Originally when Republican Senate candidate Ron Johnson was questioned two weeks ago about his BP (NYSE:BP) shares, he said he was going to be selling them. It seems he has had a change of heart because now he's not so sure.
He owns between $116,000 - $315,000 in BP stock. His campaign said on July 9th that Johnson was planning on moving his investments into a blind trust. Days later at the completion of a campaign rally, he told reporters that he was planning on selling his BP stock to help fund his campaign. As of Monday, he said the sale wasn't for sure.
"I think that will eventually happen, but I'm going to do it based on market conditions. I'm going to have to finance this campaign. At some point in time to get my message out, that will probably happen. But it's going to be based on market conditions," said Johnson.
His running mate, Democratic Senator Russ Feingold has accused Johnson of talking out of both sides of his mouth. John Kraus, Feingold's campaign strategist stated, "The fact that he now says he is waiting to make profit off his investment in BP so that he can continue to fund his campaign to defend big oil, shows that he is more interested in corporate profits than doing the right thing."
Showing posts with label BP Stock. Show all posts
Showing posts with label BP Stock. Show all posts
Tuesday, July 27, 2010
BP (NYSE:BP) Stock, To Speculative To Buy Says Biggs
The Hedge fund manager Barton Biggs, has this month become more optimistic of stocks, but is still leery saying BP (NYSE:BP) is still "to speculative" to purchase. He disagrees with the analyst in a Bloomberg Story who are rating BP's stock at "buy."
With the optimism from BP finally having success in placing their sealing cap and stopping the leaking oil on July 15th, many seem to think that everything is over with the oil spill. In reality, BP has still not reached the desired pressure in the testing of the well. The original target was set at 8,000 - 9,000 pounds per square inch, they have yet to reach over 7,000 pounds of pressure. Not to mention Macondo well has to still be permanently plugged. Yes BP has had a small success, but we must not delude ourselves to the full scope of reality that has yet to play out with BP.
Biggs said, "It's too speculative for me. Are these people down in the Gulf who aren't going to be able to fish, and their business was fishing, are they going to be able to sue BP for payments for the next 20 years ? I don't know, it's to hard to call."
BP has lost almost 40 percent of their stock market value since the explosion and sinking of the Deepwater Horizon, but the company has rebounded 37 percent.
With the optimism from BP finally having success in placing their sealing cap and stopping the leaking oil on July 15th, many seem to think that everything is over with the oil spill. In reality, BP has still not reached the desired pressure in the testing of the well. The original target was set at 8,000 - 9,000 pounds per square inch, they have yet to reach over 7,000 pounds of pressure. Not to mention Macondo well has to still be permanently plugged. Yes BP has had a small success, but we must not delude ourselves to the full scope of reality that has yet to play out with BP.
Biggs said, "It's too speculative for me. Are these people down in the Gulf who aren't going to be able to fish, and their business was fishing, are they going to be able to sue BP for payments for the next 20 years ? I don't know, it's to hard to call."
BP has lost almost 40 percent of their stock market value since the explosion and sinking of the Deepwater Horizon, but the company has rebounded 37 percent.
Tuesday, July 13, 2010
Republican Hid The Fact He Holds BP (NYSE:BP) Stock
Republican candidate for the U.S. Senate in Wisconsin, Ron Johnson, released his business portfolio Friday which includes shares of BP (NYSE:BP) stock, as well as two other oil companies totaling $181,000 to $466,000. It's being said that he is putting his own financial interest before the interest of the state.
Mike Tate of the Democratic Party said, " This is a fact he failed to mention and tried to hide from voters for the last month and a half, all the while shilling for big oil interests." His financial holdings are being questioned because of his criticism of President Obama and his stance towards BP. He pressured the company to set up the victim claims fund, while saying BP should be held accountable. While he objects to the their Administration Method's.
Johnson pointed out how Democrats statewide are benefiting from the Wisconsin Retirement Fund which holds BP stock. Tate's response, " We're not talking about a mutual fund when it comes to Ron Johnson, these are direct personal investments in oil companies."
Johnson states that his profile is diverse and he does not only hold stock in oil companies. When Tate was questioned if Johnson would sell the stock if that would take care of the problem he said, " I don't think it does, because this is something he makes money from. He makes money from BP regardless of what he does going forward, it's obvious he's just going to be to try to make up for the fact that he hid from voters that he owns substantial interest in this company and he has been publicly defending this company."
Mike Tate of the Democratic Party said, " This is a fact he failed to mention and tried to hide from voters for the last month and a half, all the while shilling for big oil interests." His financial holdings are being questioned because of his criticism of President Obama and his stance towards BP. He pressured the company to set up the victim claims fund, while saying BP should be held accountable. While he objects to the their Administration Method's.
Johnson pointed out how Democrats statewide are benefiting from the Wisconsin Retirement Fund which holds BP stock. Tate's response, " We're not talking about a mutual fund when it comes to Ron Johnson, these are direct personal investments in oil companies."
Johnson states that his profile is diverse and he does not only hold stock in oil companies. When Tate was questioned if Johnson would sell the stock if that would take care of the problem he said, " I don't think it does, because this is something he makes money from. He makes money from BP regardless of what he does going forward, it's obvious he's just going to be to try to make up for the fact that he hid from voters that he owns substantial interest in this company and he has been publicly defending this company."
Thursday, July 1, 2010
BP's (NYSE:BP) Takeover: Shell (LSE:RDSA) or Exxon (NYSE:XOM)
BP's (NYSE:BP) fallen far enough in their stock prices for them to be considered attractive to other big oil oil companies and rivals like Shell (LSE:RDSA) and Exxon Mobil (NYSE:XOM) to purchase. On April 19th BP's stocks closed at $60.09, the day before the Deepwater Horizon oil rig exploded. With yesterdays stock prices closing at $28.88, that's a loss of over 50 percent of their market value.
"In theory, either Exxon Mobil or RD Shell could consider a bid for BP," said Lucas to investors. "We focus on these two names because they have similar business models and similar global asset structures. They also bear the lowest political risk to a potential combination with BP."
This idea of a takeover by Lucas was "prompted by the gap between the current market value of BP and the intrinsic value that we see in BP." Douglas Youngston, an oil industry analyst of Arbuthnot Securities told CNNMoney if BP's stock fell below $30 a share, it would then become appealing as a possible takeover target.
Youngson said, "if the share price continues to fall, other companies may see this for the bargain it will be." He said this on June 2nd when BP's stock price hit $37.66.
"In theory, either Exxon Mobil or RD Shell could consider a bid for BP," said Lucas to investors. "We focus on these two names because they have similar business models and similar global asset structures. They also bear the lowest political risk to a potential combination with BP."
This idea of a takeover by Lucas was "prompted by the gap between the current market value of BP and the intrinsic value that we see in BP." Douglas Youngston, an oil industry analyst of Arbuthnot Securities told CNNMoney if BP's stock fell below $30 a share, it would then become appealing as a possible takeover target.
Youngson said, "if the share price continues to fall, other companies may see this for the bargain it will be." He said this on June 2nd when BP's stock price hit $37.66.
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