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.
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.