ICO stands as yet another example of why playing the rumor game can be dangerous. Earlier in the day we heard the takeover rumors surrounding International Coal, but didn't bother to give it a mention since it's only a $5 stock with very thinly traded options. The shares were up more than 10%, but are now now only sporting a 2% rise since the company denied the rumors. Often times the corporate policy is not even to acknowledge rumors and speculation, but when companies come out and deny, that can certainly spoil a speculator's day.
ICO, by the way, is the owner of the infamous Sago mine. The company is bracing for the release of a West Virginia state report next week on the disaster at Sago earlier in the year.
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