Schlumberger (SLB) fell after announcing it will acquire oilfield equipment company Cameron International (CAM) in a cash-and-stock deal worth nearly $15 billion. That’s a 56% premium to its Tuesday close. Stocks snapped back from a days-long slump after an unexpected jump in durable goods and as China introduced further stimulus to stabilize markets. However, the Dow Jones Industrial Average and S&P 500 remain in correction territory. New York Federal Reserve President William Dudley indicated that the case for a rate hike in September seemed ‘less compelling.’ Dudley also cautioned his view could change before the Fed meets on September 16. Oshkosh (OSK) climbed after the U.S. army awarded the defense company with an eight-year contract to build at least 17,000 armored trucks.
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