Parker-Hannifin has skyrocketed on merger news. But the stock may be out of upside.
The Dow Jones Industrial Average remains above its record close on Thursday, though barely as a tech selloff pressures the broader market.
Shares of Clarcor surged after Parker Hannifin announced it will buy the filtration product manufacturer for $4.3 billion or $83 a share.
The purchase will expand Parker Hannifin's offerings and boost recurring revenue.
The Dow Jones Industrial Average trades above its record close on Thursday as a banking rally and another surge in crude prices benefits the blue-chip index.
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