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Excerpt from our One Page Annotated Wall Street Journal Summary (receive it by email every morning by signing up here):

AHEAD OF THE TAPE: Put ICE on It

Summary: The InterContinental Exchange (ICE), an all-electronic exchange that trades primarily energy, has had quite a run: the exchange went public in November at $26 a share and subsequently rose to $73.69, nearly 40X projected 2006 EPS and more than 100X EPS for the 12 months ending in June. However falling commodities coupled with the Amaranth troubles could spell trouble for the exchange. According to Prudential analyst Robert Rutschow, losing Amaranth could cost the ICE 1% or more of revenues. The WSJ suggests that "it might not be a bad time for investors to hedge against the expensive exchange itself." Full WSJ article >
Related links: Why I'm Long Term Bullish on the ExchangesAmaranth: Tip of the Iceberg • Forbes: Combined ICE-NYBOT Looks Attractive • WSJ: Amaranth Natural-Gas Losses May Have Far-Reaching Effect

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Source: Time for an ICE Hedge?