Tuesday, June 1, 2010

BP (NYSE:BP) Shares: It's Clobberin' Time

After the attempt to "Top Kill" the oil leak in the Gulf BP (NYSE:BP) failed, BP shares are taking a beating today, down by over 12 percent a little after noon EDT.

As prospects of them getting a quick fix on the oil leak fade, their share price will continue to fade with them.

Now that hope is pretty much gone from the point of view of those watching the incident, they share price would move up nicely if the marine cap they're going to try next were to surprisingly work.

The problem with their next attempt is there is additional risk for the leak to worsen for several days to a week if it fails, as they they remove a piece that is helping stem the flow of oil.

If it were to succeed, the oil would be siphoned to the surface to an oil tanker.

1 comment:

Anonymous said...

Will there be a time in the future when BP will stand for Buy Plenty? Buy low sell high.