Tahoe Resources Sharply Higher Off Favorable Court Ruling

Tahoe Resources Inc TAHO shares are trading higher by $1.86, or 40 percent, at$6.56 in Monday's session.

The catalyst for the rally is the announcement that a Guatemalan Supreme Court has issued a decision that reinstates the Escobal mining license of its Guatemalan subsidiary. Credit Suisse also upgraded the stock to Buy.

After a much higher open, Tahoe Resources continued in that direction until peaking at $7.00 and then reversed course. That marks the highest level for the stock since it peaked on July 5 at $8.48. The following day it swooned to $5.15, when its mining license was originally suspended by the Guatemalan government.

Since reaching that elevated level, profit-takers have nudged the stock lower but it has yet to breach its early-morning low of $6.24.