Baker Hughes Shares Rally On Report Of GE Buyout Talks

Baker Hughes Inc. shares jumped in the extended session Thursday following a report that General Electric Co. was in talks to acquire the oil-field services company. Baker Hughes shares rallied 15% to $62.50 after hours, while GE shares slipped 1.4% to $28.22. Late Thursday, The Wall Street Journal reported that talks to acquire Baker Hughes, which has a market cap of $23 billion, were ongoing, citing people familiar with the matter. At Thursday's close, Baker Hughes shares were up 18% year to date, but were off 28% from a five-year high set back in July 2014.