Merger Monday is here, and while it’s not moving the needle for the broad market, the implications are immense.

• Actavis (ACT) is buying Allergan (AGN) for $64 billion, or $219 per share. It’s a cash and stock deal.
• Halliburton (HAL) is buying Baker Hughes (BHI) for $34.5 billion in a cash and stock deal.

Unlike most takeover deals in the last couple of years, the acquiring companies are watching their shares move lower on the news. This should open the floodgates to a lot more mergers and acquisitions.

There’s a lot of money sloshing around out there and with the market at an all-time high, shares are themselves an amazing currency. I’ve pointed out that cash deals were bullish because management views the underlying shares as a currency with more upside potential. That said, deals going forward will probably be combinations of cash and stock.

News that Japan has entered a recession seems to have more weight on stocks this morning. It seems nuts that folks in charge thought they could open the pump at the central bank, hike taxes at the same time, and it would work. Central bank money rarely finds its way to Main Street whereas taxes, even on the rich, impact regular people immediately. Now, Japan plans to push off additional tax hikes for a year or two.

Tyson Foods (TSN) beat earnings consensus by $0.10 on record sales for the quarter and a record fiscal year. Tyson’s management made very upbeat comments about FY15 and FY16, in part to strong sales of chicken. JD also reported earnings this morning, but please note that the figures in the chart are in local currency.