Moody's Corp. (MCO) and Standard & Poors settled two long-running lawsuits late Friday, which alleged negligent misrepresentation over their activities regarding the Cheyne and Rhinebridge. The cases were dismissed with prejudice.
Moody's gapped up Monday and rose sharply during the first 45 minutes of trade, before settling into a range. The stock finished up by 4.57 at $59.69 on above average volume. Moody's broke out past resistance and set a new high for the year.
S&P is a unit of McGraw-Hill (MHP), which finished with a gain of 1.45 at $53.45. The stock rose to nearly a 3-month high.
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