So Two Breakup Candidates Walk Into Earnings Day...

The list of industrial companies on breakup watch is long and growing. Dover Corp. and Danaher Corp.'s earnings reports on Thursday should move them higher up the spectrum of probability, for very different reasons.

Let's start with Danaher. The maker of water-purification technology and dental implants is only kind of, sort of an industrial company at this point. It's spent close to $20 billion on life-science and diagnostic-equipment deals since the start of 2015 and spun off its more industrially inclined sensor and automation-equipment businesses last year. That shift, along with minimal exposure to the rout in oil and gas markets, has helped shield its revenue from the slumps that have plagued other companies (like Dover). And yet, ever since Danaher announced its breakup, there has been a feeling that its transformation missed a spot, namely its dental unit.