Traders Sell The News In Baker Hughes

Baker Hughes Incorporated BHI shares were trading higher by $0.11 at $59.23 in Monday's session. The euphoria from its announced partnership with General Electric Company GE has quickly faded from the Street's perspective.

In pre-market trading, the issue reached $66.50 and immediately began to fade. By the opening of the regular session, it declined to the $62 area and could do no better than $62.16 in a few minutes of trading before continuing its decline.

So far, it has surpassed Friday's close ($59.12), reaching $58.12 before staging a rebound. The price action from today replicates the price action from Friday when rumors of a deal with General Electric first surfaced.

At time of publication, the stock was trading at $59, down $0.13.