U.S. Movers: Apple, AIG, Bristol Myers, Merck, Rio

Devan Biswas
03 Jun, 2013
New York City

Apple Inc declined 1% as the company faces electronic book price-fixing charges. Merck, Bristol Myers and Amgen gained after reporting positive results for three separate drugs to treat skin-cancer. Mid-American Apartment and Colonial Properties agreed to merge. Cracker Barrel soared on quarterly results.

[R]11:45 AM New York – Apple Inc declined 1% as the company faces electronic book price-fixing charges. Merck, Bristol Myers and Amgen gained after reporting positive results for three separate drugs to treat skin-cancer. Mid-American Apartment and Colonial Properties agreed to merge. Cracker Barrel soared on quarterly results.[/R]

Apple Inc ((AAPL)) declined 1% in early trading as the tech giant is scheduled to appear in court to defend conspiracy charges for price fixing of electronic books.

American International Group Inc ((AIG)) dropped 2% as the company is scheduled to make its arguments in a New York State court this morning against the approval of $8.5 billion mortgage settlement with investors and Bank of America for $8.5 billion. AIG is demanding more Bank of America to pay billions more to settle claims linked to faulty mortgage securities.

Cracker Barrel ((CBRL)) increased 5% after the restaurant chain operator reported fiscal third quarter earnings of $1.02 a share and revenues were ahead of estimates.

The restaurant chain also lifted its annual earnings outlook and it dividend.

Mid-American Apartment Communities ((MAA)) declined 4% and Colonial Properties Trust ((CLP)) soared 5% after the two companies agreed to merge to create a real estate investment trust with a market value of $8.6 billion.

Rio Tinto PLC ((RIO)) increased 1% after the company is said to be preparing for the spinning off its diamond division on the London Stock Exchange for $2 billion and look for buyer for its Canadian iron ore division.