BP Doesn't Know What Caused Stock Loss

BP stock shares lost 16% yesterday in New York trading and today, BP says it has no idea why the sharp selloff occurred. Company officials say BP is financially sound, even with the most recent cleanup costs estimated at $1.43 billion dollars.

BP continues to fall in European trading.

Maybe it’s just how horrible it all looks.  Yesterday, BP’s Chief Operating Officer Doug Suttles denied there were any large plumes of oil floating underwater in the Gulf of Mexico, even though the National Atmospheric and Oceanic Administration measured underwater oil that escaped from the broken oil well.

Then President Obama criticized the energy company, saying he would have fired CEO Tony Hayward by now.  Despite the bad press, analysts say BP is actually a good buy: The WSJ cites Citigroup analysts who say BP’s stock price is undervalued.



Please keep your community civil. All comments must follow the Community rules and terms of use, and will be moderated prior to posting. NPR reserves the right to use the comments we receive, in whole or in part, and to use the commenter's name and location, in any medium. See also the Terms of Use, Privacy Policy and Community FAQ.