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US seeks to stop Halliburton-Baker Hughes deal; Pfizer, Allergan scrap merger; Apple gets strong buy rating

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Halliburton (HAL) – The U.S. Department of Justice has filed a lawsuit to stop Halliburton from acquiring rival Baker Hughes (BHI). In a statement, the DOJ said that the merger would “eliminate significant head-to-head competition in the oilfield services industry."

Allergan (AGN) – Pfizer (PFE) said it will terminate its planned $160 billion takeover of Allergan. The decision comes after the U.S. Department of Treasury issued new rules to curb tax inversions.

Apple (AAPL) – Needham initiated coverage on the stock with a strong buy and a price target of $180 per share. Analyst Laura Martin cited higher pricing power and more predictable revenue streams as catalysts for Apple’s stock.

Mattel (MAT) – Stifel Nicolaus turned cautious on Mattel. The firm cut its rating on the stock from buy to hold, citing concerns over valuation.

AMC Networks (AMCX) – Jefferies launched coverage of AMC Networks with a hold rating, citing the challenge of expanding margins and the need to develop new hit programming. Jefferies set a $72 price target on shares, implying an 11% upside from yesterday’s closing price

Polycom (PLCM) – Shares popped on reports that it is in advanced merger talks with Mitel Networks (MITL). A deal could be announced as soon as this week.

Intel (INTC) – The tech giant says it will revise its financial reporting structure, beginning with its Q1 report on April 19. Intel says the revision will reflect changes to its operating segments.

Cree (CREE) – The manufacturer of LED applications announced that it anticipates lower-than-expected quarterly results. Cree said its third-quarter revenue will miss estimates due to issues including product delays.