I'm not in BP as of yet, but would like to get in. I think the stock still has downward pressure on it. I'm thinking of putting in a $35GTC order. Thoughts?
AW COME ON NOW, YOU THINK IT HAS DOWNWARD PRESSURE!
If these inept and dishonest clowns don't manage to get the leak contained until August, BP's solvency will be in question.
Let's just hope they aren't involved in drilling the relief well, or that could miss the intended target by a half mile.
BP is not used to operating in the spotlight. They abhore cameras or anything that would actually record the truth.
It is hard for them to adjust to being open and honest. They can't change the culture in a manner of days or months; too many people just can't change.
Don't get me wrong, on a one on one situation, they are find, but when it comes to anything that would compromise the "company"...they are "company people".
As they stumble across this mess, they are exposing themselves for what they are.
The magnitude of this disaster has not been felt yet, but it will in the near future. Listen to the people talk about the impact to seafood industry, to the damage to tourists, ...it is a something they can't contain given their method of operation.
Liabilities could be in the $100-200 billion range.
Wow..lots of short sellers trying to puch this lower....
Only a div cut would push this below 30.00. I dont see that as they are making alot of $$. Decent cash flow.
Exonn had a mess years ago and they did just fine. The ACTUAL $$ damages were like 6% of what people they they would be. Even 5 Billion is something that BP can pay. Some support is at 40.00 a share.
Looking at buying this with some puts to protect the downside. I would NOT want to sell any covered calls at the currect call prices., Would just be handing a mint to someone elese when this recovers to above 50.00 in a month or two.
Two cents is all this stock is worth, and only then for its option value.
The brand has become a liability. They will have to abandon it.
The company will never again get a government lease or permit anywhere in the world.
The financial and criminal liability from this disaster is unlimited.
If the stock gets to $35.00, you have to ask yourself why it is $35.00.
It got there for a reason, and as long as the reason that got it down to $35 exists, it can also push it down to $25 or $15 or worse.