Intercontinental Exchange (ICE) NewsBite - ICE Falls on Earnings

Monday, August 04, 2008 10:04 AM EDT

Intercontinental Exchange (ICE) opened at $98.49. So far today the stock has hit a low of $93.75 and a high of $98.49. ICE is now trading at $92.67, down 3.53 (-3.67%). After hitting a one-year high of $194.92 in December, the stock hit a one-year low of $80.20 in July. ICE reported second-quarter earnings of $84.9 million, or $1.19 a share, this morning, matching analysts' estimates. However, shares of ICE are declining today, as investors may be weighing the company's earnings against chief competitor Nymex Holdings (NMX), who beat analysts' earnings forecasts last week and claimed to have won more market share from ICE in the hotly-contested West Texas Intermediate crude market. Technical indicators for ICE are bearish and steady, while S&P gives the stock a positive 4 STARS (out of 5) buy rating. If you’re looking for a hedged play on this stock, consider a September bear-call credit spread above the $120 range. ICE hasn’t been above $120 since late June and has shown resistance around $103 recently. The stock would have to rise by more than 29% to cause a problem. [LHF- Seven Summits Strategic Investments NewsBite]

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