane are up more than 10% for the week, according to data provided by S&P Global Market Intelligence , after strong earnings and an optimistic forecast for what is to come.
Crane is a manufacturer of valves, pumps, and other highly engineered components for the aerospace , defense , electronics, and fluid control sectors. In April, the company separated its asset-tracking and monitoring business as Crane NXT , allowing management to focus its resources on building its core offerings.
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Why Crane Shares Soared Higher This Week