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.
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