Tahoe Resources (TAHO) Volatility Continues; Says No Truth to Guatemalan Reports

June 28, 2012 11:11 AM EDT
Skip the healthcare stocks, Tahoe Resources (NYSE: TAHO) resources is the most volatile stock trading Thursday morning.

Setting what may be a record with five or six halts in 90 minutes, investors might have been spooked earlier on reports that Guatemala is mulling an amendment to its Constitution which gives it up to 40 percent ownership or equity of any company that exploits natural resources in the country.

However, it's Vice President of Investors relations, Ira M. Gostin, said reports are false. Gostin told Reuters, "There hasn’t been anything actually passed in the Guatemalan law or anything proposed."

Volume is staggering today, about 3.1 million shares crossing compared with the trailing average of about 230,000 per day. The stock fell to a new low of $8.55 at the start, down 46 percent from Wednesday's close of $15.80.

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