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Baker Hughes (BHI) Stock Plunges as Halliburton Deal Faces U.S. Lawsuit

NEW YORK (TheStreet) -- Baker Hughes (BHI - Get Report) stock is retreating 4.59% to $39.56 on heavy trading volume on Tuesday afternoon following reports that the company's plans to be acquired by fellow oilfield service provider Halliburton Co. (HAL) will be blocked by U.S. antitrust regulators.

Halliburton stock is rising 1.74% to $34.59 this afternoon.

The Justice Department is set to sue the companies as soon as this week because regulators claim the deal could reduce competition and violate antitrust laws, sources told Bloomberg.

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