It's time for President Obama to skip the tough talk and take decisive action to clean up the BP oil spill in the Gulf of Mexico, says CNBC's Dennis Kneale.
BP has lost 52 percent of its market value since the spill started, an equivalent of $100 billion. But the company is on strong enough financial footing to survive, said Fadel Gheit, managing director of oil and gas research at Oppenheimer.
Don't get used to Thursday's advance. The traders are concerned we may give back most of it by the close.
BP needs to stop “counterpunching” in the Gulf region and actively support local business to rebuild the region, entrepreneur Mark Cuban told CNBC Thursday.
Fishermen, property owners and businesspeople who have filed damage claims with BP are angrily complaining of delays, excessive paperwork and skimpy payments that have put them on the verge of going under.
Individual stock circuit breakers coming tomorrow (Friday). Sources tell me the SEC will announce they have approved the circuit breakers that have been circulating for approval, and will begin a partial rollout tomorrow.
This crisis is a “pure government debt crisis,” not one of the financial markets, and it is the regulators and the politicians' jobs to notice the bubbles that cause crises, said Karsten Schroeder, chairman of Amplitude Capital. He shared his insights.
Stocks opened higher Thursday after a drop in jobless claims and confirmation of strong Chinese exports.
US stock index futures surrendered some gains on another mediocre weekly jobless claims report, but were still positive as investors focused more on gains in exports from China.
Tests confirmed that some toxic compounds that would evaporate in a shallow-water spill are instead spreading, just as President Obama plans his fourth trip to the region. The NYT reports.
Asian shares climbed on Thursday, with Tokyo and Taipei up over 1 percent, as better-than-expected Chinese exports added to optimism that the global economic recovery is on track.
BP's troubles have now spilled across the broader market, as investors move to price in worst-case scenarios for the oil giant and other firms involved in the Gulf of Mexico rig disaster.
If so, that’s one thing that could push this market higher.
Stocks ended lower Wednesday as energy and financials dragged. Consumer discretionary and industrials were among the best performers.
Earlier this week, hedge fund manager Whitney Tilson told us he was bullish BP. Despite the political fall out and talk of a dividend cut, he added to his position.
The market had plenty of reasons to rally but the bulls just couldn’t keep it together and by the close the Dow surrendered a triple digit gain.
BP drops midday to a nearly 14-year low. BP shares went from $34 to $31.50 in about an hour midday. What happened? You have senators walking around talking about suing BP for everything, including lost jobs; you have worries that the dividend will be wiped out; and you have whispers on trading desks that it is increasingly likely that BP, or its U.S. subsidiary...may file for bankruptcy.
"You and I eat steaks and pizza. Microbes eat hydrocarbons," says Kennedy, President and CEO of Bioremediation, Inc., a company that uses microbes to clean up hazardous chemicals.
BP will survive the debacle in the gulf, yet the oil giant will remain impaired years down the road, said Paul Smith, chief risk officer at Mobius Risk Group, which ones a commodity advisory firm.
With BP shares near a 10-year low, is it worth the price as a lottery ticket?