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Schlumberger Remains Oil Services Play After Failed Baker Hughes, Halliburton Deal


Baker Hughes' (BHI - Get Report) plan to buy back stock and pay down debt after its failed $35 billion merger with Halliburton (HAL - Get Report) is not enough to change TheStreet founder Jim Cramer's opinion on the stock.

He still favors the stock of industry leader Schlumberger (SLB - Get Report) over the aforementioned oilfield equipment and services providers.

And Wall Street appears to agree, as BHI shares were down about 3% to $46.92 apiece midday Monday.

"I don't like either company. ... Schlumberger, that's the one to buy," said Cramer, the manager of the Action Alerts PLUS portfolio, which owns SLB.

Baker Hughes announced Monday it would buy back $1.5 billion in shares and pay down $1 billion in debt with the $3.5 billion break-up fee it will claim from Halliburton after their proposed deal fell apart due...