Well, that’s done it.
The 2% plunge in the Dow has failed to dent the shares of BP (BP), of all things, which had traded down sharply since the April 20 explosion on one of its contracted drilling rigs currently spilling crude into the Gulf of Mexico.
BP shares are currently up 41 cents, or 0.8%, at $50.60. Not that there’s any good news on the spill and its aftermath: the Gulf coast of Louisiana has “masses of oil lurking offshore” reports WSJ, and The Financial Times’s Anna Fifield reports Congress today questioned two representatives from contractor Transocean (RIG), which runs the Deepwater Horizon under contract.
Further hearings this week and in coming weeks will bring BP executives in front of the House Energy and Environment and the Investigations subcommittees.
Among other surprise gainers, Wal-Mart (WMT) is up 67 cents, or 1.25%, at $54.41 after the company yesterday settled a California suit charging it with dumping hazardous waste at stores across the state. Wal-Mart agreed to pay $28 million and to change procedures about how it gets rid of fertilizers, pesticides and other substances.
Hmmmm. Crude spilling, hazardous substance dumping � it’s a good day to have big problems.
No comments:
Post a Comment