Navistar withdraws M-ATV protest

So reports The Wall Street Journal via Dow Jones newswires.

The story says that Navistar stock jumped when the news hit. That pretty much completes a demonstration of the way Wall Street reacts to rumors and incomplete information.

Supposedly the objection addressed a technicality, and Navistar worked it out with the Pentagon without making any details public.

If Navistar's stock rose above its pre-protest baseline, I can think of one reason why, all else being equal.

Supposing capable management, Navistar took a risk in protesting the selection process. They would presumably know that stock would take a hit. That risk makes sense if the resolved technicality offers a measurable advantage to the Navistar bid.

Then again, as somebody once said, where stupidity is the simplest explanation for risky behavior, stick with it.