Monday, June 14, 2010

BP (NYSE:BP) Stock Prices Drop Again

There seems to be no relief as BP's (NYSE:BP) stock prices plummeted again. Investors remain leery and anxious as they are waiting to see what BP's move of weather or not they will agree to pay and honor its second quarter dividend payout. BP refused to comment on dividend speculation until they finished talking with shareholders.

BP's stock prices dropped another 9.3 percent, bringing it to 355.5 pence. All the while, President Obama has been putting pressure on BP to drop dividend payments to ensure that there are funds set aside for future oil cleanup and oil containment efforts. Also to make sure there is enough to pay for compensation to U.S. citizens.

Jonathan Jackson, head of equities at London based Killik & Co. said, "the call from the U.S. Administration for a third party administered fund to meet the claims of victims of the spill appears to be an attempt to show the U.S. public that the government is doing something. As a political compromise, we would expect BP to take this request."

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