Moody's Downgrades BP Credit Rating; Cites Rising Spill Costs
18th Jun 2010 13:00
By Jeffrey Sparshott Of DOW JONES NEWSWIRES LONDON (Dow Jones)--Ratings agency Moody's Investors Service Friday downgraded BP PLC's (BP) credit rating three notches as costs and exposure to litigation from the Gulf of Mexico oil spill continue to mount. It is the third major whack at BP'
Read moreUS STOCKS VIEW: Swimming Upstream, Or The Case For Buying BP
18th Jun 2010 12:58
By Hilary Kramer A DOW JONES COLUMN If you want to make money, sometimes you have to be willing to keep a cool head about you and go against the herd. When investors were liquidating their portfolios and running for the bomb shelter in spring of 2009, the savvy traders were buying. And w
Read moreBEFORE THE BELL: US Stock Futures Edge Lower; Look Ahead To G-20
18th Jun 2010 12:39
By Barbara Kollmeyer U.S. stock futures edged lower on Friday as traders brace for the expiration of key options and futures contracts and start to look ahead to a key Group of 20 meeting next week. Futures for the Dow Jones Industrial Average fell 1 point to 10364, while those for the S&P
Read moreAL'S EMPORIUM: Instant Fame For Professor: Just Add Oil
18th Jun 2010 12:35
(This article was originally published Thursday.) By Al Lewis A DOW JONES NEWSWIRES COLUMN Steve Wereley, 43, was just another mechanical engineering guy until last month when he got a call from NPR. The Purdue University professor had co-authored a book called "Particle Image Veloc
Read moreTAKING STOCK:BP Shares Still Haven't Priced In Enough Bad News
18th Jun 2010 12:35
By Tomi Kilgore Of DOW JONES NEWSWIRES Wall Street traders tend to see stabilization in the face of bad news as a sign that a stock may be bottoming. That might make some believe BP PLC's U.S.-listed shares (BP) have priced in all the bad news, and are getting ready for a rally, but the sha
Read moreLondon midday: Footsie gives back early gains
18th Jun 2010 12:04
Footsie has now dipped into the red as the early rally by the miners faded away, though BP continues to recover. News that the net cash requirement for the public sector came in at £11.96bn, against expectations of £20.25bn has had little benefit. The accruals-based measure of public sector net bor
Read moreBP Shares Gain In Mildly Higher FTSE 100
18th Jun 2010 11:55
By Sarah Turner Of MARKETWATCH BP shares gained in British share trading on Friday, paring a fraction of the steep losses made since the explosion that sparked a massive oil spill in the Gulf of Mexico. BP (BP) climbed 4% to 374 pence, taking losses since the explosion on April 20 to 4
Read moreRussians wade into BP mess
18th Jun 2010 11:08
BP has upset the Americans for obvious reasons, but it's now attracted the attention of the Russians who fear the "annihilation" of the oil giant. Ahead of his first state visit to the US next week, Russian president Dmitry Medvedev told the Wall Street Journal that the disaster was "a wake-up call
Read moreBEFORE THE BELL: US Stock Futures Mixed After Late Thursday Reversal
18th Jun 2010 11:06
By Barbara Kollmeyer U.S. stock futures were trading in tight range on Friday as traders brace for the expiration of key options and futures contracts. Futures for the Dow Jones Industrial Average fell 2 points to 10374, while those for the S&P 500 gained 0.5 points to 1112.20. Futures for
Read moreMARKET TALK: HSBC Cuts BP Target Price
18th Jun 2010 10:33
0933 GMT [Dow Jones] HSBC cuts BP (BP.LN) price target to 500p from 660p. Says the deal announced Thursday gives a possible indication of spill costs and provides some clarity, albeit limited. Brokerage estimates the net present value to be around $30Bln and believes the fall in BP's shares more tha
Read moreUK MARKET TALK ROUNDUP: SHARES GAINING
18th Jun 2010 10:33
Stocks on the rise in the UK today. Compiled by Dow Jones Newswires Markets Desk, [email protected] Contact us in London. +44-20-7842-9464 [email protected] 0933 GMT [Dow Jones] HSBC cuts BP (BP.LN) price target to 500p from 660p. Says the deal announced Thursday gives a possibl
Read moreMARKET TALK: Swap BP With HSBC To Replace Lost Dividend -Oriel
18th Jun 2010 10:28
0928 GMT [Dow Jones] HSBC (HBC) may be the logical dividend income replacement for BP (BP.LN), given that the market has lost the BP dividend which was due to be paid on June 21, says Oriel Securities. Oriel says investors should consider increasing weightings in HSBC, which clearly meets the broad
Read moreUK MARKET TALK ROUNDUP: BROKERS COMMENTS
18th Jun 2010 10:28
Broker comments in the UK today. Compiled by Dow Jones Newswires Markets Desk, [email protected] Contact us in London. +44-20-7842-9464 [email protected] 0928 GMT [Dow Jones] HSBC (HBC) may be the logical dividend income replacement for BP (BP.LN), given that the market has lost
Read moreBP Russia Head: Co Doesn't Plan To Sell Rosneft Shares
18th Jun 2010 10:14
MOSCOW (Dow Jones)--BP PLC (BP), which intends to raise $10 billion worth by selling off assets in the wake of the Gulf oil spill, isn't planning to divest its stake in Russia's biggest oil producer, OAO Rosneft (ROSN.RS), BP's regional head told news agencies Friday. Speaking the day after Rosn
Read moreMARKET TALK: UniCredit Downgrades BP To Hold Vs Buy
18th Jun 2010 09:41
0841 GMT [Dow Jones] UniCredit downgrades BP (BP.LN) to hold from buy and cuts its target price to 420p from 690p to factor in estimate downgrades and the potential costs of the spill. UniCredit notes the setting-up of a $20B escrow account and the cancellation of the company's dividend. It reckons
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