US STOCKS-Wall St edges up, helped by material and energy stocks
* Allergan, Pfizer drop after biggest-ever healthcare deal
* Alcoa up as Elliott takes stake
* Energy stocks helped by Saudi move to stabilize prices
* Indexes up: Dow 0.07 pct, S&P 0.22 pct, Nasdaq 0.31 pct (Adds details, updates prices)
By Abhiram Nandakumar
Nov 23 (Reuters) - Wall Street edged higher in late morning trading on Monday, helped by gains in materials and energy stocks, but trading was subdued in the run-up to Thursday's Thanksgiving holiday.
Crude oil prices recovered from earlier losses after Saudi Arabia agreed to cooperate with other producers to stabilize prices. The S&P energy sector was up 0.83 percent.
Pfizer's shares fell 3 percent to $31.20, after the company said it would buy Allergan in a deal valued at about $160 billion, the biggest ever in the healthcare sector. Allergan fell 2.4 percent to $305.06.
The two stocks were the biggest drags on the S&P 500, while Pfizer was the biggest drag on the Dow. Continuación...