Its a close call but its official the BP story is now front page of the news. Its summer and there are pictures with Birds with oil on them. Its a shame but I see them losing all that they have and they will pay. After the cleanup they won't have no more money left. As the executives hypothecate the stock they wait for the grim reaper. Its a lot of short covering coming and it will pop to cover these shorts but tthe long term big money will go all in and BP will lose. Its a double wammy. Hurricane Katrina and The BP spill. And BP will wind up paying for all of it. 40 short term but long term 5 or below. Its a consumer led story and the people are fed up that they were lied to. Its not about the oil its about the company that is poisoning the environment and lied to cover their ASS... The lawsuits will Bancrupt BP. And they are lining up for the legal all you can eat. Im laying the gauntlet down and as the corporate machine looks through the posts follow the track record. And watch how they strike back. price today is - 33.97. lets track it. 7 points up then 5 price target long term. And its not coming back.
The people are fed up being lied to?? Washington does it 8 days a days a week and few give a damn. in 5 to 12 months I think the odds are better that the average american will forget where to locate the gulf of mexico than still care about an oil spill unless they were directly impacted by it Also you may want to read up about the company a little bit more. They are a British company (name kinda gives that part away) that owns BP America so to get anything beyond what is owned by the US BP you have to fly over the pond to England and try to get it out of a court over there. Good luck with that. The stock is currently around 33 a share and that is about the price is should be at IF they lose everything in the states. Highly unlikely and highly unlikely that they even experience one quarter of negative results over this. Even as the spill is in full force the company has been net profitable and they have already started paying claims. Turn off the CNBC and anyone who is an elected official can be counted on to having no clue and is saying what ever they think will gather one extra vote.
BP should simply pull out of the US market. They should fix the leak, pay the capped amount that they promised to clean up this mess and get the hell out of this market. Americans, as usually, totally overrate themselves and their importance, especially to BP. All its deposits are elsewhere in the world, it owns a huge portfolio, it has no difficulty to find plenty of consumers outside the US market. Seriously, this is turning into a farce of the first order. American politicians behave as if someone nuked the capital. What a joke. I am just so sick of American double standards, they can completely eradicate other parts of the world, poison it for decades, support corporate exploit-ism as long as it serves their own purpose, without paying a single penny, but when someone pees on a few hundred miles of shoreline they all go bazooka. What a bunch of hypocrites.
the problem is they(most of them not all) always "think" they are the best and the "nicest" in the whole world and the "police" of the world.
WSJ article. Hope this helps. http://online.wsj.com/article/SB10001424052748704463504575300911366398920.html?ru=yahoo&mod=yahoo_hs
Could you explain how lawsuits will bankrupt BP? What if BP just closes down or sells its US assets, how will US lawsuits for US damages have any effect on its operations in the rest of the world?
Some facts have been fudged over , particularly by Obama , of course it's a horrible situation for the gulf , but , the drilling company was from the u.s. , operating under u.s. regulations ( which are seen as lax compared to other parts of the world ), using what may have been faulty equipment made by halliburton. No ones saying BP shouldn't pay , but a sense of reality from Obama would be refreshing , me thinks the lady doth protest too much , after all , isn't he ulimatly responsible for the regulation of drilling???
Is the US division of BP incorporated as a separate entity? If that is not the case, Gulf businesses and residents can sue the entire BP for the damage in UK or wherever. The State of Louisiana & USA can sue for environmental damage and the cost of clean up. The cap of 75 million would not apply if BP is found to be criminally negligent.
HAL halliburton is an American company with big time connection to US politicians. BP is a British company.....easier to blame. Still, BP should had investigated when there was reports of problem weeks before the disaster.