Monday, July 12, 2010
British Petroleum is Back
July 12, 2010
Early reports suggest that British Petroleum has stopped the Gulf of Mexico oil leak. The share price moved up to $38+ at the close of after hours trading. This is great news, if true. The share price should pop more, the stock is way undervalued. If BP can stop it, damages could be better defined and quantitated.
This news is particularly advantageous for the United Kingdom. Inasmuch as the UK's financial health is so tied in with BP, what's good for BP is good for the Kingdom.
The news of the next hours and days will be watched with hopeful anticipation. It might be worth taking a little risk and taking a position in BP. If BP can control the spill, the stock is headed for $50+ per share. Let's watch.