Scuffles between protesters and security guards marred BP's first annual shareholder meeting since the Gulf oil spill Thursday, as investors registered their disapproval with sizable protest votes against company directors.
Five Gulf Coast residents who had planned to tell investors about the loss of their livelihoods and health problems after the spill were denied access to the meeting, prompting confrontations with police and security guards outside the building.
Diane Wilson, a fourth-generation fisherwoman from Seadrift, Texas, was arrested after evading security to enter the foyer of the building, where she covered herself in a dark syrup to represent oil.
"I've come all the way here from the Gulf Coast," Wilson said. "My community is gone, and they won't let me in."
Police later said a 62-year-old woman was arrested for breaching the peace.
Continue reading Scuffles, Protests Mar BP Shareholder Meeting
BP's (BP) headache continues over its planned share swap with Russian-owned Rosneft. According to a report from Sky News, the Association of British Insurers (ABI) announced its concerns over the impact of the swap. ABI reportedly controls 10% to 15% of the U.K. stock market.
ABI's reservations also include a Swedish court's decision to block BP's planned venture with Rosneft in the Arctic. Perhaps most concerning of all -- and not just to ABI -- is Wednesday's report announcing that U.S. prosecutors are considering manslaughter charges against BP for its Gulf of Mexico oil spill. Eleven oil workers were killed as a result of the spill.
Continue reading With BP's Problems, Who Enters the Void?
Recently Anadarko (APC) has agreed to buy BP's 93% interest in the Wattenberg Plant, located in the northeastern part of Colorado, for about $575 million. Anadarko already owns the remaining interest in the plant.
Anadarko is the largest producer of natural gas in the Wattenberg field and the deal will provide Anadarko with 100% ownership of the plant. The company relies heavily on natural gas, which we estimate accounts for nearly 40% of its stock value. It vies for business with established oil and gas producers like Exxon Mobil, (XOM) ConocoPhillips (COP), Chevron (CVX), BP (BP) and Duke (DUK).
Continue reading Anadarko's Acquisition of BP's Wattenberg Adds to Gas Assets
- Marriott (MAR) to outperform from market perform at Wells Fargo.
- Quest Diagnostics (DGX) and Owens-Illinois (OI) to outperform from neutral at Credit Suisse.
- FirstMerit (FMER) to outperform from perform at Oppenheimer.
- Safeway (SWY) to hold from sell at Citigroup.
- Babcock & Wilcox (BWC) to buy from neutral, as well as Jacobs Engineering (JEC) and W. R. Berkley (WRB) to neutral from sell, at Goldman.
- Pioneer Natural (PXD) to overweight from equal weight at Barclays.
- Teekay Tankers (TNK) to buy from underperform at BofA/Merrill.
Continue reading Analyst Calls: BP, DGX, DNDN, MAR, PM, PXD, SWY, TNK, TRV ...
Back in the summer of 2010 when the market was down, the gulf was full of spewing oil and investors were running away from bad news stocks shocked most notably by BP (BP
) oil spill, I decided to post a contrarian story
reminding readers that the fear was overblown and created a buying opportunity.
"My pal Warren" has said for years that we should buy on fear and sell on greed. The toxic stock portfolio was a result of this sentiment.
This is the fourth update to my ranting eight months ago that acquiring six of the most hated, and most highly traded stocks with constant negative headlines would outperform the overall market. The theory has born fruit as the toxic stocks are ahead and the difference is increasing over time.
Continue reading Chasing Value: Toxic Stock Update #4 -- BAC, BP, C, GE, GS, RIG
BP (BP) is one of the world's leading oil and gas companies with operations in more than 80 countries. It provides customers with fuel for transportation, energy for heat and light, retail services and petrochemicals products for everyday items. It competes with other major oil companies like ExxonMobil (XOM), Chesapeake (CHK), Anadarko (APC) and Chevron (CVX).
Continue reading Unrest in Libya Could Jeopardize BP Exploration Deal
U.S. stock futures are higher this morning, as investors are awaiting earnings
from Pfizer (PFE
) and other major companies. Futures on the Dow Jones Industrial Average
advanced 43 points to 11,883.00 and S&P 500 futures gained 6.60 points to 1,289.00. Nasdaq 100 futures climbed 14.50 points to 2,294.50.
U.S. stocks closed higher, with the blue-chip Dow industrials gaining 68.23 points or 0.58%.
The Institute for Supply Management's report on manufacturing activity for January and data on construction spending for December will be released at 10 a.m. ET.
Continue reading U.S. Stock Futures Up as Investors Await Earnings
- Medtronic (MDT) to buy from neutral and 1-800-Flowers.com (FLWS) to neutral from sell at Goldman.
- CarMax (KMX) to outperform from perform at Oppenheimer.
- Points International (PTSEF) to buy from neutral at Merriman.
- Nokia (NOK) to market perform from underperform at Morgan Keegan.
- Amdocs (DOX) to overweight from equal weight at Barclays.
- Western Alliance (WAL) to outperform from sector perform at RBC Capital.
- Carbo Ceramics (CRR) to outperform from market perform at BMO Capital.
- Rackspace (RAX) to buy from hold at Benchmark Co.
- Brinker (EAT) to equal weight from underweight at Morgan Stanley.
Continue reading Analyst Calls: BP, EAT, JBLU, KMX, MDT, MYGN, NOK, NTRS, RAX, RDS.A, T ...
- BP (BP) to buy from hold at RBS.
- Symantec (SYMC) to buy from hold at Deutsche Bank.
- GenOn Energy (GEN) and Nationwide Health Properties (NHP) to buy from hold at Citigroup.
- Logitech (LOGI) and Patriot Coal (PCX) to neutral from sell, as well as ARM Holdings (ARMH) to buy from neutral, at Goldman.
- Silvercorp Metals (SVM) to outperform from market perform at BMO Capital.
- Cinemark (CNK) to equal weight from underweight at Morgan Stanley.
- Smith & Nephew (SNN) to market perform from underperform at Bernstein.
- Molex (MOLX) to overweight from underweight at JPMorgan.
Continue reading Analyst Calls: AB, ARMH, BP, DANG, JNS, LOGI, PCX, SYMC, YHOO, YOKU ...
Tuesday was an up-day on most index readings as earnings
season gets further underway. The notion that there are no blow-ups so far is helping to ease some fears of the cautious bulls. A private placement from Portugal also may have helped out even if that is more cause of concern longer-term. Another snow storm is about to shut down the Eastern Seaboard all over again. These are today's unofficial closing bell levels:
Dow Jones: 11,671.81 +34.36 (0.30%)
S&P 500: 1,274.47 +4.72 (0.37%)
Nasdaq: 2,716.83 +9.03 (0.33%)
Top Analyst Upgrades & Downgrades
Continue reading Closing Bell: Chalk Up a Win (AA, BP, NVDA, INTC, AAPL, SVU, VZ, MBI)
Earlier today, shares of oil behemoth BP plc (BP) slid lower thanks to the shutdown of the Trans-Alaska Pipeline System. The shutdown took place on Saturday, as a leak was discovered at the 800-mile network that transports oil across Alaska. BP owns a 47% stake in the pipeline system. Overseas, BP shares finished the day more than 1% lower and are currently mere percentage points lower in American trade.
BP has seen its fair share of problems lately, what with the whole Gulf of Mexico oil spill. In fact, the Oil Spill Commission blamed BP for having "a role in all of the mistakes made at the Macondo well." The pipeline's operator stated that the leak was discovered at 8:15 AM (local time) on Saturday and that the pipeline was shut at 8:50 AM. By 6 AM on Sunday, 90% of the oil had been recovered within the building.
Continue reading Alaskan Pipeline Shutdown Pushes BP Lower
In Part 1 of this series
I discussed starting with a good story and then examining the metrics, or first starting with the metrics via a stock screen and then look at the story behind the numbers.
A third possibility is to start with an idea that springs off the pages of a business journal. Some years ago, in the 25th anniversary edition of Money Magazine they listed a group of stocks that had gone up during this tenure. The one I liked the best that withstood closer scrutiny was Southern Company (SO
), the electric utility.
The story and the metrics were great. It was located in one of the most desirable growth areas of the country. There was a favorable business climate, cheap housing, cheap land, good weather and an abundance of labor. The numbers were strong as well.
Continue reading Chasing Value: How to Find Value Stocks -- Part 2
- Boeing (BA) to overweight from neutral at JPMorgan.
- Alcoa (AA) to buy from hold at Deutsche Bank.
- BP (BP) to outperform from market perform at Raymond James.
- Office Depot (ODP) and Staples (SPLS) to buy from neutral at Janney Capital.
- ON Semiconductor (ONNN) to buy from hold at Citigroup.
- Kennametal (KMT) and Polyone (POL) to buy from hold at KeyBanc.
- Airgas (ARG) to outperform from market perform at William Blair.
- EchoStar (SATS) to neutral from underperform at Macquarie.
Continue reading Analyst Calls: AA, BA, BP, BSX, COH, GM, INTC, NSM, STJ, TIF, TSN, UA ...
Moody's gave a warning to Spain and the Greeks rioted again. CPI showed tame inflation and industrial capacity was close to two-year highs. We also had at least four IPOs and the Senate passed the Bush tax-cut extension for two years. The markets looked set for a rally but the end of day trading again failed to materialize into a win for the bulls. Here were today's closing bell levels:
DJIA: 11,457.47, -19.07 (0.17%)
S&P 500: 1.235.23, -6.36 (0.51%)
NASDAQ: 2,617.22, -10.50 (0.40%)
Top Analyst Upgrades & Downgrades
Continue reading Closing Bell: Concerns Outweigh Tax Cuts (ARAY, BIDU, BP, CYPB, JOYG, FSLR)
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