Halftime: Guy Adami’s Hidden Gems Amid BP Muck
With CEO Tony Hayward called to the Hill and the market squarely focussed on BP's safety record - this may be a good time to crawl through the energy space and look for hidden gems, says Guy Adami.
And the Negotiator thinks Anadarko may be one of those goo-covered beauties.
At first glance that probably sounds questionable. After all Anadarko holds a 25% stake in the BP well that’s spewing oil into the gulf.
However, that 25% stake may not translate into 25% of the liability.
Host Melissa Lee explains that according to contracts, if gross negligence is determined to be the cause of the explosion, Anadarko is not responsible for 25% of the liability.
Melissa called the company and asked those questions herself, explains Guy Adami.
"It’s clear to me the market is in a sell first and ask questions later mode which is typically what happens. But as investors crawl through the wreckage they can find hidden gems, and Anadarko may be one of them," he says.
We know that play is a little... shall we say volatile. If it's a little too volatile for your tastes - Adami has an alternative idea.
"I (also) think engineering stocks are attractive," he adds. "They were blindly sold along with everything else. Look at McDermott ."
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CNBC.com with wires