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Stocks stumble on news of Japan recession; One mega-merger on, another off; Facebook looks to expand into your workplace

Yahoo Finance

Stocks are mostly lower after Japan unexpectedly fell into a recession in the third quarter, dashing hopes of a recovery in the world’s third largest economy.

Yahoo Finance Editor-in-Chief Aaron Task says it raises a lot of concerns about if the stimulus efforts in Japan are actually working. 

Task also points out that Japan sliding into a recession is confirmation that the global economy is still struggling.

Get the Latest Market Data and News with the Yahoo Finance App

Plenty of deal action this Monday morning.  

Allergan (AGN) shares rose in early trading.  The Botox maker is reportedly close to a deal to be bought by drugmaker Actavis (ACT) as early as today. The deal could be worth about $65 billion in cash and stock and would put an end to a long hostile takeover by Canada's Valeant Pharmaceuticals (VRX). Shares of Actavis are were also up on the news 

Related: Allergan and Actavis close to deal; Halliburton and Baker Hughes make it official; DreamWorks tumbles as Hasbro talks flop

Elsewhere in the drug space, Merck (MRK) will receive $850 million from Pfizer (PFE) to jointly develop a new cancer treatment. Pfizer said the deal will reduce its earnings for the year.  However, it will help boost its oncology business, which means it is less likely Pfizer will make a renewed bid for AstraZeneca.  Shares of Pfizer are lower in early trading.

It's official, Halliburton (HAL) is buying rival Baker Hughes (BHI) for about $35 billion in cash and stock, or $78.62 a share. The deal combines the second and third largest oil field services companies and comes on the heels of falling oil prices. Shares of Baker Hughes soared on the news, while Halliburton shares fell in early trading. 

It looks like Shrek and Transformers are not likely to get together after all. Merger talks between Hasbro and DreamWorks (DWA) reportedly fizzled due to a drop in Hasbro shares after the news of the talks were made public last week.  The two companies also had a hard time agreeing on a price, according to media reports.  Shares of DreamWorks fell on the news, while Hasbro (HAS) stock was higher.

Related: Facebook may be coming to your job

And we're watching shares of Facebook (FB) this morning. The social media giant reportedly wants to get involved in your professional life. The Financial Times says the company is secretly building a new website called "Facebook at Work."  It would allow users to chat with colleagues and professional contacts as well as work on documents together. The paper says Facebook declined to comment.

A big decision coming tomorrow. The Senate is set to vote on approving the controversial Keystone XL pipeline.  It's unclear if supporters have enough votes, although it appears very close.  The bill passed the House on Friday and President Obama has hinted he may veto the plan if it makes it past the Senate.