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Cameron International Corporation Message Board

  • cramermadmoney cramermadmoney Apr 29, 2010 2:20 PM Flag

    Some facts...


    BP is upset with you...

    Wall Street Journal runs a story by Russell Gold, Ben Casselman and Guy Chazen noting that Transocean’s rig did not have a remote control used on some rigs as a last-resort.

    But the more telling factor is that Cameron International (CAM) is down $5.59, or 13%, at $38.88. Cameron is the maker of a so-called “blowout preventer,” and as the Journal’s story points out, BP argues that “finding out why the blowout preventer didn’t shut down the well is the key question in the investigation.”

    That raises questions of whether BP will blame RIG for not maintaining the preventer, whether RIG will blame CAM for the preventer it sold the company, etc., etc.

    Meantime, the decline in the stocks represents some shocking assessment of liabilities. As RBC Capital Markets analyst Kurt Hallead points out to me in a phone call this afternoon, the decline in the respective share prices of CAM, RIG and BP since this incident began about 10 days ago has yielded market cap declines of $2 billion for CAM, $4 billion for RIG and $24 billion for BP.

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