AIG, Merck, YRC Worldwide, Saks, Sprint Nextel are among big market movers Thursday

AIG, Merck, YRC Worldwide are big movers

NEW YORK — Stocks that moved substantially or traded heavily Thursday on the New York Stock Exchange and Nasdaq Stock Market:

NYSE:

American International Group Inc., down $3.62 at $9.48

An analyst said the insurer’s equity may be zero due to risk of continued losses from credit default swaps and assets sold cheaply.

Emulex Corp., down 76 cents at $8.94

Broadcom Corp. is dropping its bid for the network gear maker after its board rejected an $11 per share offer as too cheap.

Merck & Co., down $1.03 at $27.01

One analyst downgraded the company amid market speculation as to why the pharmaceutical halted a clinical study of cholesterol drug Zetia.

Saks Inc., down 46 cents at $4.29

The luxury retailer said its same-store sales fell 4.4 percent in June, which was better than expected because of a designer sale event.

Sprint Nextel Inc., up 17 cents at $4.46

The telecom struck a seven-year network operations deal worth up to $5 billion with Swedish company LM Ericsson, transferring 6,000 jobs.

Validus Holdings Ltd., down 83 cents at $21.77

The Bermuda-based insurer reached a deal to buy reinsurer IPC Holdings Ltd. after boosting the cash portion of its stock-and-cash bid.

Target Corp., up $1.13 at $38.39

Same-store sales dropped a deeper-than-expected 6.2 percent in June, but the discount retailer backed its second-quarter profit guidance.

NASDAQ:

YRC Worldwide Inc., up 60 cents at $1.49

The heavily-indebted trucker said it had reached a tentative deal on concessions with its union and started talks with big debt holders.