NEW YORK (TheStreet) -- Wheelings and dealings from top pharmaceutical giants and energy companies distracted Wall Street on Monday from the news that Japan had fallen into recession in its third quarter.
Among the corporate deals being forged on Monday, Actavis (ACT) made its $219-a-share bid for botox manufacturer Allergan (AGN) public, triggering a 1.4% jump in Actavis and 5.2% increase in Allergan. The deal put a stop to Valeant Pharmaceuticals' (VRX) and activist investor Bill Ackman's hostile bid for Allergan.
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Oilfield services provider Baker Hughes (BHI) was the best performer on the S&P 500 after Halliburton (HAL) agreed to purchase it for $34.6 billion. Baker Hughes surged 10.2%, while Halliburton shares dropped 10%.
"Halliburton Co. and Baker Hughes could be a harbinger of a trend towards further consolidation in the energy sector, particularly if oil prices fall further and stay lower for longer," Oppenheimer's John Stoltzfus wrote in a report.
Hasbro (HAS) shares spiked more than 3.7% after preliminary talks to purchase DreamWorks (DWA) fell through. Investors were concerned a deal worth an estimated $30 a share was too high a price tag for the animation studio. DreamWorks tumbled 14%, one of the worst performers on the Nasdaq.