Wednesday, June 9, 2010

Anadarko Petroleum (NYSE:APC) Hammered on Gulf Exposure

Anadarko Petroleum (NYSE:APC) shares got pummeled today on worries over its exposure to the Gulf oil crisis, as they own a 25 percent stake in the oil well attempting to be stopped from leaking.

Shares closed at $34.83 for the day, a drop of $7.97, or 18.62 percent.

Volume soared above normal as well, with the 3-month average of 7,900,000 getting demolished, as 45,634,689 of Anadarko shares traded hands.

It also didn't help to learn the credit default swaps for Anadarko increased by 145 basis points, to 575 basis points, significantly increasing the cost of insuring every $10 million in debt.

1 comment:

Anonymous said...

good points and the details are more specific than elsewhere, thanks.

- Thomas