Thursday, June 10, 2010

BP (NYSE:BP) Up Almost 13 Percent

Unless there are outrageous demands from the American government, BP (NYSE:BP) looks like it has a great change to survive this calamity, and investors think so too, as they drove the price of BP up by almost 13 percent today, almost recovering yesterday's plunge of 16 percent.

BP ended the session in New York at $32.78, gaining $3.58, or 12.26 percent.

That's a major, positive result when considering they lost about 50 percent of their share price since the oil spill began.

Rhetoric from the Obama administration and the perceived amount of liability have led some to wonder if BP can survive without going bankrupt, and calls from some ignorant American politicians to force BP into receivership took a toll on its share price recently as well.

Assuming BP can back up its assertion it should be able to almost completely stop the oil flow next week, that will probably cause the share price of the stock to rebound nicely, as they will then be able to focus on cleanup, instead of having video of the leak endlessly airing on the TV and Internet.

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