Securities have recovered 43% past 2 weeks as leak plugged
BULLETIN: BP shares closed at $37.37 - off 4%, but up 10%
from last week's price and 40% higher than the 14-year low
the securities hit last month.
Wall Street is happy knowing that there won't be 60 million
barrels a day spewing into the waters of the Gulf Stream.
Financial marketeers were all a-twitter at close of trading
yesterday as BP shares rose 7% on news the leak is plugged
and drilling work on relief wells is proceeding apace.
The stock has recovered to $38.35 over the past two weeks -
a gain of 43% - up from a low of $26.75 in the height of the
blowout and pollution crisis that has prompted a moratorium
on all offshore drilling in waters deeper than 500 feet and
left a fishing industry stranded in gobs of goo. BP shares
stood at a 52-week high of $62.38 on January 1.
For a description of how this stock play operated, see The
Legendary, July 10, 2010.
Industry pundits also took heart yesterday when the man in
charge of ramrodding a $20 billion claims fund told
claimants he is looking for every possible way he can find
to make settlement offers more attractive than anything
possible if they file lawsuits.
Friday, July 16, 2010
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