After a five day winning streak, BP (NYSE:BP) stocks price is dropping again. The decline is said to be because of the delayed testing that would tell if the sealing cap that has been installed is successful.
BP's shares fell 2.3 percent, while their American depository shares saw a 2.1 percent plummet to $36.12. That's its second day straight being in the red. Even after the decline seen on Tuesday and Wednesday, for the week the stock is up 6 percent.
After hitting a 14 year low last month, they are still up 35 percent. While their shares are still down 40 percent from before the explosion and sinking of the Deepwater Horizon. The cost to insure BP debt has increased, from $321,000 as of Tuesdays close to $355,000 annually.
BP's senior vice president, Kent Wells said they have temporarily stopped drilling of the relief well, which will set back the completion by a "couple days."
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I've no idea how dripping oil gets on google.
ReplyDeleteThey don't like BP for some reason, overstating some facts and missing others to drive the price down
Funny thing is, stock is actually up in premarket right now, 1%+
ReplyDeleteWhat a great opportunity. As soon as this leak is capped, and the news fades, you will have a WORLD CLASS oil company for half price. 20 billion for their clean-up fund??? Well, they pay TEN BILLION alone every year just in DIVIDENDS. Give it a few years and this stock has DOUBLED. Remember Exxon? Where is it at today?
ReplyDeleteSigh. The only thing that is guaranteed to go up is hot air and inflation.
ReplyDeletePeople are desperate for news on BP right now. Need a few thousand hits and some click revenue? Then start a blog on BP.
Is it really that easy to get a blog to show up on Google finance for such a large company? Makes me want to start my own.
ReplyDeleteAgree with 9:38am. I bought at $29 and thought it was a steal. It won't go back to $60 anytime soon, but it will outperform the bear market long term. I would buy it now at $36.
ReplyDelete"saw a 2.1 percent plummet"
ReplyDeleteSeriously, 2.1% plummet?
Like some dude said, look at Exxon these days. Not to mention that Bp is Englands crown jewel of International business. They would never suffer the shame of letting it fail. British honor and what not. After losing such an expansive empire, they are already "butt-hurt" so I couldnt see them giving this one up.
ReplyDeleteI am a stoner, and even I see this. I could/should have bought at 28 but got greedy and waited for 24 p/share. so look out, we're even in your money games now.
Evidently, -2.1% is a plummet. Idiots.
ReplyDeleteBP engineering effort is amazing. Their underwater response is HUGE.
ReplyDeleteThe greed of the oil industry in hoarding the best equipment/technology to reap oil reveals how profitable it is.
Looks like they just want seal the well and get the hell off the TV; then come back and drill again when the heat tapers off...
About comment 11:50AM
ReplyDeleteThis is a one time opportunity to see the operations of an oil giant in action.
Yes, very impressive but such a pity that the kaleidoscope of stunning underwater activity comes as a result of such a tragedy.
It would be so much more impressive if the oil containment operations on the coastline had progressed beyond the bucket and spade approach seen on national TV.