BP (NYSE:BP) share prices reflect peoples uncertainty of what will happen as BP starts their "top kill" endeavor. Earlier in the day, BP's stocks fell 1.6 percent. This was as many were waiting in anticipation to hear of news on what BP was going to do.
Than BP shares started rising, seeing an increase of up to 2.6 percent to 498 pence. This being overall in Britain's FTSE 100 index seeing a 2.8 percent increase. This increase was as market talk was optimistic to hear that BP was close to giving a positive update on the situation.
Panmure Gordon analyst Peter Hitchens said, "this week is going to be fairly crucial for the company. If the top kill doesn't work the stocks going to continue to languish.
"Once you get this well under control the stock will recover a lot of lost ground, but until that happens people are just going to be nervous."
Since the oil spill disaster started April 20th, the company has lost $50 billion of its market value. That's about a quarter of its total value.
I just hope they fix it so I get my good stocks back. Still paying a good dividend though
ReplyDeleteHear hear!
ReplyDeleteAlso, no one seems to mention that BP is only responsible for 65% of the costs which keep being thrown around (that is their share of the field) and other firms will be footing the other 35%.
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