All major U.S. markets are trading higher at midday on Monday with the Dow Jones Industrials in record territory. Investors welcomed better than expected earnings news from Citi (C) before the opening bell. A lot of news on the deals front is also keeping the market momentum going. Shares of Mylan (MYL) are sharply higher after the company announced it will buy Abbot Laboratories' (ABT) generic drug business in developed markets outside the United States. The all-stock deal is worth $5.3 billion. Whiting Petroleum says its buying Kodiak Oil & Gas for $6 billion. This is also an all-stock deal. Both stocks are making impressive gains. Jim Cramer gives us his pick on which stock to buy on this deal. TheStreet's Susannah Lee has details from New York.

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