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Stock Market & Financial Investment News

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December 23, 2013
10:31 EDTMTOR, ETNMeritor rises after report of favorable court ruling
Shares of vehicle parts maker Meritor (MTOR) are rising in early trade after the company reportedly received a favorable ruling in its legal battle with Eaton Corporation (ETN). WHAT'S NEW: On Friday, a Delaware district court denied a motion for judgment made by Eaton and granted Meritor's motion for a pretrial schedule to determine damages, according to Morgan Stanley. ANALYST OPINION: In its notes to investors, Morgan said the case will now proceed to trial and the odds of Meritor winning damages appear even higher following the latest ruling. However, it is extremely difficult to estimate the damages Meritor may be awarded, cautioned Morgan Stanley's analysts. Morgan Stanley has on Overweight rating on shares of Meritor. PRICE ACTION: Meritor shares rose 12% to $9.15 in early trading.
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