MW : Baker Hughes deal fails to lift energy stocks
NEW YORK (MarketWatch) -- Energy stocks fell with the broad market and oil prices on Monday despite a big merger in the sector. The NYSE Arca Oil Index (XOI 979.21, -13.98, -1.41%) fell 1.5% to 980. The NYSE Arca Natural Gas Index (XNG 454.55, -8.96, -1.93%) dropped 1.8% to 455. The Philadelphia Oil Service Index (OSX 174.53, -3.90, -2.19%) dropped 2.8% to 173. Baker Hughes (BHI 35.57, -2.52, -6.62%) fell 8% to $34.96 after it said it would pay nearly $6 billion in cash and stock to buy BJ Services (BJS 16.78, +1.35, +8.75%) . Shares of BJ Services rose 6.5% to $16.44. Oil futures retreated near the $70-a-barrel mark.
