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At closing over 238 million shares were traded today. No wonder it closed at 29.2. The mutual funds must be dumping this, and read Goldman is preparing to protect them from being taken over.
If government makes them suspend the dividend it will drop into the teens.
BP is toast. If your vying for a financial position, invest in the seafood industry.
Oil profits will do nothing but go down for the next 5 yrs. Every extra dime will go into insurance, taxes, development of fields that are not in US territory.
This is the time for biofuels, mass transit, and war. All put pressure on big oil.
Buffett is rarely wrong, and he is heavy into Railroad. The least expensive way to move stuff.
Buffett also bought a crapload of COP (ConoccoPhillips) at its peak in 2008.
Please sell tomorrow, you can't see it now, but this stock is going to 10 or less. Once Chase (JPMorgan) dumps it's all over.
that's pure speculation. While biofuel and mass transit are nice, I don't see any solar-powered or french fry grease powered jet engines coming out any time soon. BP has hard assets that produce billions of $$$ in profit every single year.
Try an ETF instead. They've been hammered too, but by nature they're more diversified. Plenty of upside there, but less risk. If you like leveraged ETFs check out ERX.
Another option is to just buy XOM. It's lost 10% over the last 3 months, but you know it will come back eventually.
I don't understand how the company goes bankrupt. They could do a strategic bankruptcy and kill the US operations, but that's not the whole company, and that would do a lot to reduce any liabilities from the spill. Would hurt, but not cripple, the stock prices. Investors made it out fine in the Texaco bankruptcy. For that reason it's tough for the US to push THAT hard on them.
The stock could crater there's certainly a risk, but I am not sure there's any credible reasoning why the company would go bankrupt other than to weasel out of paying liabilities to the US, much like how insurance companies work by putting each state in a different company and just declaring bankruptcy if one state causes too many claims, which protects the rest of the entity from going under.
I don't understand how the company goes bankrupt. They could do a strategic bankruptcy and kill the US operations, but that's not the whole company, and that would do a lot to reduce any liabilities from the spill.
All you people pushing for BP to go bankrupt need to read this again, because it's correct. Yes, BP has created an unprecendented enviromental disaster, and yes, they were sorely unprepared for an accident of this magnitude. But it WAS an accident, and they have taken it upon themselves to take total responsibility and pay for all aspects of this mess - repair of the broken well, oil recovery and spill cleanup, reimbursment of lost wages for local fisherman affected by the spill, hundreds of lawsuits, etc, etc. If BP declares bankruptcy like some of you so dearly seem to want, guess who gets to foot the bill for all of the above? Yup, you and I, the taxpayers.
On top of that, they are also keeping their promise to their shareholders by paying the dividend they promised to pay. So far, they have seemingly tried to keep their word to everyone involved as best they can, which is more than we can say about all of the politicians clamoring for a canceled dividend soley for political reasons, which in reality achieves nothing and is just another shining example of the importance of rhetoric over results out of Washington, DC.
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