Baker Hughes Stock Gains on Potential Merger With Halliburton

Shares of Baker Hughes (BHI) spiked on news of a potential merger with Halliburton (HAL), making it TheStreet's Move of the Day. The two Houston-based companies announced late Thursday that Baker Hughes may be acquired by rival Halliburton. The deal talk between the two comes during a drop in oil price that has hurt both of its businesses. Combined, Baker Hughes and Halliburton would be slightly larger by revenue than industry leader Schlumberger Ltd (SLB). They would hold an even larger advantage in North America, where fracking is a booming business for oilfield companies which help energy firms find and extract oil and gas. TheStreet's Jim Cramer said if the merger does happen, prices for their services would rise.