In other news, oilfield services company Baker Hughes (BHI) announced that it will buy BJ Services Co. (BJS) in a cash and stock deal worth an estimated $5.5 billion. The deal marks the first major oil services takeover for the year.
Overall, all three major U.S. indexes were down in morning trading. The Dow Jones Industrial Average dropped 0.8%, the S&P 500 gave up 1% and the Nasdaq was down 1.1%.
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Kevin Grewal contributed to this article.