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Market Update

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

Author: Devan Biswas
Last Update: 11:47 AM ET June 03 2013

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.

Sources: Data collected by 123jump.com and Ticker.com from company press releases, filings and corporate websites. Market data: BATS Exchange. Inc