For the fourth trading day in a row, BP (NYSE:BP) ended up in positive territory, as perceptions it's getting close to plugging the well, and they may get more liquid through investment from the Middle East.
Neither of these are a guarantee in the short term, and both could come back to bite them quickly if they fail.
The optimism they may plug the well before original estimates in being run with by the media, even though caveats they're unlikely to do so have been thrown out to balance that idea.
It's possible, but everything would have to fall into place perfectly for that to happen, and more than likely the middle of August will still be the approximate time they'll reach that goal, although even plugging the oil well isn't guaranteed at that time.
BP CEO Tony Hayward has been globe trotting, presenting the idea he is out there working on getting some liquidity into the company through investments from Middle Eastern sovereign wealth funds or large corporations in the region.
That is important because they're trying to build a defense against a possible takeover, which they could be under huge pressure to accept in light of the oil spill fiasco.
They've also secured funding through $1 billion in guaranteed loans from at least 9 banks at last count, which they'll be able to tap quickly if needed.
Much of this gives the company breathing room, but not much else, yet it's a lot better than they were just a week or so ago, and investors seem to agree with that assessment by voting their dollars in the oil giant.
BP finished Thursday at $33.74, a $0.55 gain, or 1.66 percent. Market cap at the end of the day was $105.63 billion.
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